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I'm also in one of these new build city centre apartments but I'm actually renting from the builder, they couldn't sell it, hopefully should get a renewal as there seems to be even more flats on the market than 6 months ago.

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I'm also in one of these new build city centre apartments but I'm actually renting from the builder, they couldn't sell it, hopefully should get a renewal as there seems to be even more flats on the market than 6 months ago.

Lots more. We've been renting in Leeds for 3 years in 03-06 and it was not easy to find a good and not overpriced accommodation. Just checked yesterday Rightmove and omg, SO MANY apartments in LS1 alone. Hundreds upon hundreds. Must be an effect of all these new student places being built as many apartments/terraces were rented by students and as they moved out now they are empty. Also all those who can not sell trying at least to rent it out.

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Pass Dock Street quite regular and noticed this recent update on Ourproperty.co.uk

2003-11-05 Flat 2, 1, Dock Street, Leeds, West Yorkshire, LS10 1NB £185,000

2008-05-16 Flat 2, 1, Dock Street, Leeds, West Yorkshire, LS10 1NB £145,000

So £40k loss plus fees!

Regards

Sox

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at last some decent movement downwards in the calder valley, maybe the biggest drop so far is this one

http://www.ryburne.co.uk/LockHouse.htm

down from an asking price of 350k to 285k, on the market for a year. though given how close it is to a flood prone canal it may never sell.

things still pretty quiet and alot of property on the market for 9-18 months and drops of just 5% in asking price if anything. one local small local developer bought a couple of places at peak, did them up a a bit and looks like they are stuck with them.

at least one of the local agents is fairly stright up with us about the crash but their sellers still struggling to see the new world order,

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Was a repo in Brewery Wharf advertised with Morgans last month. Now its up for rent.

Is something going on here? Are the banks just renting them rather than flooding the market?

I'd have thought if prices go down dramatically then people could buy and afford to drop the rents compared to the rest of the market hence a vicious circle.

Sox, do you mind letting us know about the flat, once you have left, and we can perhaps track its 'progress.'

I left my old place in January after the landlord put the place up for sale. Its been standing empty ever since. It would appear that the sale fell though. Perhaps its been repossessed...

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  • 3 weeks later...
Previous LR sale price vs Allsop's auction results 15 & 17 July 2008

http://www.auction.co.uk/jumpauctionResult...D=543&aTY=r

Apartment 72, 11 Park House Apartments Park Row, Leeds, West Yorkshire, LS1 5HB

Originally sold: 2003-12-10 £250,000

Auction results: Lot 395, Guide Price £115,000+, Result £131,000

Sox

No use - no parking

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No use - no parking

Funnily enough, a few weeks ago I bumped into a couple down Clarence Dock who had just taken rental on an apartment (apparently not realising that parking was extra over).

They went gradually paler and paler as they realised that they were looking at £330/ea/qtr for contract parking at the multi story!

Regards

Sox

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Funnily enough, a few weeks ago I bumped into a couple down Clarence Dock who had just taken rental on an apartment (apparently not realising that parking was extra over).

They went gradually paler and paler as they realised that they were looking at £330/ea/qtr for contract parking at the multi story!

Regards

Sox

hi Sox

Leeds is very strange property wise. Luckily rents are underpinned by the students although with 2-3 specialist student lets tower blocks coming on line over the next year or two that may change. I considered buying a new flat up here but am renting in the uni area at the moment. There are many vacant new flats up for sale/rent but Leeds property sellers have had it their own way for so long they still think they are doing you a favour by selling/renting it to you.

There are so many flat "towers" its unbelievable - and when you look at the price paid. Clarence Dock and that are just across the canal is heading for such a fall. And they are still building.

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Previous LR sale price vs Allsop's auction results 15 & 17 July 2008

http://www.auction.co.uk/jumpauctionResult...D=543&aTY=r

Apartment 72, 11 Park House Apartments Park Row, Leeds, West Yorkshire, LS1 5HB

Originally sold: 2003-12-10 £250,000

Auction results: Lot 395, Guide Price £115,000+, Result £131,000

Sox

:o

Was there anything wrong with this flat? Was it tiny or wrecked or something?

What does this bode for the new build flats on the fringes of the centre?

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............There are many vacant new flats up for sale/rent but Leeds property sellers have had it their own way for so long they still think they are doing you a favour by selling/renting it to you......

Yes, I too have grudgingly admired the way that the developers, the city centre estate agents and the local media have seemingly worked together to create the impression of a buoyant market.

Only when a property comes up for auction is the cat, momentarily, let out of the bag.

Sox

Edited by Bootsox
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:o

Was there anything wrong with this flat? Was it tiny or wrecked or something?

What does this bode for the new build flats on the fringes of the centre?

Its a great location (if you like/work in the centre of Leeds - which I do, its a great city). But no parking (up to £300+ per month in multi story 100 yds away).

The block is quite attractive IMO. Haven't seen inside though. Horrendously overpriced when new but I imagine loads of kick backs. Leeds still has 3-4 blocks nearing completion - probably loads of flippers expecting to make a few quid! Othe major projects shelved (Kissing Towers, Luminere)

Auction price about right for the number that must be available. The ground rents/maintenance charge on these are about £100/month.

As to your question - "they're fcuked"

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Was it a 2 bed or 1 bed?

Park House Apartments, Leeds City Centre £115,000 2 bedroom flat

Property details

Show map Save property Send to friend Print Picture 1Interested in this property?

Full brochure*

*Opens in new window

Key features:

Enviable Location

Spacious

Two Double Bedrooms

Separate Kitchen

Balcony

Master En-suite

Quality Development

In Need Of Improvement Last tenant Sox, say no more!

Full description:

Locations don't come much more central than this ! Park House Apartments is a quality development converted by Carla Homes. This particular apartment has been realistically priced, offers spacious accommodation which will then need some improvement, yet offers excellent value for money. Two double bedrooms (master having en-suite), spacious living room, separate kitchen and balcony make this apartment a wonderful City Centre purchase. One not to be missed ! This property is due to be entered into an auction with Allsop Property Consultants. The auction will be held on 15th July 2008 at The Cumberland Hotel, Great Cumberland Place, London, W1 4RF and on 17th July 2008 at The Cafe Royal, 68 Regent Street, London, W1.

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yes, Kelso Heights were featured on a bbc documentary a few months ago.

a local developer had sold a number of flats there, allegations of over valuing, bent surveyors, bent solicitors - the lot.

however, if you look at http://www.nethouseprices.com/index.php?co...mp;pcsaCode=LS3 you can see that 18 flats have sold at 237k - 249k, thus 18 people thought the valuation was correct. (so to me 237k - 249k was the market value - at that time).

the bbc got in a local surveyor, who valued one of the flats at 136k (this was about 6 months ago) but if you look on rightmove they are now going for 80 - 99k.

my personal opinion is that these flats were very expensive (in 2006), but because 18 people were daft enough to pay the price, we can't say that they had been over valued.

it's a genuine drop in value of 68% imho.

... though the scale of the drop may have been exacerbated by the initial sales pitch and alleged wrong doing by the seller & co in the over-hyped market conditions in 2006.

Sorry if already posted,next month two more kelso,

http://www.eddisons.com/pages/auctioncatal...n=26&Page=3

http://www.eddisons.com/pages/auctioncatal...n=26&Page=3

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Err, slightly crossed wires here, I live down Clarence Dock (well until tomorrow anyway, when my notice expires).

Regards

Sox

Put 2 and 2 together and came up with 5.

So Clarence Dock repossessions happening already. Are they all sold yet? Keep us informed about the agent/auction House. This could be a real eye-opener. Put a bid in yourself if it goes really cheap. Forget that, wait at least another 6 months. What if it doesn't sell? The bank/owner will not only take a big capital hit, they'll take an income hit as well. Sure you'll find better value if you continue to rent. Prices are coming down if you don't accept the letting agents price. Have you found this too?

The location is quite good but its a wind tunnel down there. Suppose you can always go to the armouries or walk along the canal. So great attractions on your doorstep as you probably won't have a car.

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I live 100 yds from this block. Looks like there's some wino's sleeping in the lobby, loads of rubbish around, broken windows.

Its also opposite the police station. Plus you can quite tell the poor quality of the build from the outside.

Bedrooms are small but you could get 3 students in at £200+/month each. So could be good investment for £70000

Very dodgy though

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I can relate to the wind tunnel comment!

How negotialbe are rents then? I havent had a great deal of luck with my current place. I'd move to get cheaper but dont want a 6 month tie at the moment....

Communal areas seem to be getting neglected on Clarence Dock. Are the landlords not paying their fees? Or do they have a load of students or people who dont give a toss about the place?!!?!?!

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  • 2 weeks later...

Came across this recent sale of an apartment on ourproperty.com:

2008-06-02 45, Magellan House Armouries Way, Leeds, West Yorkshire, LS10 1JE £195,000

Compared with its original sale price:

2003-10-01 45, Magellan House Armouries Way, Leeds, West Yorkshire, LS10 1JE £174,000

I am not sure of the exact location of this property in the block but it would be quite a few levels below "penthouse level" (so nothing special). As a buy-to-let property, it would be unlikely to attract anywhere near the £1,200 (min) per month necessary to cover the mortgage and other outgoings.

With the recent downtrend, it seems very puzzling that there are still people out there prepared to pay "suicidal" amounts of money for this type of property.

Regards

Sox

Edited by Bootsox
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Came across this recent sale of an apartment on ourproperty.com:

2008-06-02 45, Magellan House Armouries Way, Leeds, West Yorkshire, LS10 1JE £195,000

Compared with its original sale price:

2003-10-01 45, Magellan House Armouries Way, Leeds, West Yorkshire, LS10 1JE £174,000

I am not sure of the exact location of this property in the block but it would be quite a few levels below "penthouse level" (so nothing special). As a buy-to-let property, it would be unlikely to attract anywhere near the £1,200 (min) per month necessary to cover the mortgage and other outgoings.

With the recent downtrend, it seems very puzzling that there are still people out there prepared to pay "suicidal" amounts of money for this type of property.

Regards

Sox

Maybe it was sold with 50% cash back

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  • 2 months later...

Browsing on Rightmove (via Property Bee), this caught my eye:

http://www.rightmove.co.uk/viewdetails-983...=1&tr_t=buy

Detailed Description found: An investment opportunity to purchase 10 x 2 bedroom apartments located close to the city centre and within easy access to both the universities and the centre of Leeds.

Yours for £1.9M (£190k/ea).

Unless I have missed something obvious, there is absolutely no way that this "investment" can be made to pay. Even with zero letting voids you would need to pull in over £800/month/flat just to cover your interest payments.

Further, despite the claim to be a "city centre" development, the location is some way out of the centre.

Nothing like being bullish though, from Property Bee: "21 February 2008 Price changed: from '£1,700,000' to '£1,900,000".

Sox

Edited by Bootsox
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