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Quinch

Chester

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Been watching sales of Hush House flats. The prices have been taking a bit of a hit. Four were up for auction on the 5th of March and from what I could find on the web, have taken a substantial hit, obviously initial sale price does not include cash backs and other incentives.

I’ve had to match the pictures from the auction which gives auction price but no flat no, to the pictures on right move, which gives flat no and guide price.

Obviously the auction price may not complete (although, I think if you agree to a hammer price it’s legally obliging). These sales are going to take a while before they show on the LR.

Worst case is a 50% loss, on a purchase price of almost £300k in Oct 03. Ouch!

There were two more lots, one which sold for £132k and another on which they will accept £137k, but not sure which flat no’s they are.

Quinch

Hush_House.doc

Hush_House.doc

Edited by Quinch

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Thanks for researching that, It looks very conclusive.

Given the number of these flats in Chester it will be intersting to see if this is replicated on a wider scale!

If these flats had been a sensible price I would have bought one 5/6 years ago. As it is I might buy one in 1-2 years time instead.

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Super Saint Hi,

I don’t normally watch flat prices in Chester, but Hush House does interest me for some unknown reason. Normally spend most of my time watching 4 bed plus houses and there is very little shift in price at present, but not much selling either, and quite a few chains have been collapsing.

Mrs Quinch says that Humpheries are the most realistic of EAs in terms of asking price, and she watches these things more than me, and that was borne out by our own experience when we had our house valued by far too many EAs at the start of the year.

I think the big stand off in Chester has begun, give it another 2-3 months and we should start to see more obvious signs of change.

Quinch

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I havn't really been watching Hush House, I'm not even sure which block it is. Is it the one with the fancy car stacking arrangement which you can see as you walk past?

I'm more interested in the flats in the City Road area as a prospective place to buy.

On a purely voyeuristic level I'm also interested in the Chester property empire of Grant Bovey. I've read one story about the alleged collapse of one of his businesses, I've also read the story of his buying a whole block of apartments in Chester.

In my mind i've conjured the prospect of all these flats being sold at firesale prices should anything happen to flat prices in Chester in general!

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Yes Hush House is the one with the funny car park/stacking system.

I know nothing about Grant Bovey's property empire.

I suspect there will be a distressed sellers in the city road area given enough time and an eye on the auction houses.

Quinch

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Super Saint,

Check out this weeks Chonicle page 28 & 29, double page spread on Hush House and the fall in values. I will see if I can find a link for everyone else over the w/e.

I think the journo's have been reading HPC again!

Quinch

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Quinch,

I thought the same thing when I got directed to the same article over the weekend.

As others have said, it seems journo's may now be researching stories on these forums!

Here's the article we're both referring to below.

---------------------------------

http://www.chesterchronicle.co.uk/chester-...59067-20781165/

Feeling the pinch

Apr 18 2008 by Rebecca Edwards, Chester Chronicle

Feeling the pinch

Five years ago, it was hailed as the height of sophistication for city centre dwellers. Now, Hush House is just another victim of the credit crunch, with its luxury, two-bedroom apartments being auctioned off for little more than half their original worth. REBECCA EDWARDS reports

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I did a similar spread sheet to the Hush house one on Charlton Court (built ~2001), on Hoole Road. Charlton Court is a good quality set of apartments. Basically, prices initially went up, but have fallen back to close to original asking price. There is another set of apartments opposite Chalton Court and I recon they were completed about 1 year ago, I can see no evidence of anyone having moved in. Although they look pretty poor quality.

So the way I see it:

Rubbish apartments will lose close on 50%, everything else 20% plus, but difficult to predict exactly. From what I can gather from the EAs, there have been no first time buyers since last year, to speak of, and if you have anyone to view your property you are lucky. A lot of sales are falling through and the only ones I can see selling are top spec. I am aware of quite a few properties that have been on the market close on one year.

I think we are in a bit of a stand off, no one selling and no one buying.

Although I am aware of a few people who haven’t been able to sell, have rented their house, so they can rent a larger house or one in a more convenient location; schools, work etc.

Quinch

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Thanks Quinch,

My position is/was I was born in Chester lived there all my life, started (professional) work in 1999, by 2001/02 I was ready to buy a (small) place. One of those apartments would have suited me fine, unfortunately they were overpriced and marketed towards btl's. I even got on the affordable housing/shared equity list but I was suprised how expensive even they were. My housing needs have now outgrown the apartment stage (married with a kid on a way), so when I'm looking to buy in 2 years time or so these places will not be suitable. I am very disappointed and a bit sad that my (and no doubt lots of other) lives have been affected by the distortions caused by the housing bubble, it could have all been so much smoother if things were different, but c'est la vie. I'm not one to advocate further regulation of the housing market but my sympathy for those burned in the bubble-pop (especially btl's will be limited).

Like you I have noticed a huge gap in quality between the various developments. Its interesting that some developments are falling harder than faster than others. Please keep me updated if you do any further research.

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Still seems to be in a denial phase at the moment

Property still seems to be advertised at similar asking prices to the last couple of years, with the exception of new(ish) build apartments, which are on the market for around 20% discount on last year's prices

Not much selling, goes without saying

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Glad to see some activity on the Chester thread again.

From what I have observed, very little in real price reductions, maybe 5-10%, but I believe that some estate agents are pricing with the expectation of offers in the region of 10% less, although they still don’t seem to be selling anything.

The only EA who appear to be pricing to sell are Humphries and they are subsequently increasing market share, and as a previous poster has noted they have started to auction properties as well.

I would expect a couple of the EA’s to start going under in the new year.

Quinch

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Just returned from a trip to Chester. I was very surprised at the low volume of property for sale, at least going by the boards on the street.

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The Humphries auction site is of great interest to me as they seem to be auctioning Chester-area properties only. I will be keeping an eye on the Humphreys site hoping to pick up a suitably priced bargain in the coming years.

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  • 293 Brexit, House prices and Summer 2020

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      • down 5% +
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      • Even
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      • up 5%



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