Optimistic Pricing In Edinburgh

[fflump]

I always knew this place was crazily overpriced:

http://www.espc.com/Buying/246887.html

19 Craiglea Drive, Edinburgh,EH10 5PB

Terraced House, Offers Over £595,000.

You can now buy next door...

17 Craiglea Drive, EDINBURGH, EH10 5PB

Terraced House, Offers Around £390,000

LMFAO!

[ECS]

I'm finding all the chat about single surveys very interesting. I thought i'd add info on a house we bid for to the thread.

We've been looking (with a good deal of cynicism) for something in edinburgh for the last 6 months or so. We're after a 2/3 bed flat or house with a small garden in the west, which you'd think would not be out of the reach of a prof couple in their 30s with a hefty deposit and good jobs (ha ha). The valuations of houses are laughable.

Nonetheless we would really like to start our lives before we start thinking about retirement so after 6 months looking we put an offer on the only decent one we found. It was valued at 240k, which seemed a little far fetched. We offered 220k up to 225k - no takers. They wanted 230/ 235k - although the valuation was 240k.

The estate agent said it was a bit early for an offer of that type and that indications were that "prices had actually risen since the valuation was done (in May)".

http://www.neilsons.co.uk/property/property.asp?id=3596

However there are people biting. I called back this week and it's been sold prob for near valuation. Feel some relief we didn't get it now since really a flat on the edge of saughton should surely not fetch nearly a quarter of a mill? House prices surely must come down to proper affordable levels soon!

[Paul77]

<a href="http://www.espc.co.uk/Buying/279024.html" target="_blank">http://www.espc.co.uk/Buying/279024.html</a>

In The Region Of £300,000

I can see it from my window.

12 months ago advertised as "unique opportunity" 350k OO.

The same property

In The Region Of £275,000 now.

HOME REPORT VALUATION OF £310,000 = Grab a bargain

Edited October 2, 2009 by Paul77

[roblpm]

I'm finding all the chat about single surveys very interesting. I thought i'd add info on a house we bid for to the thread.

We've been looking (with a good deal of cynicism) for something in edinburgh for the last 6 months or so. We're after a 2/3 bed flat or house with a small garden in the west, which you'd think would not be out of the reach of a prof couple in their 30s with a hefty deposit and good jobs (ha ha). The valuations of houses are laughable.

Nonetheless we would really like to start our lives before we start thinking about retirement so after 6 months looking we put an offer on the only decent one we found. It was valued at 240k, which seemed a little far fetched. We offered 220k up to 225k - no takers. They wanted 230/ 235k - although the valuation was 240k.

The estate agent said it was a bit early for an offer of that type and that indications were that "prices had actually risen since the valuation was done (in May)".

http://www.neilsons.co.uk/property/property.asp?id=3596

However there are people biting. I called back this week and it's been sold prob for near valuation. Feel some relief we didn't get it now since really a flat on the edge of saughton should surely not fetch nearly a quarter of a mill? House prices surely must come down to proper affordable levels soon!

Keep the faith!! Listen to the Bubb/Fred Harrison podcast posted on the front page. Seems to be quite a few people saying this is a suckers rally. Combination of rising unemployment, rising interest rates, falling rents and huge debt overhangs both in personal terms and government all add together to paint a pretty gloomy picture over the next coupl eof years. Edinburgh is not immune to any of those things. Only bullish point I got was that as the pound tanks it gets cheaper for people coming from overseas to buy.

2011 and on. Only 2 years to go!!

[roblpm]

I thought it might be interesting for people to post properties that they are tracking on a seperate thread. And then hopefully in 6 months time update with the sales price?!

Here's one from me:

81 Comiston Drive, Come straight on at FP £675K! (Interesting that they are not even bothering with OO). Even more interesting to see how they go vs April 2005 and Oct 2003

http://www.espc.co.uk/Buying/269263.html

Anyway previously sold prices:

81 Comiston Drive,

Edinburgh,

Midlothian,

EH10 5QT £525,000

Application No: 05MID10398

Title No: MID49615

Application Type: DW

Deed Codes: 11 20 1 Application Date

21-Apr-2005

and

81 Comiston Drive,

Edinburgh,

Midlothian,

EH10 5QT £466,161

Application No: 03MID25065

Title No: MID49615

Application Type: FR

Deed Codes: 11 20 Application Date

03-Oct-2003

I was just bowsing this old thread and here is the answer. Crash what crash!!

81 Comiston Drive,

Edinburgh,

Midlothian,

EH10 5QT £631,581

Application No: 09MID12123

Title No: MID49615

Application Type: DW

Deed Codes: 11 20 1 Application Date

03-Jun-2009

Map (EH10 5QT)

Full Details

[roblpm]

Roblpm-that one is definiteley going to on for a while !

Another property for sale in that most bubble-happy of roads, Comiston Drive.

89 Comiston Drive, EDINBURGH, EH10 5QT

Terraced House, Offers Over £400,000, Reference: 274699

Needs modernising. Closing date already set so may be a probate sale.

I reckon 400k would secure it, given that number 45 has been on for months at FP440 and not sold.

You're not going to be a happy bunny seeing this play out if you live at no. 83. having paid 643k for yours (2007), or no. 85, having paid 636k for yours (2006)

Meanwhile, in a parallel universe, number 81 is on at £650k-

http://www.balfour-manson.co.uk/propertyde...hp?page_id=1378

And if you believe some folk they are all sliding into the burn at the bottom of their garden..

This one back on again:

47 Comiston Drive, EDINBURGH, EH10 5QS

Terraced House, Offers Around £600,000, Reference: 282114

http://www.espc.com/Buying/282114.html

Developer bought for 485 in 2007, been trying to shift it on and off ever since!

[fflump]

I think this house deserves a mention:

12 Craiglockhart Terrace, Edinburgh,EH14 1AJ

End Terraced House, Offers Over £520,000, Reference: 271963

http://www.espc.com/Buying/271963.html

Its been on the market since Nov 22nd 2008 so presumably the owners will be having a little anniversary party to celebrate.

On October 30th they responded to the fact that they had failed to sell the place in the previous 11 months by....

raising the price from oo £495k to cc £520k.

Great marketing ploy.

[ccc]

I think this house deserves a mention:

12 Craiglockhart Terrace, Edinburgh,EH14 1AJ

End Terraced House, Offers Over £520,000, Reference: 271963

http://www.espc.com/Buying/271963.html

Its been on the market since Nov 22nd 2008 so presumably the owners will be having a little anniversary party to celebrate.

On October 30th they responded to the fact that they had failed to sell the place in the previous 11 months by....

raising the price from oo £495k to cc £520k.

Great marketing ploy.

Would it be too harsh to claim these people are actually clinically insane ?

I am being serious here. They clearly have serious issues. Just wondering what this sort of action shows in regards to their mental health ?

They are not right in the head. That is for sure.

[catmandu]

Would it be too harsh to claim these people are actually clinically insane ?

I am being serious here. They clearly have serious issues. Just wondering what this sort of action shows in regards to their mental health ?

They are not right in the head. That is for sure.

No, none of the sellers are clinically insane. They're waiting for a clinically insane buyer.

But this whole thread points to one simple conclusion - these people don't need to sell because they have loads of money already or really low mortgage payments, and are happy to stay where they are if need be. Until rates start taking a turn for the worse, these non-sellers won't be shaken out of the market.

I wouldn't bother going to see a house that had been on the market for a year with no/little price reduction because it simply means the owners are not serious about selling. They know their neighbours sold for amazing prices and psychologically anything less than their neighbours got is a loss. Until something comes along to break the confidence, then we're stuck in a phoney war.

[fflump]

Would it be too harsh to claim these people are actually clinically insane ?

I am being serious here. They clearly have serious issues. Just wondering what this sort of action shows in regards to their mental health ?

They are not right in the head. That is for sure.

If I was their estate agent I would dump them.

The problem is the tiny garden. The great majority of 'family homes that have been on the market for ages and not selling have tiny gardens. They are not factoring this into the price.

http://www.espc.com/Buying/270904.html

http://www.espc.com/Buying/279795.html

http://www.espc.com/Buying/273134.html

[fflump]

This one back on again:

47 Comiston Drive, EDINBURGH, EH10 5QS

Terraced House, Offers Around £600,000, Reference: 282114

http://www.espc.com/Buying/282114.html

Developer bought for 485 in 2007, been trying to shift it on and off ever since!

They set a closing date for yesterday. Obviously that delivered nothing as it is now back on with the 'closing date' notice struck off.

[ccc]

No, none of the sellers are clinically insane. They're waiting for a clinically insane buyer.

But this whole thread points to one simple conclusion - these people don't need to sell because they have loads of money already or really low mortgage payments, and are happy to stay where they are if need be. Until rates start taking a turn for the worse, these non-sellers won't be shaken out of the market.

I wouldn't bother going to see a house that had been on the market for a year with no/little price reduction because it simply means the owners are not serious about selling. They know their neighbours sold for amazing prices and psychologically anything less than their neighbours got is a loss. Until something comes along to break the confidence, then we're stuck in a phoney war.

Very true. Perhaps clinically insane was the wrong choice of words.

Completely deluded is probably better.

I do still wonder at the idea of a 'loss' for these people. Many probably bought the place for less than half the price. Yet they are going to lose money if they don't sell it at peak of the peak prices.

As Fflump says - if I was their estate agent - what is the point ?

Timewasters.

[okosanto]

No, none of the sellers are clinically insane. They're waiting for a clinically insane buyer.

But this whole thread points to one simple conclusion - these people don't need to sell because they have loads of money already or really low mortgage payments, and are happy to stay where they are if need be. Until rates start taking a turn for the worse, these non-sellers won't be shaken out of the market.

I wouldn't bother going to see a house that had been on the market for a year with no/little price reduction because it simply means the owners are not serious about selling. They know their neighbours sold for amazing prices and psychologically anything less than their neighbours got is a loss. Until something comes along to break the confidence, then we're stuck in a phoney war.

I've viewed this house - its actually very nice but as the other reply said has a small Garden (long but very narrow). The person selling it is a widower who's lived there for donkeys years is extremely house proud and has no real need to move - hence the price has not gone down. Feel a bit sorry for him really - he is a bit deluded. The first time we tried to view it we went without an appointment, which normally is not a problem but he was very brusque. Not buying it though.

[okosanto]

If I was their estate agent I would dump them.

The problem is the tiny garden. The great majority of 'family homes that have been on the market for ages and not selling have tiny gardens. They are not factoring this into the price.

http://www.espc.com/Buying/270904.html

http://www.espc.com/Buying/279795.html

http://www.espc.com/Buying/273134.html

I've also viewed 279795 (Morningside Drive) - it's a very weird property - loads of (smallish) rooms but a postage stamp for a garden. Something not quite right about it either (smelly candels set out in all the rooms as if to cover a funny smell). Was once on market for £725k though about 18 months to 2 years ago.

[dances with sheeple]

No, none of the sellers are clinically insane. They're waiting for a clinically insane buyer.

But this whole thread points to one simple conclusion - these people don't need to sell because they have loads of money already or really low mortgage payments, and are happy to stay where they are if need be. Until rates start taking a turn for the worse, these non-sellers won't be shaken out of the market.

I wouldn't bother going to see a house that had been on the market for a year with no/little price reduction because it simply means the owners are not serious about selling. They know their neighbours sold for amazing prices and psychologically anything less than their neighbours got is a loss. Until something comes along to break the confidence, then we're stuck in a phoney war.

Your logic may be slightly flawed? Whether these people need to sell or not, they CAN`T sell because banks no longer give big loans to clinically insane sheeple. Don`t know about the particular cases mentioned but many will be in the position of having to cover a mortgage for a similar amount, and are essentially stuck as the bank won`t release the deeds without some of the principle being paid down? I think there will be many in Edinburgh who thought their house was worth 700k or so who are, for want of a better term, simply f*cked?

[catmandu]

Your logic may be slightly flawed? Whether these people need to sell or not, they CAN`T sell because banks no longer give big loans to clinically insane sheeple. Don`t know about the particular cases mentioned but many will be in the position of having to cover a mortgage for a similar amount, and are essentially stuck as the bank won`t release the deeds without some of the principle being paid down? I think there will be many in Edinburgh who thought their house was worth 700k or so who are, for want of a better term, simply f*cked?

You are of course correct, but there are cash buyers and people with hefty deposits out there too. The sellers are hoping someone comes along with more deposit than sense.

If the sellers were paying hefty interest rates or if a real confidence-busting event occurred then they might be more inclined to sell than sit it out. Instead they have little incentive to sell.

Okosanto - I'm surprised you just turned up to view a house - isn't that bad etiquette? I'd want a bit of notice if I was selling, especially if it's been on the market for ages - hard to keep a house permanently in tip top viewing condition for such a long period.

[ccc]

You are of course correct, but there are cash buyers and people with hefty deposits out there too. The sellers are hoping someone comes along with more deposit than sense.

If the sellers were paying hefty interest rates or if a real confidence-busting event occurred then they might be more inclined to sell than sit it out. Instead they have little incentive to sell.

Okosanto - I'm surprised you just turned up to view a house - isn't that bad etiquette? I'd want a bit of notice if I was selling, especially if it's been on the market for ages - hard to keep a house permanently in tip top viewing condition for such a long period.

So they have had the house on the market for ages, and someone turns up unexpectedly. Yes - I would be raging...

Anyway - as I was talking about insane sellers earlier - here is one I stibled across. This must be up there with the best of them.

Granton 3 bed - 380k

The splurge says it it is located in Trinity ?! The clue is in the name !!

Anyone know if individuals can be held accountable to false advertising like businesses ?

[okosanto]

You are of course correct, but there are cash buyers and people with hefty deposits out there too. The sellers are hoping someone comes along with more deposit than sense.

If the sellers were paying hefty interest rates or if a real confidence-busting event occurred then they might be more inclined to sell than sit it out. Instead they have little incentive to sell.

Okosanto - I'm surprised you just turned up to view a house - isn't that bad etiquette? I'd want a bit of notice if I was selling, especially if it's been on the market for ages - hard to keep a house permanently in tip top viewing condition for such a long period.

When we were selling our flat it happend to us all the time - if you want to sell you have to let people in to see it so who cares about etiquette? Have only ever done it on Sunday afternoons when in Edinburgh it is normal practice to have open viewings. Sometimes you make spur of the moment decisions about what you want to see (e.g. if you see a for sale sign) and might not know if its open viewing or appointments only.

[dances with sheeple]

When we were selling our flat it happend to us all the time - if you want to sell you have to let people in to see it so who cares about etiquette? Have only ever done it on Sunday afternoons when in Edinburgh it is normal practice to have open viewings. Sometimes you make spur of the moment decisions about what you want to see (e.g. if you see a for sale sign) and might not know if its open viewing or appointments only.

Usually if I see a guy in a hockey mask burying bodies out the back I tend to just post my sealed bid, otherwise I ask if I can view there and then.

Edited November 21, 2009 by dances with sheeple

[fflump]

Just thought I would add this:

http://www.espc.co.uk/Buying/270904.html

Terrace in Morningside on a fairly busy road straight on at FP £650k

Sold Just 3 months ago??!!

96 Braid Road,

Edinburgh,

Midlothian,

EH10 6AP £600,000

Application No: 08MID26890

Title No: MID85564

Application Type: DW

Deed Codes: 11 20 1 Application Date

18-Jul-2008

But look at the price in 2006:

96 Braid Road,

Edinburgh,

Midlothian,

EH10 6AP £440,000

Application No: 06MID01003

Title No: MID85564

Application Type: FR

Deed Codes: 11 20 Application Date

11-Jan-2006

So they are having a laugh!! Maybe they did it up?

Unsurprisingly did not sell at FP 650.

Now back on at offers over £495k. They are going to take a big hit on the £600k they paid for it in '08.

http://www.espc.com/Buying/286396.html

Edited March 24, 2010 by fflump

[Muswell Hillbilly]

Unsurprisingly did not sell at FP 650.

Now back on at offers over £495k. They are going to take a big hit on the £600k they paid for it in '08.

http://www.espc.com/Buying/286396.html

Superb – thanks to fflump for tracking that one.

On the subject of optimistic pricing, amongst the veritable flood of properties in south Edinburgh to hit the market this week is this one:

91 Warrender Park Road – 2-bed maindoor flat for offers around £385K

I notice the ESPC listing descibes it as a 4-bedder, but the schedule makes it clear it has two bedrooms and two boxrooms. There is, however, a garden shed included in the price, so maybe that explains why they think it’s worth £385K!

[fflump]

Superb – thanks to fflump for tracking that one.

On the subject of optimistic pricing, amongst the veritable flood of properties in south Edinburgh to hit the market this week is this one:

91 Warrender Park Road – 2-bed maindoor flat for offers around £385K

I notice the ESPC listing descibes it as a 4-bedder, but the schedule makes it clear it has two bedrooms and two boxrooms. There is, however, a garden shed included in the price, so maybe that explains why they think it’s worth £385K!

It is huge money true, but I have given up trying to predict prices in Marchmont. Even when prices are softer in Bruntsfield and Morningside all reason seems to fly out of the window when it comes to Marchmont.

Of relevance to the maindoor at no. 91: a similar sized main door at number 95 sold for £426 in August 2008.

Also, what is quite possibly a smaller main door than number 91 right next door (number 89) sold for £383k last summer! All this suggests that £385k may be acheivable, although I am detecting a drop off in activity/demand in south edinburgh at the moment as well as a surge in supply.

For what it's worth we rent a similar main door flat to the one for sale, just a few doors away. We pay £850 pcm. Do the math, as our American cousins might say.

[noodle doodle]

When we were selling our flat it happend to us all the time - if you want to sell you have to let people in to see it so who cares about etiquette? Have only ever done it on Sunday afternoons when in Edinburgh it is normal practice to have open viewings. Sometimes you make spur of the moment decisions about what you want to see (e.g. if you see a for sale sign) and might not know if its open viewing or appointments only.

Same with me, expect we couldn't be arsed to keep ours in tip-top presentation mode for more than a month. I think having toys and clothes lying about it gives it a sort of "development opportunity"-lite feel and the buyers fantasise about what they could do with the place such as putting the dishes away or a spot of hoovering - on the other hand when you see a perfectly presented place you know that's as good as it's ever going to look.

[Muswell Hillbilly]

It is huge money true, but I have given up trying to predict prices in Marchmont. Even when prices are softer in Bruntsfield and Morningside all reason seems to fly out of the window when it comes to Marchmont.

Of relevance to the maindoor at no. 91: a similar sized main door at number 95 sold for £426 in August 2008.

I don’t have the schedule of 95 archived. You don’t happen to have it, do you?

Also, what is quite possibly a smaller main door than number 91 right next door (number 89) sold for £383k last summer!

Yes, so it did, and I have the schedule. It has two box rooms and a second en-suite bathroom, and its own section of rear garden, so it’s very similar to number 91 which is now for sale. However, it took a year to sell: it came to market for OO 295 in May 2008, later went to 385 FP, then OA 365, and eventually the sale at 383 completed in July 2009. Evidently in this case it was worthwhile for the vendor to hold out for the desired price.

Incidentally, I see number 89 is in council tax band F, like the majority of three- and four-bedroom flats in the area, so evidently these two-bedroom maindoor flats are usually worth significantly more than normal two-bedroom flats in the area.

[fflump]

I don’t have the schedule of 95 archived. You don’t happen to have it, do you?

No I don't have it I'm afraid-I'm not looking for this kind of property.

Yes, so it did, and I have the schedule. It has two box rooms and a second en-suite bathroom, and its own section of rear garden, so it’s very similar to number 91 which is now for sale. However, it took a year to sell: it came to market for OO 295 in May 2008, later went to 385 FP, then OA 365, and eventually the sale at 383 completed in July 2009. Evidently in this case it was worthwhile for the vendor to hold out for the desired price.

Incidentally, I see number 89 is in council tax band F, like the majority of three- and four-bedroom flats in the area, so evidently these two-bedroom maindoor flats are usually worth significantly more than normal two-bedroom flats in the area.

Yes definitely-the main doors seem the preserve of OO families. The flats on Warrender Park Rd at numbers 120-150ish are very big and command well in excess of £400k. The one for sale is smaller than these by some margin.