Exclusive Sandbanks Hit By Repossessions

[giveusthefacts]

I've got a nifty plug in for Firefox that enables me to quickly see the profit/loss of any house transactions. Of course it goes on raw LR data, so you can't see what has happened/why, just that House X in Road Y lost money.

Here are some Sandbanks sales that appear to have at some stage made a loss:

-12.5% http://www.houseprices.co.uk/e.php?q=bh13+7bz+20&n=100

-18.4% http://www.houseprices.co.uk/e.php?q=bh13+7pb+31&n=100

-23.6% http://www.houseprices.co.uk/e.php?q=bh13+7de+15a&n=100

-0.7% http://www.houseprices.co.uk/e.php?q=bh13+7aq+39&n=100

-13.0% http://www.houseprices.co.uk/e.php?q=bh13+...first&n=100

These properties are not even in Sandbanks. they are in Canford Cliffs (which is where the "old" money lives) This is half the problem, Sandbanks has been "talked up" so much over the last 5 years, now it will fall like a stone.

[BarryM]

I bought a flat there myself 6 years ago for 115k as a BTL - the rental yield is/was around 7k pa gross on long term AST.

Had it valued last year pre HPC at 300k - yet when it was put on market recieved literally dozens of offers at circa 250, and a couple at 270. Decided to keep it.

It's a 2 bed mansard with terrace. Off street parking and less than 100 M from the ferry to one of the most beautiful beaches in Europe.

The point is that developers were flogging new build at around 2-2.5 times the actual "value" of existing flats at closer to 1000psf. Some clever PR and marketing (probably some expensive journalists' lunches at Cafe Shore) ensured the public believed that Sandbanks was the UK's hottest location - it isn't. And at around 400 psf it's not an expensive place to consider a holiday or retirement home either.

[giveusthefacts]

Sandbanks is always better "off season"

If you live on Panorama Rd. It is murder in the summer with the queues for the ferry. The inconsiderate Grockles, park across your drive despite the "Keep Clear" signs in the road.

Then you have to wait for the queue to move. Perhaps there should be a campaign to service the ferry in the summer!!

[Guest theboltonfury]

one'll be Redknapp's place... i wonder who all the others are? perhaps there's an enclave of meteorologists there, and they just woke up

they'll all be very wet in about 10 years

[Realistbear]

FWIW I have a relative that owns a house in a very expensive and exclusive part of coastal So California. He said that it was so exclusive it would not go down in value as there was too much demand and zero land left in the subvision upon which to build. At the peak in 2005 the house was apparaised at $3.2M. It was re-appraised last month at $1.6M.

The wealthy lose more in a recession/depression so it is natural to see properties owned by the wealthy drop accordingly.

IN the Big One-no one escapes, no one is safe (cue: hideous evil genius laugh).

[Zeitgeist]

This drop is very bothersome. As a renter on Sandbanks it looks like my rental will represent an increasing yield to my landlord as values drop. Currently I pay about 1.25% - this might push it up to 3%. Still I'll wait until it's 10% before buying.

On the subject of living on Sandbanks, it's surprisingly good. We were determined to not live here because of the image, but lack of availability "forced" us. There are a load of investment properties on the peninsula, so lots to rent. There is the chronic traffic for 3 weeks of the year, but the rest of the years it's fine. We avoid the "beautiful people" (actually, never seen one) and enjoy the peace and quiet, and a garden full of birds.

Likes and dislikes;

+ like calling Sandbanks "crash central" to annoy the locals

+ liked it 12 years ago when it was a rather down-at-heel typical English seaside town-that-time-forgot

+ hate EAs using "Peninsular" as a noun, as in "living the dream on the Sandbanks Peninsular" instead of an adjective as in "Peninsular living will bankrupt you."