OMG is this one overpriced!

bob79

Spotted the following studio apartment for sale in the local rag (as a new instruction) and thought I'd share my shock:
http://www.cobbfarr.co.uk/propertyDetails.php?pid=130686
295k for a 23 by 22 ft basement studio flat!

The same agent has just sold subject to contract the following two bed flat on the same street at the same price:
http://www.cobbfarr.co.uk/propertyDetails.php?pid=121099
and this two bed flat in a side street is for sale at the same price with the same agent:
http://www.cobbfarr.co.uk/propertyDetails.php?pid=117748

The vendors bought the studio flat in January 2007 for 179k.

Is this delusional or what?:rotfl:

RLH33

Yes just a bit delusional!! You are obviously a Bathonian, as am I, and the ridiculous prices of flats in the centre never fails to amaze me. That said I did think prices were becoming a bit more realistic but this obviously only applies to the outer 'suburbs' like Oldfield Park, Southdown etc.

amjustagirl

:eek: !!!!!!!! You would have to be a total muppet to pay that much for a one bed flat!!

QTPie

I am a fellow Bathonian (AND customer of said estate agent - selling, not buying).

Yes, Bob79, that is INSANE: you could get some nice properties (2+ beds) in the city for that price.

Bath is just SUCH a mixed bag at the moment, it really is... I posted, not long back, about a house I went to see (to rent, not to buy - couldn't afford it's sale price). It was bought in Nov 2007 for £730k, was gutted and refurbed completely (but not extended and I think it could have been fitted better - i.e. empty "laundry room" with no sink or fitted units) and was on sale for £1.25m (it has just been withdrawn from the market - no claim of a sale or let - so not sure what is going on). Some people "develop" a house (or studio flat) and think that they deserve a premium (even if the market has been falling).

This last couple of weeks I have started to see prices drop a LITTLE here AND a few properties come onto the market at much more reasonable prices. Most are not budging (or not budging much) though...

Estate agents taking on new property should really be picky about pricing: I think that a good agent should be flexible, but that studio apartment is taking the mickey...

QT

patch3228

Maybe vendors are being informed by cobbfarr that there has been a tremendous number of web hits on their properties ... when really it's just the masses shocked by such rediculous prices :rotfl:

QTPie

patch3228 wrote: »

Maybe vendors are being informed by cobbfarr that there has been a tremendous number of web hits on their properties ... when really it's just the masses shocked by such rediculous prices :rotfl:

Actually, knowing the EA (which I do!), the vendor will get the following feedback "your property must be over-priced because we are getting a lot of hits, but not many requests for details/viewings"

QT

LandyAndy

QTPie wrote: »

Actually, knowing the EA (which I do!), the vendor will get the following feedback "your property must be over-priced because we are getting a lot of hits, but not many requests for details/viewings"

QT

Didn't know you were from Bath.:cool:

I'm originally from just down the road in Midsomer Norton.:D

I've always thought Gt Pulteney St was rather ugly compared with some parts of Bath.

Spot the give aways in the EA's description

"Apartment 1, 28 Great Pulteney Street is a recently refurbished, deceptively spacious and light, contemporary lower ground floor studio apartment. The property creatively combines, with the use of fitted furniture dividers, an open plan well equipped kitchen, living and bedroom space. There is also a beautifully presented separate shower room and cloak room, an attractive entrance lobby and a converted vaulted office that could also be used as an occasional bedroom. The property is approached via a pretty front courtyard with attractive decorative planters."

hostiegirl

This is my neck of the woods also, Bath is an expensive city always has been. I've not seen the huge drops in property prices reported in the media. The queue to get in Jamie Olivers resturant and packed streets today full of shoppers and tourists it's like the credit crunch was a bad dream!

QTPie

LandyAndy, husband went to school down the road from Midsomer Norton (school @ Stratton-on-the-Fosse).

hostiegirl wrote: »

This is my neck of the woods also, Bath is an expensive city always has been. I've not seen the huge drops in property prices reported in the media.

Yes, we have just exchanged contracts to sell at late 2006 prices. Would LOVE it if the houses that we were looking at would come down to late 2006 prices... :rolleyes:

hostiegirl wrote: »

The queue to get in Jamie Olivers resturant and packed streets today full of shoppers and tourists it's like the credit crunch was a bad dream!

Tell me about it, we have been trying to get in since it opened... Most recently at 2pm on Tuesday afternoon... Jamie's Restaurant looked half empty and we were STILL advised of a 20+ minute wait :rolleyes: ("no thank you" - headed to the Sushi place instead )

QT

littlesnuggy

I rent in the City Centre at the moment, but would like to get on the property ladder within the next year (OH keeps telling me 'not yet'!), and visit rightmove daily. Spotted this one this week, and got excited by how cheap it seemed given the description and location not far from town (parking space?! private garden?! 'space for shoes'?!)... there were no pictures at that stage, but having now seen the pictures I can see why - look at the size of the bedroom, and that is not a garden!

http://www.dezrez.com/DRApp/Search.ASP?WCI=Particular&WCE=001451428

Sharon87

littlesnuggy wrote: »

I rent in the City Centre at the moment, but would like to get on the property ladder within the next year (OH keeps telling me 'not yet'!), and visit rightmove daily. Spotted this one this week, and got excited by how cheap it seemed given the description and location not far from town (parking space?! private garden?! 'space for shoes'?!)... there were no pictures at that stage, but having now seen the pictures I can see why - look at the size of the bedroom, and that is not a garden!

http://www.dezrez.com/DRApp/Search.ASP?WCI=Particular&WCE=001451428

That's almost as mad as the studio flat in the OP! That's not a bedroom, it's a large cupboard with a bed squeezed in! That size would make a great storage facility, not a place to live in lol.