flat purchases in salford quays

m00m00

"intelligent living spaces'

= tiny little hole which magnifies all noise in the building into unbearable volume levels

fishtastic

They are 'giving' a 5% deposit to FTB, how public spirited of them.

And.... Try a property before you buy... lets you rent for six month trial - Rent paid is knocked off the asking price.


I have to say 353 sq ft is tiny for any living space, was the show apartment that size? The price list has many @ 353 sq ft and 2 @ 694, did they show a 700sq ft one?

After you original message I had a look at development coming on stream at Salford Quays and there seems to be a lot of property to be completed in the next two years, a hell of a lot.



Oh, someone has actually put one of these Salford Quays Abito apartments up for rent @£550

http://manchester.gumtree.com/manchester/78/25211778.html



The Abito greengate flats are also 353 sq ft (http://www.abito.co.uk/images/abito_greengate_plist.pdf), in Manchester, they are renting for £475-495. I'm not saying they are identical, they are not, the flat seems the same but different location (obviously).

The greengate development has ground rent of £50pa and service charge of £65pm so if you got £500pm in rent, and if the cost are the same at Salford Quays, you would receive £431pm in rent before voids and repairs.

Do you have a good salary (Nurse??), and can afford to keep these until prices pick up? If the last house cycle is anything to go by then it could be 10 years before house prices get back the the previous peak, and that's assuming the pattern holds which seems unlikely since the drivers are different this time. It could be shorter or longer.

Also, abito advertised your development starting at £109,000, greengate starting at £110,000; Now, there is a greengate one on Righmove at £95k, see below.

http://www.rightmove.co.uk/viewdetails-9472152.rsp?pa_n=4&tr_t=buy

It looks very similar to your one (Except, I guess yours doesn't have a ginger chick :female: on the bed demanding coffee :coffee:like this one).

Good Luck

Fishtastic

lynzpower

I am fairly sure that I saw this development on was it to buy or not to buy....

I remember thinking then, I couldnt live there as they dont have a proper kitchen.

I feel for you OP, as I remember watching this development (* or maybe one vv similar in manchester area) and thinking that the way the presenter was talkig about them was really irresponsible.

Have you sought advice with the contract yet? I really hope that it throws up a glimmer of hope to you.

pbeastty

any reply that makes me laugh at a 23,000 loss deserves a reply . love the reply. no ginger lying on the bed. its good to hear sound advice... i am a running.

pbeastty

I also have to say the flats that you saw that are available are the last in line. ( no dio song pun intended). i have picked pretty good sites at 6th and 8th floor with sun view, yeah . the manchester cit ones are over run . for some reason i still reckon loose one and gamble on one ? they cant reduce to less than 110,000 . either way loved the reply.

pbeastty

I also have to say the flats that you saw that are available are the last in line. ( no dio song pun intended). i have picked pretty good sites at 6th and 8th floor with sun view, yeah . the manchester cit ones are over run . for some reason i still reckon loose one and gamble on one ? they cant reduce to less than 110,000 . either way loved the reply.

terryw

fishtastic wrote: »

They are 'giving' a 5% deposit to FTB, how public spirited of them.

<snipped in the interests of brevity>

Fishtastic

Great post Mr Fishtastic.............................

Nice to see a newcomer with such mature and sensible input.

bw

terryw

pbeastty

lynzpower i am resigning myself to a big loss and learning experience but that money could have easily taken me for a quality year out. i will look back and think what if but in all fairness it was a risk from the start. my only other purchase was in northern ireland and they are knocking that down for a redevelopment so i will make the money somewhwere. still living in a box but sure lifes a gamble. thanks again. pb

fishtastic

The trouble with anybodies opinion on your matter is that no-one really knows what going to happen, and that includes me .

Since you have already paid £24k and are about release 100k from your current assets, you are in a better position than many.

Definitely do the legal advice thing, but should you decide to buy it may be worth trying to negotiate on price. If you pull out they will get your 24k, if you are definitely going to take possession of the flats then you could try and call their bluff. You could say you are going to pull out unless they reduce the price, they are giving back 5% to FTBs already (What about you? Don't you deserve a discount? Surely you deserve more than 5%. You're mad as hell they are giving others a discount. No really, you're dead angry about it), they will have to sell another 2 flats on top of what they haven't sold already, taking longer to complete the sale of the development and the associated costs.

To be honest it would be a very weak hand to play and you would need a mighty pair of cojones, but you would lose nothing. Remember that one of the issues for builders at the moment is cashflow, actually cashflow is an issue for all businesses, all the time but that's another story. They need your cash, they've paid up front for the land, the architects, some materials and have the ongoing costs including advertising and their day-to-day business. It's worth a go. If they said get stuffed, then you say you've changed your mind and you're not withdrawing from the purchase, assuming you still wanted to buy.

All the best

Fishtastic

bluejake

fishtastic wrote: »

http://www.rightmove.co.uk/viewdetails-9472152.rsp?pa_n=4&tr_t=buy

It looks very similar to your one (Except, I guess yours doesn't have a ginger chick :female: on the bed demanding coffee :coffee:like this one).

Good Luck

Fishtastic

See the middle picture. These flats are so small the guy has to read his magazine lying flat on top of the kitchen cabinet near the ceiling. Is there a ladder? - or does he just shimmy up the cooker?:rotfl: