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stingray192

47 ravenhill park!

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45 minutes ago, 2buyornot2buy said:

Abridged? Ok... 

I'm all for internet anonymity. I still stand by what I've stated. I can't see any companies or directors of other companies based in ravenhill park where company accounts suggest 700k "income" is the norm or even common. 

I'd be pretty confident I can identify your company. I'm pretty sure you could also identify mine with a quick search of my posting history. I'd never do that. What I would do is suggest your figures are either highly exaggerated or completely made up. 

 

I wouldn’t go to the extent of searching your posting history. I enjoy your posts, I often browse this website but I wish when I posted it didn’t always revert to how much I earn. I still can’t figure out how you could ascertain that our income is ‘£700k’, I am not prepared to state our annual income but I will say it fluctuates accordingly to personal need. I do not exaggerate or lie, not the personality of an accountant. And if we are talking about company income as opposed to personal income the figure you quote is actually too low. Anyway I’m getting a little fed up, I enjoy watching the housing market as I do other investment vehicles and I believe information is power. The point of this thread is to discuss a particular house in a particular street. Personally I like 47 Ravenhill park, it is wider than my house, if I hadn’t bought already I would bid on it. 

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On 12/07/2019 at 22:09, Musicmad said:

I wouldn’t go to the extent of searching your posting history. I enjoy your posts, I often browse this website but I wish when I posted it didn’t always revert to how much I earn. I still can’t figure out how you could ascertain that our income is ‘£700k’, I am not prepared to state our annual income but I will say it fluctuates accordingly to personal need. I do not exaggerate or lie, not the personality of an accountant. And if we are talking about company income as opposed to personal income the figure you quote is actually too low. Anyway I’m getting a little fed up, I enjoy watching the housing market as I do other investment vehicles and I believe information is power. The point of this thread is to discuss a particular house in a particular street. Personally I like 47 Ravenhill park, it is wider than my house, if I hadn’t bought already I would bid on it. 

I would say a 700k income would put you in the 0.01% in Belfast. Possible, but most would need to be representing terrorists in court and being paid by the British Government for doing it. Strange wee Country we live in.

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Surely everyone here knows that every area has a ceiling price over which no matter how good or how big the house, the house cannot will sell for more that the ceiling. There are not many areas in Belfast outside BT9 where I would say a price of £400K plus can be supported. I would consider Ravenhill to be a good area, something similar but not quite as good as Stranmillis, so all things considered I think £400k is the upper limit for this area and that would be for the very best house in perfect/refurbished condition.  Estate Agents make money by attempting to exaggerate prices and earn commission on a higher sale price, they are particularly adept at selling project houses at close to the value of a refurbished one, unfortunately some buyers will fall for this. I have a particular formula for estimate the house of project/refurb type purchases

Price of house in need of refurb = (Price of Perfect/Refurbished house in same area) - (Cost of Refurb * 1.5) 

You need the 1.5 factor in the equation to compensate for the hassle of having to organise the refurb. Considering 47 Ravenhill Park, I would say some money needs to be spent, around 60K before extending is considered. Therefore this house is worth about 310K.

Price of house in need of refurb = 400 - (60*1.5)

 

 

   

 

 

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13 hours ago, jwrag said:

Surely everyone here knows that every area has a ceiling price over which no matter how good or how big the house, the house cannot will sell for more that the ceiling. There are not many areas in Belfast outside BT9 where I would say a price of £400K plus can be supported. I would consider Ravenhill to be a good area, something similar but not quite as good as Stranmillis, so all things considered I think £400k is the upper limit for this area and that would be for the very best house in perfect/refurbished condition.  Estate Agents make money by attempting to exaggerate prices and earn commission on a higher sale price, they are particularly adept at selling project houses at close to the value of a refurbished one, unfortunately some buyers will fall for this. I have a particular formula for estimate the house of project/refurb type purchases

Price of house in need of refurb = (Price of Perfect/Refurbished house in same area) - (Cost of Refurb * 1.5) 

You need the 1.5 factor in the equation to compensate for the hassle of having to organise the refurb. Considering 47 Ravenhill Park, I would say some money needs to be spent, around 60K before extending is considered. Therefore this house is worth about 310K.

Price of house in need of refurb = 400 - (60*1.5)

 

 

   

 

 

A house can sell for whatever the buyer wants to pay for it, regardless of the ceiling price. The ceiling price only affects the financing of the purchase (if required).

As for your formula, each to their own.

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I am totally agreed on the fact that people can pay whatever they want for a house, in my experience sometimes a house can go for crazy money, the issue I have with this house is its a small house approx 1250sq ft, there is not a decent sized room in the house, it needs total renovation, its only three bedroomed, parking is extremely limited and its in an average location, yet its currently got an offer of £505k  on it, this is madness, I don't know a single surveyor who would value this house anywhere close to this price.

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22 hours ago, stingray192 said:

I am totally agreed on the fact that people can pay whatever they want for a house, in my experience sometimes a house can go for crazy money, the issue I have with this house is its a small house approx 1250sq ft, there is not a decent sized room in the house, it needs total renovation, its only three bedroomed, parking is extremely limited and its in an average location, yet its currently got an offer of £505k  on it, this is madness, I don't know a single surveyor who would value this house anywhere close to this price.

the rateble Value is £270k. This is just a line in the sand

Not sure I see too many other houses that are almost twice the RV in BT9 or anywhere else. Maybe all the houses in Ravenhill have doubled since late RV revaluation? I doubt it though.

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33 minutes ago, mmca22gr said:

the rateble Value is £270k. This is just a line in the sand

Not sure I see too many other houses that are almost twice the RV in BT9 or anywhere else. Maybe all the houses in Ravenhill have doubled since late RV revaluation? I doubt it though.

I called the estate agent and said I had a house on the street and asked if mine would go for big money as well and templeton robinson told me they are shocked at the price as they didn't think they would reach 400k with it, although they said there is strong interest in most of the houses at the moment

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2 hours ago, mmca22gr said:

the rateble Value is £270k. This is just a line in the sand

Not sure I see too many other houses that are almost twice the RV in BT9 or anywhere else. Maybe all the houses in Ravenhill have doubled since late RV revaluation? I doubt it though.

This. 

At peak in 2007 the average price index was 100% above the 2005 average price. Roughly the RV value. Now I know RV was anything but an exact science and there will be obvious errors using an index and extrapolating to an individual house but a doubling of RV value is bank busting crazy. 

This house is selling at a height of the bubble price. 

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On 16/07/2019 at 11:24, stingray192 said:

I am totally agreed on the fact that people can pay whatever they want for a house, in my experience sometimes a house can go for crazy money, the issue I have with this house is its a small house approx 1250sq ft, there is not a decent sized room in the house, it needs total renovation, its only three bedroomed, parking is extremely limited and its in an average location, yet its currently got an offer of £505k  on it, this is madness, I don't know a single surveyor who would value this house anywhere close to this price.

Agreed.

When I look at houses I look at:

1. Number of bedrooms.

2. Overall size.

3. Size of rooms i.e. is there at least one properly spacious room where you could have several guests without feeling cramped.

Together this makes up what I'd call the 'utility value' of the house to me. It's ridiculous how many houses selling for lots of money aren't all that big, only have one or two decent sized bedrooms (box room doesn't count), and have living rooms that feel claustraphobic even in the photos before you've moved people and furniture into them.

 

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£505k is a frothy price but it's strange Ravenhill Park being referred to as an 'average' area. It's one of the nicest streets in BT6. Add in the big garden and classic looks and it's not hard to see why it attracted so much attention.

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On 16/07/2019 at 10:21, nigooner said:

A house can sell for whatever the buyer wants to pay for it, regardless of the ceiling price. The ceiling price only affects the financing of the purchase (if required).

As for your formula, each to their own.

This implies buyers do no research and do not take care to know that they are getting a fair deal when they are making the biggest financial commitment of their lives Instead they simply buy on a whim, paying whatever is asked, based on EAs wet dreams and their possibly fraudulent counter bids. I think this unlikely. If an EA is encouraging a buyer to pay "whatever they want to pay for it" and this is beyond the going rate and the ceiling price for the area then they deserve their already dodgy reputation. If this transaction is completed the new owner will be the loser when they come to resell and can't find another numb skull like them.

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13 hours ago, jwrag said:

This implies buyers do no research and do not take care to know that they are getting a fair deal when they are making the biggest financial commitment of their lives Instead they simply buy on a whim, paying whatever is asked, based on EAs wet dreams and their possibly fraudulent counter bids. I think this unlikely. If an EA is encouraging a buyer to pay "whatever they want to pay for it" and this is beyond the going rate and the ceiling price for the area then they deserve their already dodgy reputation. If this transaction is completed the new owner will be the loser when they come to resell and can't find another numb skull like them.

I actually ended up paying too much based on a surveyors valuation, bad advice from another estate agent who had a vested interest in me not getting another property. To top it off I believe I was fake bid on my property. Its only after I bought the house I did the percentage calculations of other houses that sold in the street that I realised I overpaid.

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An estate agent is being paid by the seller of the house to achieve the best possible price for the house, the more they get for the house the more commission they receive, as an ex estate agent I would never take an estate agents advise when buying a house, they are not working for you, always remember that. When your buying a house look at the other houses in the area and the prices those houses are selling for, its not rocket science, templeton robinson famously over price every house on the market, when they put a price of £395k on this house it was probably worth no more than £350k. There is quite a few bigger houses, in better condition on the market in Malone around the £400-£600k price at the moment. 

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1 hour ago, stingray192 said:

An estate agent is being paid by the seller of the house to achieve the best possible price for the house, the more they get for the house the more commission they receive, as an ex estate agent I would never take an estate agents advise when buying a house, they are not working for you, always remember that. When your buying a house look at the other houses in the area and the prices those houses are selling for, its not rocket science, templeton robinson famously over price every house on the market, when they put a price of £395k on this house it was probably worth no more than £350k. There is quite a few bigger houses, in better condition on the market in Malone around the £400-£600k price at the moment. 

I was stupid and got advice from a separate estate agency. Is fake bidding pretty common amongst estate agents then? I guess its something you would not admit to as an ex estate agent as it is illegal.

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On ‎12‎/‎07‎/‎2019 at 12:08, stingray192 said:

I honestly don’t know a single person who would live in a house with those kitchens and bathrooms, but we all have different standards, ravenhill Park is a fairly ordinary road with mainly old run down houses, there is far better locations round Belfast, much nicer houses on better streets for similar money and less 

 Different standards, and tastes. Maybe your quite young, older buyers would probably not see a problem with them. Bathrooms can be updated quite cheaply if required.

I put up with a naff 20 year old kitchen in my house that I don't like , but it will get replaced sometime in the distant future when funds/time allow.

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1 hour ago, Ni_Buyer said:

I was stupid and got advice from a separate estate agency. Is fake bidding pretty common amongst estate agents then? I guess its something you would not admit to as an ex estate agent as it is illegal.

I honestly don't think fake bidding exists over here, I never encountered it, I don't know about now but in my day you could ask to see all the other offers on a house, we used to show the details and cover the bidders names, I assume something similar still exists, estate agents will always talk the market up, its how they earn their living

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4 minutes ago, stingray192 said:

I honestly don't think fake bidding exists over here, I never encountered it, I don't know about now but in my day you could ask to see all the other offers on a house, we used to show the details and cover the bidders names, I assume something similar still exists, estate agents will always talk the market up, its how they earn their living

What is to stop the estate agent having a few "mates" with cash who they can stick down on the list, which would be totally traceable. and appear legit.

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6 minutes ago, Ni_Buyer said:

What is to stop the estate agent having a few "mates" with cash who they can stick down on the list, which would be totally traceable. and appear legit.

that's not going to happen, there is hundreds of house sales a week

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1 hour ago, Andy T said:

 Different standards, and tastes. Maybe your quite young, older buyers would probably not see a problem with them. Bathrooms can be updated quite cheaply if required.

I put up with a naff 20 year old kitchen in my house that I don't like , but it will get replaced sometime in the distant future when funds/time allow.

certainly when your living in a house a lot of the time you live with the current fixtures and fittings, unless you are extending or redoing a kitchen when you might do a lot of other things, when you move into an older house you will discover all sorts needing done,  if you pay £500k for a house your not going to put a bathroom suite in costing £1000   your going to put quality fittings and probably replumb at the same time, there is parts of this house you could live with but most people would extend and totally refurbish this house of they bought it

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55 minutes ago, stingray192 said:

I honestly don't think fake bidding exists over here, I never encountered it, I don't know about now but in my day you could ask to see all the other offers on a house, we used to show the details and cover the bidders names, I assume something similar still exists, estate agents will always talk the market up, its how they earn their living

Fake bidding exists or did exist in 2013. I've encountered it with some of the larger estate agents. Price bid up, pulled out and miraculously the other bidder pulled out, would I take it at the last bid. Said no and the house is still on the market a few months later. This happen on 2 different houses back then. I suppose you could say I was just unlucky but I don't think so. 

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4 minutes ago, 2buyornot2buy said:

Fake bidding exists or did exist in 2013. I've encountered it with some of the larger estate agents. Price bid up, pulled out and miraculously the other bidder pulled out, would I take it at the last bid. Said no and the house is still on the market a few months later. This happen on 2 different houses back then. I suppose you could say I was just unlucky but I don't think so. 

I have certainly sold properties where several bidders (in the boom) offered stupid amounts, the winner maybe pulled out or couldn't get the finance and then the underbidders either had bought elsewhere or came to their senses and pulled out, the Scottish system is much better, sealed bids via a solicitor on the more popular houses

 

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3 hours ago, stingray192 said:

the house achieved £400 per sq ft, most older houses in ravenhill go for around £180 per sq ft  

I guess there must be more to pricing a house than sq footage 

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  • 242 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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