Optimistic Pricing In Edinburgh

[ccc]

Wow. Not much else I can say.

One bedder in Gorgie

'Offers around 40k'

'One bed flat - Gorgie'

'Quarter share'

'excellent opportunity to get a foothold on to the property market'

This values a one bed flat in Gorgie at £160k. I think this may be the most overpriced property sale price in the entire UK. This value is almost 25% above the peak prices of the end of 2007. The most Gorgie one bed flats ever sold for was about 130k.

I am truly staggered with this one.

[pyracantha]

Wow. Not much else I can say.

One bedder in Gorgie

'Offers around 40k'

'One bed flat - Gorgie'

'Quarter share'

'excellent opportunity to get a foothold on to the property market'

This values a one bed flat in Gorgie at £160k. I think this may be the most overpriced property sale price in the entire UK. This value is almost 25% above the peak prices of the end of 2007. The most Gorgie one bed flats ever sold for was about 130k.

I am truly staggered with this one.

1st glance: £40k looks fair for what you get. And then I saw the 1/4 share. Jokers.

[Scunnered]

Wow. Not much else I can say.

One bedder in Gorgie

'Offers around 40k'

'One bed flat - Gorgie'

'Quarter share'

What the **** do you do with a quarter share of a one-bed flat? Do you get to sleep there seven days a month or something?

[ccc]

What the **** do you do with a quarter share of a one-bed flat? Do you get to sleep there seven days a month or something?

I think you are supposed to do the following:

(1) Quickly realise you have been shafted.

(2) Worry yourself sick about what you can do about it.

(3) Try and sell it for the same stupid amount you paid for it.

(4) Fail drastically.

(5) Wish you were a 'rent forever loser'.

[norton]

Any advice on this one it is within my budget

http://edinburgh.gumtree.com/edinburgh/36/56870036.html

[ccc]

Any advice on this one it is within my budget

http://edinburgh.gum...6/56870036.html

Nice.

[norton]

Nice.

I Have decided against this property the price initially caught my interest for a two bedroomed flat but im not convinced about the area, i also calculated that as there are 60 flats in this building at 50k each this makes this a 3 million pound development so on that basis the flat is still too dear as there is no way that building is worth 3 million pounds

[fflump]

I Have decided against this property the price initially caught my interest for a two bedroomed flat but im not convinced about the area,

I'm convinced about the area.

[norton]

Does anyone know if you have to pay council tax over and above the £26.90 per week ground rent, 18k i feel is a good price for a one bedroom property

http://edinburgh.gumtree.com/edinburgh/05/55114105.html

[okosanto]

Does anyone know if you have to pay council tax over and above the £26.90 per week ground rent, 18k i feel is a good price for a one bedroom property

http://edinburgh.gumtree.com/edinburgh/05/55114105.html

Are you for real????

[Deleriad]

This will be an interesting case study: http://www.espc.com/Buying/286283.htmlIt's a shabby 2 bed ground-floor flat in Morningside: 1 double, 1 single. Not a maindoor but does have private (shoddy) front garden. It's on at o/o 165K with a Home report valuation of £180K. The place is riddled with damp, the floorboards are rotten, window panes rotten, stonework in bad repair below the front window and the whole block is suffering subsidence. There's no direct access to the back and there were half a dozen break-ins to the block and adjacent blocks during our time there. There's unrestricted parking out front but it's the only unrestricted parking in the area so getting parked is very difficult.I know about this place because I used to rent it. We paid 700 pcm (rented it at peak of the market in 2008 when we moved to Edinburgh). After we moved out in November they tried to let it for 4 months at 700 pcm and failed so they have put it on the market. I would estimate that you could let it at 600-650pcm. If it sells for anything like the HR then the gross rental yield at 650pcm would be 4.33%. Two upstairs flats with more surface area and in far better condition sold in 2008 around the market peak for £180K and £190K, the former being directly above the one now valued at £180K.If it sells, it'll give a good snapshot of the prices people are still prepared to pay almost purely for location in Edinburgh and the comparison between rental yield and market value in Morningside area. Most 2-beds in the area seem to go for £600-700. It'll also show the current pricing compared to the market peak in 2008. Not often that three flats in the same traditional block come up for sale within 2 years of each other.(edited to put linebreaks in. Or at least try to, editor is playing silly beggars)

Edited April 13, 2010 by Deleriad

[fflump]

I was about to post that this town house, with its narrow plot and tiny garden, seems overpriced..

20 Upper Gilmore Place

http://www.espc.com/Buying/286764.html

compared to this house just round the corner..

120 Viewforth, EDINBURGH, EH10 4LN

Semi-detached House, Offers Around £500,000,

http://www.espc.com/Buying/285828.html

but I now see that both are under offer! Family homes in Bruntsfield are just to rare to hang around I guess

[noodle doodle]

The place is riddled with damp, the floorboards are rotten, window panes rotten, stonework in bad repair below the front window and the whole block is suffering subsidence.

Two upstairs flats with more surface area and in far better condition sold in 2008 around the market peak for £180K and £190K, the former being directly above the one now valued at £180K.

If that flat sells, the upstairs ones won't, because the first thing any new sensible owner would do would be to slap in some stat notices on the stonework, external damp and subsidence problems - they're communal repair problems.

[Deleriad]

If that flat sells, the upstairs ones won't, because the first thing any new sensible owner would do would be to slap in some stat notices on the stonework, external damp and subsidence problems - they're communal repair problems.

The upstairs ones aren't on the market. They both sold in 2008. Only the downstairs one is on the market. Relatedly, the owners have had a bunch of huge communal repair bills recently: plastering in the stair well, replacement front door and roof repairs. Currently the block has two owner-occupiers and six landlords letting out flats. Each of the repairs were statutory orders.

[noodle doodle]

The upstairs ones aren't on the market. They both sold in 2008. Only the downstairs one is on the market. Relatedly, the owners have had a bunch of huge communal repair bills recently: plastering in the stair well, replacement front door and roof repairs. Currently the block has two owner-occupiers and six landlords letting out flats. Each of the repairs were statutory orders.

that's the main reason i'm glad to have shifted to a house, i lived in a block with double that number of flats. Getting that many other owners/landlords/deceased people to agree is like spinning plates, so you end up getting the council to do stuff though stat notices. Now if my roof's f*cked, I can fix it without rounds of negotiations which would have GATT delegates' eyeballs running out of their skulls.

[norton]

This will be an interesting case study: http://www.espc.com/Buying/286283.htmlIt's a shabby 2 bed ground-floor flat in Morningside: 1 double, 1 single. Not a maindoor but does have private (shoddy) front garden. It's on at o/o 165K with a Home report valuation of £180K. The place is riddled with damp, the floorboards are rotten, window panes rotten, stonework in bad repair below the front window and the whole block is suffering subsidence. There's no direct access to the back and there were half a dozen break-ins to the block and adjacent blocks during our time there. There's unrestricted parking out front but it's the only unrestricted parking in the area so getting parked is very difficult.I know about this place because I used to rent it. We paid 700 pcm (rented it at peak of the market in 2008 when we moved to Edinburgh). After we moved out in November  they tried to let it for 4 months at 700 pcm and failed so they have put it on the market. I would estimate that you could let it at 600-650pcm. If it sells for anything like the HR then the gross rental yield at 650pcm would be 4.33%. Two upstairs flats with more surface area and in far better condition sold in 2008 around the market peak for £180K and £190K, the former being directly above the one now valued at £180K.If it sells, it'll give a good snapshot of the prices people are still prepared to pay almost purely for location in Edinburgh and the comparison between rental yield and market value in Morningside area. Most 2-beds in the area seem to go for £600-700. It'll also show the current pricing compared to the market peak in 2008. Not often that three flats in the same traditional block come up for sale within 2 years of each other.(edited to put linebreaks in. Or at least try to, editor is playing silly beggars)

Interesting but way too dear for me i will do my own case study on this property http://www.look4aproperty.com/property.asp?m=&d=0&o=0&sp=&ci=2656&sl_main=&slo=&slc=&slp=&oslo=&oslc=&oslp=&sht=22&sb=1&s=1&a=1&e=100&p=1204948 im really still saving for deposit but this sort of price is my max if prices fall like we all hope then more properties will become available in my budget fingers crossed ideally stockbridge would be my ideal area but nothing so far in that area that is within budget

[PenguinJ]

Interesting but way too dear for me i will do my own case study on this property http://www.look4aproperty.com/property.asp?m=&d=0&o=0&sp=&ci=2656&sl_main=&slo=&slc=&slp=&oslo=&oslc=&oslp=&sht=22&sb=1&s=1&a=1&e=100&p=1204948 im really still saving for deposit but this sort of price is my max if prices fall like we all hope then more properties will become available in my budget fingers crossed ideally stockbridge would be my ideal area but nothing so far in that area that is within budget

I looked at the New Town and Stockbridge for many years and I can say , that there is no way that the crappy ex council flat in Saughton for OO50,000 will ever compete price wise with Stockbridge. I really wish that it would, but there is too much interest down there. I looked and looked and I found pokey little flats needing to be renovated for OO150,000 when I was looking. A few friends keep looking there and anytime something half decent price wise comes on the market, you find that there's a major renovation required..which is never specified because some old dear has passed away and you could "live" in it if you like swirly carpets etc. If you are serious about living in Stockbridge instead of Saughton, then you may need to rethink your current plans.

Some parts of Edinburgh are holding up well and there is not a lot of decent flats coming onto the market. I looked yesterday and I was shocked at the number of overpriced basements for sale in the New Town. I don't care if it is on Heriot Row, it's still a basement below street level!

[ccc]

One bedroom flat in Slateford.

Slateford 1 bedder

£160k.

Yes you read that correctly.

25% share in a 3 bedroom flat in Slateford. (Quarter share in a 3 bed flat - how the ****** does that work?!)

Slateford Shared equity

£70k.

Yes you read that correctly. They value the place at £280k. For a 3 bed new build in Lower Slateford - Gorgie to me and you.

WORDS FAIL ME

[fflump]

. (Quarter share in a 3 bed flat - how the ****** does that work?!)

most of these part shares are housing association schemes where you buy a portion of the flat and rent the remainder off the HA, with the option to increase your ownership over time.

[geed]

One bedroom flat in Slateford.

Slateford 1 bedder

£160k.

Yes you read that correctly.

25% share in a 3 bedroom flat in Slateford. (Quarter share in a 3 bed flat - how the ****** does that work?!)

Slateford Shared equity

£70k.

Yes you read that correctly. They value the place at £280k. For a 3 bed new build in Lower Slateford - Gorgie to me and you.

WORDS FAIL ME

ccc I haven't bothered checking out the espc website for well over a year now. Anyone who plays in this market is possibly even more stupid than those that played in 2006/7. Leave them to it. Silly silly people.

I come on here every now and then to see of any news but alas there is not much. I enjoy Mcglashan's plots and stats but there is not much to argue about unfortunately. The biggest economic problem of a generation (a number of generations in fact!), yet the dumbass house buying public of Great Britain somehow think that paying near to peak prices of 2007 is currently a shrewed and sensible decision. I'll rent to my grave before turning over my hard earned cash just to have somewhere to protect me from this celtic weather. There is zero value for money in Edinburgh property.

Edited June 10, 2010 by geed

[ccc]

most of these part shares are housing association schemes where you buy a portion of the flat and rent the remainder off the HA, with the option to increase your ownership over time.

So they only own 25% of it and probaly have to pay rent on top of that as well ? Insane.

ccc I haven't bothered checking out the espc website for well over a year now. Anyone who plays in this market is possibly even more stupid than those that played in 2006/7. Leave them to it. Silly silly people.

I come on here every now and then to see of any news but alas there is not much. I enjoy Mcglashan's plots and stats but there is not much to argue about unfortunately. The biggest economic problem of a generation (a number of generations in fact!), yet the dumbass house buying public of Great Britain somehow think that paying near to peak prices of 2007 is currently a shrewed and sensible decision. I'll rent to my grave before turning over my hard earned cash just to have somewhere to protect me from this celtic weather. There is zero value for money in Edinburgh property.

I just keep a track to see what is happening. As you say - no value for money right now. Although I do occasionally see something that comes under the 'Not quite so horrifically overpriced' category.

[Scunnered]

One bedroom flat in Slateford.

Slateford 1 bedder

£160k.

Yes you read that correctly.

Looks like we've missed the boat good and proper.

[lulu]

Looks like we've missed the boat good and proper.

Its very handy for the trainlines though and benefits from a "Great stair with entryphone" so I am sure is worth every penny.

There is something funny though as anyone else would be selling it as a two bedroom with a lounge/kitchen. That would make the price a bit more sensible.

[Muswell Hillbilly]

This one has just come onto the market:

2/3-bed conversion in Morningside for OO 495K

It’s about 100 m², hence only about 10% larger than the average two-bedroom tenement flat. Also it is council tax band E, the same as two-bedroom tenement flats in Marchmont, Bruntsfield and Morningside, suggesting that its value ought to be about the same. Those flats now sell for 270–280K.

Something tells me this particular property is going to be spending a long time on the market!

[b_real]

One bedroom flat in Slateford.

Slateford 1 bedder

£160k.

Yes you read that correctly.

One bedroom flat in GORGIE

http://www.espc.com/buying/290444.html

£160k

This one is "Delightful", so must be worth it.