Trying to sell Oslo villa with new price cut – E24

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The home was first put up for sale at the beginning of 2019. With a new brokerage house, the sellers are trying for the third time, in the hope of taking a long-awaited Christmas holiday from the long sales process.

THIRD ATTEMPT: The Frogner home from 1918 has cut the price to NOK 70 million, after upgrades that have cost them tens of millions.

Property photo

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The 656 square meter villa near Frognerparken in Oslo is now for sale for “only” 70 million kroner, after the brokerage house Sem og Johnsen first tried with 100 million in price suggestion at the beginning of 2019.

After more than a year without success, the brokerage Privatmegleren has taken over responsibility for the sale of the home.

– It has been a little over half a year since the home was last on the market. My colleague, and perhaps a competitor, did not get a bite, so now we have taken over, says Anders Langtind.

The home was bought as late as in 2017 by the real estate development company Panonia AS for NOK 35 million.

After extensive renovations and upgrades, the company was able to sell the home as an embassy house for Ghana, at the sky-high price of 100 million.

The purchase contract was ready, but then they chose to withdraw.

– It has been a long process for the owners, and not least boring. They thought they were sold in 2019, but then everything went awry. Now it’s about finding the right price, for the right buyer, says Langtind.

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Price cut of 30 million

The home at Frogner has been out with a price tag of 100 million kroner, and after six months without success, they shaved the price down to 80 million.

Now the price tag has landed at 70 million, and with a new brokerage house, this is the third attempt to sell the home.

– It happens when you have too high hopes. Now we are trying to keep pace with the market, and we see that this has led to a higher market interest in this round, says Langtind.

The broker admits that NOK 70 million is still a staggering amount of money, but says that it has been a good interest.

– We have some indications that we are not far from a sale, but we have nothing in writing yet. We will see how this gets started during the week, then it will hopefully end with a sale, says Langtind and adds.

– During the last four days, there have already been six screenings, so we believe that we have hit the price now.

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WINE CELLAR: This is the wine cellar and tasting room in the home which is for sale for NOK 70 million at Frogner in Oslo.

Property photo

Boom purchase?

The upgraded Frogner villa extends over four floors, including the attic and basement.

It has, among other things, seven bathrooms, a wine cellar with an accompanying tasting room, a fitness room, several changing rooms and a number of different living rooms.

According to the former broker for the home sale, Jan Fredrik Bonde in Sem and Johnsen Eiendomsmegling, the owners bought the home in the hope of reselling at a profit.

This may have been easier said than done.

According to the former broker, the price for the renovation of the home has cost the owners up to 40 million kroner.

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This street’s average price last year: NOK 11.3 million

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