naptrel, on 19 January 2012 - 09:38 AM, said:
Gayfield House, East London Street
This upper-end place makes me a bit sad.
It is a spectacular house. For 500k (the price is dropping), it is in a very different league to the run-of-the-half-million Morningside terraced house. Gosh, it's grander than your typical Aston-Martined fancy-schmancy new town pad, too.
While the area is nice, and very central, the house is sandwiched by yuck (offices, schools, warehousey-looking cack) and I'd guess that there are some serious maintenance costs looming. Plus you don't get the basement.
But wouldn't you love to live in a place like this? And when you look at the other stuff available for a similar price, this place is too cheap--it must have some major structural problems. Either that or it's a super-bargain waiting to be snapped up by a canny buyer who can see beyond the fear of overheads.
That's interesting. I pass Gayfield House now and again and it always looks as if it's somehow been stranded there by mistake. The Telegraph has an article (from 2003) about its history here: http://www.telegraph...ck-of-ages.html
. There are some interesting nuggets such as
In 1825, Edinburgh house prices almost doubled in a year and it was said that plumbers could earn more than surgeons. One by one, mansions such as Gayfield were demolished as their owners cashed in on the New Town dream.
But then, in 1826, the bubble burst. Interest rates were raised and speculators lost their shirts as prices plunged lower every month.
It looks as if most of the nearby houses were demolished for lucrative developments in the New Town, but the owners of Gayfield house didn't cash in and it ended up being left on its own.
£500,000 does seem surprisingly little: the Telegraph article was connected with the house being sold, and they were looking for offers over £495,000 in 2003. It would be interesting to know how much it finally sold for that time. As you say, it looks as if it would be expensive to maintain; it'll presumably be listed or something as well, so you'll have to be careful what you do.
Here it is back when it was in the countryside:
A man, a map, a canal. Anacapamanama!