Has anybody bagged a bargain?

beingjdc

huntersc wrote: »

Here's one for starters, http://www.rightmove.co.uk/viewdetails-11205378.rsp

Even this one would be okay. http://www.rightmove.co.uk/viewdetails-10707738.rsp

That took me about 20 seconds.

Jesus! Not that I'd buy in Surrey Quays, but you're telling me that the way to get better value for money is instead to buy in New Cross or Peckham? I'm open-minded, not suicidal.

PropertyPro

huntersc wrote: »

I get the feeling that you're an estate agent?

As for position being everything, yes, I'm well aware of that currently living in Notting Hill, recently moved from Knightsbridge and before that Wimbledon Village and Richmond.

So yes, position is very important but that particular property is not in any great position. I know the area reasonably well and that road is a horrid. That area at least up to Helena Road is druggy hell.

Buying that particular property is an absolute nonsense. It is a bad investment no matter how you want to spin it.

I very much doubt house prices are going to fall ridiculously but, another 10% or so is more than likely so don't think I'm one of these tin foil people because I'm not. What I am is someone who would suggest that it doesn't take much for a property like that to be negotiable to £50k. without a great deal of effort especially as they were originally sold for around the £25k mark and £50k is not far off 2001 prices.

For further pictures here's a link http://powering.expertagent.co.uk/(S(cghcux55wmlvpv3fmzeldzf4))/PropertyDetails.aspx?pid=e791f761-7cbf-43c6-8215-c9135892bb6d&aid=!!77a3366d-da38-4152-871f-168d49371ff0}
£135k? Ha!

Nope. Not an estate agent. I was for quite a while but am now working exclusively for the property purchaser as opposed to the vendor.

Most of my time is spent negotiating with agents trying to get as much off a property as I can for my client and there's no way I'd be offering anywhere near 135k for that property - but I also wouldn't waste my time by going in at £50,000. The vendor has it on at the listed price for a reason best known to him or her. Just speaking from experience, they are very unlikely to drop anywhere near that figure.

Solely because of its access to Central London, it wouldn't surprise me if it sells for around £100,000, even in the current market. The buyer may not live there, but is likely to command a good rent letting it out

Sazzyukrafc

Well, my story...

Me and my fiance bought our first house in June. It was on the market for £145,000, we got it for £120,000.

The house....Shawclough, Rochdale. A very nice suburban area in a nature reserve, cul de sac, corner plot, large front, side and back garden, garage, drive, 2 bed, large conservatory, decorated very nicely.

We plan to stay in it for quite a long time. We're only 23 and will be in it when we start a family.

It was our perfect house and were very pleased to get it at that price.

hethmar

beingjdc wrote: »

Jesus! Not that I'd buy in Surrey Quays, but you're telling me that the way to get better value for money is instead to buy in New Cross or Peckham? I'm open-minded, not suicidal.

LOL, thats what I thought too. At least you can run to the tube from the Surrey Quays one So doesnt look like the 1000 times better flats exist then - shame. I was really hoping Id missed a decent area for a low priced place.

huntersc

PropertyPro wrote: »

Nope. Not an estate agent. I was for quite a while but am now working exclusively for the property purchaser as opposed to the vendor.

Most of my time is spent negotiating with agents trying to get as much off a property as I can for my client and there's no way I'd be offering anywhere near 135k for that property - but I also wouldn't waste my time by going in at £50,000. The vendor has it on at the listed price for a reason best known to him or her. Just speaking from experience, they are very unlikely to drop anywhere near that figure.

Solely because of its access to Central London, it wouldn't surprise me if it sells for around £100,000, even in the current market. The buyer may not live there, but is likely to command a good rent letting it out

I could tell you had estate agent in you, the way you talk, it's very obvious.

They'd be lucky to sell it for £100k right now. Nothing's selling as you well know. Either it'll be on the market for another two years and increase to £115k in 2012 or they reduce the price dramatically to get it off the books. I'd say £75k right now is more realistic. Maybe negotiable up to £85k.

The only thing that might throw a spanner in the works is stupid people. Those that tend to buy places like that are generally out of touch with economic circumstances and don't have access to the right financial advice to make an informed decision. They go jumping in at £130k thinking it's a great bargain and get burned. I do hope that no one buys that place at over £100k, it scares me that someone could ruin their life by doing so.

huntersc

hethmar wrote: »

LOL, thats what I thought too. At least you can run to the tube from the Surrey Quays one So doesnt look like the 1000 times better flats exist then - shame. I was really hoping Id missed a decent area for a low priced place.

It is a better flat, it's safer, not an 'old' build, will hold value and be an all round better place to live. Of course it comes down to personal preference.

I lived in Neil Street, Covent Garden in 2002 and from that experience I would never, ever live that centrally again. I'm in Notting Hill right now which is bad enough but needs must.

I would advice anyone to get the heck out of those central parts, where dodgy council estate flats cost £135k. It's just numbers but £135k? That's a LOT of money.

One might argue that they need such a place because it's easy to get into work in Z1, well I would suggest that if working in Z1 means you can only afford a place like that then you're better working outside of London.

Let's be honest, if one's wage is so low that an ex local authority is all they can afford then why not move out of London, get the same wage and buy something that's really nice?

I see people coming to London and working for £40k, spending 50% of their incomes on travel, rent, clothes and ending up each month putting basics like food on credit cards because they just can't get by. Why would you do that? It amazes me. If I could earn the same wage outside of London I'd move in a second. If working in London meant I could only afford a ****hole like that I'd be out just as quickly.

sarah_elton

Posted another thread about my friend's recent purchase.

4-bed townhouse, new build in Wiltshire.

First asking price was £250k (always silly). By time it was built it was £220k. He found it when it had been up a few months and empty, and the builder was two months away from their financial year end, with 12 of these houses standing empty.

Asking price was £218k and he got it for £168k. :T

A BTLer bought 8 of the others going spare (!) and got them even cheaper per unit, but not sure how much. I'd guess around £150k?

sarah_elton

huntersc wrote: »

I see people coming to London and working for £40k, spending 50% of their incomes on travel, rent, clothes and ending up each month putting basics like food on credit cards because they just can't get by.

If 50% of their take home pay covers rent, commute and clothes, why on earth do they need to put food on credit cards?

My mortgage, bills and commute take around 50% of my take-home and I'm saving money each month!

hethmar

And a lodger in a spare room can help enormously towards bills.

uk_steve

sarah_elton wrote: »

Posted another thread about my friend's recent purchase.

4-bed townhouse, new build in Wiltshire.

First asking price was £250k (always silly). By time it was built it was £220k. He found it when it had been up a few months and empty, and the builder was two months away from their financial year end, with 12 of these houses standing empty.

Asking price was £218k and he got it for £168k. :T

A BTLer bought 8 of the others going spare (!) and got them even cheaper per unit, but not sure how much. I'd guess around £150k?

Wow thats a big BIG price diffrence:T