Wednesday, August 20, 2008

London flat discounted 66% and still doesn’t sell

Unsold Lots

Just browsed the unsold list at Andrews Robertson and if you check lot 149 you will see that a flat in Greenwich which was purchased at 325,000 in 2005 (according to land registry data) didn't even sell at the reserve price of 110,000. This is prime new build London BLT in the zone which apparently will benefit from the "Olympic Effect" http://www.abacusestates.co.uk/Maritime-House-Greenwich-AbacusEstates.pdf.

Posted by sc @ 01:14 AM (1421 views)
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10 thoughts on “London flat discounted 66% and still doesn’t sell

  • Tenyearstogetmymoneyback says:

    Just browsed the pdf and found the following quotes.

    “■ 10% Below Market Value”

    “■ High rental Yield – mortgage coverage”

    “5% DEPOSIT ONLY
    10% under market value” – Comment – If that was the case wouldn’t you be able to make an instant profit by buying from them then selling on the open market 🙂

    “In terms of “expected capital growth” we can never say exactly how any market will perform in the future. We know that we are currently experiencing a buyerʼs market meaning growth prices are low. Nationwideʼs most recent report puts annual property growth at 2.7%.” – Comment – The first little bit is their get out clause, until I saw that I thought they had left themsleves wide open to being sued.

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  • tyrellcorporation says:

    Yes but are these dramatic reductions being mirrored in the traditional housing market? I doubt very much my friend’s flat in Greenwich (which he bought for about £200k a few years ago) would be turned down at less than £100k now. My guess is he could probably get close to what he paid for it. Why the huge disparity?

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  • http://www.rightmove.co.uk/ SE18 6HB

    There is a flat in the block with a sale price of 140K so looks normal. Also looking on google somone is ordering stuff with stolen credit cards to that block, so maybe a BTL fortress unemployed warzone.
    With about 10 2Bd flats for sale supply isn’t very tight either.

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  • It’s in Woolwich – horrible area – not Greenwich as such

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  • Sloppy research here I think, this is for an unsold flat in Woolwich NOT Greenwich.

    Huge difference.

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  • Look at lot 68.
    Could be one of GREENBAY’S
    Sold, newbuild 10th nov 2006 for 280K.
    Reposssesssed, at auction, UNSOLD at 137500, with a reserve of 145K.

    Go on greenbay, add this one to your folio.

    Tee, hee.

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  • I’m getting carried away now. Too much time on my hands.

    Loads of unsold properties, reposssesssions, within 5-10K of reserve, but unsold? Why hold out for an extra 5K if you are a bank? Don’t understand?

    Anyway, lot 87, unsold @ 85K, available 90K. Sold for 140K may06.

    Nice.

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  • Last one, honest.
    Lot 88.
    Unsold 89K. Available 90K???????????????????
    Sold jan 07 172,500. Almost 50%off! Howse pwices only ever go up!

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  • 58% (lot 90)
    biggest discount so far.

    Of course I mean DROP

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  • lot 93, only 44% down

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