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Examples of big & multiple drops


Sausage
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7 hours ago, darkmarket said:

https://www.zoopla.co.uk/new-homes/details/45765626

"Only cash buyers due to the fact that the (sic) completion is now due."

Price history

Sold prices provided by Land Registry
18th Oct 2018 £2,000,000 Price reduced by £730,000
12th Feb 2016 £2,730,000 First listed

when off plan flipping goes wrong

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Several of these flats in the development supposedly selling at a 'loss', although that might not really be true and a marketing gimmick. No doubt its a big reduction.

What would be more pleasing to see would be properties at the lower end having to reduce their price rapidly. Something like a £400k house getting cut down to under £300k over a period of reductions.

In a lot of the areas I look at prices are still high but it seems that people are unwilling to cut below a certain level, that psychology needs to be breached.

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10 minutes ago, monkeyman1974 said:

I admire the honesty of the advert..

So let me get this straight...

c. Jan 2016 - person puts down £x deposit on property selling for £x

Feb 2016 - person now advertises property for sale at £2.7m

Oct 2018 - person drops price to £2m as will soon have to complete on the property which they apparently can't afford to do.

I wonder how much deposit was? What was the initial sale price? Classic ?

 

Edited by Sausage
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12 hours ago, darkmarket said:

https://www.zoopla.co.uk/new-homes/details/45765626

"Only cash buyers due to the fact that the (sic) completion is now due."

Price history

Sold prices provided by Land Registry
18th Oct 2018 £2,000,000 Price reduced by £730,000
12th Feb 2016 £2,730,000 First listed

Me likey likey, would be wonderful if this doesn't sell at all

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On 18/10/2018 at 09:08, Tiredofthissh1te said:

Missed the buying sweet spot by a cool million....https://www.rightmove.co.uk/property-for-sale/property-61082530.html

image.png.9f54a2eb55c657e6b7ac0fe335a963a3.png

That absolute mess of a kitchen looks like about £50k worth. But riddle me this, WTF is walking the kettle over to the far side sink for a cuppa?

Untitled.jpg

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The one I posted earler (https://www.rightmove.co.uk/property-for-sale/property-66551890.html) has come down to £275k now, so that is £50k.

I think it could have even further to go. There are flats of bigger size in better locations for less money. Even at £200k it doesn't scream of a bargain.

Seems to me the market has most people that steadfastly refuse to drop prices that much, and some sales are going through. Would hope that more volume picks up at lower prices but I am impatient. It's gotta happen soon.

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On 19/10/2018 at 08:15, simon2 said:

.

In a lot of the areas I look at prices are still high but it seems that people are unwilling to cut below a certain level, that psychology needs to be breached.

I think this has been considered before.

One possibility is that people aren't selling houses any more, they're selling debt. They have a minimum level below which their mortgage isn't covered, so below which they can't actually afford to sell.

Edited by Si1
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Jeez that Etchinghill house ....

https://www.rightmove.co.uk/property-for-sale/property-70048370.html

pic 14 shows the escape route from the main bedroom. How on earth has that got past building regs, looks to be ca. a foot that has head space over six foot, wouldn't fancy that in a fire or even just hungover.

 

  • b55fd8ae5c10c5be44c180e22dc5854a83e798a5

 

Assuming the attic beds are really attic storage it's a small one bed. For 440k? How much was it before reduced?

pic 15 shows the kerb "appeal", 440k ??????

  • aed112ac645200c19bd030b52c92a72ce6f04513

 


Nice view though and nothing else on that stretch for sale.

OK found it on zoopla. they're not going to give it away are they .....
 23rd Apr 2018 £440,000 Price reduced by £20,000
28th Dec 2017 £460,000 Price reduced by £10,000
11th Nov 2017 £470,000 First listed
8th Aug 1997 £102,500 Last sold

https://www.zoopla.co.uk/for-sale/details/45684344

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Just now, darkmarket said:

That's better, I don't and I guess that means others don't too, so it helps that you posted the picture.

It looks as if the 'Property Track' extension in Chrome is managing to pick up the price reductions from an original listing in 2017 and not from when the house appears to have been resisted in April 2018 - when they realized the first ask was &^%*ing stupid, and not just stupid. The 'Property Log' extension - of which I have been aware only since April 2018 - does not. 

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35 minutes ago, darkmarket said:

Don't see any reduction on that nor a previous selling price, are you just advertising it?

I, as I suspect most of us reading this site,  do not think estate agents are the sharpest knives in the box but I would be surprised if anyone wishing to promote the sale of a house would publicize its availability on a website known for claiming house prices are far too high, along with an intimation that this particular house is still overpriced.   

 

See also:  https://nethouseprices.com/property/details/f508e5f92318ad_100300014794/tetbury/sale
998006807_Screenshot2018-10-2112_30_20.jpg.619f7da09d54b3043b33d0797ef510d5.jpg

 

 

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1 hour ago, MissOnAccomplished said:

It looks as if the 'Property Track' extension in Chrome is managing to pick up the price reductions from an original listing in 2017 and not from when the house appears to have been resisted in April 2018 - when they realized the first ask was &^%*ing stupid, and not just stupid. The 'Property Log' extension - of which I have been aware only since April 2018 - does not. 

No it's a good spot.

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On 17/10/2018 at 09:48, hotblack42 said:

This needs to be seen from the perspective of people who could buy it. There are approx 250000 UK people earning £200k plus, most of them in London. They will look at buying this, paying the fees & writing it off as the cost of doing business & living in a big apt. they couldn't or wouldn't choose to afford. They will have wealth accumulating elsewhere so won't worry about the specific property they are living in being a store of wealth like most folk. I work with Investment Managers - their clients inhabit a different world with a different relationship to money & little of the concerns of the general population (at least money wise).

Its a still great big red flag in relation to PCL sentiment though.

Strange that they seem to have decorated it with stuff they picked up in the B&Q sale

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16 hours ago, MissOnAccomplished said:

It looks as if the 'Property Track' extension in Chrome is managing to pick up the price reductions from an original listing in 2017 and not from when the house appears to have been resisted in April 2018 - when they realized the first ask was &^%*ing stupid, and not just stupid. The 'Property Log' extension - of which I have been aware only since April 2018 - does not. 

The property log app was launched the 4th of April, there is no data prior to that for property log

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Price history

Sold prices provided by Land Registry
30th Jul 2018£180,000Price reduced by £20,000
19th Jun 2018£200,000Price reduced by £10,000
22nd May 2018£210,000Price reduced by £10,000
9th Jan 2018£220,000Price reduced by £20,000
3rd Nov 2017£240,000Price reduced by £20,000
13th Oct 2017£260,000First listed
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