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crashmonitor

Massive Grand Ground Floor Apartment £129,950

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This was the former Miner's Home, a grand retreat 3 miles north of Blackpool on the promenade at Bispham.

Boasting cavernous rooms, panelling, high ceilings, private grounds and recent renovation. Just goes to show just how cheap Blackpool has become. This is, of course, the North Shore and should be reasonably free of undesirables.

Certain areas of the North are now so cheap that you would absoluetly not get this quality anywhere else in the world at this price.

Yes the north has had a house price crash.

http://www.rightmove.co.uk/property-for-sale/property-26241630.html?premiumA=true

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Certain areas of the North are now so cheap that you would absoluetly not get this quality anywhere else in the world at this price.

Yes the north has had a house price crash.

http://www.rightmove...l?premiumA=true

Seems to be Admiral Point from result of my searches. It's had some crash, including the one quoted below. Not sure £129,950 is any sort of value, even if it's in one of the nicer parts of Blackpool? Just the froth cleared off? A flat, the service charges ect. Quite a few other owners sat on negative equity?

Sold prices

£135,000 Flat, Leasehold 11 Jun 2010

£425,000 Flat, Leasehold 20 Dec 2005

£236,486 Flat, Leasehold (New Build) 21 Oct 2005

One just gone let-agreed, with price cut to £525pm on RM. http://www.rightmove.co.uk/property-to-rent/property-31915813.html

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With these shared homes in lovely old buldings, I always worry about the liabilities.

Does make you wonder, stately homes rack up repair backlogs running into millions. The whole complex is the size of a stately home. Still for 125K maybe you could put up with the roof leaking and the place eventually falling to bits around you.

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Seems to be Admiral Point from result of my searches. It's had some crash, including the one quoted below. Not sure £129,950 is any sort of value, even if it's in one of the nicer parts of Blackpool? Just the froth cleared off? A flat, the service charges ect. Quite a few other owners sat on negative equity?

Sold prices

One just gone let-agreed, with price cut to £525pm on RM. http://www.rightmove.co.uk/property-to-rent/property-31915813.html

Good find, shows the renovation was done in 2005. Would imagine this was one of the more expensive flats.......but probably not at the 500K level that one had sold.

Edited by crashmonitor

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The service charge/maintenance charge on that place is likely to be a real killer. Maintenance on a listed building like that is not cheap, plus there are grounds to tend, etc.

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The service charge/maintenance charge on that place is likely to be a real killer. Maintenance on a listed building like that is not cheap, plus there are grounds to tend, etc.

Agreed but there is one to rent for £525 a month, so I would think the maintenance/service charge is perhaps £120-£150 a month?

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The service charge/maintenance charge on that place is likely to be a real killer. Maintenance on a listed building like that is not cheap, plus there are grounds to tend, etc.

I did live in an 18th century country house between 2008-11, before my move to Nottingham. We kept the service charge down by running it ourselves and not through an agent. Something like £500 per year on average, with around £1,000 every 5-10 year cycle for exterior painting. There were extensive grounds and woods.

But this one is too big to self-manage and I reckon the service charge would be more like a couple of grand. And the contingent liability on stuff like the roof is always massive.

Edited by crashmonitor

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But this one is too big to self-manage and I reckon the service charge would be more like a couple of grand. And the contingent liability on stuff like the roof is always massive.

Looks like quite a motivated seller:

ClipboardUploaderFile130206089361695364.png

You are probably right about the service charge, but if as has been suggested asking rents are in the £525 range, it suggests that they probably are not building a contingency fund for major maintenance. If the roof or windows need doing, the cost could be horrific.

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I think we have got a bit of a Detroit effect going on in Blackpool.

The seaside holiday industry is in decline as with cars.. there is a massive over-supply of property. Guest houses start from around 20K freehold, so you have to put the grand flat into that context.

40K 9 bed freehold hotel, but I am sure there are many better examples of property that has become worthless Detroit style.......

http://www.rightmove.co.uk/commercial-property-for-sale/property-39599398.html

And one with a 20k reserve..........

http://www.rightmove.co.uk/commercial-property-for-sale/property-41793890.html

Edited by crashmonitor

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The service charge/maintenance charge on that place is likely to be a real killer. Maintenance on a listed building like that is not cheap, plus there are grounds to tend, etc.

Absolutely, although I could get a couple of Grand pianos in the lounge! here I just have a Yamaha keyboard! :huh:

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I think we have got a bit of a Detroit effect going on in Blackpool.

The seaside holiday industry is in decline as with cars.. there is a massive over-supply of property. Guest houses start from around 20K freehold, so you have to put the grand flat into that context.

40K 9 bed freehold hotel, but I am sure there are many better examples of property that has become worthless Detroit style.......

http://www.rightmove.co.uk/commercial-property-for-sale/property-39599398.html

And one with a 20k reserve..........

http://www.rightmove.co.uk/commercial-property-for-sale/property-41793890.html

Yup i agree

ive been watching prices in Blackpool and cannot believe the prices some of the hotels are going for.

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This was the former Miner's Home, a grand retreat 3 miles north of Blackpool on the promenade at Bispham.

Boasting cavernous rooms, panelling, high ceilings, private grounds and recent renovation. Just goes to show just how cheap Blackpool has become. This is, of course, the North Shore and should be reasonably free of undesirables.

Certain areas of the North are now so cheap that you would absoluetly not get this quality anywhere else in the world at this price.

Yes the north has had a house price crash.

http://www.rightmove.co.uk/property-for-sale/property-26241630.html?premiumA=true

Noticed the EPC was done in 2011 so may have been up for sale for longer than the Rightmove listing.

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Seems to be Admiral Point from result of my searches. It's had some crash, including the one quoted below. Not sure £129,950 is any sort of value, even if it's in one of the nicer parts of Blackpool? Just the froth cleared off? A flat, the service charges ect. Quite a few other owners sat on negative equity?

Sold prices

One just gone let-agreed, with price cut to £525pm on RM. http://www.rightmove.co.uk/property-to-rent/property-31915813.html

I dont get why it would go from £235k to £425k...mortgage fraud?

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I dont get why it would go from £235k to £425k...mortgage fraud?

The first purchase was off-plan, so the sale was agreed long before it completed.

So you've got 2 or 3 years of bubble HPI "hidden" + the fact that off-plan often accrued a little discount (at least at early stages of the bubble) due to the inherently high risk of exchanging contracts years before completion.

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The first purchase was off-plan, so the sale was agreed long before it completed.

So you've got 2 or 3 years of bubble HPI "hidden" + the fact that off-plan often accrued a little discount (at least at early stages of the bubble) due to the inherently high risk of exchanging contracts years before completion.

That sounds like how I think it played out too. Stage 1, offplan buyers massively overpaying at mention of a discount. Stage 2, secondary buyers only seeing boom and forever HPI, prepared to pay/borrow much more.

In the listing for the one to rent, it says 'Original Miners Home building'. So that, or stood empty for some time, before the redevelopment.

Some rules I was looking at earlier, for people who live there. Owners and renters.

PDF: http://www.admiralpointblackpool.info/Admiral%20Point%20leaflet090110.pdf

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Pretty standard for any well managed block of flats. Noise and anti-social behaviour can rapidly spiral out of control in these large developments. In up-market developments such as these most residents are keen to avoid descent into a slum, so you will generally find lease agreements with such rules.

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Agreed but there is one to rent for £525 a month, so I would think the maintenance/service charge is perhaps £120-£150 a month?

The flat I have has a supposed service charge of around £1150 every year, and a £525 car parking charge for a space if you want it. This years charge is going to be nearer £1500 with extra works done and lift trouble/general tarting up of the communal areas etc. My flat is BIG and it's approx two thirds (maybe 3/5ths) of the size of the Blackpool one. The service charge could be a lot higher on the Blackpool flat.

the issues would be if major work needs to be done and quite a few of the owners are struggling financially, could be hit with a massive bill (tens of thousands)

Lovely big big flat though. Another thing - if it's electric heating it'll cost a fortune if you feel the cold.

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Yup i agree

ive been watching prices in Blackpool and cannot believe the prices some of the hotels are going for.

Same for Great Yarmouth I think. Probably cannot turn them back into cheap big houses though very easily (?)

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The flat I have has a supposed service charge of around £1150 every year, and a £525 car parking charge for a space if you want it. This years charge is going to be nearer £1500 with extra works done and lift trouble/general tarting up of the communal areas etc. My flat is BIG and it's approx two thirds (maybe 3/5ths) of the size of the Blackpool one. The service charge could be a lot higher on the Blackpool flat.

the issues would be if major work needs to be done and quite a few of the owners are struggling financially, could be hit with a massive bill (tens of thousands)

Lovely big big flat though. Another thing - if it's electric heating it'll cost a fortune if you feel the cold.

Facing directly to the Irish Sea too - that's a very chill Westerly wind in December I can tell thee

Doubt too many locals would want that, wonder if the previous owner was from another part of the country?

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Seems to be Admiral Point from result of my searches. It's had some crash, including the one quoted below. Not sure £129,950 is any sort of value, even if it's in one of the nicer parts of Blackpool? Just the froth cleared off? A flat, the service charges ect. Quite a few other owners sat on negative equity?

Sold prices

One just gone let-agreed, with price cut to £525pm on RM. http://www.rightmove.co.uk/property-to-rent/property-31915813.html

It's probably one of the better parts of the promenade in a quiet bit between Cleveleys and Blackpool. The major drawback is it is just on the illuminations route, right at the start in fact.

As for value, well the refurb with three bathrooms would cost north of 100K for starters. And the cost of building a property of that construction and style today would simply be prohibitive. But that must also mean the contingent liability must be huge too.

Nevertheless, I very much doubt you could find something of that quality at that price in any other country in the world. There is a value of sorts.

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