My Dorset Home , Sell and Buy

dorsetjohn_3

Hello to everyone , This is my first Post.......................

Firstly I would like your opinion on our intended sale / buy

We live on a coastal Town in Dorset . We own a Two bedroom apartment , top floor with roof Terrace , with fantastic views overlooking the Sea
We bought this apartment 2 years ago for £295k , which at the time had an asking price of £325k . Our neighbour next door who owned exactly the same apartment as ours , sold his in January 08 for £355k .

Now we are nearly at exchange with ours , selling for £320k

We are also nearly ready to exchange on the house we want to buy
It is a new build , on a development of 12 houses , very nice quiet area
The house was originally marketed when it was first being built 12 months ago for £400k . A month before it was fininshed , around April 08 , it went up £50k to £450k , because it turned out alot nicer than they thought . vaulted ceilings etc.
It subsequently reduced back down to £400k around july08 . We put an offers in and we both agreed on £330k to buy

10 out of the 12 houses are under offer and nearly sold
A friend of mine , bought one on the Development . Asking price 12 months ago £435k , reduced to £410k around June08 , Then reduced to £375 at the start of August . He eventually bought it for £325k . Its a lovely house , but out of the two , I think ours is Slighlty nicer

Now the questions I put to you are the following , but before you answer , The developer , is in financial difficulty and may very soon go bust and we have 50% equity to put down £170k ish

1) should we sell ours , go through with the deal and buy the new one

2) are we getting a decent price on our new build / sale of ours

3) should we sell ours , and put our equity of £170k into the bank , rent for a year or so then look and buy

4) should we sell ours , then try to undercut the developer a few days before exchange . if so how much should we go for and how to play it

THANK YOU all for taking the time to read this Epic

Best Wishes

Gorgeous_George

3)..........

GG

penguine

I agree with GG, in the current market that option makes the most sense.

jamescredmond

4) if you're not averse to a spot of gazundering

but

3) logically.

lostinrates

Personally, I'd rent, I think, but if it really were unbeatable offer and you can cover your costs etc etc etc buying might no be the end of the world...that why I can't say rent for sure. BUT, if you tell the developer you are pulling out he might shift downwards to a better deal. Who knows?

SouthCoast

I live in a coastal town.
Newly built properties have been on the market for well over a year and are still unsold.
I also expect that a lot of the second/holiday homes will be coming on the market within the next six months.

ad9898_3

3), but you could have a go at 4)

dorsetjohn_3

SouthCoast wrote: »

I live in a coastal town.
Newly built properties have been on the market for well over a year and are still unsold.
I also expect that a lot of the second/holiday homes will be coming on the market within the next six months.

Nearly all of the small development has been sold and on the open day weekends when we were up there , alot of people wanted to come in and look around our one but werent allowed . So Think it well sell if we dont go for it

sjaypink

i must live near you. i cant speak for your price range, but i know that the lower price ranges are not selling. my estate agent friend says nothing sub £200k has sold in the last month or so for more than 80% of the asking price :eek:

going on that id say sell yours and wait and rent for a year to assess the situation again. unless of course this is an absolute 'dream' property for you. if thats the case try offering 80% of the current asking price.

let us know how you get on!

dorsetjohn_3

sjaypink wrote: »

i must live near you. i cant speak for your price range, but i know that the lower price ranges are not selling. my estate agent friend says nothing sub £200k has sold in the last month or so for more than 80% of the asking price :eek:

going on that id say sell yours and wait and rent for a year to assess the situation again. unless of course this is an absolute 'dream' property for you. if thats the case try offering 80% of the current asking price.

let us know how you get on!

Will do mate ! The asking Price was £400k , we are buying for £330k , So 80% would be another 10K of then £320k . The place is stunning . Dont know what to do Argggghhhh !!!!!!!!!!!!!

fc123

dorsetjohn wrote: »

Will do mate ! The asking Price was £400k , we are buying for £330k , So 80% would be another 10K of then £320k . The place is stunning . Dont know what to do Argggghhhh !!!!!!!!!!!!!

I would have said opt 3 too.
But....do you absolutely love it, is it rare and unique (in terms of location) and is it affordable????
I would ignore whatever price it was 'worth' before...it wasn't a proven value.....but what it is 'worth' to you now, taking into account all the above.