Biggest price cut yet in WC1

PasturesNew

neverdespairgirl wrote: »

This is the biggest price cut I've seen yet in WC1 - from £2 million to £1.5 million, 25% off in one go. Sounds like a motivated seller.

http://www.rightmove.co.uk/viewdetails-17820664.rsp?pa_n=3&tr_t=buy&mam_disp=true

It wouldn't have been necessary if they hadn't put up that awful wallpaper.

dopester

neverdespairgirl wrote: »

That's nothing, have a look at this terrace in WC1 up for £15 million!

http://www.rightmove.co.uk/viewdetails-23096393.rsp?pa_n=1&tr_t=buy

dopester wrote: »

The blue fluorescent lighting in the kitchen reminds me of a barried-up Nova.

Both NDG's Rightmove link (Bedford Square, Bloomsbury reduced from £15m at NDG's posting to £12.5 million) and this Daily Mail story (below - and again Bedford Square.. the new house for contestants of the next series of The Apprentice), and that kitchen... suggests to me it is probably the same house, but now papers suggest a value of £11.25m.

Sell this or you're fired: The £11m townhouse that next year's Apprentice hopefuls will call home

By Fred Redwood
Last updated at 3:44 PM on 12th October 2009

dopester

Keep it together dopester - don't get overly excited. Play it low-key. If by chance a one-time active and valued contributor to this forum has paid a very rare visit to MSE and this thread (possibly was a subscribed thread) I'm fully convinced the main crowd from our forum is wishing that poster the absolute best, misses their continuing input, but fully understands and respects any decisions taken - if they are permanent. As well as trusting any eventual home purchasing works out very well for them, with sensible levels of affordability - having to assume such an intelligent and reasonable poster hasn't yet made a home purchase (given asking prices / low supply / transition ect).

Also I didn't express myself very well in the Apprentice post above. >>but now papers suggest a value of £11.25m<< What I meant to say is that's the price Savills are marketing it for. Down from their initial £15m asking price.

After all, they bought it for a whole lot less only in December 2006 during the boom, for just £5 million.

In the boom the extra spent on restoration and a lot of bling might have added value. In the new climate fewer people can afford from their own pocket, or get financing for £3.5 million of improvements and a lot of expensive and unnecessary bling, on a house bought for £5 million. So in the bust the 'extra value' money spent can be wiped down hard imo. Also when it includes tastes such as a kitchen like that.

Aspirational asking prices at the top-end for all over the UK are being tested. For me, allow all such owners of 'premium homes' around the UK hold out for their top money, reducing slowly as reality slowly shines through (although still significant cuts in actual £££££££ when it is at the top end), as only a small percentage with escape in finding a buyer willing to pay.

torontoboy45

dopester wrote: »

Keep it together dopester - don't get overly excited. Play it low-key. If by chance a one-time active and valued contributor to this forum has paid a very rare visit to MSE and this thread (possibly was a subscribed thread) I'm fully convinced the main crowd from our forum is wishing that poster the absolute best, misses their continuing input, but fully understands and respects any decisions taken - if they are permanent. As well as trusting any eventual home purchasing works out very well for them, with sensible levels of affordability - having to assume such an intelligent and reasonable poster hasn't yet made a home purchase (given asking prices / low supply / transition ect).

Also I didn't express myself very well in the Apprentice post above. >>but now papers suggest a value of £11.25m<< What I meant to say is that's the price Savills are marketing it for. Down from their initial £15m asking price.

After all, they bought it for a whole lot less only in December 2006 during the boom, for just £5 million.

In the boom the extra spent on restoration and a lot of bling might have added value. In the new climate fewer people can afford from their own pocket, or get financing for £3.5 million of improvements and a lot of expensive and unnecessary bling, on a house bought for £5 million. So in the bust the 'extra value' money spent can be wiped down hard imo. Also when it includes tastes such as a kitchen like that.

Aspirational asking prices at the top-end for all over the UK are being tested. For me, allow all such owners of 'premium homes' around the UK hold out for their top money, reducing slowly as reality slowly shines through (although still significant cuts in actual £££££££ when it is at the top end), as only a small percentage with escape in finding a buyer willing to pay.

correct in all respects, dopester.