Optimistic Pricing In Edinburgh

[Muswell Hillbilly]

I had a word with ESPC. It is now 1-bedroom

Thanks, fflump! I see the schedule now says ‘internal boxroom’ too. I hope Marwicks got a slap on the wrist from the ESPC!

If a boxroom has a skylight, I wonder whether it is legal to call it a bedroom. If not, 52/5 Arden Street should also have its details changed.

[maxdiver]

In Ed. for the festival this weekend.

It sure beats Aberdeen.

I noticed a Renault Clio yesterday parked near Waverley.

On the window, I noticed an ad. and I stopped to have a look (thinking of maybe buying a car and like to compare prices).

Turns out that the ad. is for a 4 bed house that's on sale for o/o £220k!

I've never seen that before!!!!

The house was in an area I didn't know and was pretty high apec. (bathroom en-suie, recently built with a nice look, 2 reception rooms, garden etc...)

Don't know if it was overpriced or realistic - but I can only imagine that buyers of houses like this are thin on the ground - lenders won't lend 6xsalary and the sellers are getting desperate!

I'll try to upload the pic. when I'm back in ABZ - I'm sure the seller will appreciate the free advertisememt.

[fflump]

This one's been developed to within an inch of its life:

17 Viewforth Square, Edinburgh, EH10 4LW

Offers over £335,000

http://www.struttandparker.com/property-for-sale/edinburgh/property_EDN100304.html

Bought for £193k in 2006. Would represent a healthy return if it sells. My feeling is that it has been overdeveloped and the price is overoptimistic. For those that know the area, this is a ground/semibasement flat in one of the houses in the centre of the square (i.e. the ones srurrounded on 4 sides by 4/5 story tenements)

[lulu]

I had a word with ESPC. It is now 1-bedroom

Surely they will have to take a knock on the price now that it is only a 'one-bedroom' I hope your actions do not mean the hardworking owners will lose any of their much deserved 'profit'.

[Mancghirl]

I had a word with ESPC. It is now 1-bedroom

Keep up the good work. The potential buyers of Edinburgh salute you.

[dances with sheeple]

This one's been developed to within an inch of its life:

17 Viewforth Square, Edinburgh, EH10 4LW

Offers over £335,000

http://www.struttand..._EDN100304.html

Bought for £193k in 2006. Would represent a healthy return if it sells. My feeling is that it has been overdeveloped and the price is overoptimistic. For those that know the area, this is a ground/semibasement flat in one of the houses in the centre of the square (i.e. the ones srurrounded on 4 sides by 4/5 story tenements)

Not what one would expect for 1/3 of a MILLION pounds? they have paid close attention to the make over shows, but this is quite sad, and shows what the country, and in particular Edinburgh has come to?

[fflump]

[/b]

Not what one would expect for 1/3 of a MILLION pounds? they have paid close attention to the make over shows, but this is quite sad, and shows what the country, and in particular Edinburgh has come to?

Well see what it actually sells for before getting too depressed DwS!

[Muswell Hillbilly]

I’m disappointed by the amount of properties coming to the market in my regular search last week and this week. Nevertheless, my total is now at a record 195, and I’m eagerly waiting for it to break the 200 barrier.

There are two price drops today, on properties well outside my price range but which feature in my search anyway:

• 76 (2F1) Thirlestane Road – a 4-bed flat in Marchmont, on the market for four months, now cut from OA £410,000 to FP £399,995 – a cut of 2.44%

• 49 Cluny Drive – a 2-bed (yes, 2-bed) conversion in Morningside, on the market for three months, now reduced from OO £495K to OA £485K, an ultra-generous reduction of 2.02%

What pathetic reductions! Do these people actually want to sell their homes or not?

[Scunnered]

• 49 Cluny Drive – a 2-bed (yes, 2-bed) conversion in Morningside, on the market for three months, now reduced from OO £495K to OA £485K, an ultra-generous reduction of 2.02%

Wow, that's an impressive price. I think I'll give this one a miss though.

Nethouseprices says that the ground floor flat at 49 Cluny drive sold for £315,000 in October 2005 and then for £350,000 in March 2010. It would appear that upstairs is almost 40% better for some reason.

[fflump]

Wow, that's an impressive price. I think I'll give this one a miss though.

Nethouseprices says that the ground floor flat at 49 Cluny drive sold for £315,000 in October 2005 and then for £350,000 in March 2010. It would appear that upstairs is almost 40% better for some reason.

It must be the pink 70's bathroom and 7X10 ft kitchen that's worth the extra £150k

[Muswell Hillbilly]

Some vendors are clearly a little more serious:

• 14 (1F2) Spottiswoode Street – two-bed Marchmont flat, reduced by 6.67% from OA 300K to OA 280K after 5½ weeks on the market

That’s more the kind of reduction we should be seeing, just for starters. The price of this flat is now more in line with that of the umpteen other two-bed tenement flats in Marchmont which are currently on the market. Regardless of the Home Report valuation, 300K was looking over-optimistic as an asking price.

[fflump]

For optimistic pricing this raised my eyebrows:

4/2 Admiral Terrace, EDINBURGH, EH10 4JH

Double Upper Flat, Offers Over £530,000, Reference: 295607

http://www.espc.com/buying/295607.html

No garden. Overlooking the High School. OO530k. WTF?

[Muswell Hillbilly]

Some vendors are clearly a little more serious:

• 14 (1F2) Spottiswoode Street – two-bed Marchmont flat, reduced by 6.67% from OA 300K to OA 280K after 5½ weeks on the market

That’s more the kind of reduction we should be seeing, just for starters. The price of this flat is now more in line with that of the umpteen other two-bed tenement flats in Marchmont which are currently on the market. Regardless of the Home Report valuation, 300K was looking over-optimistic as an asking price.

There are a few more price reductions appearing, and changes to Fixed Price. Some are more serious than others.

Most impressive is the sudden drop of nearly 10% in this genuine three-bedder in Marchmont:

• 13 (3F2) Spottiswoode Road, OO 295K

That makes the asking prices of some of the two-bedders and kitchen-in-boxroom false three-bedders look way out of kilter, e.g.:

• 5 (1F1) Arden Street, false 3-bed flat, FP 290K

• 49/1 Spottiswoode Road, 2-bed flat, OO 290K, on market since May

• 7 (3F2) Spottiswoode Road, 2-bed flat, OA 300K, on market since 30 July

I would guess that the genuine three-bedder for OO 295K will now sell pretty quickly, for a sum in the order of 300K, but it would great if it stayed on the market and forced some of the other prices down.

[Deleriad]

There are a few more price reductions appearing, and changes to Fixed Price. Some are more serious than others.

Most impressive is the sudden drop of nearly 10% in this genuine three-bedder in Marchmont:

• 13 (3F2) Spottiswoode Road, OO 295K

That makes the asking prices of some of the two-bedders and kitchen-in-boxroom false three-bedders look way out of kilter, e.g.:

• 5 (1F1) Arden Street, false 3-bed flat, FP 290K

• 49/1 Spottiswoode Road, 2-bed flat, OO 290K, on market since May

• 7 (3F2) Spottiswoode Road, 2-bed flat, OA 300K, on market since 30 July

I would guess that the genuine three-bedder for OO 295K will now sell pretty quickly, for a sum in the order of 300K, but it would great if it stayed on the market and forced some of the other prices down.

Though interesting to see that they were originally marketing it at significantly over the Home Report valuation. i.e. it appears that the home report valuation is 305k but they were originally offering it at offers over 340K. The bee record implies to me that there has been argument over the pricing. Assuming it sells, it'll be interesting to see if it sells for more than the HR valuation.

edit. Scratch that. The entry text hadn't been updated properly. It appears that the HR valuation is actually 340K. Looks like the sellers are figuring someone will bid within 10K of the HR valuation. Definitely one to watch.

Edited October 5, 2010 by Deleriad

[ccc]

Just stumbled on this absolute cracker.

One bedder Gorgie

"in leafy residential suburb approximately 1 mile from the City Centre"

[b_real]

Just stumbled on this absolute cracker.

One bedder Gorgie

"in leafy residential suburb approximately 1 mile from the City Centre"

"Short drive from ASDA's 24 hr Hypermarket at Chesser"

..eh... why would they mention ASDA being a short drive away, when there's a huge Sainsbury's within a 1 minute walk?

[fflump]

"Short drive from ASDA's 24 hr Hypermarket at Chesser"

..eh... why would they mention ASDA being a short drive away, when there's a huge Sainsbury's within a 1 minute walk?

Maybe because the hapless EA hasn't updated their blurb on the area since Sainsburies opened.

Anyway, for aspiring residents of a "leafy residential suburb" surely distance to the nearest Waitrose is most relevant

[clippy]

My recent crazy housebuying story:

75 Findhorn place came on recently. A 3 bed lower flat, o/o £295. Seemed a good price. The home report valued it at £320k, which seemed on the low side. After 10 days it went to closing with 7 notes of interest. We bid what we thought it was worth, a bit more than the hope report. I didn't think we would get it, but I wasn't going to go silly as it was pretty near the busy Mayfield Rd, and didn't have much storage. I thought it would go for £350k. The surveyors are usually pretty accurate apparently, but there have not been many 3 bedders in the area on recently, as everyone knows... The flat went for over £400k. I was shocked, as was my solicitor. Much more shocking was to come though. Next week the same EA put on the SAME property 3 doors up with a new kitchen and bathroom, and the only storage turned into a loo, for o/o £430k

[Radge]

This has to be a contender for Comedy Property of 2010:

http://www.espc.com/buying/295166.html

Former corridor in Drummond Street School, a snip at OA £130K.Click on Floor Plan to really appreciate its charms!

Edited October 10, 2010 by Radge

[Muswell Hillbilly]

This has to be a contender for Comedy Property of 2010:

http://www.espc.com/buying/295166.html

Former corridor in Drummond Street School, a snip at OA £130K.Click on Floor Plan to really appreciate its charms!

Have I miscalculated, or is that flat really only 21.6 m² (232.5 sq. ft)? I must admit I’ve not counted the entrance hall or stairs.

If so, that price works out as £6,015/m², or £559/sq. ft. Even the most overpriced flat in Marchmont at the moment (maindoor flats excluded) works out at only a little over half that. So, Radge, I think your contender for Comedy Property might end up being the winner!

[Radge]

Have I miscalculated, or is that flat really only 21.6 m² (232.5 sq. ft)? I must admit I've not counted the entrance hall or stairs.

If so, that price works out as £6,015/m², or £559/sq. ft. Even the most overpriced flat in Marchmont at the moment (maindoor flats excluded) works out at only a little over half that. So, Radge, I think your contender for Comedy Property might end up being the winner!

Even generously counting in the bed platform as space, and including the stairs, I make it 18.3 sq m or a princely £7,104 per sq m!

The bldg was completed in @ 2006 and I am conviced a lot of the micro-properties within it were bought by folk with more money than sense for their Tarquins and Tamsins to use whilst at Uni. I fear they'll have a harder job finding parents daft enough to take them off their hands at those prices (or at any price)!

[Muswell Hillbilly]

I’ve just spotted another interesting one. This flat, a false three-bedder, has been on the market since 29 March, dropping from OA 340, via FP 335 and FP 320, down to OA 300:

6 (3F2) Bruntsfield Gardens

Apparently the Home Report values it at 340K. Given that it is a false three-bedder of probably about 90 m², the mind boggles as to how a surveyor might have come up with such a figure. Across the way in Marchmont there is a genuine three-bedder, of probably about 110 m², which has been on sale for OA 340 for nearly two months – 13 (3F2) Spottiswoode Road.

Anyway, it turns out that the Bruntsfield Gardens flat sold for £309,125 on 28 August 2008. In my archives I have the original schedule from 2008, when the flat was up for FP 310, so I know it is the same one. It already had the same modern kitchen squished into the boxroom, and the decor was actually more neutral two years ago than now, though one or two carpets have been removed, but nothing has been done which might increase the value.

So, a property which was sold at the absolute market peak for 310K is now valued by a professional surveyor at 340K, the same as significantly larger flats in the same condition in an equivalent area. The vendor cannot get 340K for it but evidently wants or needs to sell, but cannot or will not take much of a loss on the price originally paid for it two years ago. This is definitely one to watch.

Replying to myself again here! 6 (3F2) Bruntsfield Gardens has just appeared in my search as a ‘new’ property, presumably because its original six-month listing with the ESPC has expired. Does that mean the owners will have had to pay for a fresh Home Report? Now it is on for OA 280, so the price is gradually coming down to a sensible level: 6 (3F2) Bruntsfield Gardens, false 3-bedder, OA 280K

Meanwhile the other flat I mentioned two months ago was reduced last week to OO 295K: 13 (3F2) Spottiswoode Road, real 3-bedder, OO 295K

[ccc]

Even generously counting in the bed platform as space, and including the stairs, I make it 18.3 sq m or a princely £7,104 per sq m!

The bldg was completed in @ 2006 and I am conviced a lot of the micro-properties within it were bought by folk with more money than sense for their Tarquins and Tamsins to use whilst at Uni. I fear they'll have a harder job finding parents daft enough to take them off their hands at those prices (or at any price)!

Missed that yesterday !! More than a flat on the Kings Road in Chelsea - central London...

The fact we can even find one place that is more expensive than Chelseas' Kings Road in Edinburgh ? Pretty incredible.

Edited October 11, 2010 by ccc

[fflump]

One of the biggest drops in the Grange I have seen for some time...

http://www.espc.com/buying/292889.html

6 Dalrymple Crescent, Edinburgh, EH9 2NU

2 Reception Rooms, 3 Bedrooms

This Lower villa on a v. expensive street has gone from offers around £450k to offers around £350k.

[ccc]

Mighty big drop. Then again they were wanting almost 7,000 per sq metre for a house in Edinburgh.

As already discussed that is Central London (Chelsea etc.) money.

Anyone wanting that in Edinburgh is off their ******ing head.

Then again - if you dont ask !!