Problems selling our apartment

JAYJAY33_2

Thanks for all advice. I have taken alot on board and have done alot today. Have brought some colour into the place and will be reducing the price however certainly wont be settling for negative equity, i dont think the market is that bad at the moment as we still had viewings at £129995 a whole back. Reason we upped price was we swopped estate agents and they valued it at £140k so thought we would try it at £134,995, nothing happened so we lowered it and will do so again. Thanks everyone.

btloptingout

JAYJAY33 wrote: »

We actually got the property for £110 as we got 5% paid so we will make at least 5k. Thanks for your help, got to sign off now.

So you have paid £110K for this flat with "brand new" fixtures and fittings.

You now expect £125K for this flat i.e. you are expecting a 13% increase with "used" fixtures and fittings in the space of 11mths.

The "comparables" that sold for £130K are these genuinely like-for-like...i.e. a ground floor flat will never comand same premium as a top floor.

Are you aware of the hits some people have taken on new build flats accross the country? Here are ALL re-sells from a new-build apartment block near me.....none of them went up!

Crown Heights
84 Alencon Link,
RG21 7TY
26-Sep-2003 £190,995
28-Jun-2005 £165,000

Crown Heights
139 Alencon Link,
RG21 7TW
28-Nov-2003 £213,995
29-Jun-2005 £183,000

Crown Heights
27 Alencon Link,
RG21 7TN
20-Apr-2004 £199,995
22-Dec-2005 £160,000

Crown Heights
123 Alencon Link,
RG21 7TW
31-Oct-2003 £211,995
22-Feb-2006 £168,000

Crown Heights
47 Alencon Link,
RG21 7TN
20-Apr-2004 £190,000
09-May-2006 £160,000

50 Crown Heights,
Basingstoke,
Hampshire,
RG21 7TY
29-Sep-2003 £177,995
12-Sep-2006 £167,500

32 Crown Heights,
Basingstoke,
Hampshire,
RG21 7TY
26-Jun-2003 £173,995
15-Sep-2006 £153,000

I know this will hurt, but please don't shoot me:

- Your price aspirations are most likely unrealistic.

- The "discount" the developer gave you wasn't a discount....it was a common sales/marketing technique used to secure a sale. i.e. if everyone got a "discount" is it really a "discount?

- Why would a purchaser want to pay a 13% uplift on your flat (your purchase price is widely available on the net) when there are other brand new homes going for less?

firesidemaid

if you are not getting people through the door then the price is too high. if you get them in the door and they don't buy your estate agent should find out why.

what about putting up your own mini-ads at supermarkets, workplaces etc - ask all friends and family to help out.

would you throw in all the furniture to sell at 125k? that would be another selling offer for a FTB perhaps, so it is ready to move into?

let us see the new pics and how you get on.

JAYJAY33_2

Just to update. Have reduced price to £123,995 and hope to get in offers of anything over £120k fingers crossed. Taken some new pics and just waiting fro it all to be updated on right move. With any luck we will start getting some interest soon! Thanks everyone!

JAYJAY33_2

P.s. have also thrown in carpets throughout on advert and have added lots of colour throughout, new cushions, voiles, flowers etc. All suggestions taken on board!

[Deleted User]

Well done and good luck!

Bargain_Rzl

Jonbvn wrote: »

I live in Cardiff. Here there is a massive over supply of new flats. Anybody looking to sell or rent their flat here, is really struggling. I would guesstimate that anybody trying to sell a flat here with a 90%+ LTV mortgage may be looking at negative equity (remember that?).

That doesn't surprise me at all. Although I have no real knowledge of the Cardiff market, a few months I was in Cardiff for a week with some friends and we stayed in a serviced apartment at Century Wharf. It was a nice enough flat but the development was completely soulless, and few of the properties seemed to be occupied! There were no real amenities within a short walk, and despite this, the developments were continuing to spring up all around...

IMHO, high-volume developments of newbuild flats only stand a chance of real success in areas where the developments are not cut off from the world. They work in inner London because the existing infrastructure is so dense and you're never more than a five minute walk from local shops and bus routes, and I would imagine that's probably the case in inner Manchester as well. I live in a newbuild, but it's not a gated development - I have a newsagent 10 seconds from the front door, a large selection of local shops within a 5 minute walk, and a bus stop 10 seconds away with buses every few minutes into Central London, and access to around 20 other bus routes within a 10 minute walk. At the development in Cardiff, on the other hand, the walk simply from the door of the flat to the gate of the development was a good 3 or 4 minutes, and although there was a terrific selection of shops and buses 20 minutees away, there was almost NOTHING closer.

Sorry to ramble off topic, and I don't know Garston at all - so to the OP: I hope your flat sells soon!

JAYJAY33_2

Another update! Very excited! Had a viewer yesterday who is very interested so is coming back at four today with his dad! Fingers crossed!

rach29

Any news JayJay?

Doozergirl

Good Luck JAYJAY! We're rooting for you

:beer: