Live Auction of Property in North West 1400 today

HAMISH_MCTAVISH

Graham_Devon wrote: »

Dunno if you noticed, but the one above didn't even reach it's guide price. What's "surprisingly high" about that?

On average Graham.....

They're getting more than I expected for the cream of the crap in Northern hellholes.

GDB2222

I was quite taken with lot 36, which is a modern flat that seems to be in good condition. This went for £48,200 (including the buyer's premium).

There are 2 entries on Rightmove for what I think is the same flat, one for £60,000 and one for £50,000. So, whoever bought it at auction would surely have been better negotiating on the £50,000 flat on Rightmove? Even if they ended up paying £48,000, it would be a much less fraught transaction.

withabix

GDB2222 wrote: »

I was quite taken with lot 36, which is a modern flat that seems to be in good condition. This went for £48,200 (including the buyer's premium).

There are 2 entries on Rightmove for what I think is the same flat, one for £60,000 and one for £50,000. So, whoever bought it at auction would surely have been better negotiating on the £50,000 flat on Rightmove? Even if they ended up paying £48,000, it would be a much less fraught transaction.

Just near our office which is at the front of the ContiTech factory about 150yds north of these flats.

The immediate area is fairly run down, wouldn't be my choice, but the rental return is probably quite good.

The derelict house across the road on Google Maps is still derelict.

Pimperne1

As a landlord myself I wouldn't touch much of this with a bargepole. Landlording can be stressful enough without having to worry about the location of your property and the types of people who can afford to live in and around lower quality properties. I have bought a repo myself in the past but only because it was in a nice area - you would be taking a chance with your money buying one of these whereas I have no concerns that my purchase will hold its value.

Jimmy_31

One of the imaginary town centre apartments i have been lying about is going to auction next month with a reserve of 27k.

Its a 1 bed so was probably one of the ones that was 85k when they were built during the boom.

Nobody wants it at its asking price of 35k now so i cant see anybody fighting over it at auction.

Kennyboy66

StevieJ wrote: »

Are there any complications in signing up to view that auction? do you get pestered after?

If you sign up you have to go for a drink in the Flemish Weaver - brave man to buy that.

Reminds me a little of a pub I went to in Hulme (when they had the crescents up) in the late 80's which was perhaps the roughest pub I have ever been in (and been to some dives in Liverpool).

Kennyboy66

HAMISH_MCTAVISH wrote: »

Seems this auction is full of unmortgageable dross and the absolute runt of the litter repo stuff that can't sell through normal sales channels. (and 90% of repos do sell before they get to auction, so this lot must be awful)

Yet still getting surprisingly high prices.

At least 80% of that catalogue would be mortgageable, and there is seemingly more and more property coming onto the market in Liverpool and the North West via auction.

Plenty are terraced houses that would have been snapped up at twice the price 5 years ago, with investors thinking they were guaranteed both rent (via Housing benefit) and capital growth.

As with seemingly everything, I'm sure you know better though.....

StevieJ

Kennyboy66 wrote: »

If you sign up you have to go for a drink in the Flemish Weaver - brave man to buy that.

Reminds me a little of a pub I went to in Hulme (when they had the crescents up) in the late 80's which was perhaps the roughest pub I have ever been in (and been to some dives in Liverpool).

Party of all parties when those came down, you could hear it over vast swathes of Manchester. I think it was used for a US film location once because it looked like Al Capone's Chicago in the 30's :eek:

Pimperne1

Summary of results:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=177918&st=79

crash123

Our local property auction only had 7 properties for auction.
2 sold on the day.
1 sold prior
1 withdrawn which had been offered at the previous 2 auctions
3 unsold
Out of the 2 sold, 1 of them sold for £8,000 less than it did in 2009. Cant find info for the other as it is commercial. Both sold for slightly more than the guide price. I remember the good times, sorry bad times when the properties were selling for 50% + of the guide price.