Barnard Marcus auction results (rampers look away now)

[ebull]

3 hours ago, GreenDevil said:

No. No sale no fee.

Bet they didnt even cover the costs of hall....

They will bid it up off the wall in the hope some mug follows up or sticks in a last bid.

Once he has a reasonable price the vendor will sell at he stops bidding off the wall or 1 bid below the reserve.

Wow. Amazed it has no cost. I looked into selling by auction in another eurozone country where no sale would cost vendor 2k or more. Having said that bids off the wall were also a criminal offence there.

Understand the method of bids off the wall. Even then makes no sense to not accept a 30k and bid in increments of 5 up to 55k with the single bidder vs the wall. Maybe that one bidder chancing his arm at 30 was prepared to pay the reserve. He just petulantly withrew before spending the required 2 minutes to find that out [= doing his job?].

[TheCountOfNowhere]

U boys are doing a grand job..thanks for all the info...and good news

[Sancho Panza]

8 hours ago, crazypabs said:

my parting gift today is a lovely top down photo of the auction...

 

Cheers Crazypabs.........great photo's.Absolutely incredible scene compared to HUTH

 

7 hours ago, moonriver said:

Do you think they are real bids though?

Some of the owners have been known to bid up their own properties,but looking at the photo's,I wouldn't say that was happening.

6 hours ago, Roman Roady said:

and...i'm spent

Good job though Roady.Many thanks

 

4 hours ago, frederico said:

I think this is a BTL collapse, cheap houses trying to be dumped.

Southerners have a bit more equity or are in a lot deeper.

I seem to remember last time the north was behind the south so seems like a different process this time.

I am calling this a crash, as usual the media won't realise until after its happened also if you aren't directly involved you won't notice anything but carry on thinking you know what your house is worth.

Looks like that.

On the latter point,it sure does like the beginnings of one.

 

[GreenDevil]

1 hour ago, ebull said:

Wow. Amazed it has no cost. I looked into selling by auction in another eurozone country where no sale would cost vendor 2k or more. Having said that bids off the wall were also a criminal offence there.

Understand the method of bids off the wall. Even then makes no sense to not accept a 30k and bid in increments of 5 up to 55k with the single bidder vs the wall. Maybe that one bidder chancing his arm at 30 was prepared to pay the reserve. He just petulantly withrew before spending the required 2 minutes to find that out [= doing his job?].

They bid it off the wall because they have nothin g to lose. The vendor won't sell below reserve. 

If the vendor is in the room or available he may be willing to sell at the last bid(hence sold post auction)

[ebull]

2 hours ago, GreenDevil said:

They bid it off the wall because they have nothin g to lose. The vendor won't sell below reserve. 

If the vendor is in the room or available he may be willing to sell at the last bid(hence sold post auction)

Yeah I understand that. In this case the auctioneer said he would not take a bid less than 50 and after 30 was shouted out a few times he very very quickly said it's withdrawn. In a strop! Smarter would be to say OK 30 is bid, 35 bid too [the wall], will you give me 40 or even 40 bid too [the other wall]. Small chance the bidder had 60 and was just trying it on knowing he was the only one interested.

Suspect he was after 60 so understandable auctioneer gave up but the manner and speed he did it reeks of desperation.

[Pop321]

5 hours ago, ebull said:

Yeah I understand that. In this case the auctioneer said he would not take a bid less than 50 and after 30 was shouted out a few times he very very quickly said it's withdrawn. In a strop! Smarter would be to say OK 30 is bid, 35 bid too [the wall], will you give me 40 or even 40 bid too [the other wall]. Small chance the bidder had 60 and was just trying it on knowing he was the only one interested.

Suspect he was after 60 so understandable auctioneer gave up but the manner and speed he did it reeks of desperation.

You are absolutely right. Job is to try get it sold and the seller will have some fees (eg £500) for not selling. So the least the auctioneer can do is look interested and do as you suggest. 

This is not a 'property' thing it's an 'auction' thing and the buyer needs to be very careful if he thinks that a good way to value what he is buying is that he 'knows' someone else was willing to pay X amount based on other bids. The auctioneer acts for the seller....the buyer beware. 

Sometimes, as might be in this case, they don't bother because they know no one is interested and it undermines the other lots where it might influence a sale (as buyers become aware of process)...but to quickly withdraw in a strop sounds like a frustrated and unprofessional auctioneer. A good sign for HPC. 

Good insight and analysis on this thread.

Only thing I would suggest is those 'northern' properties are not being sold by nearly the best method (ie at short notice in a big city somewhere in the south) so that might be why they might have been hit harder. Local OO will see the sign go up....talk about it for 2 weeks then decide to go online. They realise it's quite cheap arrange a viewing only to find the sale is in a week. 

What it definitely shows is that investors buying from a catalogue a low priced 'northern' properties to let has lost all interest to the remaining attendees. Also with these properties there is no point thinking about flipping because the prices are low and margins too tight v's the risk even for a 'potential' quick £10k profit. 

[hp72]

14 hours ago, Wayward said:

The carnage seems to be up north...I live in Hampshire and the southsea flat sold for £125K ----more than the guide price of £100K plus

Lot 83A -106 Kings Road, Southsea, Hampshire, PO5 4DW

the worry is the government will see falling prices in the north and use this as excuse to support prices overall causing more misery for those of us in the south.  Sorry negative spin but this is how I see it...if someone can see the good news here for places like Hampshire I would welcome that..?

At the Barnard auction, land failed to sell in east hants. 

[Bankside]

Interestingly Barnard Marcus are claiming 61% were sold. I'm not sure what calculation method was used however it's still significantly lower than previous auctions.

 

Tuesday, 25 July 2017	200	61%	£20,506,500
Tuesday, 20 June 2017	212	69%	£28,889,350
Tuesday, 16 May 2017	218	73%	£25,716,500
Monday, 10 April 2017	200	74%	£29,129,700
Monday, 13 March 2017	198	75%	£21,043,250

 

(Second column is lots offered)

 

[moonriver]

1 hour ago, Bankside said:

Interestingly Barnard Marcus are claiming 61% were sold. I'm not sure what calculation method was used however it's still significantly lower than previous auctions.

 

Tuesday, 25 July 2017	200	61%	£20,506,500
Tuesday, 20 June 2017	212	69%	£28,889,350
Tuesday, 16 May 2017	218	73%	£25,716,500
Monday, 10 April 2017	200	74%	£29,129,700
Monday, 13 March 2017	198	75%	£21,043,250

 

(Second column is lots offered)

 

Thanks for that Bankside, we can plainly see those % figures show a pattern.

As we head into autumn for the next auction, I wonder if auction sales are seasonal? eg more sold in spring, (maybe if they need updating?).

 

[moonriver]

3 hours ago, Phil321 said:

This is not a 'property' thing it's an 'auction' thing and the buyer needs to be very careful if he thinks that a good way to value what he is buying is that he 'knows' someone else was willing to pay X amount based on other bids. The auctioneer acts for the seller....the buyer beware. 

What it definitely shows is that investors buying from a catalogue a low priced 'northern' properties to let has lost all interest to the remaining attendees. Also with these properties there is no point thinking about flipping because the prices are low and margins too tight v's the risk even for a 'potential' quick £10k profit. 

Yes indeed, to be naive in an auction can prove to be very costly to buyers.

 

It looks like it is not just up North that interest is quickly waning.

I noticed that with the Welsh properties, either most are going unsold, or selling for a big loss. But of course in Wales, BTL is now more complcated with the extra regulations, now they have to be registered.

eg lot 197 in Dyfed unsold,

lot 193 in Bridgend sold for £35,500 (last sale was £83,500 in 2006),

lot 187 in Dyfed sold for £45,00 (last sold for £95,000 in 2008),

lot 180, land in Merthyr unsold

lot 173, plot in Dyfed unsold

lot 118 in Cardiff unsold

lot 111 in Clwyd unsold

[Sancho Panza]

8 minutes ago, moonriver said:

lot 193 in Bridgend sold for £35,500 (last sale was £83,500 in 2006),

lot 187 in Dyfed sold for £45,00 (last sold for £95,000 in 2008),

 

That's a haircut and a half.

Sign of the times that they weren't pulled at those prices.....................................

[crazypabs]

7 hours ago, Bankside said:

Interestingly Barnard Marcus are claiming 61% were sold. I'm not sure what calculation method was used however it's still significantly lower than previous auctions.

 

Tuesday, 25 July 2017	200	61%	£20,506,500
Tuesday, 20 June 2017	212	69%	£28,889,350
Tuesday, 16 May 2017	218	73%	£25,716,500
Monday, 10 April 2017	200	74%	£29,129,700
Monday, 13 March 2017	198	75%	£21,043,250

 

(Second column is lots offered)

 

I had exactly the same argument on FBook this morning with some fella who was bigging up the auction and claiming 61% was great, I firmly blew the wind out of his sails by detailing how it was actually on 52%, he has gone quiet since.

[Houdini]

9 hours ago, Phil321 said:

Only thing I would suggest is those 'northern' properties are not being sold by nearly the best method (ie at short notice in a big city somewhere in the south) so that might be why they might have been hit harder. Local OO will see the sign go up....talk about it for 2 weeks then decide to go online. They realise it's quite cheap arrange a viewing only to find the sale is in a week. 

 

I'm not so sure about that as the prices aren't any better nor worse than the local auctions (which aren't as easy to find as the London ones). Plus you don't need to attend as you can do it over the phone.

The simple fact is that for a lot of the Welsh and Northern Properties no one wants them - I suspect we will rapidly discover that the price of a house in a northern former pit village is little different from the £500-1000 they went for back in 1990....

[Bankside]

59 minutes ago, crazypabs said:

I had exactly the same argument on FBook this morning with some fella who was bigging up the auction and claiming 61% was great, I firmly blew the wind out of his sails by detailing how it was actually on 52%, he has gone quiet since.

Of course they could have had a far higher % of sales if the reserves had been set realistically.

Would he be bigging it up then? Even if the prices were lower?

 

I guess it depends how you measure success!

[Sancho Panza]

11 minutes ago, Bankside said:

Of course they could have had a far higher % of sales if the reserves had been set realistically.

Would he be bigging it up then? Even if the prices were lower?

 

I guess it depends how you measure success!

 

1 hour ago, crazypabs said:

I had exactly the same argument on FBook this morning with some fella who was bigging up the auction and claiming 61% was great, I firmly blew the wind out of his sails by detailing how it was actually on 52%, he has gone quiet since.

Are they jsut lying or are they including sold priors/afterwards?

[Roman Roady]

Some serious damage in the final lots there but this one caught my eye

Lot 179

64 Station Road, St. Helen Auckland, Bishop Auckland, County Durham, DL14 9EX

Leasehold Terrace House Two Floor Three Room(s) Yards Vacant

Sold for £10,500

16 Mar 2017 £15k

27 March 2007 £51k

 

World Trade Fund??

 

 

 

 

[Houdini]

1 hour ago, Roman Roady said:

Some serious damage in the final lots there but this one caught my eye

Lot 179

64 Station Road, St. Helen Auckland, Bishop Auckland, County Durham, DL14 9EX

Leasehold Terrace House Two Floor Three Room(s) Yards Vacant

Sold for £10,500

16 Mar 2017 £15k

27 March 2007 £51k

 

World Trade Fund??

 

May I refer you to my comment from earlier. There is some way to go for house prices up North.

And this isn't a particularly bad area there are far far worse...

 

[chicker]

1 hour ago, Roman Roady said:

Some serious damage in the final lots there but this one caught my eye

Lot 179

64 Station Road, St. Helen Auckland, Bishop Auckland, County Durham, DL14 9EX

Leasehold Terrace House Two Floor Three Room(s) Yards Vacant

Sold for £10,500

16 Mar 2017 £15k

27 March 2007 £51k

 

World Trade Fund??

 

 

 

 

Bishop Auckland once had (in the 50s) the most famous amateur football club in england , my dad said they had proper pro scottish international  players in their team for cup games . 3 of their players played for man utd after munich disaster.  They sold out wembley for the amateur cup final , 100,000 spectators.Where did this following and money come from ? Industry I reckon.  House prices in BA are in free fall and the local economy must be a disaster. 2 generations to destroy a town .

In contrast look at Barnet.  A former competitor at football. None or very little industry but house prices at half a million plus.

That is the north south divide .

Sorry if a bit off subject but shocked about whats happening in the country .

 

 

[Tapori]

On 7/25/2017 at 4:25 PM, Switch625 said:

After years of being reliably informed by all the "smarter" people around me I was being a fool.

I call this crash, open for business!

Would someone please turn over and baste those landlords, because these ones are done!

I want a new version of Homes under The hammer.

"Landlords under a  Lampost"

"Tuh tuh tutuhtuhtuhtuh tuh"

[Switch625]

1 hour ago, Tapori said:

I want a new version of Homes under The hammer.

"Landlords under a  Lampost"

"Tuh tuh tutuhtuhtuhtuh tuh"

I think they should keep the same title - "Homes under the hammer" would have a completely different meaning as the gavel smacks down on yet another shattered rampers dream. Lots of moody close up shots, like a Sergio Leone film! 

[Pop321]

20 hours ago, moonriver said:

Yes indeed, to be naive in an auction can prove to be very costly to buyers.

 

It looks like it is not just up North that interest is quickly waning.

I noticed that with the Welsh properties, either most are going unsold, or selling for a big loss. But of course in Wales, BTL is now more complcated with the extra regulations, now they have to be registered.

eg lot 197 in Dyfed unsold,

lot 193 in Bridgend sold for £35,500 (last sale was £83,500 in 2006),

lot 187 in Dyfed sold for £45,00 (last sold for £95,000 in 2008),

lot 180, land in Merthyr unsold

lot 173, plot in Dyfed unsold

lot 118 in Cardiff unsold

lot 111 in Clwyd unsold

Thanks. Appreciate the response  

I think I defend 'the north' NOT because it needs ramping but rather the tone is that 'the North has little to offer and houses are worth £5k because who wants to live there.....' and then 'the south is dropping but obviously retained some intrinsic value because, hey this is where people want to be and where the real people, salaries and wealth are'

I live in North Yorks, slightly North of Leeds in an area which is not reflective of these 'North comments' (but I concede I am in a bubble of low welfare reliance and high salaries so not reflective). 

Relative to economy I expect the drops in the South to be relative to those in the North. Auctions in the North probably not the norm unless you are trying to offload a lemon...investor buyers only need apply. However when an old farm comes up and auctioned in a local pub then sparks fly and a guy in the back pays £900k and pulls the money from his welly (embellished slightly) but no one I know has ever sold at auction unless they need to. 

I agree, some of these towns in the North probably are dead, full of rentals and little or no economy. But like my town are not reflective of 'the North' but rather they are located in 'the North'. 

There are some super and shocking examples and I do understand that I should spend a day or two in these places before I nailed my colours to the mast. It's really me just saying that some of these places in the south are not special and the drops will come once the investors disappear completely. The demand is retained because some feel where else do I put my money at the moment. Daft I know....

[Bankside]

15 hours ago, Sancho Panza said:

 

Are they jsut lying or are they including sold priors/afterwards?

They are including the Sold prior (and the figures are further enhanced by the cheap plots and freehold lease sales)

[John51]

16 hours ago, Roman Roady said:

Some serious damage in the final lots there but this one caught my eye

Lot 179

64 Station Road, St. Helen Auckland, Bishop Auckland, County Durham, DL14 9EX

Leasehold Terrace House Two Floor Three Room(s) Yards Vacant

Sold for £10,500

16 Mar 2017 £15k

27 March 2007 £51k

 

World Trade Fund??

 

 

 

 

I'm curious as to why it got sold only 4 months after being bought?

Also, could a credit card be used to directly pay for the property? 

 

[Pop321]

7 hours ago, Phil321 said:

Thanks. Appreciate the response  

I think I defend 'the north' NOT because it needs ramping but rather the tone is that 'the North has little to offer and houses are worth £5k because who wants to live there.....' and then 'the south is dropping but obviously retained some intrinsic value because, hey this is where people want to be and where the real people, salaries and wealth are'

I live in North Yorks, slightly North of Leeds in an area which is not reflective of these 'North comments' (but I concede I am in a bubble of low welfare reliance and high salaries so not reflective). 

Relative to economy I expect the drops in the South to be relative to those in the North. Auctions in the North probably not the norm unless you are trying to offload a lemon...investor buyers only need apply. However when an old farm comes up and auctioned in a local pub then sparks fly and a guy in the back pays £900k and pulls the money from his welly (embellished slightly) but no one I know has ever sold at auction unless they need to. 

I agree, some of these towns in the North probably are dead, full of rentals and little or no economy. But like my town are not reflective of 'the North' but rather they are located in 'the North'. 

There are some super and shocking examples and I do understand that I should spend a day or two in these places before I nailed my colours to the mast. It's really me just saying that some of these places in the south are not special and the drops will come once the investors disappear completely. The demand is retained because some feel where else do I put my money at the moment. Daft I know....

Clearly praying on my mind....

I am not saying the North isn't bad, these results are a definite sign it is....rather that the comments almost read like a suggestion the south is resilient and underpinned. I think the south is as wobbly as the North, it's just a question of timing. 

HPC is arriving at your station soon....mind the gap. ?

[Tapori]

13 hours ago, Switch625 said:

I think they should keep the same title - "Homes under the hammer" would have a completely different meaning as the gavel smacks down on yet another shattered rampers dream. Lots of moody close up shots, like a Sergio Leone film! 

-tfw over-leveraged BTL at auction when the market is falling and you have to decide how much of a loss you can take.