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Galliard Homes Fire Sale For Non-Completion


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Perhaps I'm cynical but I don't think these are completion failures. they're normal sales, just a marketing con to make the buyer feel that you're getting a bargain. maybe they are?

Reading the London Lite this evening this ad caught my eye

http://www.galliardhomes.com/

I reckon this must be the tip of the ice-berg, more to come from the other developers

AMD

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Perhaps I'm cynical but I don't think these are completion failures. they're normal sales, just a marketing con to make the buyer feel that you're getting a bargain. maybe they are?

No these are completion failures. During the boom Galliard homes would market their development's three or four years ahead of build. They would have one or two day event's usually at hotel's in London. People were urged to exchange contract's on the day , and bag themselves a nice bargain for the future. A queue would form to view the models and plans and most sold out in the two day sale.

They had a development close to me in Docklands , that was sold out ahead of build , sold hordings around site as first brick was laid. A few months back they had a half price sale.

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  • 3 months later...

http://es.homesandproperty.co.uk/property_news/articles/thegreatdocklandsfiresale.html

Thursday, 21 January 2010

The great docklands fire sale

Hundreds of never-lived-in new apartments — all failed completions in the same Docklands development — are to be sold at 40 per cent less than their original owners paid for them two years ago, says David Spittles

Indescon Court

From £160,000: Indescon Court, a new apartment complex only five-minutes’ walk from the Canary Wharf business district

Galliard Homes’s February “liquidation stock sale” is at Indescon Court, a new apartment complex only five-minutes’ walk from the Canary Wharf business district. Prices start at £160,000.

Many of the original buyers were buy-to-let investors who have been unable to secure mortgages on the properties and have therefore defaulted.

“This is no gimmick,” says Galliard’s Madeleine Flower. “We need to sell quickly to keep our bank happy.”

Galliard conducted a similar “fire sale” of flats at a block in Poplar in the summer of 2009. Then, a queue of 500 people clamoured to buy a property, enticed by adverts claiming discounts of up to 50 per cent below original contract prices. Two-thirds of the flats were purchased by owner-occupiers.

“The reduced prices at Indescon Court represent a big saving, and are probably the lowest the Canary Wharf area has seen for a decade,” she adds. “This could be the last opportunity to buy at the bottom of the market.”

On average, the revised prices equate to about £500 per sq ft. At the peak of the boom in 2006, values in this part of Docklands reached nearly £1,000 per sq ft.

Apartment interior at Indescon Court

Would-be buyers will be able to view the finished flats at Indescon Court

Would-be buyers will be able to view the finished flats and exchange contracts by paying £1,000 on the day and committing to pay the full 10 per cent deposit within 21 days. Galliard says both the new price and the “previously exchanged price” will be displayed on the door of flats for sale. Original prices can be authenticated by on-site lawyers.

Underground parking spaces are available by separate negotiation. Call 020 7620 1500 or visit www.galliardhomes.com.

A second phase of Indescon Court, yet to be built, will bring the total number of apartments to 364.

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There's a truly horrific advert on the radio right now from Galliard homes championing the "recapitalisation" of the financial market and what wonderful news this is for Galliard homes and their prospective customers.

Well done McDoom, Galliard are very pleased with your efforts to keep house prices unaffordable.

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Reading the London Lite this evening this ad caught my eye

http://www.galliardhomes.com/

I reckon this must be the tip of the ice-berg, more to come from the other developers

AMD

ok I don't live in London so forgive the ignorance but do you guys seriously pay (have paid) over HALF MILLION £ for a fcukn 2 BED FLAT!

Edit - and without parking FFS

Edited by sleepless
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http://es.homesandproperty.co.uk/property_news/articles/thegreatdocklandsfiresale.html

Thursday, 21 January 2010

The great docklands fire sale

Hundreds of never-lived-in new apartments — all failed completions in the same Docklands development — are to be sold at 40 per cent less than their original owners paid for them two years ago, says David Spittles

Indescon Court

From £160,000: Indescon Court, a new apartment complex only five-minutes’ walk from the Canary Wharf business district

Galliard Homes’s February “liquidation stock sale” is at Indescon Court, a new apartment complex only five-minutes’ walk from the Canary Wharf business district. Prices start at £160,000.

Many of the original buyers were buy-to-let investors who have been unable to secure mortgages on the properties and have therefore defaulted.

“This is no gimmick,” says Galliard’s Madeleine Flower. “We need to sell quickly to keep our bank happy.”

Galliard conducted a similar “fire sale” of flats at a block in Poplar in the summer of 2009. Then, a queue of 500 people clamoured to buy a property, enticed by adverts claiming discounts of up to 50 per cent below original contract prices. Two-thirds of the flats were purchased by owner-occupiers.

“The reduced prices at Indescon Court represent a big saving, and are probably the lowest the Canary Wharf area has seen for a decade,” she adds. “This could be the last opportunity to buy at the bottom of the market.”

On average, the revised prices equate to about £500 per sq ft. At the peak of the boom in 2006, values in this part of Docklands reached nearly £1,000 per sq ft.

Apartment interior at Indescon Court

Would-be buyers will be able to view the finished flats at Indescon Court

Would-be buyers will be able to view the finished flats and exchange contracts by paying £1,000 on the day and committing to pay the full 10 per cent deposit within 21 days. Galliard says both the new price and the “previously exchanged price” will be displayed on the door of flats for sale. Original prices can be authenticated by on-site lawyers.

Underground parking spaces are available by separate negotiation. Call 020 7620 1500 or visit www.galliardhomes.com.

A second phase of Indescon Court, yet to be built, will bring the total number of apartments to 364.

Madeleine Flower says its the last chance to buy at the bottom of the market !!

No no no , Madeleine , this is the top of the drop there is plenty more scope for bigger reductions on new flats in that tiny area in the coming months and years.

Just where Indescon Court is there must be five or six thousand new build flats at or very near completion. With thousands more in and around the surounding arears.

The Icon , Pan Peninsula, and Lanterns Court are all on the same street.

In this weeks local paper that I read today , I see 1 beds in the icon now called Ability Place for some reason at £199,950 these were selling of plan at anything up to £400,000 two beds that were £5 ,6, + even up to £700,000 going at £250,000 , so much bigger drops than 40% , this was Grant Boveys block.

17th floor two bed two bath in Pan Peninsula £450, 000 , last year 1 beds were more than that and the two beds were up to £700,000 like in the icon.

with the amount od unsold stock and or sales not competing prices in this location have a long way to fall . lets not forget that as the boom got bigger and bigger the developers got more greedy and these new developments coming on line now are not a patch on older developments in the area that have more open space , more parking , bigger size flats and were built in a less cramped fashion .

Edited by miko
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