Pan Peninsula Towers - Canary Wharf

baby_boomer

It's an off-plan development, launched 3 years ago, which broke all records for Docklands apartment prices e.g. £1,000 per square foot.

It will be completed next Spring.

The deposit was 10%. They were all sold by the original developer.

But one property website alone now has over 100 flats in the development for sale :eek:

Buyers are desperately trying to sell at prices just above 90% of their purchase price, rather than given up the 10% deposit.

Foxtons, which has nine flats in the development for sale, suggests:

"If possible it was better to complete and rent out until values recovered"

Do they really believe that? If so why are they going ahead with their clients' sales? :rotfl:

As the Evening Standard says, "..the view from this 5-storey eyrie willo be undiminished. Even if some residents find themselves sipping their caipirinhas through gritted teeth."

Evening Standard Link - CREDIT CRUNCH TOWERS

jamescredmond

any chance of a link, baby?

hethmar

You buying James?

http://www.thisislondon.co.uk/standard/article-23562856-details/Credit+Crunch+Towers/article.do

Some people have already put down £80k non returnable deposits.

jamescredmond

d'oh!!

just spotted it.

sorry.

it's been a long day.

Penelopa.Pitstop

I remember press articles about queue before sale started and interviews with people who bought more than one flat and prices were starting around 300K or something. Buyers had already $$$ sings in their eyes when they told how good investment it was and that they gonna let extra flats they bought.

jamescredmond

hethmar wrote: »

You buying James?

http://www.thisislondon.co.uk/standard/article-23562856-details/Credit+Crunch+Towers/article.do

Some people have already put down £80k non returnable deposits.

why, yes!

2011 (or possibly later).

hethmar

It was about £300k for a "suite" - what we would call a bed sit.

hethmar

Personally I think the Royal Arsenal development in Woolwich is beautiful. I wonder if those will drop heavily.

http://www.royalarsenalresidential.co.uk/

beautiful listed buildings.

ad9898_3

Russian Invester says

“I bought two two-bedroom apartments, one quite large for £770,000. Now I'm trying to get £775,000 for it but it's not looking good. To be honest, I'm very disappointed. I can't afford to wait for the market to recover. From what I can see now people are not buying because they think the market still has some way to go before it bottoms out. I just don't know how much I'll lose. My strategy now is to try to get buyers in Russia or perhaps Kazakhstan. If the worst came to the worst, I suppose I could live there.”

'I suppose I could live their myself ' .... What a !!!!!!, you wouldn't want to live their but you expect some other poor b@stard to, I hope they get bought up by the council for 50k

baby_boomer

ad9898 wrote: »

If the worst came to the worst, I suppose I could live there myself.”

That was the quotation which struck me most from the entire article. It just goes to show how perverse the whole business is.

PasturesNew

My friend was going to buy - and I am sure it was one of those. Several mill.

One of the penthouse/corner jobbies.

I told him at the time not to; he didn't. That was about 2005/2006. His friend bought it instead though as I asked him last week if he regretted it.

Next time I catch him I'll check if it was that building set (sure it was)