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Optimistic Pricing In Edinburgh


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I think we have a winner.

Gorgie SlaveBox

What in the world are these people thinking? My pal recently sold a flat in the same row with a brand new bathroom and kitchen. Advertised at OO 90K and he got 123K for it this time last year. He was as shocked as I was at the price in the end. Although despite my drunken protests he went right ahead and bought one of those newer builds on the other side of the same street. doh.

I'm starting to see some tastey discounts on the ESPC and the people I know who where staunch uber bulls last year have changed their tune. Sentiment is changing in Edinburgh - it's going to be an interesting new year.

Wilko.

ps. CCC - Keep up the good work putting The Scotsman crowd to rights. easy money is quite something, i'm really surprised he's not been banned yet.

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I think we have a winner.

Gorgie SlaveBox

Offers over 90k for a one bed flat in Gorgie. :o

Needs COMPLETE renovation and upgrading. Also does not even have a bathroom.

Insane.

In 2002 you could get a place pleasant & ready to move in for about 50k.

I expect a one bed 'development' flat in Gorgie to be going for under 50k in less than 2 years. If that.

p!ss funny!

Most lenders operating in England and Wales would not offer a mortgage on this property as it is not "habitable" virtue of that fact that it is bathroomless, is it the same in Scotland? If so, most builders and developers - who would be the only group this property would appeal to as a result - will also probably be laughing their t!ts off! They know the game is up.

I don't entirely blame the greedy agents though, many folk still look at you with a vacant smile when you discuss the fact that this crash will last for at least another 2-3 yrs - it's the same vacant smile I recieved 12 months ago when I was advising folk not to buy in Edinburgh's over-hyped up market. Again, it is mostly the sub 35 yr old generation, they have never experienced a proper recession or even a whiff of a housing downturn in their adult lives and unless they have researched and read about the toils of markets and economies, this current climate is completely alien to them. The image of a cross eyed rabbit staring into my car headlights springs to mind :rolleyes: .

Where is the sound advice from their parents? Perhaps their parents developed a case of selective memory when they saw the family home soaring in value on paper. "Ooohhh, I like this, I can't just sit back in my retirement and live off my property via MEW". Oops!

Edited by geed
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OK one for me (and anyone else interested) to watch: http://www.espc.co.uk/Buying/268731.html

On sale for FP £575k

Bought for £426k in 2004. So when people are saying back to 2002 prices or whatever I think it will be interesting to see whether the edinburgh folks realise this!

6 Braid Mount View,

Edinburgh,

Midlothian,

EH10 6JL £426,023

Application No: 04MID24919

Title No: MID65665

Application Type: FR

Deed Codes: 11 20 1 Application Date

01-Sep-2004

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Guest An Bearin Bui
Both vendors are on a drugs. I feel like calling up the agent calmly asking to speak to someone about both flats, once I am speaking to the right individual, just laughing out loud on the phone until he or she hangs up.

know of a flat in arden street that has sold for £255K recently, 2 bed ground floor.

37 is undoubtedly a nice flat, it is still a flat. Private rear garden (as long as you dont mind 20 or so pairs of eyes staring down at you from other flats) and an ensuite mark this one out from the other overpriced place. But 37.5% of £1,000,000 :blink::(:o:huh::lol::lol::lol::lol::lol:

These prices are insane but I monitor the EH10 postcode and a maindoor 2-bed just like No. 37 above sold for £365k in May of this year. Yes, that's right: 8 months after Northern Rock, just when Bear Stearns was collapsing and a mere 5 months before the near-collapse of the entire world banking system, some deluded lunatic paid £365k for a flat like that....

In that sense the "vendors" of No. 37 above are probably convinced that this £365k price represents the real market value and are pricing a bit above that so they have room to accept 'cheeky' offers on it, like say if £370k or even £369k... :rolleyes:

What can you say? Edinburgh buyers and sellers still seem to be in the grip of mass delusion and mania.

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These prices are insane but I monitor the EH10 postcode and a maindoor 2-bed just like No. 37 above sold for £365k in May of this year. Yes, that's right: 8 months after Northern Rock, just when Bear Stearns was collapsing and a mere 5 months before the near-collapse of the entire world banking system, some deluded lunatic paid £365k for a flat like that....

In that sense the "vendors" of No. 37 above are probably convinced that this £365k price represents the real market value and are pricing a bit above that so they have room to accept 'cheeky' offers on it, like say if £370k or even £369k... :rolleyes:

What can you say? Edinburgh buyers and sellers still seem to be in the grip of mass delusion and mania.

That is bonkers Bearin! I now know of two freinds who have bought in the last 12-18months who admit they are now in negative equity virtue of that fact that neighbouring flats are priced lower and are not selling. One says at the time of buying "it didn't feel right" but was just overwhelmed by the MUST BUY NOW BEFORE ITS TOO LATE mantras of freinds and the media (blo0dy Johnston press!!!).

Edinburgh folk are learning the hard way.

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Speaking of Thirlestane Road EH9, I’ve just seen that 82 (3F1) sold for 470K on 10 September! It’s a four-bedroom flat with a kitchen installed in the (very large) boxroom, so it was marketed as a five-bedroom flat. It was OO 345K in April, so it sold for 36% over the OO price! This is very illustrative of how Edinburgh was so far behind the HPC curve, but still I wonder where people were getting the money from. Maybe the Scottish banks were still lending silly amounts, firmly convinced that Scotland was a high-power financial-services-driven economy like, er, Iceland, and that house prices in Edinburgh only ever go up.

There is absolutely no way that that flat is worth 470K now, so somebody has probably made a big fat (paper) loss.

Nearly half a million quid for a flat in Marchmont, though! The mind boggles!

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Speaking of Thirlestane Road EH9, I’ve just seen that 82 (3F1) sold for 470K on 10 September! It’s a four-bedroom flat with a kitchen installed in the (very large) boxroom, so it was marketed as a five-bedroom flat. It was OO 345K in April, so it sold for 36% over the OO price! This is very illustrative of how Edinburgh was so far behind the HPC curve, but still I wonder where people were getting the money from. Maybe the Scottish banks were still lending silly amounts, firmly convinced that Scotland was a high-power financial-services-driven economy like, er, Iceland, and that house prices in Edinburgh only ever go up.

There is absolutely no way that that flat is worth 470K now, so somebody has probably made a big fat (paper) loss.

Nearly half a million quid for a flat in Marchmont, though! The mind boggles!

The rationale behind this purchase is that clearly there was no rationale.

Q3 report clearly states Marchmont/Brunsfield down 6.2%.

Edited by geed
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The rationale behind this purchase is that clearly there was no rationale.

Q3 report clearly states Marchmont/Brunsfield down 6.2%.

We may have a winner. One bed flat on Gorgie Road.

Now remember that at the peak last Spring even the 'nicest' one beds in Gorgie were not going for much over £130k. Now average price for a one bed looks about 110k - if you can sell it.

Have a look at this........

Gorgie April Fools

149k

:lol:

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  • 2 months later...

The Edinburgh market has yet to wake up after its winter break, but my regular search (courtesy of Property Bee) has at least revealed one fresh price change, which warrants the resurrection of this thread.

5 Bruntsfield Avenue is a funny one, with a kitchen in the boxroom, two other boxrooms (glorified cupboards?), and lots of little rooms. It’s nominally a four-bedroom flat, but its weird layout and room sizes probably mean it would only appeal to the HMO market – though it appears not to have an HMO licence.

Anyway, it’s been on the market since at least July, quickly going from OO 285 to 335 FP. It then went back to OO 279, and has just gone back to fixed price … 330 FP! So that’s a very generous £5,000 drop, or 1.5%, in six months!

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Its absolutley remarkable how dead the market is! I can't see how the agents are still in business?! My search area: Braids, Greenbank and Morningside show about 3 changes is PB since the start of December. Roll on the spring for some more overpriced properties coming on the market and not selling!!

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  • 1 month later...

More Marchmont Madness

There are so few properties coming to the market at the moment that I am reduced to posting about individual ones! ‘New’ on the market today is 89 Warrender Park Road. It’s a two-bedroom maindoor flat, with its own wee patch of rear garden, for ‘offers around’ £365,000.

It’s not really new to the market at all, but was first advertised at OO 295 back in mid May last year. At some point it went to 385 FP before being taken off the market. And now, like a bad penny, here it is again, still with a totally bubblicious price tag.

I wonder whether lenders will still lend people silly money for two-bedroom flats. What ‘should’ that flat cost? Maybe 200k tops?

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Here's another one at a bubble price come on:

http://www.espc.com/Buying/273404.html

This one on at offers around £430k!!

No house in this street ever gone for over £365k and the same house sold in 2004 for £300k. Some people are in cloud cuckoo land.

ZZZZZZZZZZZZZZZZZZZZZZ this is gonna take ages! Nothing coming on and nothing selling.

From nethouseprices:

27 Plewlands Avenue,

Edinburgh,

Midlothian,

EH10 5JY £335,000

Application No: 06MID31762

Title No: MID94810

Application Type: FR

Deed Codes: 11 20 1 Application Date

14-Sep-2006

Map (EH10 5JY)

Full Details

4 Plewlands Avenue,

Edinburgh,

Midlothian,

EH10 5JY £335,000

Application No: 06MID18792

Title No: MID91012

Application Type: FR

Deed Codes: 11 20 1 Application Date

21-Jun-2006

Map (EH10 5JY)

Full Details

37 Plewlands Avenue,

Edinburgh,

Midlothian,

EH10 5JY £310,556

Application No: 05MID14301

Title No: MID76261

Application Type: FR

Deed Codes: 11 20 1 Application Date

02-Jun-2005

Map (EH10 5JY)

Full Details

15 Plewlands Avenue,

Edinburgh,

Midlothian,

EH10 5JY £365,202

Application No: 04MID32466

Title No: MID68760

Application Type: FR

Deed Codes: 11 20 1 Application Date

09-Nov-2004

Map (EH10 5JY)

Full Details

8 Plewlands Avenue,

Edinburgh,

Midlothian,

EH10 5JY £300,670

Application No: 04MID01181

Title No: MID54807

Application Type: FR

Deed Codes: 11 20 1 1 Application Date

14-Jan-2004

Map (EH10 5JY)

Full Details

14 Plewlands Avenue,

Edinburgh,

Midlothian,

EH10 5JY £292,894

Application No: 03MID13233

Title No: MID42911

Application Type: FR

Deed Codes: 11 20 1 Application Date

13-Jun-2003

Map (EH10 5JY)

Full Details

19 Plewlands Avenue,

Edinburgh,

Midlothian,

EH10 5JY £256,000

Application No: 03MID10469

Title No: MID41315

Application Type: FR

Deed Codes: 11 20 1 Application Date

14-May-2003

Map (EH10 5JY)

Full Details

21 Plewlands Avenue,

Edinburgh,

Midlothian,

EH10 5JY £242,000

Application No: 03MID02382

Title No: MID36727

Application Type: FR

Deed Codes: 11 20 1 Application Date

30-Jan-2003

Map (EH10 5JY)

Full Details

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More Marchmont Madness

There are so few properties coming to the market at the moment that I am reduced to posting about individual ones! 'New' on the market today is 89 Warrender Park Road. It's a two-bedroom maindoor flat, with its own wee patch of rear garden, for 'offers around' £365,000.

It's not really new to the market at all, but was first advertised at OO 295 back in mid May last year. At some point it went to 385 FP before being taken off the market. And now, like a bad penny, here it is again, still with a totally bubblicious price tag.

I wonder whether lenders will still lend people silly money for two-bedroom flats. What 'should' that flat cost? Maybe 200k tops?

Delusion.

Number 47 went for 350k at the start of 2008. I imagine it is a comparable place. It sold for 160k in 2002. That would appear to be a reasonable price for a nice 2 bed flat in a decent area in Edinburgh. It is only a flat after all.

Number 89 sold for £304k in 2004 and £237k in 2003.

These numbers are interesting, same goes for a few new build places that I have looked at for friends at work. It seems in some areas/type of property the peak wasn't far off in 2004ish. I think for some areas prices have been sitting at a similar level for 3-4 years now. Whilst areas like Gorgie/Leith had their 'boom' much later. 2004-2007 IIRC.

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Delusion.

Number 47 went for 350k at the start of 2008. I imagine it is a comparable place. It sold for 160k in 2002. That would appear to be a reasonable price for a nice 2 bed flat in a decent area in Edinburgh. It is only a flat after all.

Number 89 sold for £304k in 2004 and £237k in 2003.

These numbers are interesting, same goes for a few new build places that I have looked at for friends at work. It seems in some areas/type of property the peak wasn't far off in 2004ish. I think for some areas prices have been sitting at a similar level for 3-4 years now. Whilst areas like Gorgie/Leith had their 'boom' much later. 2004-2007 IIRC.

Actually, number 47 isn’t the best comparison, because it’s a stair, not a maindoor. It’s a stair on which four of the six flats changed hands during 2008. They’re the standard-issue two-bedders, and they sold variously for 281 (bargain!), 292, 295 and 350. It was the top-floor flat, where the big boxroom has a skylight, thereby magically transforming it into a third bedroom, that went for 350 (it was OO 275).

The previous sale prices of number 89 are interesting, so thanks for those. 237 was a pretty high price as far back as 2003, so maybe these dark, damp maindoor flats really are worth more than we on here give them credit for, as people evidently are willing to pay a big premium for them compared with higher flats.

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Here's another one at a bubble price come on:

http://www.espc.com/Buying/273404.html

This one on at offers around £430k!!

No house in this street ever gone for over £365k and the same house sold in 2004 for £300k. Some people are in cloud cuckoo land.

This one has been on for months: http://www.espc.com/Buying/270053.html

Hmm.. a similar house down the street is not selling at OO 325, let's put ours on for 100 grand more! !

It must be for the garage!

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Just when you think you've seen the most laughable of the unrealistic comedy prices, this one comes along: a one bed flat in Morningside, offers over 250K!!

http://www.espc.com/Buying/273350.html

:o

Honestly - that takes this mick out of most areas in London. But don't fear !!

We will have a smaller crash in Scotland due to our boom having been much smaller...

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Guest An Bearin Bui
Just when you think you've seen the most laughable of the unrealistic comedy prices, this one comes along: a one bed flat in Morningside, offers over 250K!!

http://www.espc.com/Buying/273350.html

It's been done up beautifully but that doesn't detract from the fact that it's on a pretty crappy street with a block of council flats at the end (as far as I can recall). Oh yeah, and it only has 1 bedroom so at the very maximum would rent for about £675 per month, maybe 625 in this market.

Even if they're expecting low-ball offers because of the market at the moment, it's still overpriced. I have rented a place like this and it sold for £175,000 in 2003 and even at the peak of the market in 2007, only ever came up for sale for o/o 210k. It never sold and it was on a much nicer, more secluded street. I wish dreamers like this would just stop wasting their own and everyone else's time... :rolleyes:

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It's been done up beautifully but that doesn't detract from the fact that it's on a pretty crappy street with a block of council flats at the end (as far as I can recall). Oh yeah, and it only has 1 bedroom so at the very maximum would rent for about £675 per month, maybe 625 in this market.

Even if they're expecting low-ball offers because of the market at the moment, it's still overpriced. I have rented a place like this and it sold for £175,000 in 2003 and even at the peak of the market in 2007, only ever came up for sale for o/o 210k. It never sold and it was on a much nicer, more secluded street. I wish dreamers like this would just stop wasting their own and everyone else's time... :rolleyes:

2.7% yield ? I love how people think spending 20k on doing up a flat will add 75k to its price. Maybe during the boom times, but even this place seems to be outwith even those insane prices.

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2.7% yield ? I love how people think spending 20k on doing up a flat will add 75k to its price. Maybe during the boom times, but even this place seems to be outwith even those insane prices.

I Thought id add this one it is particularly funny as it is being advertised as an investment, they rent for around 700 if you are lucky, these properties are selling for 115k at Auction.

Have a good laugh. http://offices.remax-scotland.com/Musselbu...38a&Index=9

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I Thought id add this one it is particularly funny as it is being advertised as an investment, they rent for around 700 if you are lucky, these properties are selling for 115k at Auction.

Have a good laugh. http://offices.remax-scotland.com/Musselbu...38a&Index=9

And the proof lot number 23, 50% cheaper lol.http://www.countrywidepropertyauctions.co.uk/media/Results-Scotland-Nov08.pdf

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Has a conceirge service too, I wonder how much that costs per month ?

Also are these the bad boys that are full every weekend with stag parties ? Or is that another failed Edinburgh development... :lol:

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