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jafooley

Crystal Palace Reaches £1000 Per Sq Ft

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On ‎10‎/‎09‎/‎2016 at 9:31 PM, jafooley said:

I can't see this one being sold any time soon. If this was the true price, anyone who could would be splitting everything into 200 sq ft studios. It's also so small it's unmortgageble. The insanity continues

http://www.rightmove.co.uk/property-for-sale/property-40859364.html

I'd be interested to see what it actually sells for.

I have looked at a few similar ones in my area (Surbiton) to see when one actually has an asking price of £1,000 per sqft.

The highest there so far is £960, but that is not bad going when the asking price for normal sized flats tops out at about £750 and houses less still!

As you say, if these prices could actually be achieved, the uplift in profit would make it worth re-converting blocks into tiny flats like this, even after the building cost is taken into account.

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Price History:

£199,950 Oct 8, 2016

£219,950 Sep 10, 2016

£239,950 Aug 27, 2016

I don't know how much this would rent for, but if I take a guess at £650/month, that's £7800/year. If you had a lot of cash you wanted to get a theoretical 5% (before all costs) on, the price of the flat should be 7800*(100/5)=£156,000. I can only assume the seller isn't interested in selling.

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11 minutes ago, jafooley said:

Price History:

£199,950 Oct 8, 2016

£219,950 Sep 10, 2016

£239,950 Aug 27, 2016

I don't know how much this would rent for, but if I take a guess at £650/month, that's £7800/year. If you had a lot of cash you wanted to get a theoretical 5% (before all costs) on, the price of the flat should be 7800*(100/5)=£156,000. I can only assume the seller isn't interested in selling.

I would guess about 25+ years ago you could have bought the whole house for that price in real terms (and why not, if you can afford £240K you should get something big in crystal palace, it is not that great an area).

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Love the way the mirror at the end of the bed gives the illusion of space. Now if they added another mirror opposite it would appear cavernous!!!

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19 hours ago, jafooley said:

Price History:

£199,950 Oct 8, 2016

£219,950 Sep 10, 2016

£239,950 Aug 27, 2016

I don't know how much this would rent for, but if I take a guess at £650/month, that's £7800/year. If you had a lot of cash you wanted to get a theoretical 5% (before all costs) on, the price of the flat should be 7800*(100/5)=£156,000. I can only assume the seller isn't interested in selling.

The problem is that investors don't seem interested in yield anymore. A lot of people will take 2% because it is better than they would get in a bank and, more importantly, they are making 10+% increase in the capital price each year.

As soon as it sinks in that 10+% isn't normal, people might start looking for better value.

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19/06/2017,    
    Price changed: from '£185,000' to '£179,950'
27/05/2017,    
    Price changed: from '£190,000' to '£185,000'
18/04/2017,    
    Price changed: from '£199,950' to '£190,000'
01/04/2017,    
    Price changed: from '£209,950' to '£199,950'
19/01/2017,    
    Price changed: from '£219,000' to '£209,950'
23/11/2016,    
    Price changed: from '£229,950' to '£219,000'
18/10/2016,    
    Price changed: from '£245,000' to '£229,950'
09/09/2016,    
    Price changed: from '£250,000' to '£245,000'

Brain cells not required in the property business clearly

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