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The Preacherman

Apartment Been On Market 3 Months And No Viewings Please Help!

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Another gem from MSE. http://forums.moneysavingexpert.com/showthread.php?t=2617811

I put my Apartment on the market 3 months ago at £109950 and have recently dropped the price to £104950. Am I being unfair and expecting some viewings after only 3 months?

I bought the apartment from new at £130000 5 years ago and luckily I had a large deposit to put down at the time. I currently have a mortgage of around £85000. I don't want to drop the price much further as I want to use some of the equity to put into a new place. I have attached a link to the property and would appreciate some feedback, I am not overly happy with the photos that the estate agent took but appreciate how hard it is to actually get photos that show what the property really looks like.

http://www.rightmove.co.uk/property-for-sale/property-26059507.html

The flat is in Middlesbrough and price seems to be the problem.

At least he's got some equity left. I suspect many others in the block have been totally wiped out.

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Ah bless.

Didn't occur to him/her that no one in their right mind will ever BUY a flat shoebox.

Corrected.

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It doesn't help when another 2 bed flat in the same development sold in December 2009 for £80k.......they paid £132k for it in 2006...............you gotta love mouseprice.com.

HE should sell it now for whatever he can get for it before the cuts and drops really kick in and put him in NE......I expect he will chase the market down in his desire to take out some equity!

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Ah bless.

Didn't occur to him/her that no one in their right mind will ever BUY a flat.

I'm not sure that's true. It depends on the type of flat. New build tat is hardly worth a penny. But nice flats in good areas do exist.

Personally my wife and I wouldn't have much use for a house. A flat (with a garden) would suffice. Why should we buy a house when we don't need one?

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Many, many years ago "My Friend" was driving his R5 GT Turbo..........with Koni shocks, soft tyres etc. "My Friend" is on his fav B road he looks in his mirror & a nob in Vauxhall Cav is coming up behind at full tilt. "My friend" is NOT speeding but a wonderful & differcult coner is coming up. "My friend" ups his GT Turbo up to 75 ish near the max before it starts to understeer.

He rounds it ok, but is shocked to see the Cav is going into the bend FASTER than his R5 GT Turbo could!............as he looks he can see its just a F*cking 1.6 or 1.8 LX.....He thinks "Is this Senna?"............Then the Cav leaps into MEGA understeer, you could see the bone hard NON low profile trying to peel itsself off the rim......then he understeers across the road & hits the side of a builders skip.

Wing mirror torn off broken side glass & not a stright panel left on the drivers side!

I ......"My freind"... can still remember the look of Horror & awe in the drivers (40 something sales rep) face........& the puzzlement to how/why the GT Turbo sailed round & he didn't !

I think we here on HPC are all R5 GT Turbo drivers!

;)

Mike

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Many, many years ago "My Friend" was driving his R5 GT Turbo..........with Koni shocks, soft tyres etc. "My Friend" is on his fav B road he looks in his mirror & a nob in Vauxhall Cav is coming up behind at full tilt. "My friend" is NOT speeding but a wonderful & differcult coner is coming up. "My friend" ups his GT Turbo up to 75 ish near the max before it starts to understeer.

He rounds it ok, but is shocked to see the Cav is going into the bend FASTER than his R5 GT Turbo could!............as he looks he can see its just a F*cking 1.6 or 1.8 LX.....He thinks "Is this Senna?"............Then the Cav leaps into MEGA understeer, you could see the bone hard NON low profile trying to peel itsself off the rim......then he understeers across the road & hits the side of a builders skip.

Wing mirror torn off broken side glass & not a stright panel left on the drivers side!

I ......"My freind"... can still remember the look of Horror & awe in the drivers (40 something sales rep) face........& the puzzlement to how/why the GT Turbo sailed round & he didn't !

I think we here on HPC are all R5 GT Turbo drivers!

;)

Mike

What a bizzare little story.

Edited by TylerDurden

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Since most of Mega's post seem to sneer at or are about cars ,i.e. Evos / 4x4 etc, I'm wondering at his real age. :ph34r:

On the flat thread, I wouldn't say no-one will buy one. They have their uses. I bought one in 1998 for £35k when I worked away 4 nights a week. Gardening done by l/l, low overheads etc. Being a leaseholder got to me a bit though. I lived in it til 2007 when I was at home more. Sold for £90k and sank equity into a house, unfortunately discovering this site 6 months later. :(

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Since most of Mega's post seem to sneer at or are about cars ,i.e. Evos / 4x4 etc, I'm wondering at his real age. :ph34r:

On the flat thread, I wouldn't say no-one will buy one. They have their uses. I bought one in 1998 for £35k when I worked away 4 nights a week. Gardening done by l/l, low overheads etc. Being a leaseholder got to me a bit though. I lived in it til 2007 when I was at home more. Sold for £90k and sank equity into a house, unfortunately discovering this site 6 months later. :(

I always enjoyed my cars & bikes but i hated the last 10 years of total assh*les getting good cars........pennyless getting "given" top of the range kit via loans & or Lease hire.........one thing is cert, thedays of that are fast drawing to an end!

Mike

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In what way?

Having to stump up for 'painting the doors' every 3 years, new fence panels when they seemd OK to me, and the intrusiveness and implied serfdom. Having a shared garden was better than none but it's not 'yours.'

I didn't get particularly ripped off, it was a block of only 4 flats, purpose built in the 80s, annual charge between £300 and £500, not like the thousands I hear about. It's better to be a freeholder if you can.

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I always enjoyed my cars & bikes but i hated the last 10 years of total assh*les getting good cars........pennyless getting "given" top of the range kit via loans & or Lease hire.........one thing is cert, thedays of that are fast drawing to an end!

Mike

+1 agree 100% ... and btw I was a Golf MkII 16v driver and loved playing with the R5s

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My mate Ben had one, found the brakes were crap i couldn't get him to go to A P Racing.....Al had a Mark 1 MR2 but his Dad got him the supercharger for it.......

Mike

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The flat is in Middlesbrough and price seems to be the problem.

At least he's got some equity left. I suspect many others in the block have been totally wiped out.

That flat's got a 60K vibe going on. :(

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That flat's got a 60K vibe going on. :(

Well, as a minimum, I would have thought that the whole of the seller's initial equity (£45k) has gone down the pan. These new build flats were ramped like mad, same thing happening in Leeds and Manchester.

Edited by Bootsox

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I agree. I was all set to tell you guys to stop being so harsh, but there's no way that box is worth £100,000.

Depending on area, 70k max and that's only because its decorated fairly well.

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Message for the bulls.

many "average" houses are sold to chain buyers.

chains may well start at the type of property in the OP. ie, they HAD equity, now they think they have, but cant sell to realise it.

the route of BTL'ing and mewing the above to release the equity is gone.

if the bottom rung cant maintain ITS equity, which provides the 25% REQUIRED by many lenders, then the next rung wont be able to either.

The bull trap is over...it ended after a very poor Spring Bounce. We are now in the slow times for the housing market next normal spurt would be September for the "in by Christmas" brigade.

the point is, housing equity, and therefore deposits, are disappearing fast. People will soon be rediscovering that Debt is Not Wealth.

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Many, many years ago "My Friend" was driving his R5 GT Turbo..........with Koni shocks, soft tyres etc. "My Friend" is on his fav B road he looks in his mirror & a nob in Vauxhall Cav is coming up behind at full tilt. "My friend" is NOT speeding but a wonderful & differcult coner is coming up. "My friend" ups his GT Turbo up to 75 ish near the max before it starts to understeer.

He rounds it ok, but is shocked to see the Cav is going into the bend FASTER than his R5 GT Turbo could!............as he looks he can see its just a F*cking 1.6 or 1.8 LX.....He thinks "Is this Senna?"............Then the Cav leaps into MEGA understeer, you could see the bone hard NON low profile trying to peel itsself off the rim......then he understeers across the road & hits the side of a builders skip.

Wing mirror torn off broken side glass & not a stright panel left on the drivers side!

I ......"My freind"... can still remember the look of Horror & awe in the drivers (40 something sales rep) face........& the puzzlement to how/why the GT Turbo sailed round & he didn't !

I think we here on HPC are all R5 GT Turbo drivers!

;)

Mike

Brings back memories of the R5 Turbo Raider I got as my first company car. Was slow now though in comparison to the current hot hatches but seemed like a supercar to me at the time.

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Another gem from MSE. http://forums.moneysavingexpert.com/showthread.php?t=2617811

The flat is in Middlesbrough and price seems to be the problem.

At least he's got some equity left. I suspect many others in the block have been totally wiped out.

£130k for a flat. In Middlesbrough.

I think that perhaps he should take the simple step of searching for property in that price range, in postcode TS5, on Rightmove. And that given the choice between a 3 bed semi with garage and decent sized rooms - with headroom! - and a pokey 2 bed flat with service charges, the house might get a bit more interest.

The flat would be fine for a single person in their first proper job, perhaps earning £20k. Hence max 60k mortgage plus a maximim 10k deposit = £70k. If it's a nice place..

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OK, I've been up all night and maybe it's tiredness that's affecting my take on this, but if this person paid £130,000 for this flat and they're selling it for less than £105,000, how can they have any equity? Surely they're well into NE by now?

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OK, I've been up all night and maybe it's tiredness that's affecting my take on this, but if this person paid £130,000 for this flat and they're selling it for less than £105,000, how can they have any equity? Surely they're well into NE by now?

I thought they had £85K left on the loan.

what theyve lost is their "investment capital". and the interest. and the opportunity cost. and the legal and agents fees.

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