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Optimistic Pricing In Edinburgh


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#1 roblpm

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Posted 09 September 2008 - 01:20 PM

I thought it might be interesting for people to post properties that they are tracking on a seperate thread. And then hopefully in 6 months time update with the sales price?!

Here's one from me:

81 Comiston Drive, Come straight on at FP £675K! (Interesting that they are not even bothering with OO). Even more interesting to see how they go vs April 2005 and Oct 2003

http://www.espc.co.u...ing/269263.html

Anyway previously sold prices:

81 Comiston Drive,
Edinburgh,
Midlothian,
EH10 5QT £525,000
Application No: 05MID10398
Title No: MID49615
Application Type: DW
Deed Codes: 11 20 1 Application Date
21-Apr-2005

and

81 Comiston Drive,
Edinburgh,
Midlothian,
EH10 5QT £466,161
Application No: 03MID25065
Title No: MID49615
Application Type: FR
Deed Codes: 11 20 Application Date
03-Oct-2003

#2 Guest_An Bearin Bui_*

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Posted 09 September 2008 - 01:56 PM

I thought it might be interesting for people to post properties that they are tracking on a seperate thread. And then hopefully in 6 months time update with the sales price?!

Here's one from me:

81 Comiston Drive, Come straight on at FP £675K! (Interesting that they are not even bothering with OO). Even more interesting to see how they go vs April 2005 and Oct 2003

http://www.espc.co.u...ing/269263.html

Anyway previously sold prices:

81 Comiston Drive,
Edinburgh,
Midlothian,
EH10 5QT £525,000
Application No: 05MID10398
Title No: MID49615
Application Type: DW
Deed Codes: 11 20 1 Application Date
21-Apr-2005

and

81 Comiston Drive,
Edinburgh,
Midlothian,
EH10 5QT £466,161
Application No: 03MID25065
Title No: MID49615
Application Type: FR
Deed Codes: 11 20 Application Date
03-Oct-2003

That is an awful lot of changing hands for what looks like a good family home in a good area. Makes you wonder about the neighbours! Or do they have a secret dry-rot problem that can't be fixed??

I see a lot of these family homes coming up for sale now at aspirational prices but unfortunately it looks like all the oldies are selling up at the same time just when mortgages are getting hard to come by so achieving sales will be tricky...

Anyway, back on topic, 3-bed basement flat for £745k, anyone?

#3 roblpm

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Posted 09 September 2008 - 02:51 PM

I actually think they might have subsidence problems! There is a small river runs past the bottom of the gardens at the foot of a steep hill so I think they might all be slipping in to it!

That one you posted is hilarious! Can get something pretty good for £750k these days!

#4 guitarman001

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Posted 09 September 2008 - 07:09 PM

I'll give you £120k for both of those. Those prices... ridiculous. I would never, ever buy at those prices; I don't see who would :s

#5 Muswell Hillbilly

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Posted 09 September 2008 - 08:36 PM

Anyway, back on topic, 3-bed basement flat for £745k, anyone?

F*** me ragged! Three quarters of a million quid for a three-bed basement flat in Edinburgh! For a property like that, that’s a Hampstead price, in fact a Foxtons Hampstead price!

I was going to post a dull old two-bed tenement flat in Brunstfield at OO 245 or something (clearly hoping to achieve over 300K like last year), but I don’t think anything I could post could match the Inverleith basement for aspirational pricing!

#6 geed

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Posted 09 September 2008 - 08:40 PM

I'll give you £120k for both of those. Those prices... ridiculous. I would never, ever buy at those prices; I don't see who would :s



yup

£675,000 is roughly 11/16th's of £1,000 000......bloody hell, its just a house!

#7 Scunnered

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Posted 09 September 2008 - 09:20 PM

Anyway, back on topic, 3-bed basement flat for £745k, anyone?

Lovely. If you add up the areas of the rooms you get a total of 946+13/16 sq ft. That works out at just over £786.85 per square foot, or just under £8469.59 per square metre. Still, it is in Edinburgh, so I suppose that's really very reasonable. I also like the way it's described as "Lower Ground Floor" rather than "Basement".

EDIT: A spot of googling finds this article from the 15th of August saying that

Prime property in London and New York costs slightly more than $15,000 per square meter, according to Global Property Guide. A similar property in Paris, Hong Kong, Tokyo or Singapore costs more than $10,000 per square meter.

So in New York and London you pay £8513.72 per square metre, only £44.13 more than for a hole in the ground in Inverleith Place; looks like we've just scraped into third place. You might almost think there was some kind of house price bubble going on.

Edited by Scunnered, 09 September 2008 - 09:31 PM.

A man, a map, a canal. Anacapamanama!

#8 Guest_An Bearin Bui_*

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Posted 10 September 2008 - 11:02 AM

So in New York and London you pay £8513.72 per square metre, only £44.13 more than for a hole in the ground in Inverleith Place; looks like we've just scraped into third place. You might almost think there was some kind of house price bubble going on.

Yes, but Edinburgh is a unique market, after all. You really can't just go about comparing it on a price per sq m value with places like Hong Kong, New York and London. Those places are exposed to the global market and the vicissitudes of the business cycle whereas Edinburgh is a wholly unique market, entirely divorced from any economic norms.

Personally I think it's becauase PRICES HAVE NEVER FALLEN IN EDINBURGH. That and the FUNDAMENTALS ARE STRONG so really when you think about it £745k for a basement flat is very good value, epecially when it's that close to the Botanic Gardens. That adds at least £200k to the value right there. If you take into account the snazzy recessed light in that place, £745k seems pretty fair...

:rolleyes:

#9 Scunnered

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Posted 10 September 2008 - 10:01 PM

Yes, but Edinburgh is a unique market, after all. You really can't just go about comparing it on a price per sq m value with places like Hong Kong, New York and London. Those places are exposed to the global market and the vicissitudes of the business cycle whereas Edinburgh is a wholly unique market, entirely divorced from any economic norms.

Personally I think it's becauase PRICES HAVE NEVER FALLEN IN EDINBURGH. That and the FUNDAMENTALS ARE STRONG so really when you think about it £745k for a basement flat is very good value, epecially when it's that close to the Botanic Gardens. That adds at least £200k to the value right there. If you take into account the snazzy recessed light in that place, £745k seems pretty fair...

:rolleyes:

I'd go further. For a prime property in a prime location like this, I think they could quite reasonably expect a seven-figure sum. I really feel that we should be grateful for the vendors' generosity in allowing us the opportunity to buy in Edinburgh for such a trifling amount. My suspicion is that their compassion has led them to make a deliberate sacrifice in order to help out struggling first-time buyers; a little bit more of this almost Christ-like humanity and self-denial wouldn't go amiss in the modern world.

Edited by Scunnered, 10 September 2008 - 10:03 PM.

A man, a map, a canal. Anacapamanama!

#10 Muswell Hillbilly

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Posted 13 September 2008 - 08:11 AM

Just noticed this one:

One-bedroom flat for OO 245K

#11 ccc

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Posted 13 September 2008 - 07:35 PM

I think this could be a winner. Two bed flat on Easter Road. Quite nice size rooms and all but still, it's a flat on Easter Road.

Is this a Joke...

235k

Fixed Price.. :o

A quick search reveals you can get ready to move in 2 bed's On Easter Road for between 140-150k.

So youa re paying almost an extra 100k for a wee back Garden and your own front door....


MADNESS.

Edited by ccc, 13 September 2008 - 07:36 PM.

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#12 guitarman001

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Posted 14 September 2008 - 09:47 AM

I wouldn't stay at Easter Road if somebody paid me!
OK, a bit harsh... but it seems a bit run down and parking is a nightmare!
Good, ridiculous, find!

#13 wilko

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Posted 14 September 2008 - 11:56 AM

This dosn't seem too bad for a two bedder (http://www.espc.com/Buying/269294.html) so I went for a cheeky viewing.

This place needs some serious work.
No heating (portable heaters only!)
No Shower
Hot water is an immersion heater
Non of the windows locked
Kitchen is a sink and a cooker tucked away in a cupboard
Needs decorating throughout and a lot of TLC.

All of the above I can deal with, it's a fix-er-upper with a lot of potential to develop over time.

What had me scared is the amount of damp in the place. All along a shared wall in two rooms it was physically wet to the touch. This was really bad in one corner, and when prompted the girly doing the viewing said you get puddles when it rains. Seeing my shock she then went on to say something about underground streams. By now I was in WTF mode and started backing slowing towards the door.

Is damp that bad something that the whole block is responsible for? It seems like a pretty serious structural integrity issue to me. I did notice the ‘drying green’ was all concrete, and sloped towards the flats. Poor drainage maybe.

Anyway, it’ll be interesting to see what happens to this one.

#14 roblpm

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Posted 16 October 2008 - 08:47 AM

Just thought I would add this:

http://www.espc.co.u...ing/270904.html

Terrace in Morningside on a fairly busy road straight on at FP £650k

Sold Just 3 months ago??!!

96 Braid Road,
Edinburgh,
Midlothian,
EH10 6AP £600,000
Application No: 08MID26890
Title No: MID85564
Application Type: DW
Deed Codes: 11 20 1 Application Date
18-Jul-2008

But look at the price in 2006:

96 Braid Road,
Edinburgh,
Midlothian,
EH10 6AP £440,000
Application No: 06MID01003
Title No: MID85564
Application Type: FR
Deed Codes: 11 20 Application Date
11-Jan-2006

So they are having a laugh!! Maybe they did it up?

#15 tinecu

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Posted 16 October 2008 - 09:13 AM

I think this could be a winner. Two bed flat on Easter Road. Quite nice size rooms and all but still, it's a flat on Easter Road.

Is this a Joke...

235k

Fixed Price.. :o

A quick search reveals you can get ready to move in 2 bed's On Easter Road for between 140-150k.

So youa re paying almost an extra 100k for a wee back Garden and your own front door....


MADNESS.


They seem to have come round to your way of thinking!:

http://www.home.co.u...perty=506769792
Bubble, bubble, oil and trouble.

Countrywide, the UK's biggest chain of estate agents, plans to shut some of its branches after being hit by a spate of cancelled sales, the Financial Times newspaper reported on Saturday, quoting Harry Hill, Countrywide's chairman. Forbes. 18.11.07

There were 18,000+ UK Estate Agents (sales offices) according to Home.co.uk in Sept 07, a year later in Sept 08 there are just under 16,000 (and falling).




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