The home at 19 Margate Pde, Margate.A KEEN renovator has snapped up a rundown house in a top seaside location in Margate.Marketing agent Tom McInerney of Place Aspley said the two-bedroom home at 19 Margate Pde, across the road from the waterfront, sold for $760,000 after 21 days on market. “We had an offer prior to the first open home but we wanted to see what the market was prepared to pay,” he said. “We had about 12 groups through the first open home and eight groups through the second and third opens. “We had four offers and we got a really good result, considering some of the offers early in the campaign. “We thought we’d get something in the $700,000s initially but we didn’t think we’d get as high as $760,000.”More from newsLand grab sees 12 Sandstone Lakes homesites sell in a week21 Jun 2020Tropical haven walking distance from the surf9 Oct 2019Mr McInerney said the property attracted an even mix of investors and owner-occupiers interested in the two-bedroom home. “The property was borderline sound and only had two bedrooms but not many properties become available along that strip,” he said. “For the investors, it wasn’t the rental yield they were targeting, it was more that they wanted to sit on the land for the next 10 to 15 years.” Mr McInerney said the new owner planned to extensively renovate the home. “With some work, the home could sell around the $1.2 million to $1.6 million mark,” he said.Mr McInerney said the Margate market was “really strong”. “It has been steady for the past five years,” he said.