roblpm

Optimistic Pricing In Edinburgh

418 posts in this topic

I thought it might be interesting for people to post properties that they are tracking on a seperate thread. And then hopefully in 6 months time update with the sales price?!

Here's one from me:

81 Comiston Drive, Come straight on at FP £675K! (Interesting that they are not even bothering with OO). Even more interesting to see how they go vs April 2005 and Oct 2003

http://www.espc.co.uk/Buying/269263.html

Anyway previously sold prices:

81 Comiston Drive,

Edinburgh,

Midlothian,

EH10 5QT £525,000

Application No: 05MID10398

Title No: MID49615

Application Type: DW

Deed Codes: 11 20 1 Application Date

21-Apr-2005

and

81 Comiston Drive,

Edinburgh,

Midlothian,

EH10 5QT £466,161

Application No: 03MID25065

Title No: MID49615

Application Type: FR

Deed Codes: 11 20 Application Date

03-Oct-2003

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I thought it might be interesting for people to post properties that they are tracking on a seperate thread. And then hopefully in 6 months time update with the sales price?!

Here's one from me:

81 Comiston Drive, Come straight on at FP £675K! (Interesting that they are not even bothering with OO). Even more interesting to see how they go vs April 2005 and Oct 2003

http://www.espc.co.uk/Buying/269263.html

Anyway previously sold prices:

81 Comiston Drive,

Edinburgh,

Midlothian,

EH10 5QT £525,000

Application No: 05MID10398

Title No: MID49615

Application Type: DW

Deed Codes: 11 20 1 Application Date

21-Apr-2005

and

81 Comiston Drive,

Edinburgh,

Midlothian,

EH10 5QT £466,161

Application No: 03MID25065

Title No: MID49615

Application Type: FR

Deed Codes: 11 20 Application Date

03-Oct-2003

That is an awful lot of changing hands for what looks like a good family home in a good area. Makes you wonder about the neighbours! Or do they have a secret dry-rot problem that can't be fixed??

I see a lot of these family homes coming up for sale now at aspirational prices but unfortunately it looks like all the oldies are selling up at the same time just when mortgages are getting hard to come by so achieving sales will be tricky...

Anyway, back on topic, 3-bed basement flat for £745k, anyone?

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I actually think they might have subsidence problems! There is a small river runs past the bottom of the gardens at the foot of a steep hill so I think they might all be slipping in to it!

That one you posted is hilarious! Can get something pretty good for £750k these days!

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I'll give you £120k for both of those. Those prices... ridiculous. I would never, ever buy at those prices; I don't see who would :s

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Anyway, back on topic, 3-bed basement flat for £745k, anyone?

F*** me ragged! Three quarters of a million quid for a three-bed basement flat in Edinburgh! For a property like that, that’s a Hampstead price, in fact a Foxtons Hampstead price!

I was going to post a dull old two-bed tenement flat in Brunstfield at OO 245 or something (clearly hoping to achieve over 300K like last year), but I don’t think anything I could post could match the Inverleith basement for aspirational pricing!

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I'll give you £120k for both of those. Those prices... ridiculous. I would never, ever buy at those prices; I don't see who would :s

yup

£675,000 is roughly 11/16th's of £1,000 000......bloody hell, its just a house!

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Anyway, back on topic, 3-bed basement flat for £745k, anyone?

Lovely. If you add up the areas of the rooms you get a total of 946+13/16 sq ft. That works out at just over £786.85 per square foot, or just under £8469.59 per square metre. Still, it is in Edinburgh, so I suppose that's really very reasonable. I also like the way it's described as "Lower Ground Floor" rather than "Basement".

EDIT: A spot of googling finds this article from the 15th of August saying that

Prime property in London and New York costs slightly more than $15,000 per square meter, according to Global Property Guide. A similar property in Paris, Hong Kong, Tokyo or Singapore costs more than $10,000 per square meter.

So in New York and London you pay £8513.72 per square metre, only £44.13 more than for a hole in the ground in Inverleith Place; looks like we've just scraped into third place. You might almost think there was some kind of house price bubble going on.

Edited by Scunnered

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So in New York and London you pay £8513.72 per square metre, only £44.13 more than for a hole in the ground in Inverleith Place; looks like we've just scraped into third place. You might almost think there was some kind of house price bubble going on.

Yes, but Edinburgh is a unique market, after all. You really can't just go about comparing it on a price per sq m value with places like Hong Kong, New York and London. Those places are exposed to the global market and the vicissitudes of the business cycle whereas Edinburgh is a wholly unique market, entirely divorced from any economic norms.

Personally I think it's becauase PRICES HAVE NEVER FALLEN IN EDINBURGH. That and the FUNDAMENTALS ARE STRONG so really when you think about it £745k for a basement flat is very good value, epecially when it's that close to the Botanic Gardens. That adds at least £200k to the value right there. If you take into account the snazzy recessed light in that place, £745k seems pretty fair...

:rolleyes:

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Yes, but Edinburgh is a unique market, after all. You really can't just go about comparing it on a price per sq m value with places like Hong Kong, New York and London. Those places are exposed to the global market and the vicissitudes of the business cycle whereas Edinburgh is a wholly unique market, entirely divorced from any economic norms.

Personally I think it's becauase PRICES HAVE NEVER FALLEN IN EDINBURGH. That and the FUNDAMENTALS ARE STRONG so really when you think about it £745k for a basement flat is very good value, epecially when it's that close to the Botanic Gardens. That adds at least £200k to the value right there. If you take into account the snazzy recessed light in that place, £745k seems pretty fair...

:rolleyes:

I'd go further. For a prime property in a prime location like this, I think they could quite reasonably expect a seven-figure sum. I really feel that we should be grateful for the vendors' generosity in allowing us the opportunity to buy in Edinburgh for such a trifling amount. My suspicion is that their compassion has led them to make a deliberate sacrifice in order to help out struggling first-time buyers; a little bit more of this almost Christ-like humanity and self-denial wouldn't go amiss in the modern world.

Edited by Scunnered

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I think this could be a winner. Two bed flat on Easter Road. Quite nice size rooms and all but still, it's a flat on Easter Road.

Is this a Joke...

235k

Fixed Price.. :o

A quick search reveals you can get ready to move in 2 bed's On Easter Road for between 140-150k.

So youa re paying almost an extra 100k for a wee back Garden and your own front door....

MADNESS.

Edited by ccc

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I wouldn't stay at Easter Road if somebody paid me!

OK, a bit harsh... but it seems a bit run down and parking is a nightmare!

Good, ridiculous, find!

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This dosn't seem too bad for a two bedder (http://www.espc.com/Buying/269294.html) so I went for a cheeky viewing.

This place needs some serious work.

No heating (portable heaters only!)

No Shower

Hot water is an immersion heater

Non of the windows locked

Kitchen is a sink and a cooker tucked away in a cupboard

Needs decorating throughout and a lot of TLC.

All of the above I can deal with, it's a fix-er-upper with a lot of potential to develop over time.

What had me scared is the amount of damp in the place. All along a shared wall in two rooms it was physically wet to the touch. This was really bad in one corner, and when prompted the girly doing the viewing said you get puddles when it rains. Seeing my shock she then went on to say something about underground streams. By now I was in WTF mode and started backing slowing towards the door.

Is damp that bad something that the whole block is responsible for? It seems like a pretty serious structural integrity issue to me. I did notice the ‘drying green’ was all concrete, and sloped towards the flats. Poor drainage maybe.

Anyway, it’ll be interesting to see what happens to this one.

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Just thought I would add this:

http://www.espc.co.uk/Buying/270904.html

Terrace in Morningside on a fairly busy road straight on at FP £650k

Sold Just 3 months ago??!!

96 Braid Road,

Edinburgh,

Midlothian,

EH10 6AP £600,000

Application No: 08MID26890

Title No: MID85564

Application Type: DW

Deed Codes: 11 20 1 Application Date

18-Jul-2008

But look at the price in 2006:

96 Braid Road,

Edinburgh,

Midlothian,

EH10 6AP £440,000

Application No: 06MID01003

Title No: MID85564

Application Type: FR

Deed Codes: 11 20 Application Date

11-Jan-2006

So they are having a laugh!! Maybe they did it up?

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I think this could be a winner. Two bed flat on Easter Road. Quite nice size rooms and all but still, it's a flat on Easter Road.

Is this a Joke...

235k

Fixed Price.. :o

A quick search reveals you can get ready to move in 2 bed's On Easter Road for between 140-150k.

So youa re paying almost an extra 100k for a wee back Garden and your own front door....

MADNESS.

They seem to have come round to your way of thinking!:

http://www.home.co.uk/search/price_info.ht...perty=506769792

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F*** me ragged! Three quarters of a million quid for a three-bed basement flat in Edinburgh! For a property like that, that’s a Hampstead price, in fact a Foxtons Hampstead price!

I was going to post a dull old two-bed tenement flat in Brunstfield at OO 245 or something (clearly hoping to achieve over 300K like last year), but I don’t think anything I could post could match the Inverleith basement for aspirational pricing!

That could be my neighbour, he has optimistically had his flat on for about 6 months and it has not changed from his OO ~250K ever since. Strange how no one seems to be even viewing it.

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That could be my neighbour, he has optimistically had his flat on for about 6 months and it has not changed from his OO ~250K ever since. Strange how no one seems to be even viewing it.

I interested in what you guys would

a) pay for the properties you've highlighted

B) market the properties for if you were selling them

c) think they might actually go for

given that you think the asking prices are way off

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This one’s taking the piss a bit, isn’t it? It’s a two-bed maindoor tenement flat in Marchmont, which first came to the market at OO 295, and is now at 375 FP!

37 Thirlestane Road

A very similar property remains for sale since 22 April, going from OO 245 to 323 FP, then 312, then 300, and is still unsold at 288 FP:

40 Thirlestane Road

The going rate for two-bedders in the area seems to be 250, and there are three-bedders advertised (mostly not selling) for 300–340. The vendor of 37 Thirlestane doesn’t have a hope.

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This one’s taking the piss a bit, isn’t it? It’s a two-bed maindoor tenement flat in Marchmont, which first came to the market at OO 295, and is now at 375 FP!

37 Thirlestane Road

A very similar property remains for sale since 22 April, going from OO 245 to 323 FP, then 312, then 300, and is still unsold at 288 FP:

40 Thirlestane Road

The going rate for two-bedders in the area seems to be 250, and there are three-bedders advertised (mostly not selling) for 300–340. The vendor of 37 Thirlestane doesn’t have a hope.

No 37 is about 30% bigger than No 40, so might not be as over priced in relation as it first appears. If (when?) prices are down by about 30%, they might be worth a punt. It seems absolutely static at the moment, though, doesn't it?

roblpm, that Morningside house is jaw-drappingly overpriced! £457 per square foot for a house on a busy road in an Edinburgh suburb - the owners must be nuts!

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No 37 is about 30% bigger than No 40, so might not be as over priced in relation as it first appears. If (when?) prices are down by about 30%, they might be worth a punt. It seems absolutely static at the moment, though, doesn't it?

Yes, you’re right – no. 40 isn’t a proper two-bedder, but merely has a ‘kichen/breakfast room’ apparently squashed into what should have been a large boxroom. I do wish agents would put floorplans in their schedules. So it’s no wonder that that one hasn’t sold for 288K! It has a long way to fall, doesn’t it? It’s only been on the market for six months, after all.

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Massively over-priced. Hate the whole ca;;ing a boxroom an extra room thing. And kitchens which are attached onto the living room! Maybe £80k I'd pay for that, absolute max. Even then, total rip-off. IMO.

Prices on ESPC still very high in general, though showing a (slow) downwards trend.

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I do wish agents would put floorplans in their schedules. So it’s no wonder that that one hasn’t sold for 288K! It has a long way to fall, doesn’t it? It’s only been on the market for six months, after all.

:) Floor plans are absolutely essential in determining whether or not you want to go to a viewing - it's very frustrating when agents don't include them. A few times I've emailed an agent to ask if they have one, where not included on the schedule, and they've never seemed bothered or motivated to send me one.

Hate the whole ca;;ing a boxroom an extra room thing. And kitchens which are attached onto the living room! Maybe £80k I'd pay for that, absolute max. Even then, total rip-off. IMO.

Don't get me started on my pet rant :lol:. It completely ruins the well proportioned layout of the flat when they do that. I can see the whole 'kitchen / living room' thing being a ridiculous 'lifestyle' fad of the last ten years, and particularly in traditional tenements, being really difficult to sell in a tough market.

Prices on ESPC still very high in general, though showing a (slow) downwards trend.

I've started to see the occasional property now where the 'fixed price' has been reduced to almost the orginal 'offers over' asking price, which is encouraging. Very slow, though, like you say.

I'm going to a 'champagne launch' this afternoon - wonder if anybody else will turn up :D.

http://www.primary1.net/dev.html

They seem to be priced about £320 per square foot (a smallish 2 bedder is £249,950), which is on the optimistic and pricey side of the current market, but not exceptional. The fact that the entire market is over-priced by about a third is another matter though!

I imagine there's also a risk with new developments that the builders might run out of money half way through. Will be interesting to see who turns up!

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This one’s taking the piss a bit, isn’t it? It’s a two-bed maindoor tenement flat in Marchmont, which first came to the market at OO 295, and is now at 375 FP!

37 Thirlestane Road

A very similar property remains for sale since 22 April, going from OO 245 to 323 FP, then 312, then 300, and is still unsold at 288 FP:

40 Thirlestane Road

The going rate for two-bedders in the area seems to be 250, and there are three-bedders advertised (mostly not selling) for 300–340. The vendor of 37 Thirlestane doesn’t have a hope.

Both vendors are on a drugs. I feel like calling up the agent calmly asking to speak to someone about both flats, once I am speaking to the right individual, just laughing out loud on the phone until he or she hangs up.

know of a flat in arden street that has sold for £255K recently, 2 bed ground floor.

37 is undoubtedly a nice flat, it is still a flat. Private rear garden (as long as you dont mind 20 or so pairs of eyes staring down at you from other flats) and an ensuite mark this one out from the other overpriced place. But 37.5% of £1,000,000 :blink::(:o:huh::lol::lol::lol::lol::lol:

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That could be my neighbour, he has optimistically had his flat on for about 6 months and it has not changed from his OO ~250K ever since. Strange how no one seems to be even viewing it.
I interested in what you guys would

a) pay for the properties you've highlighted

B) market the properties for if you were selling them

c) think they might actually go for

given that you think the asking prices are way off

Well it appears that the above flat is now off the market so we may find out in the future what it will be worth. IMO they should have fixed priced it at £250,000 and it would have sold - it is a nice flat, kind of like the one I am in but clean and with better decor! :)

What do I think it is worth? I would say, all things being sensible that it should be 'worth' something in the region of ~£170/180,000 assuming we have a couple on two decent salaries who are buying it. It is only a flat after all, no parking and a crappy wee garden so not really suitable for kids, also because of its size and layout not really any good for HMO.

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I think we have a winner.

Gorgie SlaveBox

Offers over 90k for a one bed flat in Gorgie. :o

Needs COMPLETE renovation and upgrading. Also does not even have a bathroom.

Insane.

In 2002 you could get a place pleasant & ready to move in for about 50k.

I expect a one bed 'development' flat in Gorgie to be going for under 50k in less than 2 years. If that.

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