Jump to content
House Price Crash Forum
Sign in to follow this  
2buyornot2buy

Flipping

Recommended Posts

I see flipping has returned to the market. I'm noticing this a bit.

N.I. careating "wealth" the way it does it best.

Wonder why they went with the obscure agent.

http://www.propertypal.com/11-myrtlefield-manor-1-myrtlefield-park-malone-road-belfast/264875#

http://c1415082.r82.cf3.rackcdn.com/TRLTRL67711/TRLTRL67711-1.pdf

Prob went to obscure agent to avoid percentage of sale price the 'big boys' charge.

Couple of agents only charge a fixed fee, for that you get photos, and online advertising.

Speculators always looking for a bargain, and whatever you think, sub 150 for a 3 bed apartment in that location is a gamble I'd have quickly taken if I had the spare cash.

If they can get close to asking good for them.

The HPC and the apparent levelling of the current market hasn't made housing cheaper for the majority of the masses for long, but it will make investors a tidy profit.

Share this post


Link to post
Share on other sites

If they can get close to asking good for them.

The HPC and the apparent levelling of the current market hasn't made housing cheaper for the majority of the masses for long, but it will make investors a tidy profit.

Yes and interest rates are back to their historic norms. All is well.

Oh wait a minute...

Edited by 2buyornot2buy

Share this post


Link to post
Share on other sites

Looks like we have another flipper.

http://www.propertypal.com/north-parade-belfast/277307/photo-15

http://webcache.googleusercontent.com/search?q=cache:j56jppvLDxIJ:www.hamptonestates.co.uk/29-north-parade-ormeau-road-belfast/245279+&cd=2&hl=en&ct=clnk&gl=de

Really hope the developer here is paying income tax on this.

Still it's how N.I. makes it "wealth".

29 North Parade Belfast

Edited by 2buyornot2buy

Share this post


Link to post
Share on other sites

Another canny local "creating" some wealth

http://www.propertynews.com/Property/Belfast/TRLTRL68436/688-Ravenhill-Road/

688 Ravenhill Road.

Bought for £85,000 I believe.

http://www.templetonrobinson.co.uk/images/property/174/TRLTRL68436/TRLTRL68436-1.pdf

£225,000 premium.

As you can see from the pics on the material you supplied there has been a complete renovation on that property. Im sure the sale at £85k was open to anybody.

Share this post


Link to post
Share on other sites

As you can see from the pics on the material you supplied there has been a complete renovation on that property. Im sure the sale at £85k was open to anybody.

Anybody with £85k cash.

Did you see the pics of the inside before the renovation?

Share this post


Link to post
Share on other sites

Hi I'm a newbie but have followed this forum for a couple of years. In the interests of providing interesting more open information on sale agreed prices I thought I would let you know this house was sale agreed for at least £350k. This was the last advertised offer on the estate agents website and I am aware of someone who offered £345k. Properties in this area are generally reaching 30-40% above asking price and have been doing so for the past year. This property was advertised higher than others and therefore didn't get to this percentage level above asking price. Bidding wars are rife around here as the schools are excellent and the area is very respectable.

Share this post


Link to post
Share on other sites

Thanks for the info - interesting to know. To me this still a semi-detached (rateable value £200k) on a busy car polluting main road in and out of belfast - not great for your children and their lungs. No garage for your nice expensive car - I know that you don't usually put a car in the garage but it normally adds value.

Share this post


Link to post
Share on other sites

I think round here people value a good sized garden over a garage. Indeed we have just knocked down our garage to create a bigger garden. The ravenhill road isn't as busy as the ormeau road but it is a main road nonetheless and wouldn't be my choice either. In terms of rateable value if a house has been modernised on the BT6/BT7 border they are generally achieving at least 50% above rateable value especially if it is detached or semi detached. This is an affluent area typically with households having two professional incomes (barristers,solicitors,surgeons etc) and for us the houses are still a bargain at this level. After years of low interest rates these people have been able to build up cash pots and buy these houses outright. Of course not everyone is in that position but when supply is low and demand high these top earners will pay these prices to get the house they want.

Share this post


Link to post
Share on other sites

If they are buying the property for cash and are not mortgage slaves then good luck to them. The jobs you mentioned are reliant on a large public sector and large public sector spending. This may go on forever and it may not

Share this post


Link to post
Share on other sites

I think round here people value a good sized garden over a garage. Indeed we have just knocked down our garage to create a bigger garden. The ravenhill road isn't as busy as the ormeau road but it is a main road nonetheless and wouldn't be my choice either. In terms of rateable value if a house has been modernised on the BT6/BT7 border they are generally achieving at least 50% above rateable value especially if it is detached or semi detached. This is an affluent area typically with households having two professional incomes (barristers,solicitors,surgeons etc) and for us the houses are still a bargain at this level. After years of low interest rates these people have been able to build up cash pots and buy these houses outright. Of course not everyone is in that position but when supply is low and demand high these top earners will pay these prices to get the house they want.

You obviously don't know what a 40 something barrister or solicitor can hope to get paid in NI now. Believe me, I wouldn't class it as "top earner". First post and you talk about houses going for 50%+ RV. You are Mr Robinson and I claim my £5.

Share this post


Link to post
Share on other sites

You obviously don't know what a 40 something barrister or solicitor can hope to get paid in NI now. Believe me, I wouldn't class it as "top earner". First post and you talk about houses going for 50%+ RV. You are Mr Robinson and I claim my £5.

Have I look at the legal aid payment list in Northern Ireland - don't think they are on minimum wage. Some barristers and solicitors will not do legal aid because it doesn't pay enough - have to wonder how much they are being paid. Legal aid here is 30% higher (cost of) than it is in England - if any real public sector cuts happen here this will not continue.

In this case a house has gone at least 50% higher than RV. Don't see any other examples where they are getting this high - but i can only really check one estate agent online for current offer

Edited by carrick01

Share this post


Link to post
Share on other sites

households having two professional incomes (barristers,solicitors,surgeons etc) and for us the houses are still a bargain at this level.

What I find funny is that a pair of top earners (say two doctors), can only aspire to a 4 bed semi on the Ravenhill road - ok it's been refurbished really well; but it's still a 4 bed semi with next to no land around it.

When I was a child, I knew families where only one person worked, or where one person worked and the other had a minimum wage job, and they were in semi detached houses not unlike this. A family with not one, but two high-earning professionals would be living in a nice big detached house somewhere.

Edited by JoeDavola

Share this post


Link to post
Share on other sites

Hi all,

Long time reader of this forum, thought I would highlight another example of flipping:

From £185K http://residential.btwshiells.com/property_specific.aspx?ID=2025

To £400K http://www.propertynews.com/Property/BELFAST/BTWEBBTWEB33694/4-Green-Road/

I remember seeing the original listing when I was looking in BT5 about 6 or 7 months ago.

Within my own area (BT5), there has definitely been an increase in demand / prices in semis and detached in nice areas over the last few months. Someone made a comment in another thread about very specific local demand in BT9, and I would agree with that in parts of the East. Decent houses in nice areas seem to be selling quickly and for (imo) high prices. Worrying for most of us, but there seems to be no shortage of people willing to pay big money to live in these areas.

Share this post


Link to post
Share on other sites

You obviously don't know what a 40 something barrister or solicitor can hope to get paid in NI now. Believe me, I wouldn't class it as "top earner". First post and you talk about houses going for 50%+ RV. You are Mr Robinson and I claim my £5.

You obviously don't know what a >40yr old solicitor or barrister earns. 70k plus Average annual wage. If you don't consider them top earners then we should have your job!

Share this post


Link to post
Share on other sites

Properties in this area are generally reaching 30-40% above asking price and have been doing so for the past year.

Really? So it's as if the crash never happened?

A bit like those people you used to meet who seemed to believe everybody's house had lost value but theirs.

Edited by yadayada

Share this post


Link to post
Share on other sites

You obviously don't know what a >40yr old solicitor or barrister earns. 70k plus Average annual wage. If you don't consider them top earners then we should have your job!

Sorry Dave but where did you get 70k average?

It looks to be 40k on the supplied link.

Believe me. I know.

Share this post


Link to post
Share on other sites

Sorry Dave but where did you get 70k average?

It looks to be 40k on the supplied link.

Believe me. I know.

Yes indeed. We've got two entries for legal professionals, one at 70 thousand, the other at 40 something. Then lower down we've got solicitors and barristers. What a useless list - proof reading left a lot to be desired there. Edited by yadayada

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   212 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.