Phaedrus Posted April 27, 2005 Share Posted April 27, 2005 Anyone know anything about the Crosby development in Gosforth on the former P&G site. I skirt it on my way to Seghill, the two days a week I work there. I know there was fierce opposition from local residents, especially those on The Drive. Are these houses selling? Quote Link to comment Share on other sites More sharing options...
QuietObserver Posted April 27, 2005 Share Posted April 27, 2005 Don't know much, but I believe the first phase sold very quickly - perhaps due to them coming on sale last year. Looks like subsequent phases weren't so lucky, as there are still new ones for sale on the Crosby Site and I expect a few bought by the off plan brigade to start appearing soon like this one here - looks like it's never been lived in! Having said that, I walk past the place regularly and there does seem to be quite a few people living in it, despite the ongoing building works and it's certainly a lot more desirable than that new block near Asda (discussed earlier in the thread)! Quote Link to comment Share on other sites More sharing options...
Phaedrus Posted April 28, 2005 Share Posted April 28, 2005 Update:Got the glossy Sanderson Young brochure through my door yesterday. They print this every 6 months and put it through the doors in Gosforth, Jesmond etc. Probably charge an extra 1% comission to pay for it . Noticed a couple of Crosby places for sale already, also some on the Great North Park development. Can't have been lived in for a year yet, and truly ridiculous prices. The other thing I noticed was that there were a few properties in the brochure that would normally not make it in. Sanderson Young tout themselves as being a cut above the rest, only offering the best etc. Well there was some right sh*te in there. There seemed to be quite a few vacant possessions, too. I also noticed Marsden Hall has not sold yet, that was in the last brochure 6 months ago. Taken together this may be indicative of a slowdown in Newcastle. Quote Link to comment Share on other sites More sharing options...
Phaedrus Posted April 28, 2005 Share Posted April 28, 2005 Noticed on my way to work this morning, Chartered Surveyor office has opened at the bottom of Salters Road, opposite The Gosforth Hotel. This used to be a solicitor. There also seem to be some house pictures in the window, so they are perhaps also doing some Estate Agency "work" on the side. Ho hum, perhaps the Newcastle market is still bouyant. Quote Link to comment Share on other sites More sharing options...
Graeme Posted April 28, 2005 Share Posted April 28, 2005 With regards to the earlier comments about Knightsbridge Court, I'm currently living in a similar sort of development (Sovereign Court and Regency Court) in the southeast corner of Jesmond. I've seen a couple of two bedroom flats for sale at around 190K, whilst the rents are around 650 - 750 per month. For some reason, my landlord is very keen for me to stay too. Graeme Quote Link to comment Share on other sites More sharing options...
QuietObserver Posted May 7, 2005 Share Posted May 7, 2005 (edited) Just been browsing the Pattinson auction results for April and it looks like several properties have sold, but the selling price hasn't been declared. The strange thing is that when you click on the link for one of these property's details, it looks like the property has actually been withdrawn, rather than sold - is something fishy going on here, or what!?! Pattinson April Auction Results Edited May 7, 2005 by QuietObserver Quote Link to comment Share on other sites More sharing options...
brid Posted May 7, 2005 Share Posted May 7, 2005 Have they finished 'curzon place' next to the newly built hilton on gateshead side of the tyne bridge yet? .... seems like that place has been 'in progress' for about 4 years now - for a residential development that beggars belief surely? Before i 'emigrated' these places were being sold off plan for 100-130k ... now it seems like prices are around 200k Quote Link to comment Share on other sites More sharing options...
Phaedrus Posted May 9, 2005 Share Posted May 9, 2005 Heard an interesting story at the weekend. Friend of a friend is an amateur BTLer. He has recently purchased a house on the Gosforth former-P&G site development. He has tenants in and is renting it out for £800/month. However, his mortgage costs are £1200/month! Quote Link to comment Share on other sites More sharing options...
Favre Posted May 9, 2005 Share Posted May 9, 2005 (edited) Just been browsing the Pattinson auction results for April and it looks like several properties have sold, but the selling price hasn't been declared. The strange thing is that when you click on the link for one of these property's details, it looks like the property has actually been withdrawn, rather than sold - is something fishy going on here, or what!?!Pattinson April Auction Results <{POST_SNAPBACK}> Hows it going? I'm from the newcastle area and have been waiting confidently and patiently for HP's to drop. I've been keeping an eye out on pattinson.co.uk at the auctions and have talked about it previously here: http://www.housepricecrash.co.uk/forum/ind...wtopic=7728&hl= houses simply are not selling at auctions either, everything is overpriced, and there are far to many new estates simply not selling. Take Northumberland Park / Holyfields at Shiremoor. Both estates are still under construction I drive past there everyday and the houses simply aren't selling. There has been far to many people looking to make a fast buck by buying off plan and selling once the property is completed. Now they are stuck as they cant sell them there is one way for prices in newcastle DOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWNDOWN OWNDOWNDOWNDOWNDOWN Edited May 9, 2005 by Favre Quote Link to comment Share on other sites More sharing options...
QuietObserver Posted May 9, 2005 Share Posted May 9, 2005 Hi Favre - I remember your post! I'm still not sure what it means when a property is listed as sold, but no price is listed next to it - any ideas? Quote Link to comment Share on other sites More sharing options...
Quokka Posted May 9, 2005 Share Posted May 9, 2005 Just been browsing the Pattinson auction results for April and it looks like several properties have sold, but the selling price hasn't been declared. The strange thing is that when you click on the link for one of these property's details, it looks like the property has actually been withdrawn, rather than sold - is something fishy going on here, or what!?!Pattinson April Auction Results <{POST_SNAPBACK}> It may be they have been removed from the website. Isn't the sale price public information? Would be worth seeing how far below asking they are going for. Quote Link to comment Share on other sites More sharing options...
neilrich Posted May 11, 2005 Author Share Posted May 11, 2005 (edited) Whilst in Newcastle today I noticed yet another new development, built by Persimmon it's called 'The Bar' and has been built on what is basically a roundabout opposite The Centre for Life. Big Banner down the side of the building advertising 143 Luxury appartments For Sale, 'Selling Fast' the banner says!! Checked the persimmon website and prices start at £152000 for a one bedroom appartment and from £174500 for a two bedroom. I wonder how many luxury appartments have been built in the centre of Newcastle or along the quayside in recent years? It must be several thousand, perhaps this helps explain the surplus of rental properties in Jesmond. Edited May 11, 2005 by neilrich Quote Link to comment Share on other sites More sharing options...
brid Posted May 11, 2005 Share Posted May 11, 2005 Whilst in Newcastle today I noticed yet another new development, built by Persimmon it's called 'The Bar' and has been built on what is basically a roundabout opposite The Centre for Life. Big Banner down the side of the building advertising 143 Luxury appartments For Sale, 'Selling Fast' the banner says!!Checked the persimmon website and prices start at £152000 for a one bedroom appartment and from £174500 for a two bedroom. I wonder how many luxury appartments have been built in the centre of Newcastle or along the quayside in recent years? It must be several thousand, perhaps this helps explain the surplus of rental properties in Jesmond. <{POST_SNAPBACK}> Fantastic views of the dual carrigeway, lack of any sensible amenities other than 2-4-1 bars, kebab shops and boarded up cash and carries. Wonders never cease in the 'toon' - im still waiting to see more than 10 flats with lights on at 28 degrees north every time im up! Quote Link to comment Share on other sites More sharing options...
neilrich Posted May 11, 2005 Author Share Posted May 11, 2005 Fantastic views of the dual carrigeway, lack of any sensible amenities other than 2-4-1 bars, kebab shops and boarded up cash and carries. Wonders never cease in the 'toon' - im still waiting to see more than 10 flats with lights on at 28 degrees north every time im up! <{POST_SNAPBACK}> Don't forget 'Sven Adult Books' at least I think it's still there, imagine being on your balcony and listening to all that road traffic breathing in all that pollution! £174500 they are having a laugh! Two years from now they shall be selling at auction for less than £80k! Remind please what the average salary is Newcastle upon Tyne, I think we agreed on £17k-18k a year! Let us not forget the rental market for which there is already a massive oversupply of properties in Newcastle, can't see these two bedroom apartments achieving more than £500 a month if they are lucky enough to find a tenant! Quote Link to comment Share on other sites More sharing options...
Quokka Posted May 12, 2005 Share Posted May 12, 2005 Don't forget 'Sven Adult Books' at least I think it's still there, imagine being on your balcony and listening to all that road traffic breathing in all that pollution! £174500 they are having a laugh! Two years from now they shall be selling at auction for less than £80k! Remind please what the average salary is Newcastle upon Tyne, I think we agreed on £17k-18k a year! Let us not forget the rental market for which there is already a massive oversupply of properties in Newcastle, can't see these two bedroom apartments achieving more than £500 a month if they are lucky enough to find a tenant!<{POST_SNAPBACK}> Great news. I'm planning to rent in N/E next year. Looks like I might get a good deal. Quote Link to comment Share on other sites More sharing options...
neilrich Posted May 12, 2005 Author Share Posted May 12, 2005 Have they finished 'curzon place' next to the newly built hilton on gateshead side of the tyne bridge yet? .... seems like that place has been 'in progress' for about 4 years now - for a residential development that beggars belief surely? Before i 'emigrated' these places were being sold off plan for 100-130k ... now it seems like prices are around 200k <{POST_SNAPBACK}> Checked out ‘Curzon Place’ Today and this development is far from finished, especially if you check around the back! I would guess in the region of 150 plus apartments under construction, no banners advertising For Sale or naming the developer only ‘Tolent’ construction. The weird thing was the lack of activity, I counted four workmen at the front and nobody around the back, the site was deserted! Then I moved on to Blenheim Street and the City Quadrant Development which includes a Residential section and five levels of apartments, looking at the website I would say approx 50 units many of which appear to have been sold off plan! City Quadrant Next it was across the other side of the city and onto Melbourne Street behind Tyne Tees Television where we find a number of new developments. First it was ‘Rialto’ 53 luxury apartments currently under construction with ‘Amec’, opposite another large residential development no clues as to exactly what. Continuing east we then have the massive ‘Quay Point’ 700 dwellings for both key workers and students! A short distance onto Breamish Street and I find Lime Square under construction 104 luxury apartments, 3 penthouses and 4 city houses! Not too sure who the developer is but they have a website. Lime Square The other thing that struck me today was the amount of commercial office space under construction and available To Let, for example next to the centre for life and down on the quayside behind the law courts I find Trinity Gardens a massive office and retail development! Just what Newcastle needs at the moment more shopping malls and more empty offices! Quote Link to comment Share on other sites More sharing options...
Phaedrus Posted May 14, 2005 Share Posted May 14, 2005 Don't forget the Conran designed City Lofts, near the Marriott Hotel down on the Quayside, can't find a link to the company, but 1&2 bed being sold in the price range £165000-290000. Quote Link to comment Share on other sites More sharing options...
neilrich Posted May 14, 2005 Author Share Posted May 14, 2005 (edited) Don't forget the Conran designed City Lofts, near the Marriott Hotel down on the Quayside, can't find a link to the company, but 1&2 bed being sold in the price range £165000-290000.<{POST_SNAPBACK}> I think you mean the ones opposite the Copthorne Hotel see the link below. Where are all the people coming from to live in all these new apartments? City Lofts Edited May 14, 2005 by neilrich Quote Link to comment Share on other sites More sharing options...
Phaedrus Posted May 14, 2005 Share Posted May 14, 2005 Yes, those are the ones. I know of a "property developer" who has put a deposit down on one. Don't know him that well, so no specifics, I do wonder what his yield will be, assuming no voids. My impression is that he has remortgaged on the rest of his portfolio to put the deposit down, so in effect he will have a 100% mortgage. i would also imagine the service charge on these places would be quite hefty. I might be wrong, what would I know, I just work for a living, but it doesn't exactly seem the soundest "investment" given all the bad news re:the economy and housing market. Quote Link to comment Share on other sites More sharing options...
neilrich Posted May 17, 2005 Author Share Posted May 17, 2005 Wonders never cease in the 'toon' - im still waiting to see more than 10 flats with lights on at 28 degrees north every time im up! <{POST_SNAPBACK}> I for one have never been able to see the appeal of 55 Degrees North, the building itself does nothing for the city centre skyline, with 165 apartments within the development I decided to take a closer look and with just two estate agents find a staggering 21 For Sale!! Sanderson Young list 11 and Pattinson list 10! Pattinson also list 9 available To Let. Presumably this is just the tip of the iceberg, how many would I find for 55 Degrees North should one search every estate agent in Newcastle? This does not bode well for the market with a forever growing supply of luxury apartments within Newcastle! Sanderson Young Quote Link to comment Share on other sites More sharing options...
neilrich Posted May 17, 2005 Author Share Posted May 17, 2005 My prediction is for house price falls of 50% in Newcastle upon Tyne, over the past five years the local economy has been driven by consumer spending fed from a booming property market and low interest rates. With the feel good factor now fading and manufacturing still in recession, the economy is going into reverse with no light at the end of the tunnel! Over the period the supply of residential dwellings has increased significantly within the region and continues to rise with new developments everywhere. So with increased supply, wavering demand and a regional economy that is going backwards why would anyone even consider paying anything above year 2000 prices for property? Lets face it this is nothing more than a Bubble and it’s on course to Burst!!! The North-East may have got off likely in the last crash, but the bulls are right about one thing this time it really is different, I expect Newcastle to come off far worse than other parts of the country. Please discuss and tell me that I’m wrong! I can’t believe that we have no property bulls from Newcastle reading this thread, a local BTL investor out there maybe, what about an Estate Agent (Jan Forster are you there?), or a Mortgage Broker. Quote Link to comment Share on other sites More sharing options...
brid Posted May 17, 2005 Share Posted May 17, 2005 The penny wont drop in newcastle till the very last minute i dont think. I'd say im part of the new generation of financially thick people who cant remember the last recession but are in prime buying age right now - and it just doesnt seem to be sinking in that its not 'all good' as many of my peers seem to think it is. A place like newcastle seems to be reborn on the back of some misguided idea that it can support some kind of cosmopolitan 'cafe culture' nu-economy. Unfortunately there seems to be a world of difference between opinions in the south versus those in the north. Down here my colleagues are buying houses, but cautiously so........... as opposed to my friends in newcastle who think an asking price is just a starting point for a bidding war, and dont seem to realise that its not worth paying southern prices for houses in areas where getting your door kicked in on the average friday night is a high possibility. Wholly negative thoughts but until something drastic happens, i honestly dont see opinions and buying patterns changing anytime soon - the NE seems to believe anything Tony and Co feed to them. Quote Link to comment Share on other sites More sharing options...
Phaedrus Posted May 17, 2005 Share Posted May 17, 2005 would anyone even consider paying anything above year 2000 prices for property? <{POST_SNAPBACK}> I mentioned this on another thread today, but I bought in 2000, and at that time felt things were way overvalued, for what is essentially a Northern town, bereft of manufacturing, not a financial centre like Leeds/Manchester, not a real tourist attraction (unless you count brain-dead dullards on stag/hen nights). Since then things have just climbed higher and higher, and it is not unusual to see properties with Million pound price tags. I cannot see what is supporting the frankly ridiculous prices in this city. Quote Link to comment Share on other sites More sharing options...
neilrich Posted May 17, 2005 Author Share Posted May 17, 2005 Hot Off The Press!! Latest News 16 May 2005 (copied from the Sanderson Young Website, link below) Sanderson Young - Latest News - Lime Square Launch of Phase 2 of Lime Square development - wine and canape evenings on Tuesday 24th May 6-9pm and Thursday 26th May 6-9pm in the Marketing Squite above the Quayside office. Prices from £165,000 and with each reservation that exchanges on or before 31st July we will be giving away a Free Mini Cooper S. So you buy the apartment, the parking space and have a car to put in it. It’s a great offer with no ties and is only available for the 14 apartments we are releasing on the 24th. I’m free on the 24th May perhaps I should pop along and hand out some hpc.co.uk literature! Quote Link to comment Share on other sites More sharing options...
neilrich Posted May 17, 2005 Author Share Posted May 17, 2005 I cannot see what is supporting the frankly ridiculous prices in this city.<{POST_SNAPBACK}> There are definitely some people (fools) who continue to believe that BTL in the region is viable!! Quote Link to comment Share on other sites More sharing options...
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