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Worst Value Properties In Edinburgh

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Flippety-flip

Bought for 215K last autumn, tarted up inside and now on the market for ‘offers over’ 380K. 122 m², so that’s £3,115 per square metre for a maindoor flat in Bruntsfield. Seems rather steep to me.

It clearly doesn’t seem steep to everyone. It has now gone to sold (subject to blah blah blah), already. Ladies and gents, I think the Edinburgh Spring Bounce has arrived!

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http://www.rettie.co...sales/EDI120068

Nice wee 1 bedder for someone....125 m2, oo 565

4500 per metre sq. Funnily enough compared to many other places that actually doesn't seem too crazy (Relatively speaking)

Prob the most sought after square in central Edinburgh. Certainly the one places I would happily live in the centre of town. Lovely gardens, massive flats, loads of parking, very quiet, about 5 minutes from West End, Stockbridge and Princes St. Looks like it has been finished very well too, massive rooms, quality solid buildings.

When you consider a bog standard Gorgie one bed flat can still be up for sale at over 3k per M sq ? The above in Moray place is positively a bargain. (Relatively speaking)

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4500 per metre sq. Funnily enough compared to many other places that actually doesn't seem too crazy (Relatively speaking)

Prob the most sought after square in central Edinburgh. Certainly the one places I would happily live in the centre of town. Lovely gardens, massive flats, loads of parking, very quiet, about 5 minutes from West End, Stockbridge and Princes St. Looks like it has been finished very well too, massive rooms, quality solid buildings.

When you consider a bog standard Gorgie one bed flat can still be up for sale at over 3k per M sq ? The above in Moray place is positively a bargain. (Relatively speaking)

Not been following the Scottish forum since moving back to England in 2010.

Noticed a house for sale in Aberdeenshire today that we were going to view summer 2006 when it was on for £195k but it went under offer. We still went to have a look from the outside and liked the position so knocked on the door to leave our details. Sale progressed and it went for £215k. Back on now for offers over £365k.

You using the word "bargain" about a 1 bed flat at £565k explains it all.....

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Not been following the Scottish forum since moving back to England in 2010.

Noticed a house for sale in Aberdeenshire today that we were going to view summer 2006 when it was on for £195k but it went under offer. We still went to have a look from the outside and liked the position so knocked on the door to leave our details. Sale progressed and it went for £215k. Back on now for offers over £365k.

You using the word "bargain" about a 1 bed flat at £565k explains it all.....

It is all relative though. Bargain was tongue in cheek but you know what I mean. By sq footage one of the most desirable flats probably anywhere in Scotland for 4500 per sq metre ? It is mental. But not even remotely close to as mental as a one bed flat in Gorgie for 3k per sq metre.

Still a lot of mental prices in Scotland - then again there are more and more places that you see and think its not that bad value. Not nearly enough of course. Long slow process.

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It is all relative though. Bargain was tongue in cheek but you know what I mean. By sq footage one of the most desirable flats probably anywhere in Scotland for 4500 per sq metre ? It is mental. But not even remotely close to as mental as a one bed flat in Gorgie for 3k per sq metre.

Still a lot of mental prices in Scotland - then again there are more and more places that you see and think its not that bad value. Not nearly enough of course. Long slow process.

I know you said 'relative' but if the Gorgie flat at £3k is mental it doesn't justify the price at all it's still mental instead of a b... ba... bar... barg... no sorry I cannot get the word out for a £565k 1 bed flat. :lol:

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I know you said 'relative' but if the Gorgie flat at £3k is mental it doesn't justify the price at all it's still mental instead of a b... ba... bar... barg... no sorry I cannot get the word out for a £565k 1 bed flat. :lol:

But its a massive one bed flat. It is about 3 times the size of a Gorgie flat. :P

Anyway - all I am saying is with places like this you will always get people with huge wads of cash who will pay whatever is wanted. Always been the case and always will. And based on that the fact it is 'only' 50% more than a Gorgie flat makes it 'relatively' good value IMO.

It is like comparing a banged up Ford Fiesta with a spanking Aston Martin. Would you not think the Aston Martin was much better value if it only cost 50% more than the banged up Fiesta. I would. ;)

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The grange is nice, and Cumin place is pretty darn desirable, but is it really this desirable? You get a nice wee garden, and a foldy-out wall onto it from your lounge, but the deck is included as part of the house in the floor plan and there are no room dimensions given.

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In defence of the Scotland Street flat, you get 192 square metres for £610K, which works out at £3,167 per square metre – not bad for the New Town. It’s not really a dungeon, as that’s how those houses were built, and it has the full ceiling height throughout, although the amount of natural light you get at the front wouldn’t be great.

The Cumin Place thing, on the other hand, has just 97 square metres for £485K, which works out at £4,969 per square metre. I can’t help but wonder whether the selling agent has actually counted the outdoor decking area in the floor space! It is basically a crappy little single-storey garage into which a ‘developer’ under the influence of too much Beeny has tried to squeeze in something which could be called a home. Note that the ‘rooms’ on the ‘first floor’ only have Velux windows. Furthermore, it’s right up by the busy, noisy Grange Road. In my opinion, this one is far and away the worst-value property I’ve seen in Edinburgh. If it sells for anywhere near the asking price then I shall be convinced the world has gone stark staring bonkers and shall eat Krusty Allsops’s famous hat.

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In defence of the Scotland Street flat, you get 192 square metres for £610K, which works out at £3,167 per square metre – not bad for the New Town. It’s not really a dungeon, as that’s how those houses were built, and it has the full ceiling height throughout, although the amount of natural light you get at the front wouldn’t be great.

The Cumin Place thing, on the other hand, has just 97 square metres for £485K, which works out at £4,969 per square metre. I can’t help but wonder whether the selling agent has actually counted the outdoor decking area in the floor space! It is basically a crappy little single-storey garage into which a ‘developer’ under the influence of too much Beeny has tried to squeeze in something which could be called a home. Note that the ‘rooms’ on the ‘first floor’ only have Velux windows. Furthermore, it’s right up by the busy, noisy Grange Road. In my opinion, this one is far and away the worst-value property I’ve seen in Edinburgh. If it sells for anywhere near the asking price then I shall be convinced the world has gone stark staring bonkers and shall eat Krusty Allsops’s famous hat.

Ha ha, yes that Cumin Place is having a laugh.

However for the Scotland Street flat - Why buy that when I can get this nice flat on Northumberland Street for OO 450K and it is about 180 square meters?

http://www.espc.com/properties/details.aspx?pid=311829&sid=10741797925

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Ha ha, yes that Cumin Place is having a laugh.

However for the Scotland Street flat - Why buy that when I can get this nice flat on Northumberland Street for OO 450K and it is about 180 square meters?

http://www.espc.com/properties/details.aspx?pid=311829&sid=10741797925

I don’t think the Northumberland Street flat is 180 m² in area. Adding up the widths of the three rooms at the bottom of the plan gives 6.63 + 3.07 + 4.50 = 14.2 m. Adding up the lengths of rooms from top to bottom of the plan gives 3.66 + 6.45 = 10.11 m. Multiplying one by the other gives 14.2 x 10.11 = 144 m². Admittedly the bathroom sticks out a wee bit, so let’s say the flat is 150 m² tops. Thus it comes out at about £3000 per square metre, which is not much different from the Scotland Street flat. And some people prefer maindoor flats – they think having a front door directly into your own flat is worth paying a premium – so I can see why the Scotland Street one would have a slightly higher asking price per square metre, even though it’ll be as dingy, dark and damp as anything!

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I don’t think the Northumberland Street flat is 180 m² in area. Adding up the widths of the three rooms at the bottom of the plan gives 6.63 + 3.07 + 4.50 = 14.2 m. Adding up the lengths of rooms from top to bottom of the plan gives 3.66 + 6.45 = 10.11 m. Multiplying one by the other gives 14.2 x 10.11 = 144 m². Admittedly the bathroom sticks out a wee bit, so let’s say the flat is 150 m² tops. Thus it comes out at about £3000 per square metre, which is not much different from the Scotland Street flat. And some people prefer maindoor flats – they think having a front door directly into your own flat is worth paying a premium – so I can see why the Scotland Street one would have a slightly higher asking price per square metre, even though it’ll be as dingy, dark and damp as anything!

Savills has one directly below that is about 1,750 sq ft. I used those numbers.

N.B: Savills also seem to be offloading all of their investment properties in Edinburgh. It all has that bland look with a dash of purple. Do they know something that we poor mortals don't.?

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Ok no more negativity.... Here is a house that I think looks like reasonable value

http://www.rightmove.co.uk/property-for-sale/property-22685751.html

Wish I had that kinda money :)

what really gets my goat is if these EAs sell this house for say 1 million at 2% sales fees they get 20k for taking a few photos and sum smug gelled haired geezer in a suit with a marked up mini walking round the house a few times :angry:

talk about money for old rope.

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Here’s an example of how counting ‘bedrooms’ rather than square metres/feet allows people to be hoodwinked:

132/4 Whitehouse Loan, Bruntsfield – offers around £230,000

It’s a two-bedroom conversion at the top of a very grand Victorian house in a great location. Look at the floor plan, though, and you’ll see it’s only 55.7 m², making the price £4,129 per square metre! Absolutely appalling value for money for the area.

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Ok no more negativity.... Here is a house that I think looks like reasonable value

http://www.rightmove.co.uk/property-for-sale/property-22685751.html

Wish I had that kinda money :)

There is something funny going on though. There are lots of houses I see in and around Edinburgh that I think are 'fair' value but they are always at the top end of the market. No long ago there was a house in midlothian on the market with stables and a few acres (not that I was remotely interested in such a place) it was on the market for 'only' £500Kish which I actually thought was a reasonable price for what you were getting.

Conversely there are tonnes of what I would suggest are 'overpriced' flats. I guess this is part of the BTL effect which has created an artificial market at the bottom. There are still people wanting £150K for a onebedroom flat in Morningside (though even there prices are slipping....)

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There is something funny going on though. There are lots of houses I see in and around Edinburgh that I think are 'fair' value but they are always at the top end of the market. No long ago there was a house in midlothian on the market with stables and a few acres (not that I was remotely interested in such a place) it was on the market for 'only' £500Kish which I actually thought was a reasonable price for what you were getting.

Conversely there are tonnes of what I would suggest are 'overpriced' flats. I guess this is part of the BTL effect which has created an artificial market at the bottom. There are still people wanting £150K for a onebedroom flat in Morningside (though even there prices are slipping....)

I have noticed exactly the same effect. There are a lot of solid family homes that seem like reasonable value. However there are a lot of overpriced flats particularly in the Marchmont area. For example, I think this is a nice flat but a tad ambitious price,

http://www.rightmove.co.uk/property-for-sale/property-33920257.html

Good luck if they sell it for that. It proves the old axiom - sellers rarely know the market value of their property but buyers do.

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I have noticed exactly the same effect. There are a lot of solid family homes that seem like reasonable value. However there are a lot of overpriced flats particularly in the Marchmont area. For example, I think this is a nice flat but a tad ambitious price,

http://www.rightmove.co.uk/property-for-sale/property-33920257.html

Good luck if they sell it for that. It proves the old axiom - sellers rarely know the market value of their property but buyers do.

They bought it for a bubbletastic £641,925 in 2007, so in that respect ‘good luck’ indeed. However, at £2,792 per square metre, it’s actually very much around the average asking price for the area. There are two-bedroom flats in nearby roads, around 90 m² in size, with asking prices in the order of £265,000 (£2,944/m²). So don’t think ‘it’s just a flat’, and look beyond the – admittedly eye-watering – asking price. Look instead at the surface area, which is vast. Also note that these are all genuine rooms, with proper windows and ceiling height, none of your loft-conversion rubbish.

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They bought it for a bubbletastic £641,925 in 2007, so in that respect ‘good luck’ indeed. However, at £2,792 per square metre, it’s actually very much around the average asking price for the area. There are two-bedroom flats in nearby roads, around 90 m² in size, with asking prices in the order of £265,000 (£2,944/m²). So don’t think ‘it’s just a flat’, and look beyond the – admittedly eye-watering – asking price. Look instead at the surface area, which is vast. Also note that these are all genuine rooms, with proper windows and ceiling height, none of your loft-conversion rubbish.

Thanks Muswell Man I love your analysis. You must be an engineer or an Actuary!. Ok Let me have a go with this:

http://www.espc.com/properties/details.aspx?pid=312152&sid=11453485251

They want OO 290 and it is about 70 sq meters. So that puts it in about $4,142 psm.

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I know we have had the whole flat Vs house debate before. And personally I can see both sides in terms of preference. However in value for money ? Flats just seem horrendous value IMO. Your neighbours are 20cms away rather than 20 metres away. You have land. Yes this takes upkeep but at least you can do things with it.

This below is a house in an equally desirable - but very different - area of Edinburgh to the crazy priced Marchmont one above. However it has 220 square metres. Works out at more like £2300 per square metre than £2800.

Cammo

Floorplan

I know people prefer different areas and different types of housing for various reasons. Up to them. However to spend three quarters of a million pounds on a place to live - where you can't even decide to have a smash on a drum kit if you one day feel like it ? I just find it a bit mental.

Houses are definitely better value in general than flats in this city. That could all change of course.

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I know we have had the whole flat Vs house debate before. And personally I can see both sides in terms of preference. However in value for money ? Flats just seem horrendous value IMO. Your neighbours are 20cms away rather than 20 metres away. You have land. Yes this takes upkeep but at least you can do things with it.

This below is a house in an equally desirable - but very different - area of Edinburgh to the crazy priced Marchmont one above. However it has 220 square metres. Works out at more like £2300 per square metre than £2800.

Cammo

Floorplan

I know people prefer different areas and different types of housing for various reasons. Up to them. However to spend three quarters of a million pounds on a place to live - where you can't even decide to have a smash on a drum kit if you one day feel like it ? I just find it a bit mental.

Houses are definitely better value in general than flats in this city. That could all change of course.

Plenty of floorspace but it's not a particularly nice house. Very suburban. And still a ridiculous chunk of money.

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I know we have had the whole flat Vs house debate before. And personally I can see both sides in terms of preference. However in value for money ? Flats just seem horrendous value IMO. Your neighbours are 20cms away rather than 20 metres away. You have land. Yes this takes upkeep but at least you can do things with it.

This below is a house in an equally desirable - but very different - area of Edinburgh to the crazy priced Marchmont one above. However it has 220 square metres. Works out at more like £2300 per square metre than £2800.

Cammo

Floorplan

I know people prefer different areas and different types of housing for various reasons. Up to them. However to spend three quarters of a million pounds on a place to live - where you can't even decide to have a smash on a drum kit if you one day feel like it ? I just find it a bit mental.

Houses are definitely better value in general than flats in this city. That could all change of course.

Areas close to the centre in European cities (and Edinburgh is a very European city) are naturally more expensive per square metre than areas on the periphery, so it’s ludicrous to compare Marchmont and Cammo.

A more appropriate comparison would be between Marchmont and Greenbank. A typical house there, like 122 Greenbank Crescent, costs in the order of £3,500 per square metre – a lot more than the Marchmont flat!

If you prefer to live in Cammo than in Marchmont or Greenbank, then consider yourself lucky, because it’s a much cheaper area. Unfortunately most people would prefer the latter two areas, hence the higher prices – simple suppy and demand, innit!

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But would more people prefer to live in those locations ? I am not so sure. I think the main difference is student demagnd inflating the overall demand for these areas combined with a very small supply of houses and lots of flats ?

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