The Masked Tulip Posted August 10, 2011 Share Posted August 10, 2011 A property developer who secured the £1 million apartment on the 26th floor of the 350ft Meridian Tower in Swansea Marina five years ago has been forced to find a buyer after being caught up in the global financial crisis. The apartment, which has never been lived in, is now being marketed by city estate agents Dawsons with offers being accepted over £1 million. Dawsons partner Chris Hope said: "The existing owner bought it from the original launch."He has, like lots of people, been caught up in the financial crisis. At the moment he is unable to complete it and he is asking us to find a buyer. "He is a property developer and his income comes from property. "He has various properties and quite a large portfolio." Building work started on the Meridian Tower in 2006 and there are now 30 units out of the original 291 which are still to be sold. http://www.thisissouthwales.co.uk/cost-high-living-cool-pound-1m/story-13102702-detail/story.html Odd that he has still not completed when the tower has had people living in it for over 20 months if not longer? This is interesting as I cannot recall any flat in that tower being anywhere near a million pounds when people bought them off-plan. I was told that the highest figure paid was about 600K and I was told that those who bought off-plan before the tower was built allegedly getting them for much less. There have been loads of rumours in Swansea off people who bought them off-plan intending to flip them and make a profit being unable to sell and trying to take legal action against completing. I have heard rumours of people losing their main home in order to buy the flat in the tower they signed up for. All rumours of course. So I wonder what is going on here? Property developer, wants a million for his flat in the tower? A million seems awfully steep IMPO. What happens if he does not get his million? Perhaps we are about to see some nice drops in prices in Swansea. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 10, 2011 Author Share Posted August 10, 2011 If he cannot complete but is trying to find a buyer, presumably he has exchanged contracts. Quote Link to comment Share on other sites More sharing options...
hankdd Posted August 11, 2011 Share Posted August 11, 2011 (edited) Very odd but even stranger is why the screen hasn't gone Eric mental with LIAR LOANS banners, , Hope he Is ok? That's the problem with forums; the cats could be eating him or he could be on a Sunshine coach to Prestayn holding a baloon, we would never know. Edited August 11, 2011 by hankdd Quote Link to comment Share on other sites More sharing options...
200p Posted August 11, 2011 Share Posted August 11, 2011 The sale of £1m flats will be a rare thing from now on. Quote Link to comment Share on other sites More sharing options...
Snugglybear Posted August 11, 2011 Share Posted August 11, 2011 Very odd but even stranger is why the screen hasn't gone Eric mental with LIAR LOANS banners, , Hope he Is ok? That's the problem with forums; the cats could be eating him or he could be on a Sunshine coach to Prestayn holding a baloon, we would never know. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted August 11, 2011 Share Posted August 11, 2011 (edited) I wouldn't pay a million for all of Swansea I remember going to the leisure centre as a child before they built the pool at the Bridgend rec. Ooo, it had a slide! Edited August 11, 2011 by daiking Quote Link to comment Share on other sites More sharing options...
bewildered_renter Posted August 11, 2011 Share Posted August 11, 2011 If he cannot complete but is trying to find a buyer, presumably he has exchanged contracts. I think that's how it works when you buy off plan. You don't have to come up with the full finances until the flat is ready, but you're still in it for the original price at the time you signed off-plan. These cases can rumble on for a while, and some have attempted legal challenges. Incidentally, a month or so ago helped a guy who was moving in to the building I'm in in Cardiff. I'd heard there were 20-30 of the flats still unsold (out of 160). He was having trouble with his phone line. The flat looked absolutely pristine. Anyway, it turned out that the phone had never been connected, so extrememly likely the flat had never been lived in. That's 4 years after work was completed here. Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted August 11, 2011 Share Posted August 11, 2011 (edited) £1m in Swansea. Forgive me, but I cannot compute. Sure, it's an OK town and all but would anyone with that kind of dough really make Swansea their first choice? And, if you had a lot more free cash - would you make it your second or third home given that you basically could choice anywhere in the world? Apparently not. Edited August 11, 2011 by StainlessSteelCat Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted August 11, 2011 Share Posted August 11, 2011 £1m in Swansea. Forgive me, but I cannot compute. Sure, it's an OK town and all but would anyone with that kind of dough really make Swansea their first choice? And, if you had a lot more free cash - would you make it your second or third home given that you basically could choice anywhere in the world? Apparently not. Luxury living for Londeners who enjoy spending their Friday evenings and Sunday stuck on the M4/GWR.. Or the hordes of highly paid young professionals for which Swansea is famed. They could, of course, go a few hundred yards across the road to Port Tennant and get a 2 bed house with a garden for about a tenth of the price, but on the other hand there would be less stainless steel. Swings and roundabouts. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 11, 2011 Share Posted August 11, 2011 "A property developer who secured the £1 million" I had to re-read that...I thought it said £1 Which would be a fair price for a flat in Swansea. Quote Link to comment Share on other sites More sharing options...
200p Posted August 11, 2011 Share Posted August 11, 2011 (edited) Reverse Psychology and deception at work. Ah it's a firesale, so therefore it must be a bargain now! I'll offer £1.1m! They just hope the footballer/russian billionaire hasn't seen the sold prices. Edited August 11, 2011 by Money Spinner Quote Link to comment Share on other sites More sharing options...
Redback911 Posted August 11, 2011 Share Posted August 11, 2011 "A PENTHOUSE pad in Wales's tallest tower has become the latest victim of the credit crisis." Rather misleading as its not really a penthouse (top floor living by definition). It may be the highest apartment in the block but there are a three further floors above which happen to be a pub and restaurant. Plus you may also be sharing your lift with them as well. Also a penthouse should be larger with unique facilities than the other flats, not really sure that a "fully functioning kitchen" really sets it apart from the rest. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted August 11, 2011 Share Posted August 11, 2011 Swansea are in the premier league!! Had you all forgot? Quote Link to comment Share on other sites More sharing options...
@contradevian Posted August 11, 2011 Share Posted August 11, 2011 I think that's how it works when you buy off plan. You don't have to come up with the full finances until the flat is ready, but you're still in it for the original price at the time you signed off-plan. These cases can rumble on for a while, and some have attempted legal challenges. Incidentally, a month or so ago helped a guy who was moving in to the building I'm in in Cardiff. I'd heard there were 20-30 of the flats still unsold (out of 160). He was having trouble with his phone line. The flat looked absolutely pristine. Anyway, it turned out that the phone had never been connected, so extrememly likely the flat had never been lived in. That's 4 years after work was completed here. <offtopic>Quite normal if the flats are BTL. Why be saddled with a BT contract on a six month AST? Most of my neighbours use 3G for broadband and its now faster than fixed broadband </offtopic> Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 11, 2011 Author Share Posted August 11, 2011 Reverse Psychology and deception at work. Ah it's a firesale, so therefore it must be a bargain now! I'll offer £1.1m! They just hope the footballer/russian billionaire hasn't seen the sold prices. Hang on, if you are going to offer 1.1 million, I'd better get in with a 1.2 million offer! Or we could strip naked, oil our bodies and fight it out on the roof of the tower with giant cotton buds!? Quote Link to comment Share on other sites More sharing options...
Pezerinno Posted August 11, 2011 Share Posted August 11, 2011 £1m in Swansea. Forgive me, but I cannot compute. Sure, it's an OK town and all but would anyone with that kind of dough really make Swansea their first choice? And, if you had a lot more free cash - would you make it your second or third home given that you basically could choice anywhere in the world? Apparently not. There is a penthouse apartment here in Portsmouth for sale at £4m (!) who has that sort of money to spend on a place in Portsmouth? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 11, 2011 Author Share Posted August 11, 2011 There is a penthouse apartment here in Portsmouth for sale at £4m (!) who has that sort of money to spend on a place in Portsmouth? I think such things are about driving up the market in a given area. You buy a property for X amount, then other properties get ramped up because a rich person - you - have moved in and in 18 or 24 months you flog your own property for more than you bought it because you basically drove up prices in the area. That is the only reason I can think why rich people buy stuff in pretty grotty areas compared to tropical islands or the South of France, etc. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted August 11, 2011 Share Posted August 11, 2011 Is it not just a developer involved in developing that project? Quote Link to comment Share on other sites More sharing options...
Venger Posted August 13, 2011 Share Posted August 13, 2011 Can't see it on Rightmove but the '£1m' penthouse listing details are here. http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=8544381 Quote Link to comment Share on other sites More sharing options...
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