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luigi

Tw Gaze Auction- 7th Aug 2009

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Just back from Gaze's auction in Diss, not particularly good news to report for HPC bears. Dead Cat Bounce is still alive, it seems. Especially compared to last November's auction when guides were optimistic and buyer sentiment didn't match resulting in a high percentage of unsold lots.

Link to catalogue

The hall was busy and 8 out of 9 lots sold mostly around the guide prices, some considerably higher. The auctioneer was in a jovial mood, no doubt buoyed by the prospect of some juicy commission flowing his way, a contrast to the barely contained shock of last November.

There were whoops of joy from one group of successful bidders as the hammer fell to them, methinks less happiness when they start to peel back the wallpaper from the old listed pile they bought.

I can't say for sure, but I think there were some phantom bids taken on some lots to get things going, but then there seemed to be willing takers to push past the reserves. I did make a note of the sold prices if anyone's interested.

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Interesting...

Would you say that that's the average catalogue for Gaze's? It's all substantial plots and land - no smaller bijou terrace stuff on Victoria Rd and the like...

Not bothered about the land prices, but the property prices would be interesting - esp the Fair Green one?

Thanks :)

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Interesting...

Would you say that that's the average catalogue for Gaze's? It's all substantial plots and land - no smaller bijou terrace stuff on Victoria Rd and the like...

Not bothered about the land prices, but the property prices would be interesting - esp the Fair Green one?

Thanks :)

Hi waitingandsaving, yes, this is typical of the type of stuff they sell at auction: agricultural lots, dilapidated period stuff (unmortgageable and hard to value accurately), some bereavement sales, not much run of the mill stuff, that seems to sell through the estate agency offices.

Here's the sold prices of the houses:

Lot 1-£280,000 Cranley Green-potential to extend and make an equestrian palace-subject to planning- though Mid Suffolk Council do seem quite accommodating, from other monstrosities I've seen. Also, Anglian Water have an easement to put a water pipe across the land, so don't landscape just yet!

Lot 2-£240,000 Fair Green- this was the whoops of joy one- a whole lot of house for the money but some costly conservation work potentially needed as it's been patched up for years.

Lot 3-£670,000 Thorndon-Nice country pile (after renovations) for a wealthy elderly gent and his younger wife. Auctioneer said he was jealous. Of the house, not the wife! :)

Lot 7-£95,500 Bunwell-Clay lump underneath the brick skin, guide price was clearly a come-on hoping that auction fever would take over in the room

Lot 8-£237,500 Old Buckenham-loads of work and potential on this one. Get-away-from-it-all or isolated position, depending on your perspective

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Thanks Luigi - the Fair Green one isn't a surprise that it went for that - it still seems like a fairly reasonable price for it in this current craziness!

Even the Thorndon one seems relatively cheap for what an EA would be asking for... Too big for me though - way too much dusting in a house that big! (That's my excuse and I'm sticking with it...)

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