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Barnard Marcus Auction Tues. 19th


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A quick question for those in the know about auctions; I've never been to one or thought about buying property through them, it sounds like a nice idea. However all the ones listed with this particular auction are generally horrific, the kind of place you wouldn't want your ex wife to live :) No wonder no one wants to buy them

So, where would one find auctions with decent property, do these exist? Does good property go up for auction? Or is it sold quickly through the agent?

I'd be seriously interested in going to a few auctions if I could find any stocking mid-high market property.

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59 34 Mona Road, Chadderton, Oldham, Lancashire, OL9

This is a new build patch near at least two other new build sites

It's a nightmare says the local pcso and someone who lived on the road (their landlord has at least 2 places on there both tenants leaving for cheaper rents)

http://www.houseprices.co.uk/mona-road-cha...ton-oldham-ol9/

Put OL9 8ND into right move and get 11 properties

OL9 8NS gives 8

Am interested to see how much this goes for. as will the people flogging their houses

I used to own a house on one of those nearby developments built by Persimmon off block lane - just the other side of the railway tracks. It was a new build 3 bed semi - quite a lot nice than the ones on Mona Rd, more space for a start. It was also about 15% cheaper at the time (Autumn 2005).

Mona Rd looked like a nightmare when complete - i've never seen new build houses packed so densely - with literally 6 inches between 'detached' properties. Not a great area either. I too wasn't suprised to see so many on Rightmove!

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Lot 15

1 20/12/2006 £250,000 Flat L Yes Map Mallard Court, Flat 19, John Dyde Close, Bishop's Stortford, Hertfordshire, CM23 3BD

http://www.eigroup.co.uk/onlineauctions/lo...68&l=509505

Lot 15: Sold £131,000 :o

15.jpg

OMG! used to live in one of these too (rented) until last month. A one bed rather than two. Small, pokey, not well built, but that price for a 2 bed sets a whole new tone for Stortford. Probably about on its money, opposite the station, 35 mins to Liverpool Street, next to the river. Brand new onw beds were marketed by the developer for £180K+ earlier this year!

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A quick question for those in the know about auctions; I've never been to one or thought about buying property through them, it sounds like a nice idea. However all the ones listed with this particular auction are generally horrific, the kind of place you wouldn't want your ex wife to live :) No wonder no one wants to buy them

So, where would one find auctions with decent property, do these exist? Does good property go up for auction? Or is it sold quickly through the agent?

Auctions are good places to try offloading lesser junk.....(& the odd croft that you can own but never inhabit.....a friend got caught by that one in the last crash -- "that's cheap" he thought, & put his paw up).

So you thought everything yesterday was 'horrific'? --- Maybe the UK is not your kind of country? ;)

I get the impression you have never been to any public auction? - If so try a household auction; or a winters night at your local car auction, which should cure you for life!

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About the most successful auction I've seen for a long time - even the unsold properties missed the reserve by only a grand in some cases.

Can anyone make an honest unbiased assessment of whether this is due to particularly low prices or muppets coming back to the market too early?

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Prices were still to high at 2003 levels so i'm still wating on the side lines untill we get 2001 prices which were not cheap at the time but maybe we have had 5% wage inflation since then not that i can tell.

Didn't get to watch this today but from what's posted on this thread looks like reserve prices were slashed for many properties, hence the higher sell rate?

You beat me to it.

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About the most successful auction I've seen for a long time - even the unsold properties missed the reserve by only a grand in some cases.

Can anyone make an honest unbiased assessment of whether this is due to particularly low prices or muppets coming back to the market too early?

Unsold auction prices dont mean anything as the auctioneer can take phantom bids or the owners agent can place bids up to the reserve. The owner cant legally bid past the reserve though. So presumably a sell is a sell and not just an expensive valuation by paying the auctioneers fees upon sell to yourself:-)

But yesterdays auction seemed from the get go to have set low reserves unlike the other auctions. So at the next auction there will be more interest as buyers might imagine sellers will continue that practice. But who knows.

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Most people have insanely short (selective) memories

especially about certain large items that (nearly) (to them) always go up

50% off insane pricing doesn't make for a bargain for long

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Not sure how to interpret this. Seems to be more northern property in this auction than in some of the earlier ones and many of the northern ones seem to be priced to sell (Lot 204 - £28.5k for an ex LA 2 bed in Barnsley let for £100/week - i.e an 18.25% yield seems about right to me!?!). A lot of the southern ones didn't sell which seems to indicate that the property professionals in the south think there is further to fall. As for Liverpool, what were those poor deluded people who thought that a property in Speke was ever going to be worth nearly £200k thinking of? Even £91k is too much. I have a friend who used to have a dental surgery in Speke; it was like a prison (steel doors and door frames, bars on the perspex windows, etc) and he still had to take everything that could be moved out of it at night as no-one would insure the place against burglary. He closed it in the end I think.

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CANNOT BELIEVE THIS. THIS HAS TO BE AN ERROR OF SOME SOUGHT.

125 Kirkstall Lane, Leeds, West Yorkshire, LS5

sold for 80K in the Auction, lot number 24A.

Sold previously for

1 09/09/2004 £326,000 Fetch Semi F No Map 125, Kirkstall Lane, Leeds, West Yorkshire, LS5 3LF Get FREE, instant value estimate

2 16/01/2004 £140,000 Fetch Semi F No Map 125, Kirkstall Lane, Leeds, West Yorkshire, LS5 3LF Get FREE, instant value estimate

75% DROP

This has to be some sought of error. There is no way any bank would take that kind of loss.

Edited by dave
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CANNOT BELIEVE THIS. THIS HAS TO BE AN ERROR OF SOME SOUGHT.

125 Kirkstall Lane, Leeds, West Yorkshire, LS5

sold for 80K in the Auction, lot number 24A.

Sold previously for

1 09/09/2004 £326,000 Fetch Semi F No Map 125, Kirkstall Lane, Leeds, West Yorkshire, LS5 3LF Get FREE, instant value estimate

2 16/01/2004 £140,000 Fetch Semi F No Map 125, Kirkstall Lane, Leeds, West Yorkshire, LS5 3LF Get FREE, instant value estimate

Could be structural problems or fire / water damage?

Plenty of possible reasons why a bank would rather get shot of such a property than pay out for the renovations & sell into a market that looks like it will decline further.

Edited by pharm
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Surely if it was that obvious damage, they would have to include this in the description.

Not necessarily.

Best one I know of looked good in the pic.

Only if you asked yourself why there was so much light seeming to come from the lounge window would you begin to question the structural integrity.

Half the back wall was missing.

Caveat Emptor

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CANNOT BELIEVE THIS. THIS HAS TO BE AN ERROR OF SOME SOUGHT.

125 Kirkstall Lane, Leeds, West Yorkshire, LS5

sold for 80K in the Auction, lot number 24A.

Sold previously for

1 09/09/2004 £326,000 Fetch Semi F No Map 125, Kirkstall Lane, Leeds, West Yorkshire, LS5 3LF Get FREE, instant value estimate

2 16/01/2004 £140,000 Fetch Semi F No Map 125, Kirkstall Lane, Leeds, West Yorkshire, LS5 3LF Get FREE, instant value estimate

This has to be some sought of error. There is no way any bank would take that kind of loss.

Well judging from the way it magically gained 132% in value over 8 months, I'm guessing some "developer" stuck a huge extension on the back without proper planning permission, which is now subject to a demolition order :lol:

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CANNOT BELIEVE THIS. THIS HAS TO BE AN ERROR OF SOME SOUGHT.

125 Kirkstall Lane, Leeds, West Yorkshire, LS5

sold for 80K in the Auction, lot number 24A.

Sold previously for

1 09/09/2004 £326,000 Fetch Semi F No Map 125, Kirkstall Lane, Leeds, West Yorkshire, LS5 3LF Get FREE, instant value estimate

2 16/01/2004 £140,000 Fetch Semi F No Map 125, Kirkstall Lane, Leeds, West Yorkshire, LS5 3LF Get FREE, instant value estimate

75% DROP

This has to be some sought of error. There is no way any bank would take that kind of loss.

Hi dave

Very interesting!

This property, 125 Kirkstall Lane was UNSOLD in the BM 24 June Auction at £154k ( !! ?? )

See this Barnard Marcus 24 June 2008 Results HPC Thread

Strange that under two months ago the top bid was £154k ( and under reserve ) and yesterday the top bid was just £80k AND accepted??

Can the Leeds market really have changed so much? If it has sold for just £80k, that's a huge Bad Debt for HBOS plc.

Re the original price - I have surmised before that it may have something to do with Morris Properties in Leeds but no one has confirmed one way or the other. See this Singing Pig thread for problems with Morris Properties in Leeds.

Regards

M21er

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Amazing how a bloodbath like that doesnt even turn heads on here any more.

Anyway, what's happened to M21er?

Hi NotLongNow

I'm still here BUT sadly not currently in a position to run the Auction Analyst.

I've recently started a new contract ( SE1- so should be able to attend the next London HPC Pub Meet! )

If anyone can run the analyst during the auction ( It's an Excel workbook using VBA - Fully automatic but occasional minor blips ) then it may be possible to reinstate the Auction Results.

All subject to me finding time to obtain the Last Sales price data etc

Regards

M21er

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Hi NotLongNow

I'm still here BUT sadly not currently in a position to run the Auction Analyst.

I've recently started a new contract ( SE1- so should be able to attend the next London HPC Pub Meet! )

If anyone can run the analyst during the auction ( It's an Excel workbook using VBA - Fully automatic but occasional minor blips ) then it may be possible to reinstate the Auction Results.

All subject to me finding time to obtain the Last Sales price data etc

Regards

M21er

I'm happy to try it and see if my works proxy/firewall is fast enough, or if it's automated, leave it running on one of my homes pcs. Or both.

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I am waiting for another 30% before I even care. basically I want to see 1998 prices.

Funny you should say that, Elizabeth. The flat I rent (two-bed 1930s mansion flat, very nice architecturally, but hey!) was bought in 1999 for £115K, and I thought then that it was overpriced. The identical (mirror-image) flat next door sold for £250k in 2006. This is London.

I believe that before too long our flat will be worth its true value (adjusted for inflation or not, we will wait and see ...) of about £85K-£95K.

That's 1997-98 prices. And I still wouldn't buy it. Don't like leasehold and service charges (landlord's problem).

£75k-£80k then maybe I'd consider it. Maybe.

I was utterly unmoved by the house price bubble, thought it was insane, and always knew it would end in tears and snotters. 50% falls? Forget it. I'm expecting 70% plus and not just in new builds. And even then I will remain unimpressed.

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I have written a script to analyse Barnard Marcus auction results. Attached are the results of this one.

Next to each lot I have put the last sold price and date, and the percentage drop. I have also calculated what the last bid represents in terms of the date when the price would have last been at that level (using the Nationwide average house price). I have done this in both nominal and real terms (using the RPI index for all items excluding housing).

If there is a stated income, I have also calculated the rental yield.

At the bottom of the page are the average equivalent dates in both nominal and real terms, and the average rental yield.

The result is that on average we seem to be back to Dec 2002 prices in nominal terms and Jan 2002 prices in real terms.

Hope people find this useful!

barnard_marcus_results_aug19.htm

barnard_marcus_results_aug19.htm

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I'm happy to try it and see if my works proxy/firewall is fast enough, or if it's automated, leave it running on one of my homes pcs. Or both.

Hi TaxAbuserOfTheWeek,

Thanks for the offer - next auction is 3 September. I should be able to get something to you.

I'm currently able to capture the Lot Results on the current Harman Healy auction here at work ( But not posting as no thread set up) over lunchtime but would struggle to run a 'BIG ONE' for the full day.

Can you PM me and we'll make arranagements?

Thanks

M21er

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Hi TaxAbuserOfTheWeek,

Thanks for the offer - next auction is 3 September. I should be able to get something to you.

I'm currently able to capture the Lot Results on the current Harman Healy auction here at work ( But not posting as no thread set up) over lunchtime but would struggle to run a 'BIG ONE' for the full day.

Can you PM me and we'll make arranagements?

Thanks

M21er

M21er just to let you know after speaking to you previously when you advised your were busy so would not be able to continue with the auction thread

I have just finished the script to automate the proceess

The script that i am testing today should run automated for the next auction and every one after that

so i can just leave it and it will do its thing

Also i am looking to intergrate the results in a auction game

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I have written a script to analyse Barnard Marcus auction results. Attached are the results of this one.

Next to each lot I have put the last sold price and date, and the percentage drop. I have also calculated what the last bid represents in terms of the date when the price would have last been at that level (using the Nationwide average house price). I have done this in both nominal and real terms (using the RPI index for all items excluding housing).

If there is a stated income, I have also calculated the rental yield.

At the bottom of the page are the average equivalent dates in both nominal and real terms, and the average rental yield.

The result is that on average we seem to be back to Dec 2002 prices in nominal terms and Jan 2002 prices in real terms.

Hope people find this useful!

Thanks. Very useful.

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  • 443 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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