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confusedGuy

Advise - New Property - Glasgow City Centre

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Folks,

I am looking to buy a property in Glasgow City Centre. The main options I have are:

1. Vienna Apts in 55 Mitchell Street (G1 3LN). This a 1 br flat with total size 818 sqft (76 sqm). This is a new development and schemes to buy the property are:

a. Full Price for around 180K.

b. Shared Equity (75/25) for hence 180K X 75% = 135K

2. Virginia Apartments in Virginia Street. This is a 1 br flat with total size 590 sqft (55 sqm). This is a new development as well and the price of the property is 145K (this one does not have share equity scheme).

Questions:

- How negotiable do you guys think the prices could be? (including the shared equity option)

- Is there any rule of thumb to know the percentage of price a new property could be reduced in the current climate, in Scotland/Glasgow?

Thanks very much in advance for any help

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Folks,

I am looking to buy a property in Glasgow City Centre. The main options I have are:

1. Vienna Apts in 55 Mitchell Street (G1 3LN). This a 1 br flat with total size 818 sqft (76 sqm). This is a new development and schemes to buy the property are:

a. Full Price for around 180K.

b. Shared Equity (75/25) for hence 180K X 75% = 135K

2. Virginia Apartments in Virginia Street. This is a 1 br flat with total size 590 sqft (55 sqm). This is a new development as well and the price of the property is 145K (this one does not have share equity scheme).

Questions:

- How negotiable do you guys think the prices could be? (including the shared equity option)

- Is there any rule of thumb to know the percentage of price a new property could be reduced in the current climate, in Scotland/Glasgow?

Thanks very much in advance for any help

Tiny 1 bed rabbit-hutch for £180k! Are you mad?

If you really want to buy a box for this much money and want to know how much you should offer, do your own research about how much previous properties on these developments have sold for. Nethouseprices/Aboutmy place etc.

Good luck getting a mortgage...

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Tiny 1 bed rabbit-hutch for £180k! Are you mad?

If you really want to buy a box for this much money and want to know how much you should offer, do your own research about how much previous properties on these developments have sold for. Nethouseprices/Aboutmy place etc.

Good luck getting a mortgage...

76 sq m is quite large for a one-bedder, all new-build internal walls being equal i.e. plasterboard, i bet you could munge that into a 2-bed easy enough

per square metre (2.37k) it's better value than the 55 m2 (2.63k) job

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Ok I realise everyone has different tastes and preferences but I cannot understand why you would want to pay that much for a 1 bed. 2 things, aside from the very obvious issue about price, I would suggest you give serious consideration to-

1. Build quality - friends of mine recently moved into a "penthouse" in a new build development in the South Side. Rent is heehaw and it's brand new so it works great for them. However, my old boy is a surveyor and was happy to state the properties won't still be there in 25 years given the poor quality of build.

2. Have you considered who your neighbours will be? My friend is studying and works part time. He is not loaded but the rent is low enough for him to live in this "penthouse". The vasy majority of flats are empty and across from them in another "penthouse" every night is party night. On one occassion they witnessed someone having a slash off the juliet balcony.

A number of these developments are struggling (understatement). Means parking will be easy but you might find that you have students (or worse) living next door to you. The factor might not bother spending any money on it since they aren't getting anything in (see the Morrison Street disaster).

As a general point I can't understand for the life of me why someone (who I assume has a bit of cash given the numbers you mentioned) would entertain the notion of living in a new build property in a city blessed with some of the fantastic buildings Glasgow has.

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I understand there is an automatic premium of 20% on new builds. A good example is flats in Belmont Street in Kelvinbridge, these flats all sold once built 2006/2007 I think and there are sellers there having difficulty selling now, having put them on the market, changed estate agent etc.

Personally I wouldn't touch new build unless I could get 20% off.

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