Opinions/advice needed

arron77

Hi,

Looking for my first buy and I've come across a few properties but I'm confused as to why they are priced at their respective values:

property-37351596 on rightmove

The above is for sale by an asset management company (lease is 149 years) checking others sold in the same block on the history shows an average price from £92-£108k, realistically what price could this go for? I think the property would take ~£10k to get to a good standard so I think £90-100k is a good price for it, but that's significantly below the asking the price.

property-57963140 on rightmove

This flat is cheaper than any other in the same development and none have ever gone for this cheap. I can't figure out why it is at this price. As an example the following has almost identical sizes/specs etc:

property-52809988 on rightmove

Thoughts on the above would be helpful.

Cheers

AnnieO1234

In respect of the first property, the fact there's no chain can sometimes (depending on local market) increase value. When were the previous sales? Has the lease recently been extended to 149 years? Perhaps the others have sold near the 80 year mark (or less) and were cash buyers only. They would need attractive pricing.

In respect of the two comparisons, frankly I feel you're comparing apples with oranges. The one that sold at £220k seems to be a much higher spec, better views and is top floor compared with the lower priced one. Perhaps the market was more buoyant when it sold at £220k, or perhaps again it's down to lease extensions. There could have been a bidding war that upped it's price.

When all said and done property is only worth what someone will pay for it! Xxx