Tenubracon Posted December 1, 2010 Author Share Posted December 1, 2010 Cheers - yes, I saw that today and thought my post on here might get flagged up It's a fair cop and has to be "good news" but I'm afraid these sort of events are only small mercies as far as I'm concerned... I want that house to sit there unsold for a while and then for me to be able to buy it at no more than 90% of the current asking price. In the context of a HPC that doesn't seem much to ask, but unfortunately it truly isn't very likely at the moment in Eastbourne. It's back under offer again! Will they, won't they ... It's like that Gold Blend coffee advert. I was looking through houses from £550k downwards and not many of them have sold, or are even under offer. A few reductions, but most seller sare just sitting waiting for 'the right buyer'. This one's been on for just over a year with no reductions: http://www.rightmove.co.uk/property-for-sale/property-13795068.html Big falls haven't happened yet, but it's only a matter of time. Quote Link to comment Share on other sites More sharing options...
non frog Posted December 1, 2010 Share Posted December 1, 2010 .....these imbeciles are buying at peak prices halfway through the biggest house price crash in UK history.... LOL [Winston Churchill] Never, in the history of real estate, have so many, paid so much, for so little. [/Winston Churchill] Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted December 7, 2010 Author Share Posted December 7, 2010 It's back under offer again! Will they, won't they ... It's like that Gold Blend coffee advert. I was looking through houses from £550k downwards and not many of them have sold, or are even under offer. A few reductions, but most seller sare just sitting waiting for 'the right buyer'. This one's been on for just over a year with no reductions: http://www.rightmove.co.uk/property-for-sale/property-13795068.html Big falls haven't happened yet, but it's only a matter of time. And available again ... I've just done a search on houses at what I consider to be the higher end (£550k and below). My main impression is that there has been very little recent activity of any kind, except for the odd price cut. Those that show as sold or under offer have mostly has that status for a month or two at least. This seems to indicate a frozen market, and there's certainly not a restricted supply. Lower down, (250k and under), lots is coming back onto the market and there are loads of cuts. I went to view a place a couple of weeks ago, and the EA has chased me up a couple of times, despite me telling them I'm not interested at the price. Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted December 7, 2010 Author Share Posted December 7, 2010 Surprised to see you're viewing properties Tenubracon....though probably not as much as the local EAs are! (Bet a lot of them have become "Solitaire" champs on their computers over the last month)....I hope for the sake of your wallet though that you are going to sit out the whole of 2011?! It was a one off, my wife wanted to view it because it does look like relatively good value. Until you realise that there's a ton of work to do and the vendor has previously refused to negotiate the price down. My wallet will be remaining firmly in my pocket for a while yet! Quote Link to comment Share on other sites More sharing options...
brix Posted December 22, 2010 Share Posted December 22, 2010 This was one of the areas we looked at a couple of years back (as it has a half decent marina). I have to admit my incomprehension at the massive new build estates that end of town near the Tescos and retail park. Can any of you locals tell me what it is that people do? I'm not aware of any industry in the area and its a fair trek to London on the train (had a colleague that did it though - hour and a half each way - nutter). How on earth do people buy quarter mill houses? Going to be fun in a few years time when the sea comes into the Sovereign Harbour development. You all have probably seen there is a large proportion of the luxury 5 storey town houses at HamiltonQuay on the market with prices starting at £599k which is way below the purchase price when new 3 yrs ago. It's not necessary to panic however as the water will probably only come up to the bottom 2 or 3 levels. http://www.rightmove.co.uk/property-for-sale/property-27757030.html Love this thread. Keep them coming. Quote Link to comment Share on other sites More sharing options...
CviewUK Posted December 22, 2010 Share Posted December 22, 2010 You all have probably seen there is a large proportion of the luxury 5 storey town houses at HamiltonQuay on the market with prices starting at £599k which is way below the purchase price when new 3 yrs ago. It's not necessary to panic however as the water will probably only come up to the bottom 2 or 3 levels. http://www.rightmove.co.uk/property-for-sale/property-27757030.html Love this thread. Keep them coming. Notice of offer 28 Dominica Court ,Sovereign Harbour, Eastbourne. We advise that an offer has been made for the above property in the sum of £169,950. This property is a three bedroom flat. It was built in 2003. It has been given an estimated current value, which is displayed above by the Mouseprice.com valuation system. According to Land Registry records the property has sold once since April 2000 on 03/12/2003 for £285,000. Quote Link to comment Share on other sites More sharing options...
GordonGreer Posted December 26, 2010 Share Posted December 26, 2010 Thought I'd start a thread covering Eastbourne. I'm seeing a few reductions, lots of under offers and SSTCs falling through and some frankly insane pricing, Also, I've been keeping my eye on this one: http://www.rightmove.co.uk/property-for-sale/property-31516571.html I posted it on the main forum, but here it is again in all its glory. Was on earlier this year for £250,000, has been done up (new kitchen, lick of paint) and now yours for £375,000, just increased from £365,000 because it obviously wasn't attracting the right kind of buyer. It's in Meads, which is the nicest area of Eastbourne, but it sticks out like a sore thumb from the nice victorian houses that surround it (and the tower you can see in the pics). It's been under offer once, but came back on today. I don't know quite why, but I see this house as a barometer of sentiment, so if it sells for anywhere near asking, I'll probably give up! Please add anything of interest... Sorry to report that it's time to give up... that box is SSTCEven during snowy December, on my search list several other houses have also sold and there have been no reductions. On the plus side, the expected 10% off next year would obviously make it correct to keep renting but not sure Mrs G will be happy to wait. Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted December 26, 2010 Author Share Posted December 26, 2010 Sorry to report that it's time to give up... that box is SSTC Even during snowy December, on my search list several other houses have also sold and there have been no reductions. On the plus side, the expected 10% off next year would obviously make it correct to keep renting but not sure Mrs G will be happy to wait. Just goes to show the effect of location. Despite the photos, it is a very nice area, where most houses are at least 500-600k (large victorian). However, I have seen loads of price cuts and things coming back on the market, so it may be that the area / price bracket you're looking in is the exception. Quote Link to comment Share on other sites More sharing options...
CviewUK Posted December 27, 2010 Share Posted December 27, 2010 Notice of offer 28 Dominica Court ,Sovereign Harbour, Eastbourne. We advise that an offer has been made for the above property in the sum of £169,950. This property is a three bedroom flat. It was built in 2003. It has been given an estimated current value, which is displayed above by the Mouseprice.com valuation system. According to Land Registry records the property has sold once since April 2000 on 03/12/2003 for £285,000. A loss of £115k over seven years before any costs. http://www.rightmove.co.uk/property-for-sale/property-17107269.html?premiumA=true Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted January 5, 2011 Author Share Posted January 5, 2011 There are still some seriously deluded people out there ... http://www.rightmove.co.uk/property-for-sale/property-28100014.html A pokey council terrace was on at 199, but they've just put it back up to 214. That'll help. Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted January 6, 2011 Author Share Posted January 6, 2011 There are still some seriously deluded people out there ... http://www.rightmove.co.uk/property-for-sale/property-28100014.html A pokey council terrace was on at 199, but they've just put it back up to 214. That'll help. An almost identical house is on at 225. They are all nuts. http://www.rightmove.co.uk/property-for-sale/property-28835077.html Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted January 7, 2011 Author Share Posted January 7, 2011 My daily Rightmove search today revealed a huge number of commercial properties, mostly hotels, that were all put on the site at the same time. Either someone is dumping a very large portfolio or the agents are relisting it all to lose the history. Interesting ... Quote Link to comment Share on other sites More sharing options...
GordonGreer Posted January 7, 2011 Share Posted January 7, 2011 My daily Rightmove search today revealed a huge number of commercial properties, mostly hotels, that were all put on the site at the same time. Either someone is dumping a very large portfolio or the agents are relisting it all to lose the history. Interesting ... Looks like Reid & Dean relisting...My search of Eastbourne and the surrounding area (a "Drawn Area" bordered approximately by Seaford, East Hoathly, Catsfield and Pevensey) reveals one house added in the last 14 days (houses £425-550K) and no reductions for quite some time... Stagnation and stand-off are the watchwords. Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted January 7, 2011 Author Share Posted January 7, 2011 My search of Eastbourne and the surrounding area (a "Drawn Area" bordered approximately by Seaford, East Hoathly, Catsfield and Pevensey) reveals one house added in the last 14 days (houses £425-550K) and no reductions for quite some time... Stagnation and stand-off are the watchwords. If yo udo a search of the last 24 hrs with no price limits, there are 8 cuts. Not exactly stagnation. The section of the market you are looking at is less fluid, it's true, but then over the last 14 days most people had xmas / new year on their minds and the EAs were shut! Quote Link to comment Share on other sites More sharing options...
GordonGreer Posted January 8, 2011 Share Posted January 8, 2011 If you do a search of the last 24 hrs with no price limits, there are 8 cuts. Not exactly stagnation. The section of the market you are looking at is less fluid, it's true, but then over the last 14 days most people had xmas / new year on their minds and the EAs were shut! Yes, interesting to see that. Looking in the £160K to £250K bracket then I agree that the situation is more encouraging in terms of it starting to look more like a "buyers' market". Hopefully that will feed through and become more the case where I'm looking. My crumbs of comfort remain small - pleased to see this sale falling through though... http://www.rightmove.co.uk/property-for-sale/property-27454039.html A lot of money for a smallish house and garden that the owner built in the garden of their original house... Quote Link to comment Share on other sites More sharing options...
GordonGreer Posted January 8, 2011 Share Posted January 8, 2011 Did your branch make many sales over the Christmas period? No - unfortunately the bad weather put paid to that. Not too worried though as I fully expect strong sales in the coming months. We have plenty of well-placed buyers waiting on our books and any half decent family homes should soon be flying off the shelves again. Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted January 8, 2011 Author Share Posted January 8, 2011 No - unfortunately the bad weather put paid to that. Not too worried though as I fully expect strong sales in the coming months. We have plenty of well-placed buyers waiting on our books and any half decent family homes should soon be flying off the shelves again. Why do you think that? There are loads of decent family homes already on the market which have not flown off the shelves. What's changed in the new year? As for the weather, we only had a week of snow here at the most, so you can't really blame that! Quote Link to comment Share on other sites More sharing options...
GordonGreer Posted January 8, 2011 Share Posted January 8, 2011 Why do you think that? There are loads of decent family homes already on the market which have not flown off the shelves. What's changed in the new year? As for the weather, we only had a week of snow here at the most, so you can't really blame that! Sorry Ten. I was replying tongue-in-cheek to Hat's slightly bizarre suggestion that I must be an estate agent because I'm not toeing the party line of impending doom and great opportunities for canny STRs... Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted January 8, 2011 Author Share Posted January 8, 2011 (edited) Sorry Ten. I was replying tongue-in-cheek to Hat's slightly bizarre suggestion that I must be an estate agent because I'm not toeing the party line of impending doom and great opportunities for canny STRs... Ah, OK. I'm quite new here, you see, so I'm still not quite sure who's who ... Edited January 8, 2011 by Tenubracon Quote Link to comment Share on other sites More sharing options...
GordonGreer Posted January 10, 2011 Share Posted January 10, 2011 Interesting to see this one come onto the market today... http://www.rightmove.co.uk/property-for-sale/property-32126063.html Given the circumstances ("planned for retirement") seems like it might be a reaction to negative press about future price expectations. I think that sentiment about longer term prices will be quite influential in the local market in that it will no longer make any sense for people inheriting houses to hold onto them "until prices go up again" as that could mean a very long time waiting. Good news from Halifax today - in theory the type of house I want to buy should cost me about £12K less (taking into account interest payments) now than it would have done a month ago and about £50K less than six months ago. These are obviously significant sums and make patience very much a virtue (however, anything less than 0.5% down next month too will have me discouraged again... ) Quote Link to comment Share on other sites More sharing options...
GordonGreer Posted January 20, 2011 Share Posted January 20, 2011 Early days of course but the first 3 weeks of 2011 have so far contained only positive news. In my search bracket (£425K-£550K) there have been several houses being relisted either after sales have fallen through, prices been reduced or just returning after being taken off over Christmas period. And none of these have so far been "snapped up". The key will obviously be to monitor when and for how much these places sell. As a generalisation they still start with asking prices around the 2007 peak levels that were being achieved again last summer. A 10% reduction brings them to somewhere sensible in regard to the pre-Christmas new reality and a further 10% usually brings them to a place where I'd consider buying (i.e. around 20% off peak nominal and 30%+ down in real wage terms). Last year, at every turn right through until December, I was continually disappointed by my "bellwether" houses going under offer seemingly without much trouble. I desperately want it to be different this year... The first house highlighted by Tenubracon on this thread http://www.rightmove.co.uk/property-for-sale/property-31875017.html has just been reduced from £575K down to £500K... will it sell at that price now? this place http://www.rightmove.co.uk/property-for-sale/property-17860146.html was on before Christmas, taken off and now has been "re-launched"... but, incredibly, at the same ludicrously inflated price - the current correct value for the house (based on sold prices in the same area) is somewhere around £450K - assuming you could find someone keen and/or a bit gullible who isn't wanting to factor in at all the imminent further drops... there are now quite a few properties on the market (92 between £425K and £550K) in the Eastbourne area that have not sold at their current price... I get a sense that the stand-off is coming to an end and we will get a feel quite soon for whether this year could provide a decent buying opportunity or whether there is still enough air in the bubble to make it a stupid time to buy Quote Link to comment Share on other sites More sharing options...
Tenubracon Posted January 20, 2011 Author Share Posted January 20, 2011 (edited) My search of Eastbourne and the surrounding area (a "Drawn Area" bordered approximately by Seaford, East Hoathly, Catsfield and Pevensey) reveals one house added in the last 14 days (houses £425-550K) and no reductions for quite some time... Stagnation and stand-off are the watchwords. Looks like the part of the market you're interested in is starting to fail. This one has been relisted to conceal that fact that it 'sold' late last year. I saw the old listing just a few days ago, but it's gone now: http://www.rightmove.co.uk/property-for-sale/property-17860146.html This one has a £50k drop and it's only been on since December: http://www.rightmove.co.uk/property-for-sale/property-31875017.html Another one back from under offer: http://www.rightmove.co.uk/property-for-sale/property-31517294.html?premiumA=true This 'sold' last year, but they relisted it. Strange!: http://www.rightmove.co.uk/property-for-sale/property-17843091.html Edited January 20, 2011 by Tenubracon Quote Link to comment Share on other sites More sharing options...
GordonGreer Posted January 20, 2011 Share Posted January 20, 2011 Looks like the part of the market you're interested in is starting to fail. This one has been relisted to conceal that fact that it 'sold' late last year. I saw the old listing just a few days ago, but it's gone now: http://www.rightmove.co.uk/property-for-sale/property-17860146.html This one has a £50k drop and it's only been on since December: http://www.rightmove.co.uk/property-for-sale/property-31875017.html Another one back from under offer: http://www.rightmove.co.uk/property-for-sale/property-31517294.html?premiumA=true This 'sold' last year, but they relisted it. Strange!: http://www.rightmove.co.uk/property-for-sale/property-17843091.html yes, those 4 are right on my radar and are amongst the most significant for me at the moment... (the first 2 I highlighted in my post above yours and the other 2 are also of interest - The Butts Lane one looks lovely but is very small and I think fits in with my analysis that to be happyish buying I'd want 20% off asking price...)the others of interest (also mentioned previously on this thread) include the mediterranean style house on Willingdon Road and the newly built houses on Denton Road, Church Street and Rattle Road... not that I want to buy these but I think the vendors are holding out for high prices and it will be interesting to see if they get them in the next couple of months or not... Quote Link to comment Share on other sites More sharing options...
brix Posted January 21, 2011 Share Posted January 21, 2011 Early days of course but the first 3 weeks of 2011 have so far contained only positive news. In my search bracket (£425K-£550K) there have been several houses being relisted either after sales have fallen through, prices been reduced or just returning after being taken off over Christmas period. And none of these have so far been "snapped up". The key will obviously be to monitor when and for how much these places sell. As a generalisation they still start with asking prices around the 2007 peak levels that were being achieved again last summer. A 10% reduction brings them to somewhere sensible in regard to the pre-Christmas new reality and a further 10% usually brings them to a place where I'd consider buying (i.e. around 20% off peak nominal and 30%+ down in real wage terms). Last year, at every turn right through until December, I was continually disappointed by my "bellwether" houses going under offer seemingly without much trouble. I desperately want it to be different this year... The first house highlighted by Tenubracon on this thread http://www.rightmove.co.uk/property-for-sale/property-31875017.html has just been reduced from £575K down to £500K... will it sell at that price now? this place http://www.rightmove.co.uk/property-for-sale/property-17860146.html was on before Christmas, taken off and now has been "re-launched"... but, incredibly, at the same ludicrously inflated price - the current correct value for the house (based on sold prices in the same area) is somewhere around £450K - assuming you could find someone keen and/or a bit gullible who isn't wanting to factor in at all the imminent further drops... there are now quite a few properties on the market (92 between £425K and £550K) in the Eastbourne area that have not sold at their current price... I get a sense that the stand-off is coming to an end and we will get a feel quite soon for whether this year could provide a decent buying opportunity or whether there is still enough air in the bubble to make it a stupid time to buy Quote Link to comment Share on other sites More sharing options...
brix Posted January 23, 2011 Share Posted January 23, 2011 I also am sitting in temporary accomodation waiting for the right 4 bed + big plot house to come along in Eastbourne at the right price. This one http://www.rightmove.co.uk/property-for-sale/property-28403401.html has already been posted here, but this week's Herald has the notice saying "we have received an offer of £465k". It is a re-possession with some internal trashing and seems very dear to me. What do you think? Quote Link to comment Share on other sites More sharing options...
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