Big drops in new flats (surbiton)

morg_monster

Perusing rightmove/PB on properties with at least 2beds within 1mile of Surbiton station (prime commuterville with frequent fast trains to waterloo)... many, many purposebuild flats in this area and asking prices are falling with drops of 5k and 10k commonplace on flats priced originally 200k-300k.
Today have noticed some big drops in the new build flats:
http://www.rightmove.co.uk/viewdetails-18467314.rsp?pa_n=1&tr_t=buy
Now they have put this on as a new property, but looking at the PB datafiles I have, it was originally on for 259k, now at 187k :eek: (and there's still another identical flat on for 259k - hm which one would I choose?!) I've got to say, even accounting for % falls, 187k is really a huge bargain in that area, for a split level flat with 2 good size double bedrooms and bathroom w/bath upstairs, then cloakroom, large lounge and separate kitchen down, within half mile to station with 19min fast train to waterloo... in fact maybe it's a typo?!
Maybe not - in the same development, was 269k, now 203k:
http://www.rightmove.co.uk/viewdetails-17869246.rsp?pa_n=1&tr_t=buy

And in another development full of 2beds we see this one down to 240k from 265k
http://www.rightmove.co.uk/viewdetails-21244349.rsp?pa_n=3&tr_t=buy
In that same development there are further:
another 265->240,
2x 275->245
3x 285->250

Blimey. Someone's getting desperate! Wonder if they were by the same builder/developer?

napoleon

So much for London being immune from house price falls.........

Sapphire

morg_monster wrote: »

I've got to say, even accounting for % falls, 187k is really a huge bargain in that area, for a split level flat with 2 good size double bedrooms and bathroom w/bath upstairs, then cloakroom, large lounge and separate kitchen down, within half mile to station with 19min fast train to waterloo... in fact maybe it's a typo?!
Maybe not - in the same development, was 269k, now 203k:
http://www.rightmove.co.uk/viewdetails-17869246.rsp?pa_n=1&tr_t=buy

And in another development full of 2beds we see this one down to 240k from 265k
http://www.rightmove.co.uk/viewdetails-21244349.rsp?pa_n=3&tr_t=buy
In that same development there are further:
another 265->240,
2x 275->245
3x 285->250

Blimey. Someone's getting desperate! Wonder if they were by the same builder/developer?

These newbuilds were vastly overpriced in the first place - and I don't think £187,000 is a bargain at all for a newbuild flat. And look at the outside of the building - it's as ugly as sin! Who would want to live in such a monstrosity?:eek:

(BTW, not sure where you got all the details from on the first flat - I couldn't find them on the link.)

morg_monster

Got the details for the first flat from the floorplan

yeh the newbuilds were overpriced, but at 187k it vastly undercuts almost everything comparable in the area, newbuild or not, maybe all the others are still overpriced but its nice to see someone taking the initiative and dropping the price!

and i agree with napoleon - people saying "london being immune..." - this is a really nice area ...ok its not central, but its no thamesmead! the remaining bullish cries of "it won't happen in london" are starting to sound a bit hollow...

adr0ck

napoleon wrote: »

So much for London being immune from house price falls.........

there not houses their flats;)

SouthCoast

This is a new build 2 bed flat on the South Coast:

History

dateevent8th Jun 2008

• Price changed: from '£274,950' to '£225,000'

26th May 2008

• Price changed: from '£300,000' to '£274,950'

6th Apr 2008

• Initial entry found.

beerhunter

morg_monster wrote: »

Got the details for the first flat from the floorplan

yeh the newbuilds were overpriced, but at 187k it vastly undercuts almost everything comparable in the area, newbuild or not, maybe all the others are still overpriced but its nice to see someone taking the initiative and dropping the price!

Have you seen the floor plan for the 1 bed flats in the same "development"... http://www.rightmove.co.uk/viewdetails-17869255.rsp?pa_n=1&tr_t=buy :rotfl:

There's a reason why they are "cheap" compared to anything else, there's no parking, it's on a main road into kingston which is nose to tail in the mornings, completely out of character with the other building nearby and made of not much more than wood and a metal frame (I saw them being built!)

and i agree with napoleon - people saying "london being immune..." - this is a really nice area ...ok its not central, but its no thamesmead! the remaining bullish cries of "it won't happen in london" are starting to sound a bit hollow...

It will happen, it is a nice area... shame about the new build tho

Cheers
BH

tomstickland

The floorplans were done by someone who'd dropped their ruler on the floor and bent it.

It's alright though - the kitchen has spotlights, laminate and a funnel extractor hood thing.

morg_monster

Ahh beerhunter i thought you must live/work from somewhere in the kingston/surbiton area - when i got version 2 of PB I saw you provided most of the distributed data for that area! Thanks for that very helpful... anyway we are sacking off surbiton now ... thinking about Ewell instead ...

JimmyTheWig

morg_monster wrote: »

anyway we are sacking off surbiton now ... thinking about Ewell instead ...

Chessington's nice. :cool:

littlesaint

Just noticed that a flat in our street in South West London has dropped its price now from £275,000 to £249,000. I understand it was valued at £265,000 - £270,000 but the agents were probably trying it on. There has been an offer, but the flat is still on the market so I'm guessing the offer was below £249,000.