Crash Crash Crash !!!!!!!!!!!!!!!!!!!!!!!!!!!

Techno

It is unusual in so far as not many owners are forced into selling at this price level yet. It will be less and less unusual as time goes by.

I don't agree - yes property has been overpriced in comparison to average wages but circa £30,000 hasn't been a realistic price for about 20 years!!

I expect the other flats I listed to be of similar size (though varying states of disrepair). I believe the social housing estate was there in 2006 and 2007 too, so what's your point?

In a falling market people want to buy houses in the best possible area and people tend to be a bit snobby about living near social housing

The property sold at auction - probably for a reason. Yeah, reason being the owner/lender needed shot of it, and realised that to get a sale round there you have to face the "real" market at auction, not fanny around with head in the clouds EAs.
And yet 18 months ago a house in Deganwy which went to Auction with a guide price of £600,000 sold for close to a million - so like anything else (and as you stated in your post)- a property is only worth what someone is willing to pay for it

I only mentioned the 200k Sant Tudno flats in response to adr0cks question regarding a needle exchange having been opened on the same street. I'd be well !!!!ed off if I blew that kind of money on a flat and they then started shipping in the junkies. Obviously it's neither here nor there, as the needle exchange (as far as I know anyway) doesn't exist. I believe adr0ck was just trying to discredit the price drop on grounds of the area having "gone to the dogs" since 2006. Either that, or he made a genuine mistake. Or maybe I did? Can you tell us if it's a particularly bad area? I'm pretty damn sure it isn't, but some more local knowledge would be great
The area hasn't 'gone to the dogs' since 2006 - it hasn't really changed. My mum lives in a rented flat just down the road from Cwrt St Tudno and I lived there as a kid (though that was 35 years ago and it has gone downhill since then!!!). Craigydon (which is the area in question) is a real mixture of rented flats, expensive owned flats, guest houses, terraced houses, social housing and some very nice large private houses. There are druggies but the place I know about is opposite the park which is 5 mins walk away. The council have done a good job of 'cleaning up' the houses in multiple occupation. However, I would never have bought the Cwrt St Tudno flats because they are bang inbetween the only 2 nightclubs in Llandudno and all the residents do is moan about the noise!!!

All I'm trying to say is Llandudno is no different to anywhere else and the way some posters are talking about it and Wales makes me want to leap to the defence of my adopted homeland!! - Cymru am byth :A

Sam_BMN

I've been informally tracking a collection of properties I have my eye on. Every few weeks I've seen a few of them drop their prices, but that stopped in october and none of the prices have moved, tho' the properties haven't sold. What I'm hearing is that sellers are telling their agents that they'll accept offers x% below asking, but they don't want to advertise the fact in case they catch someone with some cash to spend who isn't too fussy (and pigs might fly). Of course, the silly thing about that is when people search on the internets they put in a maximum price so these seller's properties don't show up and they miss potential buyers.

RDB

it will fail,the amount being put in is just a number and the probability of the money ever existing in the real world is diminishing daily.the government have in my opinion got completely the wrong idea of how to deal with this,i would say if the banks go bust so be it,when the **** really hits the fan the government will have no money left to support the people of this country,sterling will lose all value,public services will grind to a halt and there will be complete anarchy,may seem farfethced but when it goes it will go with a bang,and it will happen in weeks rather than months.

MrDT

Lot 105 in the upcoming Barnard Marcus auction - Monday 26th.

A tiny (and I mean tiny) reposessed holiday cottage pretty much slap bang on the beach, in the royal historic town of Caernarfon. Within easy travelling distance of popular tourist spots - Pwllheli, Abersoch, Caernarfon, Snowdonia etc.

Guide price 25k.

Last sold for 125k in March 2007.

I've been for a look, I'd say it could be worth a quid or two as a holiday place, maybe even £25k, but it's no bigger than a caravan, and would be no good for anyone outside of June July and August. Assuming annual holiday let income of about £2.5k (this is pretty optimistic - £1k a month, for three months, allowing for half a month of voids) this would see a return on investment of ~10% pre-tax (and pre any advertising and letting agent costs) for someone plowing in £25k cash. Seems like it could be a good deal. Not great if you can't get anyone in to stay though, if we have another bad summer etc.

25k seems a reasonable enough guide price, might be able to turn a half decent profit (especially if you're local and can handle the maintenance yourself). The fact it sold for FIVE TIMES that amount a year ago is insane though. I'm not surprised it has been reposessed - the owner has probably gone bankrupt if what he spent on this place is genuine reflection of his financial acumen.

I can think of one person here (only person in the UK probably lol!) that might like it as a home as opposed to an investment property.... Fancy relocating to Wales PasturesNew?

john539

RDB wrote: »

it will fail,the amount being put in is just a number and the probability of the money ever existing in the real world is diminishing daily.the government have in my opinion got completely the wrong idea of how to deal with this,i would say if the banks go bust so be it,when the **** really hits the fan the government will have no money left to support the people of this country,sterling will lose all value,public services will grind to a halt and there will be complete anarchy,may seem farfethced but when it goes it will go with a bang,and it will happen in weeks rather than months.

Doomsday scenario.

The government is getting desperate.

They announced 2nd bank bailout yesterday
New plan to boost banks' lending

and Royal Bank of Scotland made largest UK loss in history yesterday.

Situation is not under control, is getting worse and the Recession hasn't even been officially announced.

We're only at the beginning of the Recession. :eek:

itsallagame_2

john539 wrote: »

Doomsday scenario.

Situation is not under control, is getting worse and the Recession hasn't even been officially announced.

I think we will be be in DEPRESSION before Brown admits recession :rotfl:

PasturesNew

MrDT wrote: »

Lot 105 in the upcoming Barnard Marcus auction - Monday 26th.

A tiny (and I mean tiny) reposessed holiday cottage pretty much slap bang on the beach, in the royal historic town of Caernarfon. Within easy travelling distance of popular tourist spots - Pwllheli, Abersoch, Caernarfon, Snowdonia etc.

Guide price 25k.

Last sold for 125k in March 2007.

I've been for a look, I'd say it could be worth a quid or two as a holiday place, maybe even £25k, but it's no bigger than a caravan, and would be no good for anyone outside of June July and August. Assuming annual holiday let income of about £2.5k (this is pretty optimistic - £1k a month, for three months, allowing for half a month of voids) this would see a return on investment of ~10% pre-tax (and pre any advertising and letting agent costs) for someone plowing in £25k cash. Seems like it could be a good deal. Not great if you can't get anyone in to stay though, if we have another bad summer etc.

25k seems a reasonable enough guide price, might be able to turn a half decent profit (especially if you're local and can handle the maintenance yourself). The fact it sold for FIVE TIMES that amount a year ago is insane though. I'm not surprised it has been reposessed - the owner has probably gone bankrupt if what he spent on this place is genuine reflection of his financial acumen.

I can think of one person here (only person in the UK probably lol!) that might like it as a home as opposed to an investment property.... Fancy relocating to Wales PasturesNew?

I'm already in Wales

It's too much/too remote for me.

I had my eye on something about a month ago elsewhere that went for £8k, on a site where similars are currently asking £220-30k.

What's also important to me are the regulations/occupancy and the service charges.

The one I had my eye on at £8k was a holiday home on a site, 12-month occupancy and site fees were just a few hundred a year (well under £1k).

Mind you .... hmmm... right on the beach ... *perks up*.

I'll maps google it for distance/location.

PasturesNew

MrDT wrote: »

A tiny (and I mean tiny)

Just looking at it now. That's not tiny!

OPEN PLAN LOUNGE/KITCHEN 15'8" X 13'9"

Separate bedroom upstairs
BEDROOM 13'9" (4.2m) (max) X 8'3" (2.51m) (min) X 16'4" (4.98m)(max).

And a bathroom, with a bath! mmm luxury.

It's too far away from anywhere I want to be though.

It'll probably go for a lot more than that price too. Those style of properties usually sell at £80-120k in most places.

Can't beat that position though. If it were within 20 miles of where I am now I'd give it a punt.

neverdespairgirl

MrDT wrote: »

I can think of one person here (only person in the UK probably lol!) that might like it as a home as opposed to an investment property.... Fancy relocating to Wales PasturesNew?

She's already in Wales!

novazombie

Can you please post the site to look at?

Also have you got the link on googlemaps?

It will be interesting on Monday to see what it goes for?

Oh and is it a holiday home or has it got permission to live in it all the time?