M21er Posted March 12, 2008 Share Posted March 12, 2008 (edited) Hi Another snapshot of market sentiment. This time, it's the Barnard Marcus Auction covering 290 lots. Although the venue is Cafe Royal, London, there are properties from across the country and this should provide us with upto date market sentiment Generally, London and South East have been holding up reasonably well. The worst affected areas have been the City Centre new build flats in the Midlands ( Nottingham in particular ) and the North. It will be interesting to see whether this trend continues or whether there will be weakening in the London market as a result of restricted mortgage availability. Links: Barnard Marcus Auction catalogue ( Pdf Download 8MB ) Barnard Marcus Order of Sale All 290 Lots Barnard Marcus LiveLink If you are going to research latest sold prices for your own research, ( HousePrices.co.uk ) perhaps you can post here which areas / lots you are doing to prevent duplication of effort. It would be great if we could cover most of the lots tomorrow. Happy Viewing Regards M21er Edited March 13, 2008 by M21er Quote Link to comment Share on other sites More sharing options...
M21er Posted March 13, 2008 Author Share Posted March 13, 2008 (edited) Hi Original post edited to include LiveLink for today's 10:30am auction M21er Edited for spelling Edited March 13, 2008 by M21er Quote Link to comment Share on other sites More sharing options...
beans on toast Posted March 13, 2008 Share Posted March 13, 2008 Lot 14 This is the third time in a row they've tried to flog that P.O.S for 2.6 million. I think in previous auctions it reached 2.4 million. This property symolizes why house prices will take a long time to come down - sellers are either too stubborn or plain stupid to sell for even a small discount. Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 13, 2008 Share Posted March 13, 2008 Lot 14This is the third time in a row they've tried to flog that P.O.S for 2.6 million. I think in previous auctions it reached 2.4 million. This property symolizes why house prices will take a long time to come down - sellers are either too stubborn or plain stupid to sell for even a small discount. In some cases, that small discount is the margin of profit, believe it or not. In which case, they didn't do their homework of course. Quote Link to comment Share on other sites More sharing options...
beans on toast Posted March 13, 2008 Share Posted March 13, 2008 In some cases, that small discount is the margin of profit, believe it or not. In which case, they didn't do their homework of course. Isnt it better to get out for a small loss rather than take a proper hiding. The only thing saving this vendors **** is the property is in the heart of Kensington and Chelsea. Can properties in K&C defy the downturn?? Quote Link to comment Share on other sites More sharing options...
M21er Posted March 13, 2008 Author Share Posted March 13, 2008 Hi We're off. Lot 1 & 2 withdrawn. Lot 3 sold for £208k. Now on Lot 4 Going to be a long day! M21er Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 13, 2008 Share Posted March 13, 2008 Isnt it better to get out for a small loss rather than take a proper hiding. The only thing saving this vendors **** is the property is in the heart of Kensington and Chelsea.Can properties in K&C defy the downturn?? Lot 3 a place in Docklands, sold for £208K, that's 18K over guide price. :angry: The next lot in NW10 sold for nearly 30% over guide (a boarded up house). (( Nearly £400K !!!! Not looking like a slump in London is it. Quote Link to comment Share on other sites More sharing options...
Harry Sacks Posted March 13, 2008 Share Posted March 13, 2008 Lot 3 a place in Docklands, sold for £208K, that's 18K over guide price. :angry: The next lot in NW10 sold for nearly 30% over guide (a boarded up house). (( Nearly £400K !!!! Not looking like a slump in London is it. You don't know that they sold. They might have taken "bids from the wall" up to reserve. Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 13, 2008 Share Posted March 13, 2008 Auction fever![/color] They're selling for the guide price plus 20% at the mo. No sign of a crash at the moment in Gtr London if this is a gauge. So, what now ? Or should I say, so weak ! Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 13, 2008 Share Posted March 13, 2008 You don't know that they sold. They might have taken "bids from the wall" up to reserve. really Quote Link to comment Share on other sites More sharing options...
chichi Posted March 13, 2008 Share Posted March 13, 2008 Lot 7: Unsold £227,000 Quote Link to comment Share on other sites More sharing options...
Harry Sacks Posted March 13, 2008 Share Posted March 13, 2008 really Yeah really. Been to many auctions? Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 13, 2008 Share Posted March 13, 2008 Lot 7: Unsold £227,000 I quite like that style of house, I used to live near some like that, but I wouldn't pay 227k for that either. Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 13, 2008 Share Posted March 13, 2008 (edited) Yeah really.Been to many auctions? I'll grasp at that straw of hope then Dom and hope you're right. Hammersmith W6 next, this will be a bellweather... Edited March 13, 2008 by The Last Bear Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 13, 2008 Share Posted March 13, 2008 You don't know that they sold. They might have taken "bids from the wall" up to reserve. But if it doesn't meet the reserve then it doesn't sell? Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 13, 2008 Share Posted March 13, 2008 People actually bid to £1.3m for that place in W6? I wouldn't even pay the .3, nevermind the 1. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 13, 2008 Share Posted March 13, 2008 Hammersmith W6 next, this will be a bellweather... That one went up to £1.37m - over the guide price - but was recorded as unsold. Is the reserve usually more than the guide price? Quote Link to comment Share on other sites More sharing options...
pharm Posted March 13, 2008 Share Posted March 13, 2008 Seeing an awful lot of unsolds so far. Quote Link to comment Share on other sites More sharing options...
_w_ Posted March 13, 2008 Share Posted March 13, 2008 But if it doesn't meet the reserve then it doesn't sell? In theory yes absolutely. Lot 9 and 10 unsold above guide prices. I would guess that the auctioneers, seeing that few products sell, used considerably lowered guide prices to generate interest but that these are still below vendors' expectations. If that was the case it would mean those results are pretty bad wouldn't it? Quote Link to comment Share on other sites More sharing options...
pharm Posted March 13, 2008 Share Posted March 13, 2008 You can expect the auctioneers to start insisting that sellers adopt sensible reserves: they have to make their money somewhere after all. But not just yet... Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 13, 2008 Share Posted March 13, 2008 Lot 14This is the third time in a row they've tried to flog that P.O.S for 2.6 million. I think in previous auctions it reached 2.4 million. This property symolizes why house prices will take a long time to come down - sellers are either too stubborn or plain stupid to sell for even a small discount. Unsold at £2.83m!! How much do they want for it? Quote Link to comment Share on other sites More sharing options...
insidetrack Posted March 13, 2008 Share Posted March 13, 2008 Lot 3 a place in Docklands, sold for £208K, that's 18K over guide price. :angry: The next lot in NW10 sold for nearly 30% over guide (a boarded up house). (( Nearly £400K !!!! Not looking like a slump in London is it. There are 3 identical properties to Lot3 (Fusion building E140EF) currently on rightmove for 190k. Why pay so much at auction for a repo? The buyer must be thick. Quote Link to comment Share on other sites More sharing options...
_w_ Posted March 13, 2008 Share Posted March 13, 2008 Lot 14, tiny little unimpressive house in Chelsea unsold at 2.8m. I don't believe for a minute there was any real bid on that lot. Quote Link to comment Share on other sites More sharing options...
pharm Posted March 13, 2008 Share Posted March 13, 2008 Unsold at £2.83m!! How much do they want for it? You do get the mews house as well, and I guess it's in the middle prime, prime London. Quote Link to comment Share on other sites More sharing options...
Daft Boy Posted March 13, 2008 Share Posted March 13, 2008 There are 3 identical properties to Lot3 (Fusion building E140EF) currently on rightmove for 190k. Why pay so much at auction for a repo? The buyer must be thick. It does beg the question if these auction houses are actually above board or a cover for money laundering. Quote Link to comment Share on other sites More sharing options...
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