Very slow to sell flat in Newhaven, Edinburgh

lrabee

My friend is currently trying to sell a nice two bedroom second floor flat in the Newhaven area of Edinburgh. No issues with cladding etc. Not one of the high rise flats like western harbour. Near the lighthouse, shops and restaurants. 

It’s really not attracting any views at all. Price seems fairly reasonable compared to other similar properties in the area. Just wondered if anyone else was having a similar experience in Edinburgh? perhaps flats aren’t popular anymore? 

hazyjo

Sold prices or asking prices?

Should be comparing against the former, not the latter.

Fixed price or offers over?

freesha

Link please?

davidmcn

lrabee said:

No issues with cladding etc. Not one of the high rise flats like western harbour. 

So what style of flat is it then? I get the impression there's an oversupply of the newer flats around Granton/Newhaven, judging from the prices, but I don't think there's a general problem selling flats in Edinburgh.

RelievedSheff

If it isn't getting any viewers then there is either a problem with the listing or more likely the price is just too high.

jemima82

There are a few on ESPC that match this description - if it’s the first one I’ve come to : beautiful sea views but electric heating would put me off, and the second bedroom is more of a study size wise. (Don’t want to post link in case it’s a completely different property!)

lonibra

It's likely to be the price. Flats aren't popular anymore is also a theory, but then again that also boils down to price.

Might be worth seeing what other similar properties have sold for post covid and those that are SSTC on Rightmove.

No point comparing with asking prices of other similar properties that have been on the market for a while and remain unsold.

edgex

Lots of people are looking for private outdoors space (garden) & working from home space.
Others are wary of taking on new financial commitments until the impact of covid & Brexit are more predictable. 
We're just coming out of winter, when things are usually slower anyway, & people may not yet feel comfortable doing property viewings.

ProDave

And Scotland did not extend the stamp duty holiday, so that incentive that the rest of the UK has does not apply here any more.

Greymug

jemima82 said:

There are a few on ESPC that match this description - if it’s the first one I’ve come to : beautiful sea views but electric heating would put me off, and the second bedroom is more of a study size wise. (Don’t want to post link in case it’s a completely different property!)

If it's the same one you've come across, it's got quite a few issues and most you have already listed.

I know the Edinburgh market quite well so I know what sells and what doesn't. Here's the issues I've found:

1) it's NOT a 2 bedroom. Potential buyers looking for 2 bedrooms want actual bedrooms where you can fit at least a double bed. This flat should be marketed as a 1 bedroom plus study/office space. Of course as a 1 bedroom plus study, the price should be lower. In my opinion, given the market is booming, it should be priced around 170k.

2) electric heating is not what most people want. Plus, the placement of the radiators is just nonsense. Why would you put 2 radiators in the living room right in the middle of the main wall? Can't put a TV unit there...can't put a bookshelf there. It's a wasted wall.

3) the building is extremely ugly from the outside. In the area there are plenty of old victorian tenements blocks and also modern high rise flats. This building is just an ugly 50-60s block of flats that doesn't offer the charm of victorian flats nor the level of finishes and energy efficiency of modern high rises.

4) I go run along that road frequently and more often than not there's a stench of weed from there all the way to Ocean Terminal. Not the best smell if you're trying to sell a flat.

The market is booming at the moment. I myself have a flat in leith not that far away from there which will go on the market in 2-3 weeks but have already the Estate Agent calling me weekly asking when my flat will be ready to go on the market as he's got a chunky list of potential buyers already in line. In my opinion, the main issue with the OP's friend's flat is that it's not a legit 2 bedroom. Market it as a 1 bedroom priced at 170-175k would be my advice.

getmore4less

Rightmove may not be the best for Scotland but does give a guide tp the ratio

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^79910&maxBedrooms=2&minBedrooms=2&propertyTypes=&includeSSTC=true&mustHave=&dontShow=&furnishTypes=&keywords=

for sale/SSTC
price......2b....3b+
0-200 05/13 01/02
0-250 20/33 01/05
0-260 24/36 02/06
0-270 27/40 03/07
0-280 31/40 04/08
0-290 31/43 05/08
0-300 32/43 05/09
0-325 32/46 06/19
0-350 22/81 09/20
0-max 33/48 17/28

Given the slow sale process ATM that would suggest that stuff forsale is sticking a bit, the ratio are ok but not spectacular