tommyboy

Auction - Barnard Marcus - 406 Lots - Summary Post

44 posts in this topic

Just a summary of todays auction, to save you the time of trawling through the 24 pages of posts

Total sold properties: 190

Total unsold properties: 116

Total no bids: 0

Total sold prior properties: 0

Total withdrawn properties: 5

Total sold properties with price paid info: 56

Total sold / unsold properties with pricepaid info: 81

Total sales (sold properties): £21,458,250

Total sales (all properties based on highest bid): £35,603,750

Total profit loss (only sold properties with price paid info) : -£2,589,250 (-33.3%)

Total profit loss (all properties based on highest bid with price paid info) : -£3,467,730 (-31.3%)

Top 20 losers

Lot -- Loss £ -- Loss %

152 -£143,000 -49%

348 -£142,750 -55%

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

363 -£124,000 -45%

63 -£122,950 -60%

62 -£120,995 -61%

214 -£119,500 -53%

79 -£117,995 -45%

249 -£110,000 -31%

355 -£109,500 -48%

384 -£102,000 -57%

198 -£100,000 -54%

78 -£92,000 -41%

268 -£90,000 -49%

202 -£89,000 -57%

171 -£88,000 -57%

212 -£87,950 -50%

218 -£83,607 -47%

Top 20 losers %

Lot -- Loss % -- Loss £

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

62 -£120,995 -61%

63 -£122,950 -60%

197 -£83,500 -59%

384 -£102,000 -57%

202 -£89,000 -57%

171 -£88,000 -57%

404 -£78,995 -57%

348 -£142,750 -55%

198 -£100,000 -54%

403 -£70,495 -54%

214 -£119,500 -53%

318 -£65,000 -52%

326 -£33,500 -52%

265 -£66,495 -51%

212 -£87,950 -50%

152 -£143,000 -49%

268 -£90,000 -49%

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Thanks, nice correlation between highest bid and previous sale price

Total profit loss (only sold properties with price paid info) : -£2,589,250 (-33.3%)

Total profit loss (all properties based on highest bid with price paid info) : -£3,467,730 (-31.3%)

Edited by Nicholas Cage

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Top 20 losers %

Lot -- Loss % -- Loss £

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

62 -£120,995 -61%

63 -£122,950 -60%

197 -£83,500 -59%

384 -£102,000 -57%

202 -£89,000 -57%

171 -£88,000 -57%

404 -£78,995 -57%

348 -£142,750 -55%

198 -£100,000 -54%

403 -£70,495 -54%

214 -£119,500 -53%

318 -£65,000 -52%

326 -£33,500 -52%

265 -£66,495 -51%

212 -£87,950 -50%

152 -£143,000 -49%

268 -£90,000 -49%

WoW!

I know we've all been saying that would happen, but so soon!

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wholley f'ing sh*t batman. 4 bedroom detached in Derby for 89k 3 bedroom detached in nottingham for 65k, draycott mills drops even further than last auction by 25k, now down to 64k.

Some real tangible falls around my area atlast.

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Just a summary of todays auction, to save you the time of trawling through the 24 pages of posts

Click here for full summary

Total sold properties: 190

Total unsold properties: 116

Total no bids: 0

Total sold prior properties: 0

Total withdrawn properties: 5

Total sold properties with price paid info: 56

Total sold / unsold properties with pricepaid info: 81

Total sales (sold properties): £21,458,250

Total sales (all properties based on highest bid): £35,603,750

Total profit loss (only sold properties with price paid info) : -£2,589,250 (-33.3%)

Total profit loss (all properties based on highest bid with price paid info) : -£3,467,730 (-31.3%)

Top 20 losers

Lot -- Loss £ -- Loss %

152 -£143,000 -49%

348 -£142,750 -55%

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

363 -£124,000 -45%

63 -£122,950 -60%

62 -£120,995 -61%

214 -£119,500 -53%

79 -£117,995 -45%

249 -£110,000 -31%

355 -£109,500 -48%

384 -£102,000 -57%

198 -£100,000 -54%

78 -£92,000 -41%

268 -£90,000 -49%

202 -£89,000 -57%

171 -£88,000 -57%

212 -£87,950 -50%

218 -£83,607 -47%

Top 20 losers %

Lot -- Loss % -- Loss £

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

62 -£120,995 -61%

63 -£122,950 -60%

197 -£83,500 -59%

384 -£102,000 -57%

202 -£89,000 -57%

171 -£88,000 -57%

404 -£78,995 -57%

348 -£142,750 -55%

198 -£100,000 -54%

403 -£70,495 -54%

214 -£119,500 -53%

318 -£65,000 -52%

326 -£33,500 -52%

265 -£66,495 -51%

212 -£87,950 -50%

152 -£143,000 -49%

268 -£90,000 -49%

Thanks tommyboy

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Just a summary of todays auction, to save you the time of trawling through the 24 pages of posts

Click here for full summary

Total sold properties: 190

Total unsold properties: 116

Total no bids: 0

Total sold prior properties: 0

Total withdrawn properties: 5

Total sold properties with price paid info: 56

Total sold / unsold properties with pricepaid info: 81

Total sales (sold properties): £21,458,250

Total sales (all properties based on highest bid): £35,603,750

Total profit loss (only sold properties with price paid info) : -£2,589,250 (-33.3%)

Total profit loss (all properties based on highest bid with price paid info) : -£3,467,730 (-31.3%)

Top 20 losers

Lot -- Loss £ -- Loss %

152 -£143,000 -49%

348 -£142,750 -55%

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

363 -£124,000 -45%

63 -£122,950 -60%

62 -£120,995 -61%

214 -£119,500 -53%

79 -£117,995 -45%

249 -£110,000 -31%

355 -£109,500 -48%

384 -£102,000 -57%

198 -£100,000 -54%

78 -£92,000 -41%

268 -£90,000 -49%

202 -£89,000 -57%

171 -£88,000 -57%

212 -£87,950 -50%

218 -£83,607 -47%

Top 20 losers %

Lot -- Loss % -- Loss £

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

62 -£120,995 -61%

63 -£122,950 -60%

197 -£83,500 -59%

384 -£102,000 -57%

202 -£89,000 -57%

171 -£88,000 -57%

404 -£78,995 -57%

348 -£142,750 -55%

198 -£100,000 -54%

403 -£70,495 -54%

214 -£119,500 -53%

318 -£65,000 -52%

326 -£33,500 -52%

265 -£66,495 -51%

212 -£87,950 -50%

152 -£143,000 -49%

268 -£90,000 -49%

HBOS Letting property go but Mortgagee withdrawing a lot of property,must be hopefull of a better price next auction <_<

Edited by worththewait

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My analysis, with equivalent dates.

Barnard Marcus equivalent date index for Oct 2008: Apr 2002 (Inflation-adjusted: Mar 1999)

Last month the equivalent date was Sep 2002, the month before it was Nov 2002.

We're still heading back in time!

Hi Property Quant. I was wondering if the new builds should be split as a separate calculation as, when you look at the individual results, it's the "luxury apartments" build in the last 6ish years that seem to uniformally have massive drops and perhaps that's bringing down the price average as a whole?

If I look at non newbuild London properties on that auction for instance, they are still well above 2002 unfortunately

Cheers as ever to TommyBoy

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Just a summary of todays auction, to save you the time of trawling through the 24 pages of posts

Click here for full summary

Total sold properties: 190

Total unsold properties: 116

Total no bids: 0

Total sold prior properties: 0

Total withdrawn properties: 5

Total sold properties with price paid info: 56

Total sold / unsold properties with pricepaid info: 81

Total sales (sold properties): £21,458,250

Total sales (all properties based on highest bid): £35,603,750

Total profit loss (only sold properties with price paid info) : -£2,589,250 (-33.3%)

Total profit loss (all properties based on highest bid with price paid info) : -£3,467,730 (-31.3%)

Top 20 losers

Lot -- Loss £ -- Loss %

152 -£143,000 -49%

348 -£142,750 -55%

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

363 -£124,000 -45%

63 -£122,950 -60%

62 -£120,995 -61%

214 -£119,500 -53%

79 -£117,995 -45%

249 -£110,000 -31%

355 -£109,500 -48%

384 -£102,000 -57%

198 -£100,000 -54%

78 -£92,000 -41%

268 -£90,000 -49%

202 -£89,000 -57%

171 -£88,000 -57%

212 -£87,950 -50%

218 -£83,607 -47%

Top 20 losers %

Lot -- Loss % -- Loss £

209 -£142,500 -69%

332 -£139,000 -62%

155 -£136,000 -62%

62 -£120,995 -61%

63 -£122,950 -60%

197 -£83,500 -59%

384 -£102,000 -57%

202 -£89,000 -57%

171 -£88,000 -57%

404 -£78,995 -57%

348 -£142,750 -55%

198 -£100,000 -54%

403 -£70,495 -54%

214 -£119,500 -53%

318 -£65,000 -52%

326 -£33,500 -52%

265 -£66,495 -51%

212 -£87,950 -50%

152 -£143,000 -49%

268 -£90,000 -49%

I despair at the media and markets sometimes. This is the real story. This is the leading indicator which tells you where we will be in 12 months time. 50% price drops on ordinary houses in reasonable locations are already here.

Gordon may have hoodwinked the press for a day and distracted the markets from their fretting by putting on a dog and pony show (funded on borrowed money from joe public). But when the asset values in their leveraged portfolios have to accommodate a 50% loss its curtains for investors big and small.

Don't they teach journalists and pundits to do any actual research these days!

Thanks to tommyboy for excellent work.

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Ok, who's up for skipping the puce faced sellers denial and thinking about buying property at auction? Any tips on how to do this? Is this a good idea for an FTB?

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Ok, who's up for skipping the puce faced sellers denial and thinking about buying property at auction? Any tips on how to do this? Is this a good idea for an FTB?

This was posted along time ago on HPC by someone who I failed to record :huh:

I bought our present home at auction in 1997. It was in a nice area in Sheffield, but had been repossessed by the lender and had been for sale with EAs for a good 18 months or so apparently.

It was classic auction stuff - tons of work needing doing, poor state of repair, filthy, overgrown. Apparently there had been a couple of sales agreed, but all had fallen through, so the owner (lender) just wanted rid of the property.

We had seen it when it was advertised as 'for sale' in the EA, but by the time we'd viewed the owner had decided to put it to auction instead of going through yet another failed sale.

It had been priced at around 75-80% of an equivalent 'tidy' house (that sold 2 doors down a few months earlier) when in the EA, and had had a lot of interest [good area, nice road, best school catchment. Always a draw].

We had been willing to pay that amount for the house, and could just have managed it on the max 2.5x joint income.

Having been told that it was withdrawn from sale and put into auction, we were despondent. I did the research on how to buy, and the risks involved.

Basically - the hammer price is the price you pay. You must complete within 28 days (check) - and therefore you need to have much in place before the auction itself:

-searches are done by the seller, and your lawyer can request a copy. The successful bidder pays the cost of the searches

-you will need to put down 10% of the hammer price on the day of auction. This means you will need to arrange for a significant bankers' draft (or can pay by Switch card if sufficient funds. Check this!)

-you will need to have any mortgage agreed in advance, including the survey.

-you will have to have appointed a solicitor to get some of the basics underway (such as reviewing the searches and leasehold stuff)

There are a few costs that you are therefore risking, if you go for the property but are unsuccessful:

-mortgage valuation /survey fee

-some lawyer costs

-possibly mortgage application fee

You can minimise them by choosing a mortgage co with no app fee; and get the basic valuation survey.

You are still gambling a minimum of £300 -odd though.

Things to watch out for

- You are risking a min of £300 (see above) even if unsuccessful

- You will have to complete quickly - and if you need to sell your house then you'll inevitably have a period of 'bridging' before you complete the sale of your own house. If you have sold and are renting already, then this will not be a problem (depending on notice period of tenancy)

- You will need instant access to funds totalling 10% of sale price

- You will be bidding against a mixture of developers, builders, 'portfolio growers' and similar people to yourself. Some of these will be in the auction room, some will have submitted a written max bid; others may be bidding by telephone through the auctioneer staff.

- the house will be advertised in the sale catalogue with a 'guide price'. This is often way below market value in an attempt to entice interest. [Guide price on our house was 75% of the EA previous asking price]. Trouble is that your mortgage valuation will never come out higher than the asking price / guide price, so if the winning bid is significantly higher than the guide price, then you'll have to find the excess from your deposit / existing equity [if for argument's sake the guide price is £150k and sells for £200k (which may well be a realistic price compared to local market), then your mortgage valuation will lend to the max of £150k and you'll have to find the remaining £50k yourself

- You'll need to prove ID before getting an auction 'number' that enables you to bid

Top tips

- Attend the auction if at all possible

- Bring someone else along for moral support if you can

- Sit near the back, so you can see the others in the room

- Don't worry about 'accidentally' making a bid: the auctioneer will confirm any new bidders are actually bidding

- Check peoples' shoes! A strange tip. Lots of people go to these auctions as speculators / developers, and dress down deliberately. However they always have decent shoes on, which gives them away. Real builders will have proper workboots.

- Dress down. Do not draw attention to yourself.

- You will be bidding against developers / builders. Whilst they can do the work cheaper than you (if you can't do any of the work on the house yourself), they'll also have to factor in a profit margin as well as the financing cost (they'll have to have the purchase costs tied up in the house for at least 6 months before they can realise their future gain on the house).

Eventually they will stop bidding when the price won't net them a quick profit; but will still be a sound investment for you if you are looking to do up the house to your taste and not just to re-sell for a quick profit.

- Watch the room to see who is bidding on other properties (assuming yours isn't first on the list). You will start to see which people are there speculating on several (they'll be speculators / developers / builders with cash available), and which people are there for one specific house on which they've set their heart (they'll be the well-dressed, worried-looking couples).

- Watch for bidding around the stamp duty thresholds. Bids will tail off when crossing the different bands (£125k, £250k, £500k) due to the sharp rise in duty payable.

- Don't get involved in the early bidding. The auctioneer will usually start the bidding low to generate interest from speculators, and will play these against the 'sealed bids' they've already received and against any telephone bids. Bide your time and wait until their bidding starts to stall

- Make your bid clear to the auctioneer. Wave your hand / auction number at them. They are professionals and should spot your interest! Don't wait until the hammer is about to fall though...

- Don't get carried away. Know your limit. Keep to a limit by having a max deposit available (10% of the max you are willing to pay) - if the bidding then goes above your limit you won't be tempted because you wouldn't be able to put down the full 10%

- Keep calm. DO NOT DRINK.

- Go to the toilet well in advance of your lot. You wouldn't want to miss the auction because you were caught short?!

- Arrive in plenty of time. Sounds obvious. When I went to collect my keys from the EA, they told me that another person who had set their heart on our house, had got caught up in a traffic jam and missed the auction. Fate smiled on me that day!

Whilst the auction itself is a bit of a roller-coaster of emotions, and the price uncertain until the hammer falls, you will have the certainty that the house is definitely yours. Hopefully you'll get it at a good price. Whilst it may well need a fair bit of work doing, you will be able to do it to your taste whilst adding value to the property (rather than buying a 'done' house then having to change to your tastes but not adding value).

Good luck. We eventually got our house for 80% of the original EA price we were willing to pay. And hope that you aren't up against other people like yourself to ramp up the final price!

Peter.

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Just a summary of todays auction, to save you the time of trawling through the 24 pages of posts

Click here for full summary

Total sold properties: 190

Total unsold properties: 116

Total no bids: 0

Total sold prior properties: 0

Total withdrawn properties: 5

Total sold properties with price paid info: 56

Total sold / unsold properties with pricepaid info: 81

Total sales (sold properties): £21,458,250

Total sales (all properties based on highest bid): £35,603,750

Total profit loss (only sold properties with price paid info) : -£2,589,250 (-33.3%)

Total profit loss (all properties based on highest bid with price paid info) : -£3,467,730 (-31.3%)

This auction on the same day did not do very will to say there is a lot of shouting about being out of the woods,

I calculate less that 30% sold ;)

http://www.ccreauctions.co.uk/DesktopModul...port.aspx?ID=80

Edited by worththewait

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This auction on the same day did not do very will to say there is a lot of shouting about being out of the woods,

I calculate less that 30% sold ;)

http://www.ccreauctions.co.uk/DesktopModul...port.aspx?ID=80

I calculate less that 30% sold ;)

Official figures from the Barnard Marcus website says 73% sold.

http://www.barnardmarcusauctions.co.uk/Unsold_Lots.html

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[size="4]Lot 366: 232 Wardwharf Approach

03/09/04 £444,995

13/10/08 £215,000[/size]

That is a 52% drop since 2004, How big adrop is that since 2007 peak.

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wholley f'ing sh*t batman. 4 bedroom detached in Derby for 89k 3 bedroom detached in nottingham for 65k, draycott mills drops even further than last auction by 25k, now down to 64k.

Some real tangible falls around my area atlast.

scrap that, they were not bargains, one of them has a rail track at the back of the garden and garden is small. The other is in an unfinished mill that does not look like completing, ever

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Lot 310 117a Queen mary Rd, Upper Norwood SE19 3NL

Best bid £125,000

17/02/08 £170,000

26%loss since 06. Even greater since 2007 peak

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