[jardinec]

Nice article.

....absentee landlords who rent out their flats and don't bother paying factors bills...

...Of the 370 flats only around 100 owners pay up. And more than 70 flats are in the process of being repossessed....

and...

...Devastated Joyce Boyd bought her penthouse apartment almost three years ago for £289,000.She recently had it valued and was told that due to the problems is now worth just £175,000.

http://www.eveningti...2034648.0.0.php

[TheCountOfNowhere]

"She recently had it valued and was told that due to the problems is now worth just £175,000."

£175K....I think they must mean £75K !!!!

Thats a "hand the keys back and walk away" flat if I every seen one !!!

[Lone_Twin]

Slums of the future as many have mentioned.
.
I need a moderately sized house in the country with as much land as I can
afford. I don't think they will come down in price quite so much though.
.
ST

[getdoon_weebobby]

Super Ted, on Feb 11 2008, 03:56 PM, said:

Slums of the future as many have mentioned.
.
I need a moderately sized house in the country with as much land as I can
afford. I don't think they will come down in price quite so much though.
.
ST

3 bed at auction recently didnt sell - think its available for £157k now

[The Masked Tulip]

Super Ted, on Feb 11 2008, 03:56 PM, said:

I need a moderately sized house in the country with as much land as I can
afford.
ST

Must be costing you a pretty fortune keeping all those bodies refrigerated!

[SMAC67]

This is precisely why I say, DO NOT buy a flat, don't do it, unless you like stress.....been there, seen it, done it, bought the T-shirt, repeat after me, BTL landlords are scum......

[nohpc]

weebobby, on Feb 11 2008, 03:59 PM, said:

3 bed at auction recently didnt sell - think its available for £157k now

I know this waterside development and it is very close to a motorway but the location is good for glasgow city centre. There is massive oversupply of new build flats at the clydeside in glasgow and maximum achievable rent seems to be 650 pounds per month. The pent houses in this particular development would be good value for 175 thousand but there is no way they will sell if the problems are as bad as mentioned in this article. I wouldn't be surprised if all the glasgow waterside developments are having similar problems.

[scott666]

There is one of these flats for sale on Right Move (not a penthouse tho') for £85k,

Click

[Scarecrow]

Quote

A well-placed property source has told the Evening Times one investor bought 40 flats at Kingston Quay, pocketing up to £200,000 - £5000 cashback from every property - from builders Barratt.

It's claimed the investor has since failed to pay a penny to factors or mortgage lenders

Anecdotally, I've heard similar stories about the other waterfront developments in Glasgow - I do feel a bit sorry for those who thought they were buying 'plush new flats' and have ended up surrounded by junkies and in serious negative equity. Noticed more than a few of them in the auction section of the papers.

[Scarecrow]

scott666, on Feb 11 2008, 04:05 PM, said:

There is one of these flats for sale on Right Move (not a penthouse tho') for £85k,

Click

Good find - it looks half wrecked!

[Wait & See]

I remember when these flats were built, they were being sold as luxury appartments for the young city workers, but have just turned into another (expensive) Glasgow highrise, full of junkies & buckfast drinkers.

Oh well - somewhere to house the all bankrupt homeless in a few years time I guess.


Also read that these flats are only expected to last for 25-30 years - they're cheap sh*te.

This post has been edited by Wait & See: 11 February 2008 - 04:14 PM

[tbatst2000]

Scarecrow, on Feb 11 2008, 04:08 PM, said:

I do feel a bit sorry for those who thought they were buying 'plush new flats' and have ended up surrounded by junkies and in serious negative equity.

Indeed, especially at those prices. A bit like being housed on a council sink estate and then being asked to pay 100K to be allowed to leave. Awful, I feel really sorry for the owner-occupiers there.

[stillill]

So much in this article shows what's gone so very badly wrong with property in the last 10 years, on all sides.

Are buyers in this development just thick? They got caught out by not doing their research. Tradeston is a pit, stuck between the motor way and the river. It's pretty filthy, scarred by flyovers, crowded when there are events at the SECC and close enough to Anderston to get the junkie/prostitute element on their doorstep.

Anyone with half-a-brain knew these developments were being hoovered up by BTL. Barratt are in it for the money, they're not a cuddly developer of high-quality homes. They shit all over this country - what do they care who buys the thing as long as it's off their balance sheet? I pity the buyers stuck in a slum due to fraudulent landlords, but buyer beware.

Solicitor friends of mine told stories of mortgages being withheld on these developments due to the very poor build quality of some of these places - this was 3 or 4 years ago when they'd give your goldfish a mortgage if he could scribble on the self-cert form.

I think the Council and the MP are right to say "you're a private individual, making a private investment, and you've come unstuck. Life's like that."

[Scarecrow]

And without getting too right wing about it, they tend to be full of tenants whose rent is paid for by the tax payer, so we're subsidising these absent landlords, and paying the rent of the junkies at the same time

[Not Long Now]

Scarecrow, on Feb 11 2008, 04:08 PM, said:

Anecdotally, I've heard similar stories about the other waterfront developments in Glasgow - I do feel a bit sorry for those who thought they were buying 'plush new flats' and have ended up surrounded by junkies and in serious negative equity. Noticed more than a few of them in the auction section of the papers.

Similar situation in Birmingham with these things.

Look on RM and see how many flats are for sale in this development:- http://www.rightmove...8...=1&tr_t=buy

There are loads of them, and the block looks like a cross between a Russian Tower block and a holiday appartment block in Spain.

I think 2/3 were sold at the Auction last week in London (Cafe Royal). One went for £134, 000 - no idea how much it went for originally.

As far as an investment is concerned - you're better off putting your money on a horse, than hoping to make money out of one of these things.

The'll be torn down in 20 years.