Increasing Number Of Desperate Vendors

[gus]

I've been monitoring two houses in the Borders for some time now.One listed at 375K which I very much like the look of but no movement it seems. Yesterday, I noted that it was suddenly listed as "POA".

I called the EA who said that the vendors were"desperate to sell due the health issues" and they would probably take 320-330K.(So I'm thinking we''ll start at 275K).

In passing , I mention another property in a remote spot that had recently been reduced by 40K but was still drastically overvalued, in my opinion and I suggest that I might be interested if they were to lose another 50K off the price. No laughs, no snide dismissive retorts, just a measured calm ," they are also desperate to sell so could you move quickly on this?"

Two desirable properties and two desperate sellers who can't wait any longer. EA's intimately understand the psychology of this process of course and will ,in normal times , use far more measured prosaic language. The stresses created by this impasse are really starting to show through at last. Fear and loathing seeping through the critical fractures and I'm still happy to watch and wait.

[Byron]

This is why I think that the Nationwide figures are irrelevant. They only reflect a small proportion of the houses that people are currently trying to sell.

In my street, two houses that were for sale in the Spring had no takers and the sellers have now taken them off the market.

[dr ray]

I've been monitoring two houses in the Borders for some time now.One listed at 375K which I very much like the look of but no movement it seems. Yesterday, I noted that it was suddenly listed as "POA".

I called the EA who said that the vendors were"desperate to sell due the health issues" and they would probably take 320-330K.(So I'm thinking we''ll start at 275K).

In passing , I mention another property in a remote spot that had recently been reduced by 40K but was still drastically overvalued, in my opinion and I suggest that I might be interested if they were to lose another 50K off the price. No laughs, no snide dismissive retorts, just a measured calm ," they are also desperate to sell so could you move quickly on this?"

Two desirable properties and two desperate sellers who can't wait any longer. EA's intimately understand the psychology of this process of course and will ,in normal times , use far more measured prosaic language. The stresses created by this impasse are really starting to show through at last. Fear and loathing seeping through the critical fractures and I'm still happy to watch and wait.

There aren't many forced buyers but there are forced sellers. People have a choice when to start on the housing ladder but generally no choice about when to get off. There must at least half a million houses a year which are inevitably dumped on the market due to deaths or people going into care without even counting the repossessions and voluntary STR.

[gus]

This is why I think that the Nationwide figures are irrelevant. They only reflect a small proportion of the houses that people are currently trying to sell.

In my street, two houses that were for sale in the Spring had no takers and the sellers have now taken them off the market.

When N'wide and Hali can't even agree on the direction of prices then you know that those figures are meaningless.

If I'd watched stocks as closely as I've monitored prices on various agents' sites over the last 5 years I'd be a wealthy man. Nothing will convince me that the market has bottomed or will bottom for foreseeable future.

If you ring some of these EA and speak to them about the various props. you can sense the desperation; they are trying hard to hide it , but it has a smell .

Face to face can sometimes be difficult to assess because of so many interactional distractions , but on the phone the hesitancies, the lies ,are somehow easier to pick up.

The ******** cart is close to empty and our day is dawning.

[gus]

There aren't many forced buyers but there are forced sellers. People have a choice when to start on the housing ladder but generally no choice about when to get off. There must at least half a million houses a year which are inevitably dumped on the market due to deaths or people going into care without even counting the repossessions and voluntary STR.

Too true. There's an increasing number out there who don't have the luxury of pulling baby off the market if it fails to achieve and we know marginals will set the price ultimately.

In more normal times I've no doubt that both the props. would fly off the shelf , but the mania and financial contortions of the last 10 years have so warped reality that no-one actually knows what the "right" price is any longer. I do know it's my cash I'm sitting on so it's my definition of reality I'll be using .

[marty]

Too true. There's an increasing number out there who don't have the luxury of pulling baby off the market if it fails to achieve and we know marginals will set the price ultimately.

In more normal times I've no doubt that both the props. would fly off the shelf , but the mania and financial contortions of the last 10 years have so warped reality that no-one actually knows what the "right" price is any longer. I do know it's my cash I'm sitting on so it's my definition of reality I'll be using .

Anyone even thinking about buying property in South Wales, especially Swansea before the next general election deserves a good slap.

Things will change dramatically when the Tories get in. All those years of voting labour will come home to roost. It will be payback time. The cushioned public sector jobs in Swansea will be moved up north.

I have a feeling that Swansea is going back in time, certainly not progressing.

It has been said that a common sport of the medieval Welsh – especially near the border – was to get tanked up on mead on a Friday night, nip across the border to steal the sheep and rape the women. (Sometimes, if they overdid the mead, they got it the wrong way round, thus starting another ancient tradition.)

Obviously, the good denizens of the border lands took the huff, and arranged a return match. Sounds a bit like the valley boys coming into Wind Street on a weekend.

Think of it as nature’s way of keeping the DNA distributed.

Swansea has not really felt the brunt of the property market downturn as yet because it's been buffered by the public sector salaries.

[The Masked Tulip]

Here's a good one:

Holiday chalets in Limeslade area - used to be a time when legally you could only live in them for 10 months out of 12. That is no longer the case but for years those chalets went for a pittance. No mains drainage, cesspits, weren't even connected to mains gas for years.

Anyhow, about 18 months ago some Londoners bought one, did it up nicely and put on market for about 450K. Other Londoners buy another nearby, paint and decorate it and put it on market for 500K. Original Londoners apparently get offer for 400K - madness IMPO - but then decide that they want 460K, 10K more than their asking price, for it until they realise neighbours have house on market for 500K and now, apparently, they too want 500K.

This is s*ddding Swansea! You could not make it up.

Yes, wait until late 2010 or early 2011 and unemployment is be painful in Swansea.

[gus]

Anyone even thinking about buying property in South Wales, especially Swansea before the next general election deserves a good slap.

Things will change dramatically when the Tories get in. All those years of voting labour will come home to roost. It will be payback time. The cushioned public sector jobs in Swansea will be moved up north.

I have a feeling that Swansea is going back in time, certainly not progressing.

It has been said that a common sport of the medieval Welsh – especially near the border – was to get tanked up on mead on a Friday night, nip across the border to steal the sheep and rape the women. (Sometimes, if they overdid the mead, they got it the wrong way round, thus starting another ancient tradition.)

Obviously, the good denizens of the border lands took the huff, and arranged a return match. Sounds a bit like the valley boys coming into Wind Street on a weekend.

Think of it as nature’s way of keeping the DNA distributed.

Swansea has not really felt the brunt of the property market downturn as yet because it's been buffered by the public sector salaries.

A couple of hours ago received a call to the office in Jakarta . You've guessed it..... from the estate agent telling me that the vendor who has clipped 40K from the original AP will not drop by another 50K . They would ,however, take another 30K off the price!! I think I should have called this thread....." > No. of Desperate EA's".(Ringing me from Blighty!)

Actually starting to feel a little bit uneasy that I might be falsely, even though only remotely, raising the hopes of those in early stages of some distress. Need to be a bit careful..... unlike some of these shafting shytes I still have something resembling a conscience.

[The Masked Tulip]

The Post is reporting Carmarthen Council implementing 6 million quid of cuts - just the start for Wales.

[gus]

Here's a good one:

Holiday chalets in Limeslade area - used to be a time when legally you could only live in them for 10 months out of 12. That is no longer the case but for years those chalets went for a pittance. No mains drainage, cesspits, weren't even connected to mains gas for years.

Anyhow, about 18 months ago some Londoners bought one, did it up nicely and put on market for about 450K. Other Londoners buy another nearby, paint and decorate it and put it on market for 500K. Original Londoners apparently get offer for 400K - madness IMPO - but then decide that they want 460K, 10K more than their asking price, for it until they realise neighbours have house on market for 500K and now, apparently, they too want 500K.

This is s*ddding Swansea! You could not make it up.

Yes, wait until late 2010 or early 2011 and unemployment is be painful in Swansea.

Interesting. I've watched the chalets on with JF down in Scurlage , on the corner next to the Countryman Pub. Cheapest on for about 65K..ish I think and no movement on them. Often thought I might be interested for < 50K.

Solid construction and simple design bungalow. BUT , BUT ..... in the summer you'd have hoards of screaming kids surrounding you and dogs crapping everywhere. So, maybe not such a good idea after all for someone who likes P and Q.

Are you sure about the 10 month occupancy thing being dead and gone? Or does this just apply to the units you are specifically talking about?

[Neverland]

Here's a good one:

Holiday chalets in Limeslade area - used to be a time when legally you could only live in them for 10 months out of 12. That is no longer the case but for years those chalets went for a pittance. No mains drainage, cesspits, weren't even connected to mains gas for years.

Anyhow, about 18 months ago some Londoners bought one, did it up nicely and put on market for about 450K. Other Londoners buy another nearby, paint and decorate it and put it on market for 500K. Original Londoners apparently get offer for 400K - madness IMPO - but then decide that they want 460K, 10K more than their asking price, for it until they realise neighbours have house on market for 500K and now, apparently, they too want 500K.

This is s*ddding Swansea! You could not make it up.

Yes, wait until late 2010 or early 2011 and unemployment is be painful in Swansea.

You are joking right?

[The Masked Tulip]

Interesting. I've watched the chalets on with JF down in Scurlage , on the corner next to the Countryman Pub. Cheapest on for about 65K..ish I think and no movement on them. Often thought I might be interested for < 50K.

Solid construction and simple design bungalow. BUT , BUT ..... in the summer you'd have hoards of screaming kids surrounding you and dogs crapping everywhere. So, maybe not such a good idea after all for someone who likes P and Q.

Are you sure about the 10 month occupancy thing being dead and gone? Or does this just apply to the units you are specifically talking about?

FYI, I know people who live near there who are trying to sell a house for some serious money - can't stand the locals in the Horton/Knelston area apparently. Can't wait to get back to Swansea.

Edited July 31, 2009 by The Masked Tulip

[The Masked Tulip]

You are joking right?

No, I was told this yesterday by a reliable source.

[Neverland]

No, I was told this yesterday by a reliable source.

Well I would say with a fair amount of certainty there are few people from Wales who would pay £500k for a chalet in Limeslade

I have been under the impression that all house prices in Mumbles and other parts of West Swansea have been dictated by Londoners etc. for the last five years at least

Presumably it all comes from baby boomers selling their parents houses in the South East...

[gus]

Well I would say with a fair amount of certainty there are few people from Wales who would pay £500k for a chalet in Limeslade

I have been under the impression that all house prices in Mumbles and other parts of West Swansea have been dictated by Londoners etc. for the last five years at least

Presumably it all comes from baby boomers selling their parents houses in the South East...

And from the City boys also.

Back in June an EA in Mumbles told me that he thought prices in Swansea would drop by another 15% but he also told me that he had just sold an 800K house to a City tyke for cash and that these top end places were still selling to the lucky lads from the south east. It seems to be middle market that's well and truely jammed in S'x.

Take a look at the sites of Simpsons or GCP for 800K you really can buy a cracking place in Langland or Gower with sea views, paddock and all the rest of it. Small change and a relative bargain to our City slickers.

[Neverland]

And from the City boys also.

Back in June an EA in Mumbles told me that he thought prices in Swansea would drop by another 15% but he also told me that he had just sold an 800K house to a City tyke for cash and that these top end places were still selling to the lucky lads from the south east. It seems to be middle market that's well and truely jammed in S'x.

Take a look at the sites of Simpsons or GCP for 800K you really can buy a cracking place in Langland or Gower with sea views, paddock and all the rest of it. Small change and a relative bargain to our City slickers.

I dont think there are enough London city slickers who want a mansion in West Swansea to prop the housing market up

Swansea - its not exactly glam is it?

Time will tell I guess

[marty]

I dont think there are enough London city slickers who want a mansion in West Swansea to prop the housing market up

Swansea - its not exactly glam is it?

Time will tell I guess

Well I don’t know about city slickers buying up the Gower! I have lurked about most of the watering holes in Mumbles, Oystermouth and the only Londoners I have met are failed restaurateurs, estate agents going broke and the like.

All the Bentleys, Aston Martins, and such like are driven by local boys made good, I wouldn’t like to speculate how!

I think the city slicker buying up property scenario is an urban myth. Has anyone actually met a Londoner who has sold his Islington 1 bed flat for mega bucks and bought a mansion in Wales?

[Neverland]

Well I don’t know about city slickers buying up the Gower! I have lurked about most of the watering holes in Mumbles, Oystermouth and the only Londoners I have met are failed restaurateurs, estate agents going broke and the like.

All the Bentleys, Aston Martins, and such like are driven by local boys made good, I wouldn’t like to speculate how!

I think the city slicker buying up property scenario is an urban myth. Has anyone actually met a Londoner who has sold his Islington 1 bed flat for mega bucks and bought a mansion in Wales?

To be fair a lot of the cottages and flats in mumbles and around are now holiday homes

Some of my family live in a block of 12 flats and they are the only permanent residents

The usual set up for the second homeowners is a 40s/50s couple with apparently good secure (but not spectacular) jobs and apparently money to burn who live in west london or the M4 corridor and buy a second place by the sea for weekends/holidays

(Edit: these people don't go down the pub at home or in Mumbles )

I guess time will tell whether their jobs and pensions are that secure and whether they bought the holiday homes with their inheritances or by MEWing...

Edited July 31, 2009 by Neverland

[The Masked Tulip]

800K buys you a lot of house in most parts of Southern England so why come to S'sea. No, I think it is mostly a myth about the Londoners coming here and paying that money for houses.

Yes, they might buy a 2 up 2 down in Mumbles as an 'investment' come holiday home but you would be stupid indeed to pay S'sea prices for a second home when the World is, as they say, your lobster. It is easier for City boys in London to get on a flight and pop down to the holiday home in the Med than to get to S'sea. Those who want second homes in the UK end up Devon, Cornwall and Dorset.

I know lots of care homes are full of people from the SE - the 600 plus a week fees are cheaper than the homes in the SE so I suspect a lot of their families end up selling Mum and Dad's home in Surrey, using part of the cash to pay the fees and then, as they come down her to see the parent(s), then decide to buy something local.

If I was still working in London, had a flat there and wanted a holiday home it would be at the end of a flight from City or Heathrow airports - not 4 long, tiring hours away by car.