Jump to content
House Price Crash Forum

First 50% Off Seen For Character Property


VeryMeanReversion
 Share

Recommended Posts

  • 5 weeks later...
  • Replies 66
  • Created
  • Last Reply

Top Posters In This Topic

Just noticed that at the same auction, a house with business that went to auction a couple of months ago at guide ~£750K (memory) is up again for auction at £600-650K guide. I've visited businesses on the premises before so recognised it from that.

Dropping 100K on each auction round would be interesting by the end of the year!

VMR.

Link to comment
Share on other sites

Just noticed that at the same auction, a house with business that went to auction a couple of months ago at guide ~£750K (memory) is up again for auction at £600-650K guide. I've visited businesses on the premises before so recognised it from that.

Dropping 100K on each auction round would be interesting by the end of the year!

VMR.

Interesting one that. At 600K for a house with 10-12 retail units (even with some outstanding planning issues) it looks like a plausible business proposition, which isn't something I've thought about any deal involving property in a long time.

Link to comment
Share on other sites

Interesting one that. At 600K for a house with 10-12 retail units (even with some outstanding planning issues) it looks like a plausible business proposition, which isn't something I've thought about any deal involving property in a long time.

Good size bit of land that comes with it as well. Not all the retail units were occupied a few months ago though.

Same auction has an 8 bed ex-residential home needing renovation with ~5 acres and total of 37,000sq ft (!) including outbuildings, guide price £400-500K.

Maybe "planning issues" kills the value of both?

VMR.

Link to comment
Share on other sites

Good size bit of land that comes with it as well. Not all the retail units were occupied a few months ago though.

Same auction has an 8 bed ex-residential home needing renovation with ~5 acres and total of 37,000sq ft (!) including outbuildings, guide price £400-500K.

Maybe "planning issues" kills the value of both?

VMR.

Planning doesn't help for sure. On the first one, there's also the issue of having to pay the full business rates on the empty retail units - seems like demolishing half of them might be a cheap answer though.

Link to comment
Share on other sites

Planning doesn't help for sure. On the first one, there's also the issue of having to pay the full business rates on the empty retail units

The retail units are little more than large sheds. I wonder if you could flat pack them and then put them back up when a tenant is available?

Maybe they need inflatable retail units!

VMR.

Link to comment
Share on other sites

And it still didnt sell at half price, now going to auction at guide 290-300K.

http://www.cheffins.co.uk/lot/38-mill-lane...pertyauctions-0

VMR.

OK, so the Wife has forbidden me to respond with facts (or at all unless I say what how wonderful their plans are) when friends, relatives etc. spout bull nonsense.

How about creating a little handout with some examples from the Cheffins Auction to wordlessly hand to them when the usual "No way will the 50% city flat cuts happen to desirable houses around here" is trotted out?

Plus, you're all being a bit guarded aren't you? This is what we wanted!

So I'll say it for you.

"YES! - HALF PRICE Prime properties in Prime locations!"

If any auctions catalogues like this appear in Glos. I'm gonna be down there like a shot.

Link to comment
Share on other sites

The £600K->£300K Mill building went under offer on Sep 3rd but is back to Available today (5th Septmber). I guess the bank took two days to think about it and will end up trying their luck in the 1st October auction.

In a way, I hope it sells on the open market before the auction to set a new benchmark for prices in the village. Surveyors for subsequent properties in the village would have to take this into account. It drops the valuations of everything around it for LTV purposes.

This seems similar to one of Erics points in that it takes one sale at an inflated price due a liar-loan during a boom to raise the prices of all properties in the area. It would be nice to see this effect go into reverse.

VMR.

Link to comment
Share on other sites

  • 4 weeks later...
  • 6 months later...
This one really was £600K+ to start with. The reason I remember it is that the neighbour put theirs on shortly after at a similar price and I thought they were both mad. At the time, I thought the new sellers couldnt believe their luck that an EA had valued their place at such a high price. I bet they are not so pleased now.

It's been up for sale for over 6 months but the property bee and hometrack history is much shorter (just 22 days for HT). I dont know why PropertyBee lost track, maybe the property reference number changed. Our friends went to see it only after it dropped to £450K.

Does PropertyBee keep track of properties that have disappeared from Rightmove? I could check the data that way.

VMR.

Old thread but a bit more info to add. The neighbour is trying again, this time for £575K, just a few months after the repo sold for just over £300k.

I can't see how any independent surveyor is going to miss this when it comes to mortgage appliaction time.

http://www.rightmove.co.uk/property-for-sa...ncludeSSTC%3Don

Just as one sale in the boom pushes up the price of all houses in the road, we should see the reverse process take place.

VMR.

Link to comment
Share on other sites

On the property bee changes you can see that the EA first had it listed as 40 Mill Lane. If it is that one it sold for

03/09/2004 £433,000 Det. F No Map 40, Mill Lane, Linton, Cambridge, Cambridgeshire, CB21 4JY

So still on at a kite flying price, unless significant work as been done to it..

Link to comment
Share on other sites

On the property bee changes you can see that the EA first had it listed as 40 Mill Lane. If it is that one it sold for

03/09/2004 £433,000 Det. F No Map 40, Mill Lane, Linton, Cambridge, Cambridgeshire, CB21 4JY

So still on at a kite flying price, unless significant work as been done to it..

Well spotted TeddyBear, it may have been improved inside but nothing outside other than a repaint.

£400K seems about right for that one as a non-distressed sale.

VMR.

Link to comment
Share on other sites

  • 1 month later...
Old thread but a bit more info to add. The neighbour is trying again, this time for �575K, just a few months after the repo sold for just over �300k.

I can't see how any independent surveyor is going to miss this when it comes to mortgage appliaction time.

http://www.rightmove.co.uk/property-for-sa...ncludeSSTC%3Don

Just as one sale in the boom pushes up the price of all houses in the road, we should see the reverse process take place.

VMR.

Update on the property listed:

Thu May 28 10:03:16 2009

* Status changed: from 'Available' to 'Sold STC'

Be interesting to see if the sale goes through and at what price against the £575k they were asking for. Sadly seeing this kind of thing happening too often........

"Dead cat bounce, the worst is yet to come and Sibley is not right".....he isn't.........is he.....?! :o

Link to comment
Share on other sites

Update on the property listed:

Thu May 28 10:03:16 2009

* Status changed: from 'Available' to 'Sold STC'

Be interesting to see if the sale goes through and at what price against the £575k they were asking for. Sadly seeing this kind of thing happening too often........

"Dead cat bounce, the worst is yet to come and Sibley is not right".....he isn't.........is he.....?! :o

I had a chat with the owner of the repo'd house. He did buy it before auction, offering over the guide price.

I wonder what will happen when the valuation comes back for this 575K house and find that the neighbour sold for a bit more than half that, last year.

Everything is going SSTC and under offer around here at the moment. Crazy.

VMR.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.