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Chasing the market down

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We've all seen some great kite flying so I thought I'd start a thread on those determined to be "not giving it away" and then constantly being behind the market.

Here's a great example. In 2016 the market was still motoring along, and perhaps in previous times, it would have caught up and this place would have sold.

But no... someone was being a bit too greedy, and needs to wake up a smell the coffee.

2 Bed Penthouse - SE1

Price history

Sold prices provided by Land Registry

2nd Mar 2018 £900,000 Price reduced by £50,000
18th Jul 2017 £950,000 Price reduced by £45,000
9th Feb 2017 £995,000 Price reduced by £55,000
4th Nov 2016 £1,050,000 Price reduced by £100,000
5th Oct 2016 £1,150,000

Is anyone else seeing similar in their areas?

Bankside

 

 

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You can clearly see the number of drops and the time on market on home.co.uk.

Huge variation, if priced well will be sold within a week, if chancing their luck can be six months or more and a number of drops along the way.......;)

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Greed often is peoples undoing...just ask boeing and their 2nd sensor and warning light on the 737 max as an option for a measly 80k.....how ***********stupid does that look now.....those 5 reductions are a sign of desperation...someone will come along an rip their guts out soon enough....wonder if they turned down any offers higher than the lowest reduction ? that would make me laugh....its called chasing the market down.....Jesse Livermore stock trader said sell your losses and move on quickly mst people are not like that they have investment bias..they folow it all the way down hoping for it to come good.....how many seller of property have the knowledge of property and finance dispalyed in this forum.....very very few.....the players in the market are as dumb as sheep in the game theyre invested in....this si the problem when houses stopped being homes and became commodities to be traded...and as Mitch Feierstein said....property is an asset but its not an asset class it is illquid and cannot be traded quickly as my mate with 3 fallen through sales on an average flat over 2 years....its taken me over a year to sell property sometimes....you only have to look at those freaks on mumsnet to see these loonies with hndreds of thousands of pounds of debt getting a cold sharp shock in property transactions....i always remember a cab driver who was rentig and had been an OO in the past...said if i want a bigger house i can go to the agent and be in that bigger house inside 6 - 8 weeks maybe faster...try that buying and selling at the same time....the best route is to sell to rent and then buy....most wouldnt countenance that....i dont think it was still motring along in 2016 end 2015 beginning 2016 it was turning...brexit vote was also a defining line..but it had already started......

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1 minute ago, Spindler said:

Greed often is peoples undoing...just ask boeing and their 2nd sensor and warning light on the 737 max as an option for a measly 80k.....how ***********stupid does that look now.....those 5 reductions are a sign of desperation...someone will come along an rip their guts out soon enough....wonder if they turned down any offers higher than the lowest reduction ? that would make me laugh....its called chasing the market down.....Jesse Livermore stock trader said sell your losses and move on quickly mst people are not like that they have investment bias..they folow it all the way down hoping for it to come good.....how many seller of property have the knowledge of property and finance dispalyed in this forum.....very very few.....the players in the market are as dumb as sheep in the game theyre invested in....this si the problem when houses stopped being homes and became commodities to be traded...and as Mitch Feierstein said....property is an asset but its not an asset class it is illquid and cannot be traded quickly as my mate with 3 fallen through sales on an average flat over 2 years....its taken me over a year to sell property sometimes....you only have to look at those freaks on mumsnet to see these loonies with hndreds of thousands of pounds of debt getting a cold sharp shock in property transactions....i always remember a cab driver who was rentig and had been an OO in the past...said if i want a bigger house i can go to the agent and be in that bigger house inside 6 - 8 weeks maybe faster...try that buying and selling at the same time....the best route is to sell to rent and then buy....most wouldnt countenance that....i dont think it was still motring along in 2016 end 2015 beginning 2016 it was turning...brexit vote was also a defining line..but it had already started......

OMG i just looked at that shed in the link....OMG OMG....looks like a small office space with a bed and some mould decking outside up high....and they originally wanted over a million for that and bet its leasehold...i wouldnt give you 150k for that

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15 minutes ago, winkie said:

You can clearly see the number of drops and the time on market on home.co.uk.

Huge variation, if priced well will be sold within a week, if chancing their luck can be six months or more and a number of drops along the way.......;)

but you know as well as we all do sold isnt actually sold its under offer they better hope the buyer doesnt wake up before they sleep walk into exchange and complete.....and i a correcting market theres a good chance they will wake up or the surveyor for the mortgage company will wake them up,...i have seen this a lot recently first hand

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32 minutes ago, Bankside said:

We've all seen some great kite flying so I thought I'd start a thread on those determined to be "not giving it away" and then constantly being behind the market.

Here's a great example. In 2016 the market was still motoring along, and perhaps in previous times, it would have caught up and this place would have sold.

But no... someone was being a bit too greedy, and needs to wake up a smell the coffee.

2 Bed Penthouse - SE1

Price history

Sold prices provided by Land Registry

2nd Mar 2018 £900,000 Price reduced by £50,000
18th Jul 2017 £950,000 Price reduced by £45,000
9th Feb 2017 £995,000 Price reduced by £55,000
4th Nov 2016 £1,050,000 Price reduced by £100,000
5th Oct 2016 £1,150,000

Is anyone else seeing similar in their areas?

Bankside

 

 

anyone know what the last sale price on this "office" was ?

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I find that nice stuff that is priced nicely (ie at a step or two below the kiteflyers) often moves quite quickly.

Ironically the kite-flying stuff does end up drifting down to lower levels, but then still doesn't sell. Perhaps people see it being on the market for so long and wonder if there is something wrong with it or if the sellers might be more fed up and accept lower offers.

Here is an example:

https://www.rightmove.co.uk/property-for-sale/property-74771141.html

Had they started lower I reckon it might have gone but it smacks of desperation now. Even at the lower prices it's no real value.

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1 hour ago, Spindler said:

but you know as well as we all do sold isnt actually sold its under offer they better hope the buyer doesnt wake up before they sleep walk into exchange and complete.....and i a correcting market theres a good chance they will wake up or the surveyor for the mortgage company will wake them up,...i have seen this a lot recently first hand

True, but any vendor that is serious about selling would check the proceedability of any prospective buyer all subject to survey..... after all anyone can make an offer or a hopeful promise that might turn out to be an empty promise, both cost and time wasters...only the desperate will cross fingers and toes to take any offer going.;)

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also true but viable offers/vendors are also pie in the sky until exchange.....i've seen it countless times over more than 25 years..friends colleagues..neighbours etc....i could show you my bank statements...prove my credentials....and leave you high and dry....now i'm pretty straightforward i wouldnt waste my or your time...but others are not always like that and they have all the evidence to back anyo ffer up...i've seen it recently offers over 250k down valued by surveyor........i've seen a mortgage pulled by the nationwide because...and wait for they wanted the insurance to be transferred from current owner to new...because of flooding...such a thing is not possible...i actually saw this a a few years ago and it also came up on this is money...most odd...sale collapse...completed eventually under another buyer and same thing did not occur

 

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2 hours ago, longgone said:

i have a feeling there well be more concurrent posts from spindler than drops 

well how quick do you want them to keep dropping it ? I type fast 😉

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Any kitchen with a black worktops is a complete no no, sparkly bits in it even worse, islands no way.....these flats are so staged and awkward......fully tiled ensuite bathrooms that look like would be living in a bland hotel room......building into the sky, there is lots of  sky available....cheap interior, for an expensive price, that is without the ever rising out of control ground rents and community charges,  lack of outside space......hey ho......someone must love it, love it that much they would buy it.....who will buy it from them?.;)

Edited by winkie

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48 minutes ago, simon2 said:

I find that nice stuff that is priced nicely (ie at a step or two below the kiteflyers) often moves quite quickly.

Ironically the kite-flying stuff does end up drifting down to lower levels, but then still doesn't sell. Perhaps people see it being on the market for so long and wonder if there is something wrong with it or if the sellers might be more fed up and accept lower offers.

Here is an example:

https://www.rightmove.co.uk/property-for-sale/property-74771141.html

Had they started lower I reckon it might have gone but it smacks of desperation now. Even at the lower prices it's no real value.

I've asked this question before and clearly wasn't paying attention, but on that link where do you see the sellers asking prices over time on that page/rightmove?

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53 minutes ago, simon2 said:

I find that nice stuff that is priced nicely (ie at a step or two below the kiteflyers) often moves quite quickly.

Ironically the kite-flying stuff does end up drifting down to lower levels, but then still doesn't sell. Perhaps people see it being on the market for so long and wonder if there is something wrong with it or if the sellers might be more fed up and accept lower offers.

Here is an example:

https://www.rightmove.co.uk/property-for-sale/property-74771141.html

Had they started lower I reckon it might have gone but it smacks of desperation now. Even at the lower prices it's no real value.

I agree. 

The place I linked to above is now good value at £900 sq/ft especially when you include the outside space and parking. 

(I know it’s not to everyone’s taste but it’s a very popular area)

of they had put it on the market for that or for £1000 sq/ft back in 2016 they could have had a bidding war. 

Still, The voids don’t appear to be biting yet!

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7 minutes ago, highcontrast said:

I've asked this question before and clearly wasn't paying attention, but on that link where do you see the sellers asking prices over time on that page/rightmove?

i was going to say that looks like a conversion from a semi...but a 930 year lease perhaps no..it does look like a conversion...it also looks like a ****hole ...miserable..i noticed the nearby property circa 150k back in 2013....this will be goig back in that direction very soon....i wouldnt want that at 50k....i wouldnt want it full stop....its dire and  trying to get 300k good luck with that....

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19 minutes ago, Spindler said:

i was going to say that looks like a conversion from a semi...but a 930 year lease perhaps no..it does look like a conversion...it also looks like a ****hole ...miserable..i noticed the nearby property circa 150k back in 2013....this will be goig back in that direction very soon....i wouldnt want that at 50k....i wouldnt want it full stop....its dire and  trying to get 300k good luck with that....

This is only the inflection point...Tokyo saw 18 years of price drops from 1990 and, given the fact at the time Japan's economy was bigger than ours and that Tokyo is far more densely populated than London (hence the 'demand' argument is nullified - there's only demand when prices are rising), I see no rational argument why London [and others e.g Sydney] won't follow the same path given that the same decisions have been made in the UK, re. financial policy that the Japanese made 25+ years ago; they did, after all, invent 'QE' to pump asset prices.

Same bubble predicated on cheap credit/usurious lending. Same reckless speculation. Same result. IMO, natch.

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3 hours ago, winkie said:

You can clearly see the number of drops and the time on market on home.co.uk.

Huge variation, if priced well will be sold within a week, if chancing their luck can be six months or more and a number of drops along the way.......;)

home.co.uk is more about optimism.

Try houseprices.io for the brutal reality of transactions and sales.

 

 

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49 minutes ago, highcontrast said:

I've asked this question before and clearly wasn't paying attention, but on that link where do you see the sellers asking prices over time on that page/rightmove?

You need the Property Log plugin for Chrome, otherwise it don't show

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49 minutes ago, highcontrast said:

I've asked this question before and clearly wasn't paying attention, but on that link where do you see the sellers asking prices over time on that page/rightmove?

 

on Rightmove, afaik you have to use Chrome browser and then one of available extensions; 
Property Tracker https://chrome.google.com/webstore/detail/property-tracker/abgkpdjomdmemeefdefalbeogkmlmand?hl=en-GB 

or Property Log  https://chrome.google.com/webstore/detail/property-log/jccihedpilhidcbkconacnalppdeecno 

I also have another,  called Home Buyers! - but I cannot see the download is still available. Maybe it does not work any longer. 

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2 hours ago, spyguy said:

home.co.uk is more about optimism.

Try houseprices.io for the brutal reality of transactions and sales.

 

 

Acadata seems to be suggesting the lowest prices in my area.

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2 hours ago, zilly said:

This is only the inflection point...Tokyo saw 18 years of price drops from 1990 and, given the fact at the time Japan's economy was bigger than ours and that Tokyo is far more densely populated than London (hence the 'demand' argument is nullified - there's only demand when prices are rising), I see no rational argument why London [and others e.g Sydney] won't follow the same path given that the same decisions have been made in the UK, re. financial policy that the Japanese made 25+ years ago; they did, after all, invent 'QE' to pump asset prices.

Same bubble predicated on cheap credit/usurious lending. Same reckless speculation. Same result. IMO, natch.

Were foreign investors laying into Japanese real estate the same way they have been in London and Sydney or was it home grown?

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6 hours ago, Spindler said:

Greed often is peoples undoing...just ask boeing and their 2nd sensor and warning light on the 737 max as an option for a measly 80k.....how ***********stupid does that look now.....those 5 reductions are a sign of desperation...someone will come along an rip their guts out soon enough....wonder if they turned down any offers higher than the lowest reduction ? that would make me laugh....its called chasing the market down.....Jesse Livermore stock trader said sell your losses and move on quickly mst people are not like that they have investment bias..they folow it all the way down hoping for it to come good.....how many seller of property have the knowledge of property and finance dispalyed in this forum.....very very few.....the players in the market are as dumb as sheep in the game theyre invested in....this si the problem when houses stopped being homes and became commodities to be traded...and as Mitch Feierstein said....property is an asset but its not an asset class it is illquid and cannot be traded quickly as my mate with 3 fallen through sales on an average flat over 2 years....its taken me over a year to sell property sometimes....you only have to look at those freaks on mumsnet to see these loonies with hndreds of thousands of pounds of debt getting a cold sharp shock in property transactions....i always remember a cab driver who was rentig and had been an OO in the past...said if i want a bigger house i can go to the agent and be in that bigger house inside 6 - 8 weeks maybe faster...try that buying and selling at the same time....the best route is to sell to rent and then buy....most wouldnt countenance that....i dont think it was still motring along in 2016 end 2015 beginning 2016 it was turning...brexit vote was also a defining line..but it had already started......

The above must be the most difficult to read posting style ever. 

One long sentence with many spelling mistakes and typos and devoid of any normal punctuation or structure.

I can't get past a few words before losing interest.

 

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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