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pie-eater

All Flats Now Sold

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There's a nasty looking new-build block on Pentonville Rd, about halfway between King's Cross and Angel stations. They look almost finished, and for the last 6 months+ there has been a banner stuck to the side proundly announcing that all the flats are sold.

I passed it again today and there's a new sign outside saying "Only 8 flats remaining".

I assume by sold, they meant reserved with a £100 deposit, and people have thought abuot their wise choice and pulled out.

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No one in their right mind is going to advertise all properties as sold if they haven't been. For obvious reasons.

Sometimes agents claim "only one or two left" when in fact their are more. The argument behind this is that it might make people hurry up to try and buy. Can work.

If there is a lot of interest in a property putting up all sold signs is not just about mindless ramping. Sometimes it can help reduce a large number of tedious phone calls and also encourage investors to seek out other properties by the same developer.

I'd be suprised if agents are letting people put down £100 "deposits" in todays market. Putting up an all sold sign when the only commitment is £100 is ludicrous as it disuades other interested parties without getting any certainty on the sale.

I suspect this is the result of a landlord/business going bankrupt on a block buy.

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No one in their right mind is going to advertise all properties as sold if they haven't been. For obvious reasons.

I'd have thought so too, but I have seen an increasing trend in my area of EAs putting up 'Sold' signs on houses that never go 'under offer' or 'Sold STC' on the website. I have phoned about a couple to be told that they are available. :unsure:

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No one in their right mind is going to advertise all properties as sold if they haven't been. For obvious reasons.

Sometimes agents claim "only one or two left" when in fact their are more.

Which, of course, is against the law - Property Misdescriptions Act 1991, the Property Misdescriptions (Specified Matters) Order 1992 and the Estate Agents (Specified Offences) (No. 2) (Amendment) Order 1992 and the Consumer Protection from Unfair Trading Regulations 2008

You should also be aware that the Regulations ban a trader from passing on materially inaccurate information about market conditions

If you think an Agent is making misleading/false statements about the market, such as X number of the flats are already sold, then just report them to the Office of Fair Trading (OFT).

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Ah but they get round that by "releasing" them in chunks. Only 3 left in current "release". (Next release coming on in October, but they'll all be more expensive...)

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That development is very near my flat in King's Cross, and very cheap and nasty looking it is too. I don't believe I ever saw the flats go on sale, and it isn't a big enough development to go on sale in phases. I assume that what happened was that all the flats were sold off plan as a job lot to an intermediary of some kind, who is now trying to offload them. I don't know what the prices are, but there is another slightly shoddy-looking small development a few hundred yards away on Kings Cross Road where 1 bedders are on for £360k+, which I think would have been rich for Kings Cross Road frontage even at the peak.

[Disclosure: I marketed my good quality, reasonable sized KX one bedder for £410k about a quarter after the peak, as I was worried about my job at the time (with good reason, as it turned out) and had one phantom offer at £390k, and then interest fell off a cliff. I reckon I'm probably back to more or less whatI paid for it now, in spring 06, at best]

Edited by RealtyFisch

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That development is very near my flat in King's Cross, and very cheap and nasty looking it is too. I don't believe I ever saw the flats go on sale, and it isn't a big enough development to go on sale in phases. I assume that what happened was that all the flats were sold off plan as a job lot to an intermediary of some kind, who is now trying to offload them. I don't know what the prices are, but there is another slightly shoddy-looking small development a few hundred yards away on Kings Cross Road where 1 bedders are on for £360k+, which I think would have been rich for Kings Cross Road frontage even at the peak.

[Disclosure: I marketed my good quality, reasonable sized KX one bedder for £410k about a quarter after the peak, as I was worried about my job at the time (with good reason, as it turned out) and had one phantom offer at £390k, and then interest fell off a cliff. I reckon I'm probably back to more or less whatI paid for it now, in spring 06, at best]

£410k for a 1 bed in King's Cross? You're having a Turkish, surely? :lol:

There are actually 7 left from the initial post, not 8; my error.

IIRC they are listed for £360k and are 2 bed slave boxes. I think a couple of them might actually be homes for some poor people that like seeing and hearing 24hr traffic now too.

Edited by pie-eater

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Which, of course, is against the law - Property Misdescriptions Act 1991, the Property Misdescriptions (Specified Matters) Order 1992 and the Estate Agents (Specified Offences) (No. 2) (Amendment) Order 1992 and the Consumer Protection from Unfair Trading Regulations 2008

You should also be aware that the Regulations ban a trader from passing on materially inaccurate information about market conditions

If you think an Agent is making misleading/false statements about the market, such as X number of the flats are already sold, then just report them to the Office of Fair Trading (OFT).

Interesting, I didn't know this.

However, I suspect that although sold has a fairly narrow legal definition in this context, it means nothing significant without further qualification.

For example, to me sold would imply an exchange of title to the property between two independent legal entities, but says nothing about who and when ?

Between the developer and the freeholding company for example once the property was completed ? How does freehold and leasehold come into it ?

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Sold might even mean completion, not just exchange. Any fool can put down a 10% deposit; not all such fools can come up with the remaining 90%. Particularly if that is many months later, and the credit markets are much tighter, they have lost their jobs or had a paycut.

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Just report them to the OFT and let the OFT sort out the issue of legal definitions. I reported an Estate Agent a couple years ago for making false and misleading statements about the property market and they are no longer allowed to work as an Estate Agent. It takes all of 10 mins to put a letter together and then post it to the OFT or go to their webpage to make a report.

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�410k for a 1 bed in King's Cross? You're having a Turkish, surely? :lol:

Prices vary wildly from street to street in Kings Cross - The £410k was an ambitious ask even at the peak, I'd be happy with £300k if I had to sell now.

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Prices vary wildly from street to street in Kings Cross - The £410k was an ambitious ask even at the peak, I'd be happy with £300k if I had to sell now.

To be fair, KX has been cleansed over the last 4 years.

I used to police around there and would be tripping over prostitutes, robbers, smack heads and general scum on a night shift.

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To be fair, KX has been cleansed over the last 4 years.

I used to police around there and would be tripping over prostitutes, robbers, smack heads and general scum on a night shift.

Yeah, I used to walk to work in the West End from Islington through KX and it was pretty dodgy. I feel pretty safe now, in general, partly because it's busy 24/7. Considering buying in the Kings Cross Central development, but that will depend on pricing, as I expect open market prices to be flat or declining aruond here for at least 2 or 3 more years, and I won't want to pay an outrageous developer's premium, especially when I would be taking a punt on them managing to build a whole new neighbourhood over what will be a very tough few years, economically.

Edited by RealtyFisch

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Yeah, I used to walk to work in the West End from Islington through KX and it was pretty dodgy. I feel pretty safe now, in general, partly because it's busy 24/7. Considering buying in the Kings Cross Central development, but that will depend on pricing, as I expect open market prices to be flat or declining aruond here for at least 2 or 3 more years, and I won't want to pay an outrageous developer's premium, especially when I would be taking a punt on them managing to build a whole new neighbourhood over what will be a very tough few years, economically.

What on God's green earth do you do to be able to afford 410 grand for a flat? The reason that the drunks junkies and hookers have not been around is because there has been a ludicrous 10 year bubble that has created a ridiculous false economy that has led most idiots to believe that they can afford to borrow 410 grand.

The undesireable street people have probably all been given stupid amounts of money by greedy banks and are probably now living in a vastly overpriced flat next door to you. Believe me, they (and possibly you), will be out on the streets again very soon.

This is like watching millions of headless chickens running around next to the edge of a cliff. Buckle up boys, this will be the worst ride of your lives.

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What on God's green earth do you do to be able to afford 410 grand for a flat? The reason that the drunks junkies and hookers have not been around is because there has been a ludicrous 10 year bubble that has created a ridiculous false economy that has led most idiots to believe that they can afford to borrow 410 grand.

The undesireable street people have probably all been given stupid amounts of money by greedy banks and are probably now living in a vastly overpriced flat next door to you. Believe me, they (and possibly you), will be out on the streets again very soon.

This is like watching millions of headless chickens running around next to the edge of a cliff. Buckle up boys, this will be the worst ride of your lives.

Most of the trash around there live in the very many hostels that are nestled in with the private residences.

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What on God's green earth do you do to be able to afford 410 grand for a flat? The reason that the drunks junkies and hookers have not been around is because there has been a ludicrous 10 year bubble that has created a ridiculous false economy that has led most idiots to believe that they can afford to borrow 410 grand.

The undesireable street people have probably all been given stupid amounts of money by greedy banks and are probably now living in a vastly overpriced flat next door to you. Believe me, they (and possibly you), will be out on the streets again very soon.

This is like watching millions of headless chickens running around next to the edge of a cliff. Buckle up boys, this will be the worst ride of your lives.

True, though I think also (and perhaps Pie Eater can confirm this) that the area immediately around King's Cross seemed to improve greatly after the simple expedient of putting a little police post opposite, and a constable on point duty outside the station entrance. That said, I think most of the tarts and pimps just moved up the Caledonian Road to Seven Sisters.

Is the building in the OP that horrendous tacky greeny-blue building? I thought it was student halls or something. I find it hard to believe anyone would actually buy a flat in that thing!

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Policing in general has been upped around there since 2003. I guess the plans in the late 90s to improve and develop the area were met with more policing and targetting/removal of those that made it bad. Once an area is improved it doesn't attract the people once did. Loads more cctv etc.

The building I mention in my OP is white and on the left of Pentonville Road as you head to Angel, just before the junction with Penton Street. Opposite one of those storage places IIRC and just up from a car hire place. It really does look a poor quality build IMHO.

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What on God's green earth do you do to be able to afford 410 grand for a flat?

I can't speak for anyone else, but I traffick pre-school children to work in sweatshops in Cambodia. You get a quid for every kid.

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Policing in general has been upped around there since 2003. I guess the plans in the late 90s to improve and develop the area were met with more policing and targetting/removal of those that made it bad. Once an area is improved it doesn't attract the people once did. Loads more cctv etc.

The building I mention in my OP is white and on the left of Pentonville Road as you head to Angel, just before the junction with Penton Street. Opposite one of those storage places IIRC and just up from a car hire place. It really does look a poor quality build IMHO.

Ah, I know it. There's a chapel converted into offices nearby, with a little park where I have on occasions seen young ladies injecting themselves. The Penton Street junction is nasty as well - a cyclist was killed there recently.

Altogether not really the sort of place I'd want to live in, but each to his own. Just a few yards away you have the very nice early Victorian quiet areas of Myddleton Square and Lloyd Square, I would have thought flats there wouldnt' be much more expensive.

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Ah, I know it. There's a chapel converted into offices nearby, with a little park where I have on occasions seen young ladies injecting themselves. The Penton Street junction is nasty as well - a cyclist was killed there recently.

Altogether not really the sort of place I'd want to live in, but each to his own. Just a few yards away you have the very nice early Victorian quiet areas of Myddleton Square and Lloyd Square, I would have thought flats there wouldnt' be much more expensive.

That's the place. Right next to an alcohol abusers' referral centre, no less.

At least any buyer there will become accustomed to traffic noise so quickly; with that road being busy 24/7, when it's not being dug up as it now.

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Right, so it's on an extremely busy, noisy and polluted junction, which forms the main route from Kings X to Islington. It's in the same street as a large SOAS hall of residence, a similarly sized LSE one, and a huge private student development. It's also in the same street as the Weston Rise estate which due to the crime in Kings X has the all security features of an American Supermax prison. It's next to a large pub and behind it are some of the biggest and nastiest council estates in Islington. It's a crap new build and because of the extra policing around the train station, sorry the ahem 'Regent Quarter', it's where all the anti-social behaviour, drugs and prostitution have been displaced. And it's £410,000. :blink:

Sometimes I think I should blow my desposit on kittens and shoes, as there's no way in hell I'll ever be able to afford a nice place in a half decent area.

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Right, so it's on an extremely busy, noisy and polluted junction, which forms the main route from Kings X to Islington. It's in the same street as a large SOAS hall of residence, a similarly sized LSE one, and a huge private student development. It's also in the same street as the Weston Rise estate which due to the crime in Kings X has the all security features of an American Supermax prison. It's next to a large pub and behind it are some of the biggest and nastiest council estates in Islington. It's a crap new build and because of the extra policing around the train station, sorry the ahem 'Regent Quarter', it's where all the anti-social behaviour, drugs and prostitution have been displaced. And it's £410,000. :blink:

Sometimes I think I should blow my desposit on kittens and shoes, as there's no way in hell I'll ever be able to afford a nice place in a half decent area.

Utter insanity! In two years time you will be lucky to get 150 grand for these crap holes.

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