Costly conservatory(or deluded seller?)

Woby_Tide

I can only assume that the vendors of the second property have set their own price rather than allowing an agent to value, two neighbouring houses, both came on market within a month or so of each other.

House 1
http://www.rightmove.co.uk/viewdetails-6406020.rsp?pa_n=1&tr_t=buy

House 2
http://www.rightmove.co.uk/viewdetails-6696504.rsp?pa_n=1&tr_t=buy

Apart from a few internal walls being different the houses were built originally to same size, apparently a conservatory and extra bit of garden is worth £50k. Either way it's helped the first house sell now by making it appear a bargain.

You can even see each house in the others external picture

RabbitMad

I don't know, a 40 foot longer garden and that conservatory is pretty big. Its definately worth more, the question is - how much?

I can understand the sellers trying it at this price to see what they'll get, they can always drop their price or accept a low offer. It's much more difficult to put up your price if you market it too low.

Also you don't know the situation of the vendors of the 1st house. Do they need to sell quickly or at any price?

I do agree that the second house has made the 1st house look cheap and has potentially influenced the buyer to feel the same. Personally such a situation wouldn't influence me. I might look at a house that is on for 250K and think its too expensive even if an identical house next door is on for 300K. If not I'd be starting to think what's wrong with it and why does the buyer want shot so quickly?

Melissa177

Reading between the lines, the more expensive house has been recently updated, and therefore having spent 30-40K on the property, the vendors think it must be worth a lot more. Whoops! Not necessarily.

I'd be interested to know how much it goes for in the end...

Spendless

The more expensive property has had things like new fascias and re-furbed bathroom. I suppose it depends on what needs doing to the cheaper property to bring it to the standard of the more expensive and how much it can be done for, to work out whether it's better paying £50K more or not.

courtjester

Woby_Tide wrote: »

I can only assume that the vendors of the second property have set their own price rather than allowing an agent to value...

Why would you think that an agents 'value' would be any more appropriate than a value set by an individual? Agents so-called 'valuations' are notoriously varied and depend as much on the agents own self-interest as they do on different opinions.

All vendors should conduct their own research into local pricing, other property on the market and 'real' prices (i.e. comparable sold property values) in order to establish whether the agent(s) consulted are anywhere near the mark in their recommendations. It's not difficult to do as there are plenty of readily available sources.

The use of the term 'valuation' by estate agents is purely a marketing ploy to get in the door, it bears little relation to any professionalism implied.

drowningnotwaving_2

we've just bought a house for £340k and a nearly identical house just up the road sold a week later for £400k - they had a nicer conservatory (our house has one but needs work) and is in slightly better nick, but doesn't explain the £60k difference

either we've got a bargain or the other buyers have been seriously ripped off!

the fact that our property had 12 viewings booked, 7 of which had to be cancelled cos the first 5 couples all offered, would suggest it was undervalued!

we hope!

Doozergirl

Sorry, even the most comprehensive refurbs shouldn't cost £50k and there's no way that conservatory could be used in the winter.

The vendors are delirious (also evident by the fact they also thought that the worktop matched the kitchen cupboard doors!)

Do you know the door numbers? Can we find out what they might have bought them for?!

Woby_Tide

I forgot to add in the original another reason for my thinking the vendors/agents are a bit OTT. We've known the area involved very well for the last 12 months as we looked and bought in the same area. On the same street 2 or 3 identical 'ish' houses sold over the last 6 months, the earliest was last summer which had a purpose built extension on the ground floor and went for £295k. The recent two again had smaller gardens, one was well presented with conservatory £280k, the next had a big side extension and was 5 bed but needed big modernisation went for £281k. In all surrounding rounds not even the 4 or 5 beds have broken the £305k mark in the last year. IMO they've shot themselves in the foot marketing so high when there is something next door to compare against.

Like others, I will keep an eye and try and provide a final price on them both eventually(though in fairness if the vendor has that figure in mind, I don't think they will sell!)

Woby_Tide

Doozergirl wrote: »

Do you know the door numbers? Can we find out what they might have bought them for?!

Oh yes, we are just round the corner, if only the local agents didn't know us I'd be booking an appointment to ask them a few questions on their pricing

bs0u0128

someone may have liked it its been removed off rightmove

Mrs_Optimist

The price difference is probably because of two words

"Catchment Area" Although having had another look the houses are in the same street? SO it can't be that then.

(Goes off to hide in a corner)