Altrincham/hale/halebarns

[Venger]

2010... Not sure if this house on Hill Top ever came back to market after the proceedings....

http://www.london-gazette.co.uk/issues/59617/notices/1254775/all=Bankruptcy;exact=hale+cheshire;sort=newest

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=7152530&sale=34557875&country=england

[Venger]

2009: Sandiway Road Altrincham

http://www.london-gazette.co.uk/issues/59103/notices/846669/all=Bankruptcy;exact=hale+cheshire;sort=newest

Sales price / dates: http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=22347084&sale=47758652&country=england

Have to wonder if someone bought it in 2011 to try and flip it on.

They tried listing it at £220K. http://www.zoopla.co.uk/property-history/7-sandiway-road/altrincham/wa14-1hu/20073736

If it was a deliberate buy-to-flip, then they probably only made a small profit.

[Venger]

Arthog Road info

http://www.london-gazette.co.uk/issues/58998/notices/754929/all=Bankruptcy;exact=hale+cheshire;sort=newest

https://www.duedil.com/director/917019358/christopher-donald-hume

It got sold on for a v.high price in 2011, way higher than what it was bought for in 2007. Maybe enough to clear his debts? Not exactly the trend at the higher end of the market - more of an isolated case I think for someone who really wanted the house. Maybe we'll see the current owner coming back to market soon enough.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=20643822&sale=23733831&country=england

[Venger]

2009: Old Meadow Lane

http://www.london-ga...ire;sort=newest

At least the house sold for a lot more in 2012 than it was bought for in 2005, but less than the asking price of 2010 when it came to market.

http://www.rightmove...country=england

http://www.zoopla.co.uk/property-history/9-old-meadow-lane/hale/altrincham/wa15-8jp/13640058

Edited April 17, 2013 by Venger

[R K]

Go on then, just to please Nomadd.

On Broadway

http://www.london-ga...ham;sort=newest

Sale Date: 26 Jan 2005. Price Paid: £1,600,000

http://www.rightmove...country=england

Currently on the market (Asking price: £1,895,000) = http://www.rightmove...y-40978478.html

Coincidence being I was only looking at this house yesterday afternoon on Rightmove, having done a limited draw-a-search to get a gist of what could be going on. I was seeing a few sad empty looking houses, just waiting in hope that some magic money buyers might still exist out there.

Is there a connection/link with the bankrupt (according to London-Gaz) and this PDF?? (That's not a question I want an answer to - why answer if there is any uncertainty at all, in such circumstances.)

And for the NW company (of the two)..

http://www.duedil.co...ies-n-w-limited

People: http://www.duedil.co...-limited/people

Blogger: http://www.davidquin...ital-properties

currently a property manager

Love the smell of repo'd property developers in the morning

[R K]

Arthog Road info

http://www.london-ga...ire;sort=newest

https://www.duedil.c...her-donald-hume

It got sold on for a v.high price in 2011, way higher than what it was bought for in 2007. Maybe enough to clear his debts? Not exactly the trend at the higher end of the market - more of an isolated case I think for someone who really wanted the house. Maybe we'll see the current owner coming back to market soon enough.

http://www.rightmove...country=england

? It's very obviously been redeveloped.

Restauranteurs spend their entire lives going bankrupt. That's what 'restauranteur' means.

[needle]

I notice that a few new places are on the market in the Bunburger complex.

Both under 100k....

1 bed at 92k - http://www.rightmove.co.uk/property-for-sale/property-25689834.html

2 bed at 99k - http://www.rightmove.co.uk/property-for-sale/property-26621421.html

Interestingly enough I have noticed quite a few sales falling through in Alty recently, I'm sure you have too.

Waterstones in particular seem to be updating their properties en masse.

(I noticed it recently on a Saturday morning, clearly the kid minding the shop was tasked with it then).

I told you a few posts back that the pips were beginning to squeak in the leafier areas.

I stand by that. I know it to be true.

[19 year mortgage 8itch]

Waterstones in particular seem to be updating their properties en masse.

Yes, saw a load go "under offer" but now they're back to normal. funny that...

[R K]

I notice that a few new places are on the market in the Bunburger complex.

Both under 100k....

1 bed at 92k - http://www.rightmove...y-25689834.html

2 bed at 99k - http://www.rightmove...y-26621421.html

Interestingly enough I have noticed quite a few sales falling through in Alty recently, I'm sure you have too.

Waterstones in particular seem to be updating their properties en masse.

(I noticed it recently on a Saturday morning, clearly the kid minding the shop was tasked with it then).

I told you a few posts back that the pips were beginning to squeak in the leafier areas.

I stand by that. I know it to be true.

Agree. 10 % or so of total stock over 1 weekend looked obviously wrong even by EA standards.

From your Budenberg link. With the rather hopeful caption 'kitchen'. Depressing.

Edited April 17, 2013 by R K

[Nomadd]

I notice that a few new places are on the market in the Bunburger complex.

Both under 100k....

1 bed at 92k - http://www.rightmove.co.uk/property-for-sale/property-25689834.html

2 bed at 99k - http://www.rightmove.co.uk/property-for-sale/property-26621421.html

Interestingly enough I have noticed quite a few sales falling through in Alty recently, I'm sure you have too.

Waterstones in particular seem to be updating their properties en masse.

(I noticed it recently on a Saturday morning, clearly the kid minding the shop was tasked with it then).

I told you a few posts back that the pips were beginning to squeak in the leafier areas.

I stand by that. I know it to be true.

But still vastly overpriced.

And an awful Broadheath location - definitely not a leafier area of Alty by any stretch of the imagination!

[needle]

Agree. 10 % or so of total stock over 1 weekend looked obviously wrong even by EA standards.

From your Budenberg link. With the rather hopeful caption 'kitchen'. Depressing.

Depressing though it may be you must stick to the rules my friend.

Henceforth it isnt Budenburg, its Bunburger.

You should give it all the respect the name implies!!!!

[Venger]

? It's very obviously been redeveloped.

Restauranteurs spend their entire lives going bankrupt. That's what 'restauranteur' means.

Lovely house though; although I'm not looking at any of the interior fittings. From the 2005 listing.

Situated on the outskirts of Hale village is this beautiful detached Edwardian residence which is in need of some modernisation but has the footprint for a stunning home.

Although one example I gave for that sector, a bankruptcy is likely to have brought about consequences on a nice house in Nether Alderley.

Why am I here again.. ah yes.

http://www.london-ga...ham;sort=newest

Previous transaction data/price paid: http://www.rightmove...country=england

Currently on the market: http://www.rightmove...y-37760968.html

Edit: Seems to have been a landlord. http://www.insolvencydirect.bis.gov.uk/eiir/IIRCaseIndivDetail.asp?CaseId=700785545&IndivNo=701767611&Court=MCC&OfficeID=600000075&CaseType=B

Edited April 19, 2013 by Venger

[R K]

Depressing though it may be you must stick to the rules my friend.

Henceforth it isnt Budenburg, its Bunburger.

You should give it all the respect the name implies!!!!

It's a lovely little area just around there actually, if you take the time to have a look around.

Some of the roads immediately to the South are beautifully well maintained and quiet for where it is. I was very pleasantly surprised when I was having a walk around there from canal last summer.

Also the B&Q that it overlooks is going to be a Morrisons so it's a short walk for your fruit & veg and 5 mins across the road to the tram.

'Spose if you want a good location for well sub-£100k it's hard to think of anything much that's comparable locally. The terraces look a much better proposition if you can stretch to it though.

[Venger]

The terraces look a much better proposition if you can stretch to it though.

Much much better; even more so if/when a seller will accept a deal on one.

New listing today:- Asking price £395,000. http://www.rightmove...y-38570656.html

Prev sales/prices: http://www.rightmove...country=england

Looks like they tried to sell it again in 2010, and then went for the rental route, with zoopla having an archived rental listing listing dated 2012. If I'm placing it correctly, looks like they've paved over the front garden since streetview passed in 2009.

2010: http://www.zoopla.co...15-0lb/25952127

2012: http://www.zoopla.co...15-0lb/18581869

Others on the road.

[R K]

More on Budenberg Haus..........

It seems Urban Splash have a number of apartments which they rent out directly. My assumption is that this is up to date but it may not be.

http://www.urbansplash.co.uk/budenberg-haus-projekte-2/2304/rent

The smallest is 662sq ft at £625 pcm so c. £1 sq ft

Largest is 3111 sq ft @ £1,350 pcm c. £0.43 sq ft

So on the face of it you get more than twice the space for your money on the bigger 3 bed. Either the cheapest ones are expensive of the expensive ones are pushing the limit of what's possible.

Also if the smallest is roughly comparable (I don't know, there's lots of designs) with the ones for sale on the thread above at c £95k then that's an equiv gross rental yield of nearly 8% (although that says furnished). That's the developer, so they'll have an inbuilt margin from development cost as well compared to, say, BTL owner.

It would be really good to have some feedback from people who actually live in these buildings, given their high profile nature and the number of flats (215) There seems to be a wide variation in original prices paid, resale asking today, rental yields v market rents and so on........

[Venger]

You'd have to pay me to live in that/those Budenberg Haus places; probably why I don't understand yield.

Any Mancs know this fella? Nabeel Chowdery?

Rachman - you know all the local movers and shakers......thumbs up or thumbs down?

33 yr old "property tycoon" worth £150million (doesn't say how much of that is bank lending). Linked with take-over of Blackburn Rovers and been buying up commercial and residential property all over the shop recently. Look like a possible candidate for Manchester Hero to Zero award 2010 to me. His gearing must be phenomenal.

http://www.manchesteronline.co.uk/homesear...s_the_past.html

http://www.lancashiretelegraph.co.uk/sport...overs_takeover/

http://www.propertyr...ial/team/nabeel

Whilst you're here - We discussed Nabeel Chowdery a while back. You'll have noticed he went bankrupt owing c. £70million. Happy days!

http://www.rightmove.co.uk/property-for-sale/property-38547754.html

Previous sales data/prices: http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=38547754&sale=34541066&country=england

http://www.london-gazette.co.uk/issues/59407/notices/1109157/all=Nabeel+Mussarat+Chowdery

[R K]

You'd have to pay me to live in that/those Budenberg Haus places; probably why I don't understand yield.

http://www.rightmove...y-38547754.html

Previous sales data/prices: http://www.rightmove...country=england

http://www.london-ga...ssarat+Chowdery

I noticed that. It's a beautiful property. From memory he converted it into 3 separate semis (maybe 4).

Another developer will likely finish it off and whack another £400k on it in 6 months.

[R K]

You'd have to pay me to live in that/those Budenberg Haus places; probably why I don't understand yield.

Simple maths. Every rent can be represented as either an actual yield received (by the landlord) or an imputed yield paid (by the tenant, or effectively received by the owner occupier in utility, i.e. a home). Given that risk free 10yr UK gilt yield = 1.66% and 20yr = 2.62%, mortgage rates are say, 3.5-4.0% and 2yr bank bond rate c. 1.7% (net) you have a benchmark for whether paying (imputed) rent of say, 4%, or buying a property returning an 8% yield, or whatever, represent value. All else equal (and ignoring all other factors).

So if 2 identical flats are yielding 4% and 8% then obviously you would want to rent the 4% one, and buy the 8% one. Extreme example, but not far off some of the numbers at Budenberg. In fact, sale prices seem to be all over the place, which is probably down to a number of factors.

Edited April 21, 2013 by R K

[R K]

House in Bowdon was on homes under hammer today apparently.

Found it on iplayer - first one up. gorgeous (from the outside) 3 bed Victorian on the corner of Langham rd and Vale rd.

http://www.bbc.co.uk...14_Episode_133/

Bought at auction Sept '09 for £357k, says she spent £200k doing it up, and valued by Thornley Groves and Mellor Braggins for between £595k and £650k in 2011.

Must say she's done a superb job on it. The whole thing looks a little like an advert for his kitchen design business, but good luck to them.

original listing sold Oct '09 £357k

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=26919656&sale=42447611&country=england

Edited April 25, 2013 by R K

[Venger]

original listing sold Oct '09 £357k

http://www.rightmove...country=england

Couldn't help but like them both. September 2009 auction, bidding started at 250K. Then voiceover says slow fight over the next 10 minutes which is unusually long for an auction, and we'll now rejoin it as the bidding hits 350K. Some further caged bidding before they get it at £357K.

20 months later.... June 2011. David was even more 'Mr.Smooth' than he'd looked at the auction, with his open neck/chest shirts, and a kitchen designer/kitchen business guy - did the sort of kitchen I'd like smooth flat surfaces for the units; no fancy detailing for dirt/grime to collect into, and easy to wipe and keep clean. Cellar space they converted. Original budget £60K-£70K. Actual spend (according to her) £200K.

Valuations after refurb

Thornley Groves: said would put it on at just under £600K, at £595K. (said rental £1,950 pm)

Meller Bragins: said would put it on market AROUND 650k (and estimated rental at £1,950 pm)

She also said she'd rented for the 5 years previous to buying the house. Show had said the boyfriend, David, had not moved in yet. Sounds like a independent lady, although would like to think she's got some kids of her own to stay over and use those bedrooms, not just all that house to herself, which would be a bit wasteful imo.

Edited April 26, 2013 by Venger

[19 year mortgage 8itch]

Lots of sstc action in my price band. Bothered? Not especially.

Some of the recent info I've discovered tells me that there is still a long way to go. I am considering a building project instead.

Although I did have the misfortune of explaining help to buy to my wife and working out that borrowing 50 grand interest free over the 5 years and saving 0.5% on the interest rate (60% LTV vs. 75% LTV) would save approx 10 grand.

Free money or further dysfunctional market in 5 years. Still not seeing wage inflation, 2% rise across the board this year.

[R K]

Lots of sstc action in my price band. Bothered? Not especially.

Some of the recent info I've discovered tells me that there is still a long way to go. I am considering a building project instead.

Although I did have the misfortune of explaining help to buy to my wife and working out that borrowing 50 grand interest free over the 5 years and saving 0.5% on the interest rate (60% LTV vs. 75% LTV) would save approx 10 grand.

Free money or further dysfunctional market in 5 years. Still not seeing wage inflation, 2% rise across the board this year.

Do tell.......

In 5 years you're 5 years nearer retirement.

2% rise is wage inflation.

[manchester50]

5% rise this year, after 3% last (which in turn followed a number of years of zero or next to)

We're currently looking at a building/renovation job (more building than renovation) which is a slight killer a the moment - given self-build morts aren't cheap whilst residential mortgages are cheap and getting cheaper...

[19 year mortgage 8itch]

Do tell.......

In 5 years you're 5 years nearer retirement.

2% rise is wage inflation.

Despite the anonymity, I'd rather not on a public forum but I' don't feel like I'm competing against other young families.

That 10 grand saving is just against plain vanila buying and assumes prices don't rise by 20+ grand under Help to Fry. I haven't tried to work out against renting but not worried about being further from retirment. Without being guilty of wishing one's life away, retirement is not currently a problem.

[19 year mortgage 8itch]

5% rise this year, after 3% last (which in turn followed a number of years of zero or next to)

We're currently looking at a building/renovation job (more building than renovation) which is a slight killer a the moment - given self-build morts aren't cheap whilst residential mortgages are cheap and getting cheaper...

I'm thinking a cash build somewhere a littler hotter and sunnier, plot already gifted.