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New Apartments losing value....
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wymondham
Posts: 6,356 Forumite
According to BBC:
http://news.bbc.co.uk/1/hi/business/7061814.stm
http://news.bbc.co.uk/1/hi/business/7061814.stm
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This makes Gordon Brown look like the Angel Gabriel :rotfl:Inside_Track wrote:
"City Island was a fantastic scheme....... It rents well - the rental coverage is high with respect of the mortgage payment, so in the medium to long term it'll be an absolutely fine investment.
"Do I believe that some people have sold some of their investments?
"Yes, they have and I know that they have sold them at below some of the prices that we market them at."
Yet other apartments in the block have gained value"
There have been stories about new builds being sold at auction for 40% reductions for the last couple of months.
Here's a link to one I spotted at the start of October
If you buy a new build you have no idea what it's true market value is
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P.S. Eight weeks ago I went past a sign in Leicester saying "Hurry, 65% of development (flats) sold". Last week the sign said the same thing
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So same as happened at the end of the last boom then... the overpriced new-build "executive appartments"....flats were the first to drop in price and lead the market down.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0
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New Builds achieve a premium because they're new. Not a problem in a rising market, but in a buyers market they lose their premium as well as the % fall back in the general marketplace, so a double wammy.0
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