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Dave Dribble 2

Falls In Asking Prices

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Just spent some time doing some searches on rightmove. Did some searches for a few areas of Swansea.

I thought it was very noticeable that higher priced properties (£350K upwards) have seen some significant reductions over the last year. Not so many drops for properties priced lower than that though.

Has anyone else noticed anything similar in other areas?

Also, I notice the asking price for the Ocean Bar on Newton Road (Mumbles) has gone from £80,000 to £40,000.

Edited by Dave Dribble 2

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Just spent some time doing some searches on rightmove. Did some searches for a few areas of Swansea.

I thought it was very noticeable that higher priced properties (£350K upwards) have seen some significant reductions over the last year. Not so many drops for properties priced lower than that though.

Has anyone else noticed anything similar in other areas?

Also, I notice the asking price for the Ocean Bar on Newton Road (Mumbles) has gone from £80,000 to £40,000.

I think if you actually speak to these people - what they will actually take will be even less...

Of all the houses I have seen over the last 6 months, the asking price and what we could do a deal at have all been substantially different. People seem ashamed to ask or negotiate prices with agents - Hello !!! Its a buyers market ... and its going one way... does the seller quit while he is still ahead or wait for the next cycle in 10 years time .... tick tock tick tock

I do think the reality of wealth is starting to come back to people ...but many in Swansea are just hanging into the paper values of 2007 with dear life .... can`t really blame them... its a nice, albeit, misleading feeling ...

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Is that Ocean Bar price the lease or the full price - can't imagine it is the full price?

I gave up on Rightmove months ago - will take a look later on.

Yes, people are hanging on for dear life in S'sea but, asa discussed in the other thread, I think the cracks are beginning to show. I still think, IMPO, that it will be the end of the year before we see the pain of the recession hitting Swansea.

Imagine if you have tens of thousands of pounds of debt now and can barely pay the mortgage? You will convince yourselves to hold out over the Summer because, you will convince yourself, people buy houses in the Summer but come Sept/Oct and your debts are bigger, you may be facing a higher IR on your mortgage and are worried about your job.

Quite frankly, unlike the SE of England, I don't think S'sea has seen enough pain yet.

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Just checking now - there are loads of properties who have not reduced their asking price in 12 months, many not reduced in 6 months.

Utterly ridiculous!

A big dose of reality is required.

Why so many properties for sale in The Grange area of West Cross - all silly asking prices IMPO? Same for Langland? Suspect it is people wishing to become mortgage free by having bought 10 years ago and expecting to walk away with 200K to 500K profit?

Edited by The Masked Tulip

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Just checking now - there are loads of properties who have not reduced their asking price in 12 months, many not reduced in 6 months.

Utterly ridiculous!

A big dose of reality is required.

Why so many properties for sale in The Grange area of West Cross - all silly asking prices IMPO? Same for Langland? Suspect it is people wishing to become mortgage free by having bought 10 years ago and expecting to walk away with 200K to 500K profit?

To be honest i think a lot of these overpriced houses are not on the market because the owners are serious about moving - yes if some mug comes along and makes them an offer they cant refuse they will take the money and run!!! - but otherwise they not really interested in moving. Take a look at this one...........

http://www.simpsonsproperty.co.uk/fe_prope...roperty_id=1414

been on the market for about 21/2 yrs at 625k with dawsons.......... even dawsons must of got fed up with it and now its on with simpsons at 595K lol!!

theyll have to knock off another 25% before they get ANY viewings let alone offers

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To be honest i think a lot of these overpriced houses are not on the market because the owners are serious about moving - yes if some mug comes along and makes them an offer they cant refuse they will take the money and run!!! - but otherwise they not really interested in moving. Take a look at this one...........

http://www.simpsonsproperty.co.uk/fe_prope...roperty_id=1414

been on the market for about 21/2 yrs at 625k with dawsons.......... even dawsons must of got fed up with it and now its on with simpsons at 595K lol!!

theyll have to knock off another 25% before they get ANY viewings let alone offers

Ridiculous IMPO - the area is OK but nothing special.

I think you are right about a number of them simply being speculative, some no doubt are the snob factor as in "Look at how much my house is worth!".

It is simply a waiting game now.

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People in Swansea have very short memories about the early 1990's - it will all coming crashing down in good time.

There are probably a handful of houses in Swansea that are worth their asking prices.. the rest remain somewhat optimistic. Those jumping on the bandwagon thinking a 10-15% discount from peak is a bargain have a very rude awakening coming ...

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