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Anyone can make money with property these days, i mean all my friends they did an all.So i remembered my days tripping on Es and then i could buy a little bit off history innit

216 Apartment,

15 The Hacienda Whitworth Street West,

Manchester,

Greater Manchester,

M1 5DE £234,000

Flat

Leasehold

New Build

Im the proud owner of a trendy flat on a "historical" site now, but its all gone so wrong wrong wrong.i couldnt rent it, except to they filthy students that did a bunk in may.

and now well its time to sell

Guide price: £145,000+ Apartment 216, The Hacienda, 15 Whitworth Street West, Manchester, Greater Manchester, M1 5DE

its all gone wrong innit ayeeeee

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It is a guide price and states £145,000+

It will be interesting to see what it fetches but my money would be on it coming half way between £145k and £234k

Say £180-190k, apartment 215 sold for £235k in feb 2006. A 20-25%% drop at this stage would seem about right at auction

Must remember whoever bought this apartment new probably got some kind of incentive as well, mortgage paid for 2 years, 5% deposit paid etc.

Edited by Jonnybegood

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It is a guide price and states £145,000+

It will be interesting to see what it fetches but my money would be on it coming half way between £145k and £234k

Say £180-190k, apartment 215 sold for £235k in feb 2006. A 20-25%% drop at this stage would seem about right at auction

Must remember whoever bought this apartment new probably got some kind of incentive as well, mortgage paid for 2 years, 5% deposit paid etc.

if you have a look at my previous post:

http://www.barnardmarcusauctions.co.uk/

click on "current auction"

click on "Tuesday 23 October 2007" - go to lot no. 180.....

now go back and click on "Wednesday 05 December 2007" - go to lot no. 169

you will see that 20-25% is a bit off as:

2005-04-19 Apartment 9.6b, 19 Melia House, Lord Street, Manchester, Greater Manchester, M4 4AX £230,350

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if you have a look at my previous post:

http://www.barnardmarcusauctions.co.uk/

click on "current auction"

click on "Tuesday 23 October 2007" - go to lot no. 180.....

now go back and click on "Wednesday 05 December 2007" - go to lot no. 169

you will see that 20-25% is a bit off as:

2005-04-19 Apartment 9.6b, 19 Melia House, Lord Street, Manchester, Greater Manchester, M4 4AX £230,350

Can't get the link to work, can you just say how much that went for?

This is the "Green Quarter" isn't it?

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Hi

Also in the same auction is this 2 bedroom flat in Worsley, Manchester, Lot 17

Country Wide Auctions - Lot 17

Guide price: £60,000 - £65,000 24 Worsley Gardens, Mountain Street, Worsley, Manchester, M28 3ST

17 Two Bedroom Ground Floor Apartment with the benefit of double glazing and Economy 7 heating (not tested).

Photograph shows a general view.

Bedrooms: 2 Reception: 1 Bathroom: 1 Auction: Manchester

The guide price is just 50% of the original 2005 selling price - that's a huge loss for the owner & lender!

OurProperty Sold Prices for Worsley Gardens

2005-03-24 Flat 17, Worsley Gardens, Mountain Street, Worsley, Manchester, Greater Manchester, M28 3ST £128,500

2005-03-24 Flat 24, Worsley Gardens, Mountain Street, Worsley, Manchester, Greater Manchester, M28 3ST £128,500

2005-03-11 Flat 9, Worsley Gardens, Mountain Street, Worsley, Manchester, Greater Manchester, M28 3ST £125,000

2005-02-14 Flat 5, Worsley Gardens, Mountain Street, Worsley, Manchester, Greater Manchester, M28 3ST £128,500

2005-02-09 Flat 11, Worsley Gardens, Mountain Street, Worsley, Manchester, Greater Manchester, M28 3ST £125,000

2005-02-09 Flat 14, Worsley Gardens, Mountain Street, Worsley, Manchester, Greater Manchester, M28 3ST £125,000

A quick check on RightMove for rentals shows 5 flats available (out of just 24 - I think ) to rent between £395 - £450 pcm. This would perhaps indicate some difficulty in letting the properties and there may be future downward presure on the rents?

RightMove search for rentals at Worsley Gardens - click on Search

Also, the effect of a repossession selling at £60k may lead other owners / investors to simpy hand back the keys so leading to further supply into a falling market further reducing prices.

Is this a good buy at the guide price? Any thoughts?

( Aso, is it Worsley 'proper' or close to Worsley?! )

M21er

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Anyone can make money with property these days, i mean all my friends they did an all.So i remembered my days tripping on Es and then i could buy a little bit off history innit

216 Apartment,

15 The Hacienda Whitworth Street West,

Manchester,

Greater Manchester,

M1 5DE £234,000

Flat

Leasehold

New Build

Im the proud owner of a trendy flat on a "historical" site now, but its all gone so wrong wrong wrong.i couldnt rent it, except to they filthy students that did a bunk in may.

and now well its time to sell

Guide price: £145,000+ Apartment 216, The Hacienda, 15 Whitworth Street West, Manchester, Greater Manchester, M1 5DE

its all gone wrong innit ayeeeee

I can remember seeing massive attack at the hac in 95 and bumping into Barney with his bouncer - he's tiny you know!!

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ex public loo in New Moston sold

Public Convenience, Lightbowne Rd, Moston, Manchester, Lancashire, M40 5 20.5

Gosh.

Wonder whether it'll be a tesco local before long or a pizza shop.

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( Aso, is it Worsley 'proper' or close to Worsley?! )

Describing the area as Worsley is stretching it a bit. Worsley has a fair few millionaires, plus Ryan Giggs etc. This is between Walkden (not great) and Little Houlton (bad). 40K seems a fair bid if there is a security fence.

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Hi

Updating the thread with a link to the results:

Countrywide Auction Result - 28 January 2008

Interesting to see the result for Lot 8

Lot 8. Flat 13, Kendal Court, 108 New Lane, Eccles, Manchester £54,500

This sold originally in October 2003 for £93k See HousePrices.co.uk

2003-10-07 Flat 13, 108 Kendal Court, New Lane, Eccles, Manchester, Greater Manchester, M30 7JE £92,950

I make that a 42% drop in just over 4 years.

This must surely cause other owners on the block to return their keys??? Some owners must be sitting on say £35k negative equity - Eek!

Regards

M21er

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Cheers for the update M21er. I'm also watching auctions in my neck of the woods and finding it fascinating. Eye watering indeed but somehow doesn't surprise me: I suspect we will see this repeated over and over again in regional cities up and down the country. Just out of interest, is there anything which afflicts this particular block as opposed to other similar flats? I'm currently trying to envisage how this kind of thing will spread to 'proper' housing. There isn't an obvious link but that much money just vanishing must have some kind of knock on effect. Ideas?

DM

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thx for the update, i was just thinking of this thread today

i see the one i put in the starter was sold prior, will be very intrested to see what it made pre auction.

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Manchester is new build city.........literally 1000's of flats sitting empty, if they are not empty they are renting at way, way below mortgage cost. Can't imagine landlords are covering service charges let alone mortgage costs. Even worse when you get out to Salford etc.....The fall in Manchester is going to be brutal. You'll get 50% drops on the apartments......easy. Am kind of surprised we don't see more about Manc on this forum.....

Edited by thefinalbear

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...

Just out of interest, is there anything which afflicts this particular block as opposed to other similar flats?

....

DM

Hi DM,

I don't know the block - in fact I don't know Eccles that well ( It's only 7 miles away but I have no reason to go there! )

A quick search on RightMove brings a fair number of properties for sale, including this one Another Repossession which is being auctioned off in the Barnard Marcus auction on 7 February 2008.

I am thinking that the block was probably sold off mainly to FTBs or BTLs who are now struggling? Maybe a large number of buyers are highly geared and as such susceptible to the recently increased interest rates?

Just guesses - but there seems a lot for sale in the block and I suppose importantly they are forced sales?

M21er

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Manchester is new build city.........literally 1000's of flats sitting empty, if they are not empty they are renting at way, way below mortgage cost. Can't imagine landlords are covering service charges let alone mortgage cots. Even worse when you get out to Salford etc.....The fall in Manchester is going to be brutal. You'll get 50% drops on the apartments......easy. Am kind of surprised we don't see more abot Manc on this forum.....

i agree, all lancashire is the same really, total lunacy went on and i wouldnt be suprised if lancashire is the epicentre of the crash.

how can a 16k terraced house in blackpool few years ago now cost 120k, waiters and chamber maids just dont make that money.was huge speculation in blackpool.The last to rise was burnley and oldham and they are your ultimate white flight towns.

The best places in my opinion never saw such big rises ie lancaster, heysham, still big but nothing like the fylde coast.

lots of shops closing down in lytham, that tells its own story at the supposed higher end

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"I wouldnt be suprised if lancashire is the epicentre of the crash."

Totally agree.....av wages are properly out of sinc.......kind of scares me though cause I live there. :o But I've got no illusions......I think it'll happen quite rapidly as well........the Cheshire economy is 'property darling' and they all move herd like..... haha

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Oh yeah.....and Blackpool is screwed.....just screwed......no casino now......and that was the last grasp of hope......evry hotel and guesthouse mortgaged up to the hilt..........its very sAD THOUGH........I like Bpool.......wish it could get back to its past glory.

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Oh yeah.....and Blackpool is screwed.....just screwed......no casino now......and that was the last grasp of hope......evry hotel and guesthouse mortgaged up to the hilt..........its very sAD THOUGH........I like Bpool.......wish it could get back to its past glory.

there final hope was vera and jack duckworth moving there, i cant see jack now going to the syndicate and brannigans on his own now.

the final nail in the coffin for blackpool, the whole town was depending on them, especially stanley bookmakers on vicarage lane :~)

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We drove through Ancoats the other day. First time in months have been near Manchester - noticed the BT building by the hotel is now luxury hotel and the chequered building next to it looks like a posh prison...

Out of town back through ancoats hundreds and hundreds and hundreds of flats being built. It's the same in other outskirts of the city and I have no idea what on earth possessed planners to allow it...

It is insane. In terms of numbers of flats and lack of anything around there. Where's the shops, libraries, doctors, corner shops?

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We drove through Ancoats the other day. First time in months have been near Manchester - noticed the BT building by the hotel is now luxury hotel and the chequered building next to it looks like a posh prison...

Out of town back through ancoats hundreds and hundreds and hundreds of flats being built. It's the same in other outskirts of the city and I have no idea what on earth possessed planners to allow it...

It is insane. In terms of numbers of flats and lack of anything around there. Where's the shops, libraries, doctors, corner shops?

'Built it and they will come'

The 2007-8 Btl'ers fave film (fantasy)

Field of Dreams

http://www.youtube.com/watch?v=-qXkcPQUfJM

'People will pass over the money without even thinking about it'

'No Ray, you will go bankrupt and lose everything'

:rolleyes:

Edited by Saving For a Space Ship

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