Thinking of buying a city centre flat because the builder is giving some incentives?

GDB2222

Just in case anyone is still thinking of buying that new-build flat in the city centre 'oop north', take a look at this:

Birmingham
2 bed flat - guide price £75,000 lot 332
http://www.barnardmarcusauctions.co.uk/Current_Auction.html

This sold for £226,000 in Aug 2004
http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&locality=BIRMINGHAM&town=BIRMINGHAM&street=SUFFOLK+STREET+QUEENSWAY&year=All&house_style=All&house_age=All&house_type=All&search_radius=15&northingToSearch=28650&eastingToSearch=40670&cCode=EW&outcode=B1&incode=1LS&order=&start_limit=60&curPage=4

That's a drop of two-thirds from the 2004 price. Of course, the guide price may be a bit of a come-on, you don't know.

Lot 325 looks like a really nice 2 bed flat - guide £85k. (Bought May 07 for £171,500.)

Lot 330, one bed, has a guide price of £60k

Moving on to Manchester, well Salford actually, 2 bed guide price £55k (lot 335).

I'm sorry to be depressing about this, but I wanted to warn people who are thinking of buying these flats - there have been a few people posting recently - and auction prices are much lower than you might think.

howler_2

Food for thought for anyone contemplating buying an 'executive' apartment

pinkshoes

I'd say the Birmingham one might be a mis-print, and should be £126k? As the one next to it sold for £127k a month later...

I do like the way on the picture it's not clear whether it's in the new nice looking building to the left, or the old grotty looking building to the right! I would HATE to live in a block like that!

hoggums

Personally I wouldn't touch city centre flats with a barge pole - I don't think 66% drop is enough.

They will be the new slums of the 2020's and beyond.

GDB2222

pinkshoes wrote: »

I'd say the Birmingham one might be a mis-print, and should be £126k? As the one next to it sold for £127k a month later...

I do like the way on the picture it's not clear whether it's in the new nice looking building to the left, or the old grotty looking building to the right! I would HATE to live in a block like that!

I don't think it's a misprint, although it may be set a bit low to encourage interest.

As to looks of the block, yes it is pretty ugly. OTOH, once you are inside, you have a better view than the people around you - if you see what I mean.

GDB2222

GDB2222 wrote: »

Just in case anyone is still thinking of buying that new-build flat in the city centre 'oop north', take a look at this:

Birmingham
2 bed flat - guide price £75,000 lot 332
http://www.barnardmarcusauctions.co.uk/Current_Auction.html

This sold for £226,000 in Aug 2004
http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&locality=BIRMINGHAM&town=BIRMINGHAM&street=SUFFOLK+STREET+QUEENSWAY&year=All&house_style=All&house_age=All&house_type=All&search_radius=15&northingToSearch=28650&eastingToSearch=40670&cCode=EW&outcode=B1&incode=1LS&order=&start_limit=60&curPage=4

That's a drop of two-thirds from the 2004 price. Of course, the guide price may be a bit of a come-on, you don't know.

Lot 325 looks like a really nice 2 bed flat - guide £85k. (Bought May 07 for £171,500.)

Lot 330, one bed, has a guide price of £60k

Moving on to Manchester, well Salford actually, 2 bed guide price £55k (lot 335).

I'm sorry to be depressing about this, but I wanted to warn people who are thinking of buying these flats - there have been a few people posting recently - and auction prices are much lower than you might think.

Lot 332 sold for £87k.
325 for £86.5k
330 for 74k

silvercar

I've thought along the same lines. Eldest at uni tells me student house rentals are 65-70 a week. At that price I'd be better off buying a city centre apartment, making a profit on the rental and flogging it in a few years time.

GDB2222

silvercar wrote: »

I've thought along the same lines. Eldest at uni tells me student house rentals are 65-70 a week. At that price I'd be better off buying a city centre apartment, making a profit on the rental and flogging it in a few years time.

How many students can you get into one two-bed flat?

Pssst

howler wrote: »

Food for thought for anyone contemplating buying an 'executive' apartment

Todays executive apartment will be tomorrows buy to let or social housing.

lynzpower

Pssst wrote: »

Todays executive apartment will be tomorrows buy to let or social housing.

already happening today

http://us.ft.com/ftgateway/superpage.ft?news_id=fto100320081717274239&page=2

silvercar

GDB2222 wrote: »

How many students can you get into one two-bed flat?

At party time, at least 100.

For rentals, probably 3 as they will use the lounge as a third bedroom.

Mortgage on 60k would be roughly £60 a week, with two students paying £65 a week and mine getting free rent I'm in profit. Won't want to sell before 2014 in all probablility, by which time housing market should be sorted enough to at least get my 60k back.