James Clow - recent sales

cutanman

Hi Saverbuyer, it was only a one bedroom apartment and cost £165,000 when I booked it. Bankruptcy didn't even enter my mind TBH.

saverbuyer

cutanman wrote: »

Hi Saverbuyer, it was only a one bedroom apartment and cost £165,000 when I booked it. Bankruptcy didn't even enter my mind TBH.

That's no so bad. Does it include parking?

qwert_yuiop

cutanman wrote: »

It is was they priced them at, not what they got for them.

What did they get for them?

cutanman

Hi Superbuyer, no parking included unfortunately. Only 2+ bedroom apartments include parking. I can't complain about the rental of it though. It has been snapped up within a week each time and it covers the mortgage interest, rates and management fee easily. Maybe in 20 years times I will get my money back

cutanman

I get your point qwert yuiop. I guess I used poor choice of wording. What I mean is what you sell something for isn't always it's current market value. If I were to sell a car (valued at £5k on glasses guide) on gumtree for £3000 it would be snapped up pretty quick.


EDIT - I am going to back down on this since superaver agrees with you qwerty. I am looking at this with blinkers I guess.

saverbuyer

cutanman wrote: »

Hi Superbuyer, no parking included unfortunately. Only 2+ bedroom apartments include parking. I can't complain about the rental of it though. It has been snapped up within a week each time and it covers the mortgage interest, rates and management fee easily. Maybe in 20 years times I will get my money back

You're doing well. Looks like the 1 beds rent for £595 per month. Rates of £60, and management charges of what £60 again? You must have put a big deposit down to even break even.


Read up on the new BTL tax changes. They could have an affect on your "profit".


Good luck.


Have to say, market value is what it sells for. Just like qwerty says.

cutanman

Understood Supersaver.


Mortgage is £98k now.

tara747

They don't seem underpriced to me. Apartments have fallen out of favour with buyers since the crash, they're less attractive than houses and have fallen in value far more heavily. Also, James Clow is not in a great area, with nothing to do in the evenings. It doesn't seem like a safe area to walk around either, as a female that alone would rule it out for me. I wouldn't live there (sample size of one, I appreciate, but there you go).


If yours is paying its pay as a rental, then you're probably better off than most. I know a couple of LLs who are subsidising their BTL properties to the tune of hundreds of pounds a month.


Sorry.

tara747

I agree with the others btw: market value is what someone is willing (and able) to pay.

cutanman

I also agree with your statement tara - "market value is what someone is willing (and able) to pay".

These apartments were released at test the market prices and they were snapped up within hours. The price is being reviewed for the next set but they still need to sell quickly for the administrators.

I bet before these apartment were each released £10k more they still would have sold quickly.

The price someone is willing to (and able to) pay is the maximum they will go to. Anything better is a bonus. In this case they did better and why they were snapped up within hours.