Sunday, Mar 30, 2008
Flat broke at the Waterfront
Evening Star: Flat broke at the Waterfront
Even more evidence that the new-build apartment bubble has already burst - if any was needed. There are still lots of 'luxury' apartments under construction here in Ipswich, will be interesting to see how many they can shift.
Posted by mistert @ 02:34 PM (293 views) Add Comment
4 Comments
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1. Ftbinthewaiting said...
How ANY 2 bed flat in Ipswich could EVER have been sold and bought for £268,000 is beyond a joke.... Nothing against the town, as I grew up there, and am an avid follower of its footie team. But aside from some insurance companies and BT up the road, it just does not have the employment opportunities to support that kind of property price. Reading the many ads in the property pages of the Metro, desperately promoting Ipswich as an affordable commuter town, it always strikes me that it's not exactly convenient in terms of its proximity (75 mins to Liverpool Street). £100K max in years to come, I'd say.
2. Orwell said...
"... Startlingly, one Ipswich flat - apartment 502 in Anchor Street on Persimmon's Orwell Quay development - saw the biggest fall in value of any of the 1,200 flats repossessed in the UK over the past three years.
The luxury two-bedroom property, which overlooks the docks, was initially bought for £268,000 in June 2006 but went under the hammer for just £133,000 some three months ago.
Statistics show a total of nine flats on the Orwell Quay development have been repossessed with losses ranging from 33pc to 50pc of original market value...."
Oh dear oh dear oh dear as Tick Tock would say. Where is he by the way?
3. japanese uncle said...
The luxury two-bedroom property, which overlooks the docks, was initially bought for £268,000 in June 2006 but went under the hammer for just £133,000 some three months ago.
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Unfortunately for the buyer of this flat, the price would most probably fall further down to 100,000 level or even below. Just thnk how many tens of thousands of flats like this have been constructed for the past few years, and all of them should be worth less than half the original price. This is why I predicted 25% drop in 2008.
4. drewster said...
How can they continue to call these "luxury" properties? Most new-build apartments are anything but luxurious, with dodgy build quality and pokey rooms.