M21er Posted March 18, 2008 Share Posted March 18, 2008 (edited) 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 March 18, 2008 by M21er Quote Link to comment Share on other sites More sharing options...
bob monkhouse Posted March 18, 2008 Share Posted March 18, 2008 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... Quote Link to comment Share on other sites More sharing options...
M21er Posted March 18, 2008 Author Share Posted March 18, 2008 Lot 10224 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 Quote Link to comment Share on other sites More sharing options...
cognitive dissonance Posted March 18, 2008 Share Posted March 18, 2008 re the ponsy apartment, quote "viewing - the tenant must not be disturbed" WTF!? is sleeping beauty in there or does the poor fecker not know s/he's about to be evicted? Quote Link to comment Share on other sites More sharing options...
M21er Posted March 18, 2008 Author Share Posted March 18, 2008 The auction starts in 30 minutes..... Quote Link to comment Share on other sites More sharing options...
M21er Posted March 18, 2008 Author Share Posted March 18, 2008 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. Quote Link to comment Share on other sites More sharing options...
M21er Posted March 18, 2008 Author Share Posted March 18, 2008 Auction underway now: Lot 2 Unsold at £125k Lots 3 & 4 not offered?? Lot 5 Sold £61.5k M21er Quote Link to comment Share on other sites More sharing options...
stew Posted March 18, 2008 Share Posted March 18, 2008 (edited) 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 March 18, 2008 by stew Quote Link to comment Share on other sites More sharing options...
REP013 Posted March 18, 2008 Share Posted March 18, 2008 (edited) 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 March 18, 2008 by REP013 Quote Link to comment Share on other sites More sharing options...
stew Posted March 18, 2008 Share Posted March 18, 2008 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! Quote Link to comment Share on other sites More sharing options...
cartimandua51 Posted March 18, 2008 Share Posted March 18, 2008 (edited) 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 March 18, 2008 by cartimandua51 Quote Link to comment Share on other sites More sharing options...
NorthamptonBear Posted March 18, 2008 Share Posted March 18, 2008 (edited) 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 March 18, 2008 by NorthamptonBear Quote Link to comment Share on other sites More sharing options...
Swissnic Posted March 18, 2008 Share Posted March 18, 2008 Lot 36 sold £77k / guide £70k Lot 37/38 unsold Lot 39 sold £45k / guide £50k Lot 40 unsold Lot 41/42 withdrawn Quote Link to comment Share on other sites More sharing options...
M21er Posted March 18, 2008 Author Share Posted March 18, 2008 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 Quote Link to comment Share on other sites More sharing options...
Swissnic Posted March 18, 2008 Share Posted March 18, 2008 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! Quote Link to comment Share on other sites More sharing options...
M21er Posted March 18, 2008 Author Share Posted March 18, 2008 Lot 49 Tenanted Property No Bids ! as against Guide Price of £100k M21er Quote Link to comment Share on other sites More sharing options...
chichi Posted March 18, 2008 Share Posted March 18, 2008 Lot 50: Unsold £58,000 All the ones I've managed to see click through are unsold. Quote Link to comment Share on other sites More sharing options...
Swissnic Posted March 18, 2008 Share Posted March 18, 2008 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! Quote Link to comment Share on other sites More sharing options...
M21er Posted March 18, 2008 Author Share Posted March 18, 2008 (edited) 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 March 18, 2008 by M21er Quote Link to comment Share on other sites More sharing options...
chichi Posted March 18, 2008 Share Posted March 18, 2008 Lot 53: Sold £45,000 Quote Link to comment Share on other sites More sharing options...
NorthamptonBear Posted March 18, 2008 Share Posted March 18, 2008 Lot 49 unsoldLot 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..... Quote Link to comment Share on other sites More sharing options...
Matt Bear Posted March 18, 2008 Share Posted March 18, 2008 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. Quote Link to comment Share on other sites More sharing options...
M21er Posted March 18, 2008 Author Share Posted March 18, 2008 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 Quote Link to comment Share on other sites More sharing options...
cartimandua51 Posted March 18, 2008 Share Posted March 18, 2008 (edited) 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 March 18, 2008 by cartimandua51 Quote Link to comment Share on other sites More sharing options...
cartimandua51 Posted March 18, 2008 Share Posted March 18, 2008 59 - no bids!! Quote Link to comment Share on other sites More sharing options...
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