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M21er

Property Auction ( Edward Meller ) - Manchester & North West 105 Lots

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HI

Another live auction - this time it's the Edward Mellor offering. The properties generally offered in this auction tend to be at the lower end of the market and appeal to mainly private landlords and investor / builders. The properties also tend to be situated in the less popular areas of Manchester and surrounding towns. We should get a feel today of private landlord sentiment.

There are a couple of interesting properties:

Lot 89

Apartment 37, 2b The Waterfront, Openshaw, Manchester M11 4DB.

Catalogue Entry - Guide Price £125k Last Sold Price £173k June 2005

Lot 102

24 Worsley Gardens, Mountain Street, Worsley, Manchester, M28 3ST.

Catalogue Entry - Guide Price £85k Last Sold Price £129k March 2005

This property is interesting in that it was originally offered in the Countrywide Property Auction 28 January 2008 - Lot 17. However on the day, it wasn't offered as it was Sold Prior. Did the original sale fall through or it this a quick refurb and sell on? This property was discussed on the Madchester HPC thread back in January 2008.

Edward Mellor Auction - 1:30pm - Order of Sale

Edward Mellor Auction - 1:30pm - LiveLink! ( No video sadly )

M21er

Edited by M21er

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Mainly shitey properties there. Mind you, the city centre is where the fun will begin, ecspecially those developents along great ancoats street. Have you heard of a development called the glassworks? I heard from an insider they were selling off flats for 85k which had originally been priced around 150k...

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Lot 102

24 Worsley Gardens, Mountain Street, Worsley, Manchester, M28 3ST.

Catalogue Entry - Guide Price £85k Last Sold Price £129k March 2005

This property is interesting in that it was originally offered in the Countrywide Property Auction 28 January 2008 - Lot 17. However on the day, it wasn't offered as it was Sold Prior. Did the original sale fall through or it this a quick refurb and sell on? This property was discussed on the Madchester HPC thread back in January 2008.

M21er

Hi

Just found this on RightMove:

3rd Floor 2 bedroom flat - Worsley Gardens - £79,950

This is a 3rd floor flat ( Lot 102 is Ground Floor ) so there's no need to pay over £80k in the auction.

M21er

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M21er,thanks for the advance work .May be busy this avo,though hope we get good coverage of the results.

'This property is interesting in that it was originally offered in the Countrywide Property Auction 28 January 2008 - Lot 17'

How on earth did you remember that?

Hi tr

I just recognised the address as I did a bit of research on it back in January. We also discussed it here on HPC so I could find the original links.

Auction is not yet underway - Seems to be stuck on Lot 1 on £100k

M21er

PS Pity you're busy - one less valuable contributor.

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I know nothing about house auctions...

Can I ask why so many are 'unsold' - is the 'guide' price also the reserve price?

ie : Lot 10 has a guide of £62k - bidding reached £62k but it was 'unsold'???

Edited by stew

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I know nothing about house auctions...

Can I ask why so many are 'unsold' - is the 'guide' price also the reserve price?

ie : Lot 10 has a guide of £62k - bidding reached £62k but it was 'unsold'???

In a lot of cases the guide price is not the reserve price the guide is used to get people interested and bid up to, or exceed, the reserve price.

One explanation for many properties being unsold is that they are too expensive. Most things which are vfm sell, things that are not either don't or take a lot longer (the greater fool syndrome).

HTH?

Edited by REP013

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In a lot of cases the guide price is not the reserve price the guide is used to get people interested and bid up to, or exceed, the reserve price.

One explanation for many properties being unsold is that they are too expensive. Most things which are vfm sell, things that are not either don't or take a lot longer (the greater fool syndrome).

HTH?

Yep - thanks!

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23, 24, 25 &26 27 unsold - bidding didn't even reach "guide"

This looks like carnage. 27 was quite a nice looking semi

28, guide 250 appently only one bid at 200 - a pub -can't even drown your sorrows!

29 sold! at guide (but WTF - it looks like those stripped out houses in Detroit!)

Edited by cartimandua51

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missed others

Lot 34: Unsold £95,000

Lot 36: Sold £77,000

Lot 38: Unsold £70,000

Lot 40: Unsold £72,000

can't do too much more - good luck swissnic etc

Edited by NorthamptonBear

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Lot 45 Tenanted Property Unsold at £75k as against Guide Price of £95k - £100k

Income of £5,700 pa so investor was looking for a gross rental yield of 7.6%

Guide price indicated a GRY of 5.7%

M21er

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Lot 43 - 47 unsold...

Lot 48 - no bids!! LOL

Most of the properties are reaching or going slightly over estimates, but reserves are higher.... Shows vendors still have their heads in the clouds!

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Lot 49 unsold

Lot 50 unsold bid £58k / est. £56k

Lot 51 unsold bid £115k / est. £110k

Lot 52 sold £50k / est. £50k WOOHOO!!!!!!!!!!!!!!!!!!!!!!!!!!

One finally sold!

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Lot 52 Sold £50k Income £3.9k GRY 7.8%pa

I would want a higher yield given the area and the risk ( Front door looks like it's been kicked in - that £100 - £200 repair straight off your annual yield!!)

M21er

Edit: For correct Lot number

Edited by M21er

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Lot 49 unsold

Lot 50 unsold bid £58k / est. £56k

Lot 51 unsold bid £115k / est. £110k

Lot 52 sold £50k / est. £50k WOOHOO!!!!!!!!!!!!!!!!!!!!!!!!!!

One finally sold!

325 a month rented out - so return over 10%????

almost makes me want to get into BTL.....

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Does anybody have an EIGroup account that they could find a link to the Darlows auction tomorrow?

They have a couple of interesting lots - 2 complete blocks of 6 flats.

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325 a month rented out - so return over 10%????

almost makes me want to get into BTL.....

Hi NB,

I would calculate Gross Rental Yield as:

Annual Rental divided by Purchase Price x 100

In this case, 3900/50000 x 100 = 7.8%pa

The GRY is the maximum yield you can get - you have to take off voids, repairs, replacement furniture. In the long term , replacement bathrooms and kitchens.....

I personally don't think you can make any decent money at yields as low as this

M21er

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lot 56 - income 5K unsold at 57, so investor looking for 9%+

await 59 - why should property with an income of 6K have a guide of 200-230??

Edited by cartimandua51

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