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Swansea-State Of The Market


thirdwave

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HOLA441

If your first offer does not embarrass you then it is too high.

I think 80% first offers is the way to go now as a minimum. Asking prices are just ludicrous.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=181880

Thanks - good to know. Especially given what I've read about banks refusing to lend on agreed sale prices.

Any suggestions on where we could look for our perfect place?

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HOLA443

The last 48 hours has seen a considerable number of SSTCs come back available - mainly in the Mumbles/Gower areas. Funny that.

Edit:

This will please somone:

http://www.rightmove.co.uk/property-for-sale/property-23204646.html

The sale is still proceeding I'm told ; a computer error has caused the removal of the SSTC. Though it seems to me that the deal is taking a long time to complete . The bungalow that was on for 675K in Penmaen has completed. Would love to know the actual figure , but even 600K would have been insane.

Think it's called "Cheriton House" is for sale with GCP in Pwlldu Lane Bishopston at 1.5 million. I see that last sold in Oct 2001...........for GBP 390,000 !! What an easy ,easy way to have made serious money and no real skills required.

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HOLA444

The sale is still proceeding I'm told ; a computer error has caused the removal of the SSTC. Though it seems to me that the deal is taking a long time to complete . The bungalow that was on for 675K in Penmaen has completed. Would love to know the actual figure , but even 600K would have been insane.

Think it's called "Cheriton House" is for sale with GCP in Pwlldu Lane Bishopston at 1.5 million. I see that last sold in Oct 2001...........for GBP 390,000 !! What an easy ,easy way to have made serious money and no real skills required.

A computer error? :lol: It is still listed this morning.

1.5 million for the one in Pwlldu Lane - best of luck to them.

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HOLA445

I was speaking with a chap high up in one of the EA firms today and he said that there "is no interest in houses at the moment".

He said that the stuff they have on currently, and which they had dropped asking prices on, were not getting any interest so he said that other firms putting houses "on for crazy prices" were stopping the market from moving. He said that the banks would not lend on such properties so it was pointless doing it.

I thought this was a tad ripe as his firm still is doing, IMPO, crazy asking prices of some of the new stuff coming to market... and had done so in the past for more years than I can remember IMPO... and many of the asking prices of the property on their books still looks very bubbly IMPO...

So it was a strange conversation... as if there was a slow realistion that asking prices had killed the market... but that the penny had not quite dropped that silly asking prices are the problem... I could almost see his brain trying to work it through... which is interesting as he is considered to be a bright cookie....

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HOLA4410

FWIW, there are an awful lot of houses for sale in St. Christopher's Court in the Marina.

Edit:

In fact, an awful lot for sale in the Marina full stop.

I know, from reading the Post, there have been lots of complaints about people having parties in the sand dunes in that area. Seems to be an awful lot of people looking to move out if this is the cause???

Edited by The Masked Tulip
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HOLA4411

FWIW, there are an awful lot of houses for sale in St. Christopher's Court in the Marina.

Edit:

In fact, an awful lot for sale in the Marina full stop.

I know, from reading the Post, there have been lots of complaints about people having parties in the sand dunes in that area. Seems to be an awful lot of people looking to move out if this is the cause???

More likely a result of too many 'investors' buying off plan then renting out for a few years which for St Christophers would be a recipe for diasaster. St Christopher were the first flats/houses built and any switched on renter would prefer one of the newer ones which seem to have aged better leaving the owners at St Chris without tenants or poorer quality ones.

Only those on the front row would be directly affected by the kids on the dunes, ironic really as they were the really expensive ones!

What really struck me as odd about living in the marina was how few people you would see on a daily basis, there must be about a thousand homes down there now but you would see very little of the occupants, it's a surprisingly peaceful place to live.

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HOLA4412

More likely a result of too many 'investors' buying off plan then renting out for a few years which for St Christophers would be a recipe for diasaster. St Christopher were the first flats/houses built and any switched on renter would prefer one of the newer ones which seem to have aged better leaving the owners at St Chris without tenants or poorer quality ones.

Only those on the front row would be directly affected by the kids on the dunes, ironic really as they were the really expensive ones!

What really struck me as odd about living in the marina was how few people you would see on a daily basis, there must be about a thousand homes down there now but you would see very little of the occupants, it's a surprisingly peaceful place to live.

In the morning they are all watching 'This Morning'. When that finishes it is time for the afternoon film on Channel 4 before getting across for the early bird menus in Wind Street!? :lol:

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HOLA4413

More likely a result of too many 'investors' buying off plan then renting out for a few years which for St Christophers would be a recipe for diasaster. St Christopher were the first flats/houses built and any switched on renter would prefer one of the newer ones which seem to have aged better leaving the owners at St Chris without tenants or poorer quality ones.

Only those on the front row would be directly affected by the kids on the dunes, ironic really as they were the really expensive ones!

What really struck me as odd about living in the marina was how few people you would see on a daily basis, there must be about a thousand homes down there now but you would see very little of the occupants, it's a surprisingly peaceful place to live.

That's good news since I may well rent down there for 2 or 3 months towards year end and my primary concern was tenant noise (above) and partying noise outside. I assume St Christ is that part of the development opp Tescos ?

If you are only a tenant why would you care if the newer ones have aged better or not ? St C with fewer tenants means quieter = good . Poorer quality tenants in St C now ... how and in what sense do you mean ?

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HOLA4414

That's good news since I may well rent down there for 2 or 3 months towards year end and my primary concern was tenant noise (above) and partying noise outside. I assume St Christ is that part of the development opp Tescos ?

If you are only a tenant why would you care if the newer ones have aged better or not ? St C with fewer tenants means quieter = good . Poorer quality tenants in St C now ... how and in what sense do you mean ?

Sorry for the delay, been travelling all week.

My point was that St Chris has gone a bit scruffy and unless the rent is substantially cheaper I would go for St Stephens or Catherines instead.

Go and have a look, check out all the cars parked on flowerbeds in St Chris then compare with St Stephens (where they have paved over the flower beds - posh or what?)

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HOLA4415

Sorry for the delay, been travelling all week.

My point was that St Chris has gone a bit scruffy and unless the rent is substantially cheaper I would go for St Stephens or Catherines instead.

Go and have a look, check out all the cars parked on flowerbeds in St Chris then compare with St Stephens (where they have paved over the flower beds - posh or what?)

Thanks, I'll do that.

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According to various local EAs the number of new properties coming to the market has just dried up during August, with the last 2 weeks being very bad. One manager of one EA firm told me that they not only did not take any houses on their books in the last fortnight, but that they had no calls from people wanting valuations.

That is not to say that stuff is not coming on the market. It is but the numbers are considerably less, with the usual suspects flying kite asking prices down Swansea West.

Looks like people are hunkering down rather than looking to move.

Edit:

Both St. Christopher's Court and St. Catherine's Court in the Marina have a shockingly high number of flats and town-houses for sale.

Interesting is the price range between them with the same looking town-houses going from between 250Kish and 330Kish for what all look like the same property more or less.

What is more interesting are the flats in those two complexes which are asking, in some cases, higher asking prices than the town-houses. Just greedy people or people who bought at the top of the bubble?

Edited by The Masked Tulip
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HOLA4418

I spoke with a manager of one of the chains yesterday.

1. Market has ground to a halt.

2. Very little new coming to market.

3. Over-valuing is so rampant that his firm is getting very little new on the books BUT says they will not compete with over-valuing as they know the banks will not give the money on such properties. Said that lots of valuations are now just fantasy in his opinion - worse than during the bubble.

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HOLA4419

According to various local EAs the number of new properties coming to the market has just dried up during August, with the last 2 weeks being very bad. One manager of one EA firm told me that they not only did not take any houses on their books in the last fortnight, but that they had no calls from people wanting valuations.

That is not to say that stuff is not coming on the market. It is but the numbers are considerably less, with the usual suspects flying kite asking prices down Swansea West.

Looks like people are hunkering down rather than looking to move.

Edit:

Both St. Christopher's Court and St. Catherine's Court in the Marina have a shockingly high number of flats and town-houses for sale.

Interesting is the price range between them with the same looking town-houses going from between 250Kish and 330Kish for what all look like the same property more or less.

What is more interesting are the flats in those two complexes which are asking, in some cases, higher asking prices than the town-houses. Just greedy people or people who bought at the top of the bubble?

£250K will buy you a very nice house in better areas of Swansea, with good schools etc. If you want to be by the sea, then the Sandfileds has some nice houses. Just who do these people think that they are asking such high prices in the Marina?

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HOLA4420

Here you go Haphazard - just a bit further up the lane to that first terrace you were interested in. The same colour blue paint seems to have been very popular in that area.

http://www.rightmove.co.uk/property-for-sale/property-37829561.html

Hiya, thanks...yes I'd already spotted that one. I'm thinking that area is too overpriced for the size of the properties and the more i thought about climbing up that hill lol - gonna cast the net wider.

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HOLA4421

Hiya, thanks...yes I'd already spotted that one. I'm thinking that area is too overpriced for the size of the properties and the more i thought about climbing up that hill lol - gonna cast the net wider.

Other parts of Swansea appear to now be collapsing despite certain EAs bringing, IMPO, new properties to market at silly asking prices.

The only exception is Mumbles/Gower but chains are collapsing there left, right and centre with several properties now marketed for less than they were bought for a few years back. Dare I say it, but I think the collapse is now beginning.

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HOLA4422

At a more general level, I have noticed that friends from over the UK are being far more cautious about spending. Nobody is actually short of money, but through the summer, attendance levels at various events have slipped. The main ones carry on quite well, but a lot of the smaller caravan, boat, old timey music etc, rallies and get togethers have seen a drop. Seems like people are reserving their cash for just the biggest ones and not stretching themselves.

This must be reflected in house prices, and I think that certain parts of Swansea are in for a huge shock.

Worst still, I know a few who bought last spring and they must now be wondering if hanging on a bit would have been a good idea.

Oddly, the younger ones, as long as they can reasonably afford the mortgage, will sit tight and let the flow of the years take care of their folly.

It is the 'Boomers' and older still, who need to maximise their cash holdings now, who are doing the wondering. They have ceased to work and face the future on a smaller and shrinking income.

The option of downsizing and realising a large pot of cash at the same time is slipping away rapidly. As house prices slip, so do the differentials, this means that after the move, the amount of cash left over is smaller and in many cases not enough to fund the style of living that they thought that they would have..

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HOLA4423

The Mumbles Farmers' Market has significantly less stalls in the last 3 months and the numbers buying there are noticeably down. Last month was very poor but it was even worse this morning.

It was a typical snob Mumbles thing to be seen buying eggs or meat for several times what it would cost across the road in the Co-Op.

I think this is the best indicator of people cutting back in Mumbles along with, as I said earlier, several houses now on the market for 10K less than they were bought for circa 2007 - take 10% off the asking price, throw in stamp duty and various fees and that 10K will probably end up as a 60 or 70 K loss.

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HOLA4424

At a more general level, I have noticed that friends from over the UK are being far more cautious about spending. Nobody is actually short of money, but through the summer, attendance levels at various events have slipped. The main ones carry on quite well, but a lot of the smaller caravan, boat, old timey music etc, rallies and get togethers have seen a drop. Seems like people are reserving their cash for just the biggest ones and not stretching themselves.

This must be reflected in house prices, and I think that certain parts of Swansea are in for a huge shock.

Worst still, I know a few who bought last spring and they must now be wondering if hanging on a bit would have been a good idea.

Oddly, the younger ones, as long as they can reasonably afford the mortgage, will sit tight and let the flow of the years take care of their folly.

It is the 'Boomers' and older still, who need to maximise their cash holdings now, who are doing the wondering. They have ceased to work and face the future on a smaller and shrinking income.

The option of downsizing and realising a large pot of cash at the same time is slipping away rapidly. As house prices slip, so do the differentials, this means that after the move, the amount of cash left over is smaller and in many cases not enough to fund the style of living that they thought that they would have..

It's not just that it's smaller, it's also that it buys so much less. If you believe their figures we are supposed to have had 17% cumulative inflation since 2008 so we must be easily able to say 20%. People downsizing a £500k for a £250k hanging on for a price don't realise the £250k is now only worth £200k in terms of energy fuel, food etc. They may as well have dropped their price to no higher than £450k, invested the £200k so it kept growing and got on with their lives.

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HOLA4425

It's not just that it's smaller, it's also that it buys so much less. If you believe their figures we are supposed to have had 17% cumulative inflation since 2008 so we must be easily able to say 20%. People downsizing a £500k for a £250k hanging on for a price don't realise the £250k is now only worth £200k in terms of energy fuel, food etc. They may as well have dropped their price to no higher than £450k, invested the £200k so it kept growing and got on with their lives.

People do not think about that though generally.

A friend paid 400K - think he was mad personally - for a house on Gower last year. It was on for 660K and he offered 400K and said not a penny more. The sellers, 2 doctors, took the money and got on with their lives.

Meanwhile there is a small town of houses languishing on the market on Gower at asking prices no one will get a mortgage on. The sellers are deluded and, IMPO, certain EAs are a big part of the problem.

In the FT Merryn Somerset Webb writes that figures show that hardly any London properties over 2 million are now bought by Brits so if wealthy Brits will not pay over 2 million for a house in London they ain't going to be buying 2 million pound houses on Gower, or any other rural part of the UK, or even 1 million pound asking price Gower houses or even 500K Gower houses.

But I doubt many people in those Gower houses, or Swansea EAs, read the FT.

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