Mr. Gruff

Aberdeen, Aspc Stats

5,686 posts in this topic

3 hours ago, ABZ_RVK said:

This house has been re-possessed by the bank. We viewed this property and there is heavy leakage in the lounge, lots of issues in the house and we thought there is atleast £50,000 worth of work involved in it to bring it back to livable condition and yet the asking price is close to £400K. I am even surprised that home report valuation is £380,000. This should have been in the region of £250,000 with the loads of issues it has but yet the surveyor thinks it is £380,000.  

https://www.aspc.co.uk/search/property/353103/34-Louisville-Avenue/Aberdeen/ 

its crazy how they value such property. 

Exactly - and its a 1970s or 60 building with lathe and plaster .. any refub would be a nightmare and in these properties all the roofs are now failing and need full replacements.. you will see it throughout the city with scaffolding up.

Semi detached..the only thing going for it is internal floor space..

The bust will come soon.. just need interest rates to rise to stop inflation!

 

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1 hour ago, delboypass said:

Exactly - and its a 1970s or 60 building with lathe and plaster .. any refub would be a nightmare and in these properties all the roofs are now failing and need full replacements.. you will see it throughout the city with scaffolding up.

The lack of proper maintenance of property is pretty glaring to me. The amount of broken TV aerials, missing slates, shrubs growing out of chimney lots, gutters blocked with moss and grass growing out of rotted leaves is evident if you walk around just about anywhere in town.

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20 minutes ago, Diver Dan said:

I saw this today on ASPC for OO £320k

23 Abbotshall Drive, Cults

£387,250 04 Apr 2014
£320,000 25 Jul 2011
£285,000 26 Jan 2009

£67k loss in 3 years?

Even £320K looks on a higher side to be honest. Its less than 100 sq mts. We are close to 5000 homes on sale ( 4966 just now ) it was 4933 over the weekend. So close to 30 homes within couple of days and you can still see plenty of folks holding on to their prices. 

 

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2 hours ago, Oily said:

It's a 1930's house with 1960's decor. It had the same owner for the past 50 years.

So the out-of-date asking price just fits in with the general theme then? 😆

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for this property the home report/questionnaire says that the current owner owned it only for last 4 months. 

https://www.aspc.co.uk/search/property/354115/247-Mid-Stocket-Road/Aberdeen/ 

why cant i see what was the price they paid when they bought this beginning  of this year? I believe they have taken the house at a low price and re-done it to sell and make money. Is there a way to find out how much they paid 4 months back? 

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On 18/04/2017 at 9:02 PM, AD14 said:

Latest Citylets report for Q1 2017 has been released:

https://www.citylets.co.uk/research/reports/pdf/Citylets-Quarterly-Report-Q1-17.pdf?ref=reports

Average rent for a 1 bed has dipped below £500 pcm to £498, and for a three bed has dropped below four figures to £995. 

Real world it's a lot lower, a quick check on ASPC plenty of 1 beds in the £400 ball park range in nice parts of the city (Im not talking about Torry)......to top this plenty of landlords are willing to discount the advertised rents for long term lets.

Aberdeen rents have crashed and are continuing to fall!

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On 30/03/2016 at 0:49 AM, delboypass said:

http://www.auctionhouse.uk.net/scotland/auction/lots/5835

Did anyone go to the auction today?

Results havent been posted yet.

Interested in the results for these properties:

5, Kesson Gardens, Westhill, AB32 6HQ 29, North Silver Street, Aberdeen, AB10 1RJ 29, Church Street, Aberdeen, AB24 4DQ

Colonel Gaddafi's former Aberdeen bolt-hole sold in February for £300k 

29 North Silver Street

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On 28/03/2017 at 10:01 AM, quine said:

This flat has just cost the poor sod £80k+ to live in over the last 2 years.

79 Oakhill Grange sold £400k April 2015.  For sale OO £320k March 2017.

It's not even a nice looking flat - look at the room dimensions/sizes.

 

https://www.aspc.co.uk/search/property/353551/79-Oakhill-Grange/Aberdeen/

 

At £320k sale, not just lost £80k in "value"..

And the rest!

More like £160,000 hit. See calcs below...

The hidden costs of owning..

Unless cash, then mortgage application £1000-1500, survey £300-600, stamp duty £12,000-£13350 depending on when bought in 2015. Legal maybe £1000

Mortgage payments of assumed 3% interest on 90% LTV over 25 years  = £10,800 p.a. interest plus £14,400 p.a. repayment. So two years servicing and repaying debt is another cost of £50,400. (With assumptions). 

To break even in real terms (inflation at 1.7% RPI / CPI assumed) with all those additional costs = £480,000 approx. 

So selling at £320k means a real term hit on pocket of £160,000 over 2 years. 

Hope all this makes sense?

Then there are moving fees, opportunity costs on deposit. Not included in my high level calcs.

All in, owning a house is costly!

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17 hours ago, shortbread said:

Real world it's a lot lower, a quick check on ASPC plenty of 1 beds in the £400 ball park range in nice parts of the city (Im not talking about Torry)......to top this plenty of landlords are willing to discount the advertised rents for long term lets.

Aberdeen rents have crashed and are continuing to fall!

These £400 flats you mention are tiny bedsits or "studio" flats with ridiculously small kitchens that nobody wants because you'd feel like a caged hen living there.

Landlords with proper flats that human beings would want to live in will still get good interest and a premium price.

My tenant pays a premium and is asking to extend his lease for another year.

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1 minute ago, EME said:

Up £52k between Aug-16 and Feb-17

What crash? ;o)

 

 

That is indeed surprising. May be the seller must have done some extension or re-done the property? 

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1 hour ago, EME said:

Up £52k between Aug-16 and Feb-17

What crash? ;o)

 

 

Good point.

However, the 2016 price could have been a forced/quick sale to a webuyanyhouse.com type operator who have toned down the decor and made other cheap/quick improvements and flipped it for a profit.

It's still a massive reduction from what the surveyor valued it at.

Aberdeen has a higglety-pigglety market right now with lots of variation both negative and positive between most recent and previous sold prices.

Edited by Diver Dan
Clarity

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52 minutes ago, Diver Dan said:

Good point.

However, the 2016 price could have been a forced/quick sale to a webuyanyhouse.com type operator who have timed down the decor and flipped it for a profit.

It's still a massive reduction from what the surveyor valued it at.

It's a higglety-pigglety market right now with lots of variation both negative and positive between most recent and previous sold prices.

but for a wise buyer it should still raise some flags as in this current market why would somebody pay such a big difference especially if they know it was recently sold at much lower value. 

Surely someone buying would have done their homework. I understand it might still be a good value based on the valuation but as a buyer you dont want to pay a premium when you know the last owner just bought it for 50K lower in this current buyers market? 

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5 minutes ago, ABZ_RVK said:

but for a wise buyer it should still raise some flags as in this current market why would somebody pay such a big difference especially if they know it was recently sold at much lower value. 

Surely someone buying would have done their homework. I understand it might still be a good value based on the valuation but as a buyer you dont want to pay a premium when you know the last owner just bought it for 50K lower in this current buyers market? 

It looks like a worthy candidate for an anti-money laundering investigation.

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30 minutes ago, ABZ_RVK said:

Surely someone buying would have done their homework. I understand it might still be a good value based on the valuation but as a buyer you dont want to pay a premium when you know the last owner just bought it for 50K lower in this current buyers market? 

27 North Silver Street next door has been on the market for a while for just under £400k. I guess we'll have to watch what happens.

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6 hours ago, EME said:

These £400 flats you mention are tiny bedsits or "studio" flats with ridiculously small kitchens that nobody wants because you'd feel like a caged hen living there.

Landlords with proper flats that human beings would want to live in will still get good interest and a premium price.

My tenant pays a premium and is asking to extend his lease for another year.

No they are not, they are flats with spacious halls, a separate bedroom and kitchen. If you search ASPC there are plenty of examples.

https://www.aspc.co.uk/search/property/349760/19H---Stafford-Street/Aberdeen/

https://www.aspc.co.uk/search/property/353301/Flat-C---19-Lamond-Place/Aberdeen/

https://www.aspc.co.uk/search/property/349878/Flat-7---32-40-Market-Street/Aberdeen/

https://www.aspc.co.uk/search/property/353154/33-Mount-Street/Aberdeen/

I could go on, but most intelligent folk get the point. There are more than 300 single beds under £450/month in the city centre (and Im excluding the likes of Torry in my search) just on ASPC alone!!

The rents are now lower than Edinburgh or Glasgow and are continuing to fall. Speak to any established estate agent and they are all willing to negotiate on advertised rents.

Consider yourself fortunate that your tenant has decided to extend the lease at whatever 'premium' rent it is ur quoting them. But rest assured the days are numbered!

Edited by shortbread

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