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House Price Crash Forum

Unsold Flats Admiral House Cardiff


bewildered_renter

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HOLA441

There were 29 flats in this development that were never sold. The original development company went bust, and I believe the unsold flats were being held by RBS.

A group of the leaseholders got together to take over the freehold. They also managed to buy the unsold flats from RBS at pretty good prices (between £70k and 97k each.) That was last August, as you can see the transactions in the land reg data.

They've finally hit the market properly - open day last Thursday, and 15 flats in my Rightmove email alert today:

New listings for Admiral House

Looks like they're expecting a hefty profit.

I had been wondering though, how they were managing to finance it. Over £2 million down, and hardly any sold since last August. Looks like they've been renting quite a few of them out:

available as either on going investments (tenanted) basis or vacant at the end of the current tenancy.

I'll be interested to see what happens to the couple of flats that went SSTC on the back of the open day. Just shy of £170k asking, much more than anything has been shifted for over the last year.

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If they are the flats opposite the old CRI ,I Can`t see them making that sort of money unless they are bought with low LTV mortgages ( large deposit`s) .How much parking is allocated for that block ?and where, as it would be a nightmare to park anywhere around there

There are plenty in the bay that are not moving for a fair bit less

Edit to add 1 parking space per unit ,so don`t expect to get many visitors and sell the second car

Edited by long time lurking
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If they are the flats opposite the old CRI ,I Can`t see them making that sort of money unless they are bought with low LTV mortgages ( large deposit`s) .How much parking is allocated for that block ?and where, as it would be a nightmare to park anywhere around there

There are plenty in the bay that are not moving for a fair bit less

Edit to add 1 parking space per unit ,so don`t expect to get many visitors and sell the second car

Agreed on all of those points.

They're already substantial discounts on what the flats were selling for in 2007, but that was the height of the madness, sucker amateur BTL-ers were 10 a penny, and the banks were lending to anybody with a pulse.

I should mention that my interest in this building is largely down to the fact that I'm renting here. From what I've seen and heard during my time here, I would have to think very carefully about buying even at the very heavy discount the leaseholder collective got from RBS. It's not a bad place to live, but the "Conran-designed" fixtures are frankly cr@p, and all of those who bought originally have either been reposessed or are still up to their t1ts in NE.

The people involved should be fully aware that they are setting up the next round of suckers who will get reposessed, just adding to the problems in making the place a viable place for homeowners to live in. Despite that, they're pushing these flats now in the same way the original developers were, albeit at a slightly lower price.

Ponzi losers desperately trying to shift their losses on to some other fools?

As for parking spaces, only 1, no visitors allowed to use it, and most are on the 1st and second floor accessible only by the car lifts. Several times they've broken down, the worst case for weeks and the lifts themselves were being used as bays.

Imagine getting up to go to work and then finding that you aren't going to be driving because your car is on the upper floors and some numpty dinged the lift doors when they parked theirs last night.

Have I mentioned the £3k per year service charges yet, or the several hundred £ per year of that which goes on insurance against terrorist acts?

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HOLA446

Are you paying this in addition to your rent or is your rent covering this?

The answer to the first question is no. It's usually the LL's problem.

And the answer to the second is very probably also no.

If the LL did it the usual way, highly leveraged, then he's paying some, probably most, maybe all, out of his own pocket. And stuffed in terms of shopping around for good mortgage deals by being in major negative equity.

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So: no-one buys these flats for comedy money the first time round. Then, these people buy them for far more realistic from the bank - naturally the bank knows they're a dead loss and just wants shot - looking to sell them on at comedy money! :D

So, what makes these people think has changed? Why will they sell at inflated prices now when they couldn't the first time around?!

If ever there was a textbook example of the "greater fool" theory, it is this.

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HOLA4410

The answer to the first question is no. It's usually the LL's problem.

And the answer to the second is very probably also no.

If the LL did it the usual way, highly leveraged, then he's paying some, probably most, maybe all, out of his own pocket. And stuffed in terms of shopping around for good mortgage deals by being in major negative equity.

Quite. My best mate has one down the bay in the said way. He's royally f**ked. Pays out of his pocket for service charges and unoccupied periods. Cant re-mortgage due to NE. Cannot sell because no one wants.

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  • 3 months later...
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According to this My link only a couple this year but there are some scary prices that have been paid

Gee, there must be numerous people sitting on VERY hefty losses in that building - look at the prices from 2006 and look at the prices from the last 12 months.

If some of the 2006 flats have been sold in the past year people must have taken 100K to 180K losses in some cases.

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HOLA4417

Gee, there must be numerous people sitting on VERY hefty losses in that building - look at the prices from 2006 and look at the prices from the last 12 months.

If some of the 2006 flats have been sold in the past year people must have taken 100K to 180K losses in some cases.

The whole of the bay/new build have the same sort off price drops between 06 and now, I know a few who are well and truly fecked but they are waitng for the ""market to pickup next year"" and have been doing so for the last 4 years,It`s a true Mexican stand off

The problem they have now is compounded buy the fact the buildings are ageing rapidly (mostly the high rise ones) and are looking shaby on the outside and the inside comunal ares

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According to this My link only a couple this year but there are some scary prices that have been paid

Looks like there was one completion on the back of the open day. £142,500, so it will be one of the 2-bed ones (either that or the purchaser is one hell of a numpty.) Still, somewhat of a discount on the price they were asking.

And hot on the heels of that, a very probable repo, for £108k. That will be a 2-bed, went for £210k in 2006, and not one of the originally unsold batch.

The only other one this year went for £133,500 in Feb. Another 2-bed, as it went for £210k in 2007, and quite likely a repo too.

If Mr £142,500 is paying attention to the sold prices, which I kind of doubt, then he ought to be feeling a little unwell right now.

Edited by bewildered_renter
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