Why isn't this property selling?

auroan

WelshNic wrote: »

I really don't think you can view a purchase of this cost/size with FTB eyes

I'm not viewing it in FTB eyes. It was an example only. Do you seriously think a lot of people have £400K to pump into an over priced house ?

pinkteapot

I had the same "b&gger me that's an expensive area" reaction as everyone else (and I live in Essex too!) but if you search Loughton on Rightmove there are a lot of other 4/5 bed properties at around the same price. Therein lies the first problem - there are obviously too many houses for too few buyers so the only way to sell fast will be to drop the price.

The photos are off-putting. I disagree that there's too much clutter - to me it actually looks too neutral/non-homely, but that's just me! They are off-putting because they have been so obviously taken with a wide angle lens, to the point where the images are distorted.

devotee

auroan wrote: »

I'm not viewing it in FTB eyes. It was an example only. Do you seriously think a lot of people have £400K to pump into an over priced house ?

Ahm, some houses cost millions and still somebody buys them, so yes obviously those buyers can afford to pay that.

hazyjo

I know Loughton very well. The house does seem extortionate. We looked there last year, and know people who live there - one of them actually on Goldings Hill (oh, and I went to senior school there many moons ago!), and had a school friend in a lovely house in Campions (the road next to where the house is for sale).

The houses there are very expensive, and it's extremely desirable, but it does seem very expensive, even for there.

Also agree it's not the best looking house.

There's only really a kitchen and lounge-diner for living space downstairs. I'd definitely expect more for my dosh and would want at least another reception room. Bed 4 is a single, so that would be a compromise. The fact it's currently kitted out as an office really does put it in the 3-4 bed category and I think four beds is misleading bearing in mind many people (especially looking in that sort of price bracket) will be needing an office still. It does say further down in the details that it's currently an office, but I think it should be next to the bullet points at top too.

Jx

pinkteapot

Two other four-beds on the Goldings Manor Estate sold for £810k and £790k in July 2007 and June 2008 respectively. So that sets the price at the peak of the market.

Another four bed on the estate was marketed at £795k and sold in January 2011 for £735k. It had a 95' south-facing rear garden and a much larger master bedroom than this one.

Yet another four bed went on the market in March 2011 at "Offers in the region of £700k" and went Sold STC quickly, suggesting that there are buyers out there waiting for houses to come on at what they see as the right price.

A smaller four bed sold in May 2011 for £660k.

auroan

True... but a 4 bed house which is obviously so not worth a couple of £100k shy of a million pounds ???? Really ? Considering the location and market competition in the area.

somethingcorporate

Overpriced.

eamon

Don't know that area, but agree with others its overpriced, doesn't have much land (thinking here that in different times it may have attracted a knock down & rebuild in a different style & layout). Even allowing for the limited number of people with access to that kind of money, for similar amounts and less they can buy so much more. In fact given my first sentence I would suggest that it may sell for the asking price if it came with planning permission to demolish and at least 3 different approved architects plans for better & nicer houses. At least that way it gives it a novelty factor that may attract serious purchasers.

dopester

WelshNic wrote: »

I really don't think you can view a purchase of this cost/size with FTB eyes

True enough, but I think there are an awful lot more downsizers in the market than upsizers. Some areas and some rungs of the ladder are vulnerable.

Seller needs an upsizer which are hard to come buy unless property is price attractive, or rarer still, someone downsizing from an even more expensive home who has managed to sell and wants a home with a load of capital left over from their own sale.

I've checked Rightmove and see this house is listed only with Lawlors. Having searched Rightmove I've found a brochure for it when it was with John D Wood estate agents, asking the same price, so who knows how long the sellers have been trying to get the £795K.

Brochure in PDF John D Wood

Yeah there's a couple of hints in google results they were at one point trying to sell for £825,000 and it was also on ebay at £825,000.

http://cgi.ebay.co.uk/Broadstrood-Loughton-Essex-IG10-4-bedroom-sale-/180673468366

axisofunity

I think that the photos are poor, I wouldn't look at it based on the clutter in some pictures and the walls / carpet combos. But that's my own view. From a generic view:

- New photos with a good camera / wide angle lens
- Other properties nearby at better prices and still in catchment
- Other properties closer to railway and thus travel, but not so close as to hear it
- Photo 7; really think this is poor; weightlighting stuff and a weird texture to wall carpet that offset.
- Price.

Good luck