James Clow - recent sales

cutanman

Folks


Simon Brien recently sold about 6 James Clow apartments at seemingly low prices.


Approximate sale prices were


1 bedroom apartment (541 sq ft) - £83000
2 bedroom apartments ranged from £115k to 125k approx.
The 2 bedroom apartments are same roughly same size as the one bedroom but with an extra bedroom obviously and a secure parking space.


All apartments were snapped up super quick.


These valuation seem very low! Zoopla brings the one bedroom out at between £106k and £125k.


What are others thoughts?

duggan1

cutanman wrote: »

Folks


Simon Brien recently sold about 6 James Clow apartments at seemingly low prices.


Approximate sale prices were


1 bedroom apartment (541 sq ft) - £83000
2 bedroom apartments ranged from £115k to 125k approx.
The 2 bedroom apartments are same roughly same size as the one bedroom but with an extra bedroom obviously and a secure parking space.


All apartments were snapped up super quick.


These valuation seem very low! Zoopla brings the one bedroom out at between £106k and £125k.


What are others thoughts?

Don't trust Zoopla prices over here for a start.

cutanman

In my experience, the lower end of the Zoopla range is never too far wrong.
I have had a property valued for a mortgage recently and this was the case.
I know another couple of properties that have sold for around the lower end of the Zoopla range.
Then again, I suppose Simon Brien aren't going to sell properties below market value. They were snapped up within hours though!

D.A.

This thread seems a tad suspicious to me...

cutanman

Nope, the only thing I haven't mentioned is I bought in James Clow at the peak and was gutted to see apartments going to cheap from Simon Brien. I was hoping someone on here was going to have an explanation. I guess not

saverbuyer

cutanman wrote: »

Nope, the only thing I haven't mentioned is I bought in James Clow at the peak and was gutted to see apartments going to cheap from Simon Brien. I was hoping someone on here was going to have an explanation. I guess not

Did you not get out of your contract? I know someone who did. Problem with the balcony floating freehold.
They are going so "cheap" because the developer is in administration. With 81 of the apartments unsold and 53 sold. The administrators will be wanting to sell the 81 quickly to get cash, avoid paying the service charge and maintenance bill.

cutanman

Thanks saverbuyer, appreciate the reply. Unfortunately my apartment looks on to the courtyard. I was one of the first to complete. I booked March 2007 and completed towards the end of 2008.

I had came across an article about folks getting out of their contracts because of the balconies. There was also another group managed to get our of their contracts becuase of some unwarranted delay I believe.

I am awaiting minutes from a management company meeting regarding the developer going into administration, I was unable to attend.

They seem to be around 20% under current market value (maybe my wishful thinking!).

saverbuyer

cutanman wrote: »

Thanks saverbuyer, appreciate the reply. Unfortunately my apartment looks on to the courtyard. I was one of the first to complete. I booked March 2007 and completed towards the end of 2008.

I had came across an article about folks getting out of their contracts because of the balconies. There was also another group managed to get our of their contracts becuase of some unwarranted delay I believe.

I am awaiting minutes from a management company meeting regarding the developer going into administration, I was unable to attend.

They seem to be around 20% under current market value (maybe my wishful thinking!).

The administrator reports are available through companies house (beta) for free. There are another 200 unsold in Obel, they seem to be selling at roughly the same price. It's hard to get mortgages on flats, there's lots of unsold stock from 2007 around. The market value is what they sell for unfortunately.




Company house info below.


https://beta.companieshouse.gov.uk/company/NI053893

qwert_yuiop

cutanman wrote: »

They seem to be around 20% under current market value (maybe my wishful thinking!).

That is the current market value. It was what they got for them. The invisible hand and all that.

cutanman

It is was they priced them at, not what they got for them. If it were eBay they were 'Buy It Now' as opposed to highest bidder. I have since spoke with the management company. 80 to be sold in total, the administrators were gauging the market with the pricing of the first 8. They were snapped up, I suspect the remaining 72 may creap up in price. They still need to sell quick though. I am going to stick by my 20% below market value for the first 8 idea (it makes me feel better anyway).


I do get that nobody is going to buy an apartment at my idea of current market valuation while Simon Brien shift the apartments on their books. However, in 5 years time say there has been an upward shift of 5% (or downward), I bet my my idea of current market valuation is used. i.e. one bedroom would go for £110,000, as opposed to £87000 (if upward) or £99500 as opposed to £78850 (if downward).

saverbuyer

Genuine question.


Did you have any other assets when you bought them?


Did you consider bankruptcy? You must be holding an easy £150,000 negative equity there.