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Examples of big & multiple drops


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1 minute ago, 17clarence said:

Just to add, I used google maps for a walk around, and saw there was a bin with the house number outside.

It's right by an A road and surrounded by on road car parking. Worth a look to see how crazy the price is.

https://www.google.com/maps/@53.8137731,-1.6331604,3a,75y,160.9h,87.2t/data=!3m6!1e1!3m4!1sf7lKhcu_XhFTSzxwEsCghA!2e0!7i13312!8i6656

Just noticed, two of the neighbours have security gates on the back doors, which actually look like the front doors.

https://www.google.com/maps/@53.8134798,-1.6328261,3a,75y,294.69h,99.19t/data=!3m6!1e1!3m4!1sQScO-wypMqHlqokK_t2iTg!2e0!7i13312!8i6656

 

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24.5% off of a 3 bed apartment in Borough, London SE1...recent regular drops so due another soon IMPO. Next stop £800k?

https://www.rightmove.co.uk/properties/95401538#/

Price Change History
07/01/2021 Price Changed: £875,000 £850,000
10/12/2020 Price Changed: £960,000 £875,000
11/11/2020 Price Changed: £1,000,000 £960,000
01/09/2020 Price Changed: £1,125,000 £1,000,000
29/07/2020 Initial entry found.
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This is commercial property but I think worth a mention here...a fall in valuation from £37m in 2011 to realised sale price this week at £4.9m...reported in today's Times pgs 40-41.  What % fall is that?

One for the local authorities investing in commercial property madness thread.

 

Shopping centre sells for £4.9m

The Times reports that the West Orchards shopping centre in Coventry was sold this week for just £4.9m, despite being valued at £37m eight years ago. The discount sale price has raised concerns among lenders, landlords and local authorities across the country, as it will likely inform valuations of similar assets later in the year. Other commercial landlords could be on course to breach covenants with their lenders if their assets are also subject to such steep discounts in valuation. This could also have a knock-on effect for pension funds and local authorities, some of which are invested heavily in high street shops and shopping centres. However, George Walker, a partner at property auctioneer Allsop, said that the move illustrates that the seller of West Orchards was “accepting where the market is," adding that the shopping centre would likely benefit from new ownership.

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2 hours ago, Wayward said:

This is commercial property but I think worth a mention here...a fall in valuation from £37m in 2011 to realised sale price this week at £4.9m...reported in today's Times pgs 40-41.  What % fall is that?

One for the local authorities investing in commercial property madness thread.

 

Shopping centre sells for £4.9m

The Times reports that the West Orchards shopping centre in Coventry was sold this week for just £4.9m, despite being valued at £37m eight years ago. The discount sale price has raised concerns among lenders, landlords and local authorities across the country, as it will likely inform valuations of similar assets later in the year. Other commercial landlords could be on course to breach covenants with their lenders if their assets are also subject to such steep discounts in valuation. This could also have a knock-on effect for pension funds and local authorities, some of which are invested heavily in high street shops and shopping centres. However, George Walker, a partner at property auctioneer Allsop, said that the move illustrates that the seller of West Orchards was “accepting where the market is," adding that the shopping centre would likely benefit from new ownership.

£46M inflation adjusted so almost 90% real loss assuming the 2011 valuation was realistic.

There may be trouble ahead..🙁

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4 hours ago, Roman Roady said:

24.5% off of a 3 bed apartment in Borough, London SE1...recent regular drops so due another soon IMPO. Next stop £800k?

https://www.rightmove.co.uk/properties/95401538#/

Price Change History
07/01/2021 Price Changed: £875,000 £850,000
10/12/2020 Price Changed: £960,000 £875,000
11/11/2020 Price Changed: £1,000,000 £960,000
01/09/2020 Price Changed: £1,125,000 £1,000,000
29/07/2020 Initial entry found.

That's an interesting one.  Fantastic location for London (Rope Walk market on your doorstep is amazing, as is Borough High Street, and the City a short walk over Tower Bridge).  The Beer Mile is a wonderful way of spending a Saturday and it starts right on your doorstep.  Decent ish looking flat (albeit overlooking the railway line out of London Bridge).

There's no mention of service fee so I assume it's not cheap. 

For London it's starting to look like good value.  Honestly, if it went down another couple of hundred grand I'd be there in the blink of an eye.

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5 hours ago, Wayward said:

This is commercial property but I think worth a mention here...a fall in valuation from £37m in 2011 to realised sale price this week at £4.9m...reported in today's Times pgs 40-41.  What % fall is that?

One for the local authorities investing in commercial property madness thread.

 

Shopping centre sells for £4.9m

The Times reports that the West Orchards shopping centre in Coventry was sold this week for just £4.9m, despite being valued at £37m eight years ago. The discount sale price has raised concerns among lenders, landlords and local authorities across the country, as it will likely inform valuations of similar assets later in the year. Other commercial landlords could be on course to breach covenants with their lenders if their assets are also subject to such steep discounts in valuation. This could also have a knock-on effect for pension funds and local authorities, some of which are invested heavily in high street shops and shopping centres. However, George Walker, a partner at property auctioneer Allsop, said that the move illustrates that the seller of West Orchards was “accepting where the market is," adding that the shopping centre would likely benefit from new ownership.

Reality is a bitch 

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1 hour ago, naturals said:

That's an interesting one.  Fantastic location for London (Rope Walk market on your doorstep is amazing, as is Borough High Street, and the City a short walk over Tower Bridge).  The Beer Mile is a wonderful way of spending a Saturday and it starts right on your doorstep.  Decent ish looking flat (albeit overlooking the railway line out of London Bridge).

There's no mention of service fee so I assume it's not cheap. 

For London it's starting to look like good value.  Honestly, if it went down another couple of hundred grand I'd be there in the blink of an eye.

😂😂😂😂

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6 hours ago, KieranE said:

Seven drops in nearly three years ...

https://www.rightmove.co.uk/properties/65139475#/

I think the sun loungers add a nice touch.

image.png

800k 😂

That is a 300k house not that i would pay 300k for it. 

Not far from the a40 though so if you run to you car and speed off you can be somewhere much nicer pretty quickly before hopefully being mugged or your car nicked. 

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3 hours ago, naturals said:

That's an interesting one.  Fantastic location for London (Rope Walk market on your doorstep is amazing, as is Borough High Street, and the City a short walk over Tower Bridge).  The Beer Mile is a wonderful way of spending a Saturday and it starts right on your doorstep.  Decent ish looking flat (albeit overlooking the railway line out of London Bridge).

There's no mention of service fee so I assume it's not cheap. 

For London it's starting to look like good value.  Honestly, if it went down another couple of hundred grand I'd be there in the blink of an eye.

The flat will fail an EWS1 survey because of the wood on the balcony but could also have other issues think the seller is panicing because of any potential remedial costs lots on the news abouth this earlier this week, even made question time last night with Fiona Bruce (who could probably afford to buy it easily on her salary) being caught up in it with a buy to let she owns, lots of celebrities getting hit as they own flats in central london as bolt holes when working there. 

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Yes, I like the way a lot of these flat ads make no mention at all of EWS1 - in the hope that someone is buying in cash or bank lender doesn't want it.

This puts the pressure on 2-bed flats below it at £600-700k as it has more space and another bedroom.

The value isn't bad when you consider there are 1-beds of 400-500sqft in London trying for £400-500k in much worse locations.

I feel the cheap end of the market is the problem, fix that by allowing prices to drift naturally and others will fall into place.

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16 hours ago, Wayward said:

This is commercial property but I think worth a mention here...a fall in valuation from £37m in 2011 to realised sale price this week at £4.9m...reported in today's Times pgs 40-41.  What % fall is that?

One for the local authorities investing in commercial property madness thread.

 

Shopping centre sells for £4.9m

The Times reports that the West Orchards shopping centre in Coventry was sold this week for just £4.9m, despite being valued at £37m eight years ago. The discount sale price has raised concerns among lenders, landlords and local authorities across the country, as it will likely inform valuations of similar assets later in the year. Other commercial landlords could be on course to breach covenants with their lenders if their assets are also subject to such steep discounts in valuation. This could also have a knock-on effect for pension funds and local authorities, some of which are invested heavily in high street shops and shopping centres. However, George Walker, a partner at property auctioneer Allsop, said that the move illustrates that the seller of West Orchards was “accepting where the market is," adding that the shopping centre would likely benefit from new ownership.

Commercial has always bewildered me a little bit not because I thought it’s a bad investment but I genuinely don’t understand the pricing of it. 

What has surprised me most in 2020 is the lack of cheap commercial property for sale in town. 

One exception. There was a beautiful Victorian Crescent where a ex bank was for sale. 5 storeys and £800k but even that took some shifting. I noted the Cafe Nero next door had been bought in 2015 for £2.2m albeit slightly bigger. 

But literally in a huge town maybe 5 retail shop type properties for sale and all at huge prices. 

I guess owners have been protected with grants etc. I would be very very nervous if I owned a high street property. 

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9 minutes ago, Pop321 said:

Commercial has always bewildered me a little bit not because I thought it’s a bad investment but I genuinely don’t understand the pricing of it. 

What has surprised me most in 2020 is the lack of cheap commercial property for sale in town. 

One exception. There was a beautiful Victorian Crescent where a ex bank was for sale. 5 storeys and £800k but even that took some shifting. I noted the Cafe Nero next door had been bought in 2015 for £2.2m albeit slightly bigger. 

But literally in a huge town maybe 5 retail shop type properties for sale and all at huge prices. 

I guess owners have been protected with grants etc. I would be very very nervous if I owned a high street property. 

I wonder if it depends who's selling them. If a conglomerate, investment fund etc, then they'll not want to mark to market if that means having to tear up the valuations for the rest of their portfolio,?

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10 hours ago, coypondboy said:

The flat will fail an EWS1 survey because of the wood on the balcony but could also have other issues think the seller is panicing because of any potential remedial costs lots on the news abouth this earlier this week, even made question time last night with Fiona Bruce (who could probably afford to buy it easily on her salary) being caught up in it with a buy to let she owns, lots of celebrities getting hit as they own flats in central london as bolt holes when working there. 

Looks like the timber is just the decking material on the balcony though.  A lot easier (and cheaper) to fix than cladding surely?  Could probably be done without any scaffold?

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