Jayne The Payne Posted October 21, 2005 Share Posted October 21, 2005 **Bump** Thought you'd like to see those: http://www.housepricecrash.co.uk/forum/ind...ndpost&p=217970 http://www.housepricecrash.co.uk/forum/ind...ndpost&p=217640 Quote Link to comment Share on other sites More sharing options...
msgin Posted October 23, 2005 Share Posted October 23, 2005 In the centre of the Cambridge Evening News Property magazine Cheffins have a double page with 22 sold stc (no "sold") properties, it looks ridiculous and totally unbelievable but who knows? We drove down Stanley Road where of the 6 signs that were up all claimed to be sold. Quote Link to comment Share on other sites More sharing options...
Jayne The Payne Posted October 24, 2005 Share Posted October 24, 2005 In the centre of the Cambridge Evening News Property magazine Cheffins have a double page with 22 sold stc (no "sold") properties, it looks ridiculous and totally unbelievable but who knows? We drove down Stanley Road where of the 6 signs that were up all claimed to be sold. Sounds like they need to convince people that the market is moving. Surely you would otherwise advertise the sellable properties on your books? I wonder how many of these sstc properties are in chains with the buyer at the bottom unable to find a buyer for his £150k poky 1 bed-flat? I was looking at the RICS survey published last week (notice there used to be more Cambridge EAs commenting there): http://www.rics.org/NR/rdonlyres/80CBD117-...Sep05Public.pdf John Pocock (Pocock & Shaw): "Surprisingly quiet September with a general reduction of activity both in terms of buyers and sellers which does not follow the normal of expected trend, an increase in business following the holiday period. Nevertheless, there appears to be a steady situation with a sensible balance between suppy and demand" James Buxton (Bidwells): "Improved activity since the peak holiday lull, but still slow for the time of the year. Buyers remain cautious and often require competition before being tempted to bid." Quote Link to comment Share on other sites More sharing options...
Jayne The Payne Posted October 25, 2005 Share Posted October 25, 2005 Cambridge property such a sure bet? Then why is the vendor trying to sell this 6 bedroom house (admittedly for over £1m!) as a development opportunity with this provision: http://www87.vebra.com/cgi-win/vebra.cgi?d...h=1∝=138264 PLANNING HISTORYThe site measures 35 metres frontage x 77 metres deep. Planning permission was refused for fourteen flats on appeal in 2004. However, planning consent was granted earlier in 2005 on the adjacent site, No. 195 Huntingdon Road, for nine flats. It is considered that this approval provides a precedent. There is a planning restriction and the Vendor has applied to the Lands Tribunal for its removal. A decision is awaited. No. 197 has potential for re-development, extension or conversion to town houses or flats. There is a substantial loft area which could be converted to residential use. Intending purchasers should contact Cambridge City Council Planning Department, Telephone 01223 457200. Expressions of interest are invited from interested parties. Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 14, 2005 Share Posted November 14, 2005 Has anybody seen the "Senses" development on Riverside, I think they have been trying to market the properties for well over a year now and were completed around 4 months ago. From looking at them it would seem that only around 25% were occupied. 2 bed apartments for £369,000 and that comes with a nice view at the back of Tesco's loading bay. 1 1/2 miles from the station, I have seen them offer no incentives in the press either, they win my award for the most overpriced property in Cambridge. Walked past the 'Senses' development this weekend. There seemed little activity in the sales office, the only people there were two police officers, bizarrely (doubt they're buying the £370,000 flats on police salaries). I wonder whether the name 'Senses' was chosen because you'd have to be out of your senses to pay that much for a 2 bed flat!!! Here's the link to the website if anyone's interested - very pretentious with little real information, and all the 'location' photos are random shots of cambridge (e.g. Kings college - quite far from where the flats are!). http://www.senses-cambridge.co.uk/ Quote Link to comment Share on other sites More sharing options...
msgin Posted November 14, 2005 Share Posted November 14, 2005 Walked past the 'Senses' development this weekend. There seemed little activity in the sales office, the only people there were two police officers, bizarrely (doubt they're buying the £370,000 flats on police salaries). I wonder whether the name 'Senses' was chosen because you'd have to be out of your senses to pay that much for a 2 bed flat!!! Here's the link to the website if anyone's interested - very pretentious with little real information, and all the 'location' photos are random shots of cambridge (e.g. Kings college - quite far from where the flats are!). http://www.senses-cambridge.co.uk/ I still go past there regularly, a lot of the apartments now look sold, but if you look closely a lot of them have got identical furniture in the windows, either they were selling the apartments furnished(I doubt it) or have staged each apartment at the front in order to make it look popular. Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 14, 2005 Share Posted November 14, 2005 I still go past there regularly, a lot of the apartments now look sold, but if you look closely a lot of them have got identical furniture in the windows, either they were selling the apartments furnished(I doubt it) or have staged each apartment at the front in order to make it look popular. I've also seen apartments in this development advertised through letting agents for medium term business lets - so that could be why they all look the same. Think it was between £85-£99 per night (the lower end only if you stay for 7 nights or more). That's actually not that bad for Cambridge, given the cost of hotels. Quote Link to comment Share on other sites More sharing options...
msgin Posted November 14, 2005 Share Posted November 14, 2005 I've also seen apartments in this development advertised through letting agents for medium term business lets - so that could be why they all look the same. Think it was between £85-£99 per night (the lower end only if you stay for 7 nights or more). That's actually not that bad for Cambridge, given the cost of hotels. That makes sense, thanks. Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 15, 2005 Share Posted November 15, 2005 (edited) Just to add to the 'out of your senses' story - I emailed the council to find out about affordable housing and asked if the new riverside developments would have affordable housing units included. The answer was yes -all new developments in Cambridge must have some affordable housing and 'there will be affordable shared ownership properties on this site'. I don't know what proportion these will be though. I wonder what classifies as 'affordable' given the flats cost £370,000 (supposedly) on the open market. When I get around to calling up the shared ownership people at the council, I intend to find out more. p.s. I'm probably not going to do the shared ownership thing, but I've just heard a lot in the media about how this is the solution for priced out FTBs and wanted to see if this is true in reality or just PR spin. Credit where credit's due - Cambridge City Council replied to my email within a day and do seem to really be serious about making sure each development has affordable housing. Edited November 15, 2005 by Pedro Quote Link to comment Share on other sites More sharing options...
Tonester Posted November 15, 2005 Share Posted November 15, 2005 Just to add to the 'out of your senses' story - I emailed the council to find out about affordable housing and asked if the new riverside developments would have affordable housing units included. The answer was yes -all new developments in Cambridge must have some affordable housing and 'there will be affordable shared ownership properties on this site'. I don't know what proportion these will be though. I wonder what classifies as 'affordable' given the flats cost £370,000 (supposedly) on the open market. When I get around to calling up the shared ownership people at the council, I intend to find out more. p.s. I'm probably not going to do the shared ownership thing, but I've just heard a lot in the media about how this is the solution for priced out FTBs and wanted to see if this is true in reality or just PR spin. Credit where credit's due - Cambridge City Council replied to my email within a day and do seem to really be serious about making sure each development has affordable housing. They have a shoebox size flat in there for a bargin £200,000 I've been told. Quote Link to comment Share on other sites More sharing options...
msgin Posted November 15, 2005 Share Posted November 15, 2005 Just to add to the 'out of your senses' story - I emailed the council to find out about affordable housing and asked if the new riverside developments would have affordable housing units included. The answer was yes -all new developments in Cambridge must have some affordable housing and 'there will be affordable shared ownership properties on this site'. I don't know what proportion these will be though. I wonder what classifies as 'affordable' given the flats cost £370,000 (supposedly) on the open market. When I get around to calling up the shared ownership people at the council, I intend to find out more. p.s. I'm probably not going to do the shared ownership thing, but I've just heard a lot in the media about how this is the solution for priced out FTBs and wanted to see if this is true in reality or just PR spin. Credit where credit's due - Cambridge City Council replied to my email within a day and do seem to really be serious about making sure each development has affordable housing. You are right. I was led to believe that if you face Senses, the right hand side, end part of the block was offered under shared ownership. I live on Riverside and they are really trying to regenerate it. The residents association are up in arms as the council have approved plans to close traffic up River Lane and part of Riverside (nightmare for those of us who live there). But the council have a budget of £175,000 to spend on improving Riverside for which we the residents were asked where we would like it spent. There is also going to be another bridge over the Cam for pedestrians and cyclists put up opposite Stanley Road, the area should look really good in a couple of years. Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 16, 2005 Share Posted November 16, 2005 It's good to hear the council's investing in the area - and consulting with the residents. It's a bit of a world gone mad though when the total sum they have to regenerate the area (175k) wouldn't even buy you a 1-bed (or probably even studio!) flat in the area...... The new bridge sounds good though... Quote Link to comment Share on other sites More sharing options...
Jayne The Payne Posted November 17, 2005 Share Posted November 17, 2005 Again, just to flag a Cambridge related post elsewhere: http://www.housepricecrash.co.uk/forum/ind...ndpost&p=234003 Quote Link to comment Share on other sites More sharing options...
Tonester Posted November 18, 2005 Share Posted November 18, 2005 http://www.cambridge-news.co.uk/news/city/...6c9d690f481.lpf That makes it around 12 significant developments that have/will spring up in central Cambridge starting from 2 years ago, so say all completed within 4 years: Winstanley Court (Cromwell Rd) St Matthew's Gardens (York St) CB1 (near station) The triangle (over Hills Rd bridge) Senses (on river) St Bartholmew's (on river) Reflections? (on river) Coleridge Rd flats (where school used to be) Rustat Rd appartments. (on railway line) Nightingale Gardens (Union Rd) Church Lane (new development north of river) Longworth Avenue (chesterton) Can't really guess on size of each one but it's a clear boom in building that will take away one of the props of house prices. I haven't even mentioned the new town of Cambourne and 2 new towns planned for the area, oh and Arbury Camps development! Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 20, 2005 Share Posted November 20, 2005 Had a quick look at the rentals in and around Cambridge this weekend. The 1 bed flats in the 'Senses' development are being advertised at 750pcm. Now what kind of rental yield is that? Not very good I'd say. Since you can rent a 2 or 3 bed house / apartment for that much in Cambridge (admittedly not right in the centre), I can't see there are going to be that many people who are willing to pay that price either, unless there are loads of people who are desperate to overlook the river. In addition there are LOADS of places to rent in Cambourne, many of them being advertised at overinflated prices (i.e. you can find other properties advertised which are bigger and/or in a better location at cheaper rents). Is this a glut of recent BTL investment, which will struggle to remain profitable, that I'm seeing?! Quote Link to comment Share on other sites More sharing options...
AndrewPap Posted November 20, 2005 Share Posted November 20, 2005 Had a quick look at the rentals in and around Cambridge this weekend. The 1 bed flats in the 'Senses' development are being advertised at 750pcm. Now what kind of rental yield is that? Not very good I'd say. I would say the flats at senses are one bedroom room flats owned by british land who purchased the freehold from wates development circa. 18 months ago, however, if i am wrong then the yield certanly does not make sense!!!! However, where I live (alpha road) seems to be alot of properties sold stc and i appears to all be going through... no eveidence of downturn in my area!!!! Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 21, 2005 Share Posted November 21, 2005 Which bit of town are you in? I do think that, due to the fact it's so 'desirable' there will be parts of Cambridge, with good quality homes, that will be less affected by any crash than others. However, I expect it will be the new builds and ridiculously overpriced flats which will suffer the most. I note that according to the advertising / sales office, there are still flats for sale in Senses - given that the advertised market value for rental these flats is clearly 750pcm (although as I said, you can get better value elsewhere in Cambridge- I expect the real rent will be less, you'd be mad not to negotiate) - i don't suppose there will be any BTLs keen to pay the asking price. FTBs would be mad to buy there unless they want to stay there for the rest of their 25 year mortgage, since as we have such low inflation, it won't erode the debt. Imagine living in a 1-bed flat with your entire family, age 45?!! The mind boggles! Quote Link to comment Share on other sites More sharing options...
AndrewPap Posted November 21, 2005 Share Posted November 21, 2005 Which bit of town are you in? I do think that, due to the fact it's so 'desirable' there will be parts of Cambridge, with good quality homes, that will be less affected by any crash than others. However, I expect it will be the new builds and ridiculously overpriced flats which will suffer the most. I note that according to the advertising / sales office, there are still flats for sale in Senses - given that the advertised market value for rental these flats is clearly 750pcm (although as I said, you can get better value elsewhere in Cambridge- I expect the real rent will be less, you'd be mad not to negotiate) - No one bedroom apartments with the above development are for sale, as they have been purchased by a developer for rental (£750 for one bedroom), so how can you calculate the yield on not knowing the sold price, check your numbers or have I missed something? Take a walk around alpha road and near areas to see what I was saying regarding the STC's boards. Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 21, 2005 Share Posted November 21, 2005 No one bedroom apartments with the above development are for sale, as they have been purchased by a developer for rental (£750 for one bedroom), so how can you calculate the yield on not knowing the sold price, check your numbers or have I missed something? Take a walk around alpha road and near areas to see what I was saying regarding the STC's boards. Why has a developer bought them, when they were being advertised as 'starting from' £325k. Surely, if they could have got this price on the open market, they would have made a much bigger profit doing this?! IMO and the opinion of most other people I know in Cambridge 750pcm for a 1br flat is madness. I bet they don't rent out for that amount at all!! Most people I know these days are making offers on rent - and getting it accepted too. The University is building loads of new accomodation too. Their new build 1br flats rent out for £575pcm I think. Quote Link to comment Share on other sites More sharing options...
AndrewPap Posted November 21, 2005 Share Posted November 21, 2005 Why has a developer bought them, when they were being advertised as 'starting from' £325k. Surely, if they could have got this price on the open market, they would have made a much bigger profit doing this?! IMO and the opinion of most other people I know in Cambridge 750pcm for a 1br flat is madness. I bet they don't rent out for that amount at all!! Most people I know these days are making offers on rent - and getting it accepted too. The University is building loads of new accomodation too. Their new build 1br flats rent out for £575pcm I think. The senses development was by wates who sold the freehold to Birtish land, they decided to let out the one bedrooms apartment, hence why they have not come on to the market (of which I assume is the price point you refer - £750). With regard to student accom. I assume that only students can can the rental value you suggest, although it will decrease the demand, although, the city (of which I refer) is still high for a 1 bedroom professional flat, although cheaper are avlb i admit. I do not foresee a major downturn in Victorian (city areas) houses in the next 12 months or so, or maybe it has already ocurred, from my street 3 houses have broken the street price since June this year... A crash is only relevant if you buy bad...(now maybe the 3 purchased on my street actually have done so!!!) but I agree in basic terms afordabilty in Cambridge does not make sense! The senses development was by wates who sold the freehold to Birtish land, they decided to let out the one bedrooms apartment, hence why they have not come on to the market (of which I assume is the price point you refer - £750). With regard to student accom. I assume that only students can can the rental value you suggest, although it will decrease the demand, although, the city (of which I refer) is still high for a 1 bedroom professional flat, although cheaper are avlb i admit. I do not foresee a major downturn in Victorian (city areas) houses in the next 12 months or so, or maybe it has already ocurred, from my street 3 houses have broken the street price since June this year... A crash is only relevant if you buy bad...(now maybe the 3 purchased on my street actually have done so!!!) but I agree in basic terms afordabilty in Cambridge does not make sense! of which my spelling also does not make sense! Quote Link to comment Share on other sites More sharing options...
ShouldBeWorking Posted November 21, 2005 Share Posted November 21, 2005 With regard to student accom. I assume that only students can can the rental value you suggest, although it will decrease the demand, although, the city (of which I refer) is still high for a 1 bedroom professional flat, although cheaper are avlb i admit. I think the west cambridge flats (JJ Thomson Ave off Madingley Rd) can be rented by postdocs and other non-student people associated with the University. I think there are other restrictions though... I think you can't rent them for more than 2 years in a row (IIRC) for example. Plus the location isn't great and I think the bus doesn't run at the weekend. Quote Link to comment Share on other sites More sharing options...
Pedro Posted November 21, 2005 Share Posted November 21, 2005 The senses development was by wates who sold the freehold to Birtish land, they decided to let out the one bedrooms apartment, hence why they have not come on to the market (of which I assume is the price point you refer - £750). With regard to student accom. I assume that only students can can the rental value you suggest, although it will decrease the demand, although, the city (of which I refer) is still high for a 1 bedroom professional flat, although cheaper are avlb i admit. I do not foresee a major downturn in Victorian (city areas) houses in the next 12 months or so, or maybe it has already ocurred, from my street 3 houses have broken the street price since June this year... A crash is only relevant if you buy bad...(now maybe the 3 purchased on my street actually have done so!!!) but I agree in basic terms afordabilty in Cambridge does not make sense! of which my spelling also does not make sense! If you have a look on nethouseprices.com, the *minimum* price paid for any of the flats in this development is just over £200k (many are more, postcode is CB5 8JF I think, if you're interested), and many are going for ~350k (presumably the 2 or 3 beds). If a developer is getting a highly optimistic £750pcm, then the *maximum* yield they could be getting is 4.5% pa. They might as well open an ING account at that rate. Don't forget about buying/selling costs, maintenance, voids, etc. This is absurd. BTW, as far as I know the University accomodation is open to any member of the university, including postgrads, postdocs, lecturers, and visiting academics. In fact, these apartments are more tailored for graduate / postdocs. The undergrads tend to live in the colleges. All of these groups (i.e. those working at the university) are likely to be the ones who really want to live in the city centre, and are unwilling to go 1-2 miles out to live somewhere bigger. I really can't imagine who would want to live in these 'luxury' flats..... I think the west cambridge flats (JJ Thomson Ave off Madingley Rd) can be rented by postdocs and other non-student people associated with the University. I think there are other restrictions though... I think you can't rent them for more than 2 years in a row (IIRC) for example. Plus the location isn't great and I think the bus doesn't run at the weekend. Ooops, I was posting while you were posting apparently! Quote Link to comment Share on other sites More sharing options...
AndrewPap Posted November 21, 2005 Share Posted November 21, 2005 If you have a look on nethouseprices.com, the *minimum* price paid for any of the flats in this development is just over £200k (many are more, postcode is CB5 8JF I think, if you're interested), and many are going for ~350k (presumably the 2 or 3 beds). If a developer is getting a highly optimistic £750pcm, then the *maximum* yield they could be getting is 4.5% pa. They might as well open an ING account at that rate. Don't forget about buying/selling costs, maintenance, voids, etc. This is absurd. . In fact, these apartments are more tailored for graduate / postdocs. The undergrads tend to live in the colleges. All of these groups (i.e. those working at the university) are likely to be the ones who really want to live in the city centre, and are unwilling to go 1-2 miles out to live somewhere bigger. I really can't imagine who would want to live in these 'luxury' flats..... Ooops, I was posting while you were posting apparently! Are we talking about the same development (Senses) I looked at buying there but then saw the cost, however, not once was a one bed offered for sale or sold to the best of my knowledge. Now at Martin Grant (flats further up the riverside road) they might of sold at that suggested price and would I guess have a similar post code, so are we comparing apples with apples here???? The developer will only be interested in the capital they purchased the freehold not the market price what you or me get offered, therefore, I would assume their yeild will be higher on the apartments that they rent rather than sell. Although, I cannot make sense or jsutification for the £365 or whatever they cost for a town (i mean city) like cambridge or anywhere else but thats the market... we all have a choice... mines not to buy any new builds ever...dont like them and they dont come across as value for money IMO. PS have you seen the quality of the flats (midsummer common) and prices they want for a rental property there, now they are nasty flats but for different reasons. Quote Link to comment Share on other sites More sharing options...
assetpriceinflation Posted November 24, 2005 Author Share Posted November 24, 2005 Cambridge down - 0.3% last month The usual mix of conflicting signals can be found here http://www.cambridge-news.co.uk/news/city/...41db48f0eab.lpf Quote Link to comment Share on other sites More sharing options...
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