What’s wrong with this property

GDB2222

I looked up the site https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

There's 149 properties being built, of which 7 are currently being offered. These are all in the busiest/noisiest part of the site fronting onto the High Road. Many of the flats you have posted have been in busy locations, so presumably that doesn't bother you?

The flats are variously being offered with East facing balconies (which front onto the High Rd.) and West facing (which are on the other side of the block, facing the car park).

There's around 30 flats in the block by the High Road, and you say they've sold 5 of them already, with the block due for completion in December. The developers may not be too worried about that. 

The development is being built quite slowly, and they don't expect to finish it until 2028. So, you'll be living on a building site for 3 years. 

My brother, who's a bit older than me, remembers the last of the trams, but these were phased out 70 years ago and replaced by buses. What had been the tram shed became the bus garage. I guess  calling the development "The Homebase/Bus Garage" development would be more truthful, but it maybe wouldn't have the same ring to it? 

Jaybee_16

I would be thinking carefully before moving anywhere near North Finchley. 

The triangle of Ballards Lane, High Road and Kingsway is due for redevelopment apart from the listed Tally-Ho pub and Arts Depot and flats above. Looking at the attached, the whole North Finchley area is to be redeveloped with likely significant upheaval over a number of years.

There's also the redevelopment of the Lodge Lane car park, to have leisure facilities and flats above.

Towards East Finchley the current Leisure Way site is to be redeveloped with over 1000 properties.

https://www.barnet.gov.uk/sites/default/files/assets/citizenportal/documents/planningconservationandbuildingcontrol/PlanningPolicy/SPD/NorthFinchleySPD/TheNorthFinchleyTownCentreFrameworkSPDFeb2018.pdf

I lived in East Finchley from 1982 - 2020.

Herzlos

Does that make North Finchley a shrewd investment, with the area being nicer once the redevelopment work is done?

I don't know if the sweet spot would be buying before people catch on, or during the work when it's disruptive. 

I'd also be somewhat wary about moving into a development that's not going to be finished for another 3 years, that's a lot of potential disruption too. 

ReadySteadyPop

Herzlos said:

Does that make North Finchley a shrewd investment, with the area being nicer once the redevelopment work is done?

I don't know if the sweet spot would be buying before people catch on, or during the work when it's disruptive. 

I'd also be somewhat wary about moving into a development that's not going to be finished for another 3 years, that's a lot of potential disruption too. 

I don`t think there will be a "sweet spot" to be honest, just more losses for unwary buyers and profit for the developer of course.

ReadySteadyPop

Ybe said:

ReadySteadyPop said:

Ybe said:

Thank you for all your help, it’s very useful and I’m learning so much. 

A question on the new build at the former Homebase site - If I can get 5% off on these flats, would that bring it in line with market value? Or would it still be overpriced? I remember these initially being priced starting at 420k when they were first released at the end of last year. Now starting price is 380k so if I can get 5% off which is apparently standard with big developers, that would take it down to about 361k. 

https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks?utm_source=google&utm_medium=cpc&utm_campaign=TWNT%20-%20The%20Tramworks%20-%20Search&infinity=ict2~net~gaw~cmp~TWNT%20-%20The%20Tramworks%20-%20Search~ag~Finchley~ar~706588395258~kw~new%20property%20finchley~mt~p&gad_source=1&gad_campaignid=21496349279&gbraid=0AAAAADyYQbEBTsGM-FVRcuZ4iEHNFuAd_

So around a 60k reduction, you can see for yourself that "market value" is a very fluid concept, you just don`t want to be in the group that borrowed 420k for flats with doubtful re-sale value.

What I want to know is will they go down further 

Watch bond markets (10 Year Yield) and general mortgage rates, if rates go higher or stay where they are these flats will certainly lose more value, developer isn`t going to tell you that though, but the "freebies" they have to offer will be the red flag.

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Herzlos said:

Convenience of stuff is a huge deal and most of the reason property in cities is worth more. 

Being able to walk to a shop is much better than being able to order online. 

I would disagree, in what way do you think it is "better"? I have at least five major supermarkets/stores nearby, one is 24 hours plus all the small shops that sell booze, snacks etc and still find online more convenient One reason is that people`s stress levels are off the dial nowadays (is it the "debt for everything" life that many have adopted?) even a few minutes in a busy shop now is unpleasant (IMO) Trust me, having a Waitrose nearby isn`t going to get someone a silly price for their flat, a lender won`t care too much about that in this climate.

Being able to grab fresh food on the walk between the tube and home gives you pretty good quality food with minimal hassle or planning. 

Being a short walk from a shop means that if you realise you're missing something part way into preparing a meal you can just pop down and get it. 

Having a few drinks with company and deciding you want to go and get some snacks is brilliant. 

Needing  a car journey, to go grab an onion is a pain. Waiting or paying for an online delivery is a pain.  Taking that further, and if it means he doesn't even need a car, then he's still got the freedom but saves a lot of monthly costs. 

I can't believe you seriously think proximity to shops isn't a big bonus when looking at flats. Even doing some research seems that you've got a minority opinion here. 


This link: https://lovepropertyuk.co.uk/blog/are-local-amenities-still-important-to-buyers-and-renters/6812

Says:

"Unsurprisingly, a supermarket within walking distance was the most in-demand local essential, with 49% of those surveyed saying they would need a major retailer nearby to consider moving to an area."

I don't know why you insist on giving out such bad, uninformed advice. 

Are you saying this Waitrose is the only shop in the area? Fascinated that you think paying for an online delivery is a "pain", how do you arrive at that thinking after nearly 30 years of online deliveries where it is obviously massively popular? Groceries can be delivered in 20 minutes if you use the express delivery services and normal deliveries are 1 hour slots, people regularly wait far far longer for plumbers and other trades to arrive?

strawb_shortcake

ReadySteadyPop said:

Herzlos said:

Convenience of stuff is a huge deal and most of the reason property in cities is worth more. 

Being able to walk to a shop is much better than being able to order online. 

I would disagree, in what way do you think it is "better"? I have at least five major supermarkets/stores nearby, one is 24 hours plus all the small shops that sell booze, snacks etc and still find online more convenient One reason is that people`s stress levels are off the dial nowadays (is it the "debt for everything" life that many have adopted?) even a few minutes in a busy shop now is unpleasant (IMO) Trust me, having a Waitrose nearby isn`t going to get someone a silly price for their flat, a lender won`t care too much about that in this climate.

One of our strongest factors in moving is to have more shops and amenities in walking distance, I don't much care for online shopping, I want that human interaction.

Herzlos

ReadySteadyPop said:

Are you saying this Waitrose is the only shop in the area? Fascinated that you think paying for an online delivery is a "pain", how do you arrive at that thinking after nearly 30 years of online deliveries where it is obviously massively popular? Groceries can be delivered in 20 minutes if you use the express delivery services and normal deliveries are 1 hour slots, people regularly wait far far longer for plumbers and other trades to arrive?

I'm saying this Waitrose is only a few minutes walk away - it's handy. I'm not talking about any other shops in the area. Being near a physical shop is a huge convience, seemingly to everyone but you. 

Online delivery is a pain. We use them fairly often, and you need to book a delivery slot, pay a basket charge, there's often a mimimum value and you dont get much control over replacements. It's definitely useful for pre-planned stuff but it's not convenient. 

How much does  20 minute grocery delivery cost? What if you only need a single onion? How is 20 minutes quicker than a 10 minute round trip to the shop on foot?

Herzlos

ReadySteadyPop said:

Herzlos said:

Does that make North Finchley a shrewd investment, with the area being nicer once the redevelopment work is done?

I don't know if the sweet spot would be buying before people catch on, or during the work when it's disruptive. 

I'd also be somewhat wary about moving into a development that's not going to be finished for another 3 years, that's a lot of potential disruption too. 

I don`t think there will be a "sweet spot" to be honest, just more losses for unwary buyers and profit for the developer of course.

Of course there's a sweet spot. Everyone seems keen to find where the next up and coming area is before it's public knowledge. 

I know you believe all property is a downward trend of losses for buyers but reality doesn't agree with you. 

GDB2222

Herzlos said:

ReadySteadyPop said:

Are you saying this Waitrose is the only shop in the area? Fascinated that you think paying for an online delivery is a "pain", how do you arrive at that thinking after nearly 30 years of online deliveries where it is obviously massively popular? Groceries can be delivered in 20 minutes if you use the express delivery services and normal deliveries are 1 hour slots, people regularly wait far far longer for plumbers and other trades to arrive?

I'm saying this Waitrose is only a few minutes walk away - it's handy. I'm not talking about any other shops in the area. Being near a physical shop is a huge convience, seemingly to everyone but you. 

Online delivery is a pain. We use them fairly often, and you need to book a delivery slot, pay a basket charge, there's often a mimimum value and you dont get much control over replacements. It's definitely useful for pre-planned stuff but it's not convenient. 

How much does  20 minute grocery delivery cost? What if you only need a single onion? How is 20 minutes quicker than a 10 minute round trip to the shop on foot?

I’m sure YBE knows this, but there are simply masses of shops in the area. Just speaking from memory, there’s Sainsbury’s Waitrose and Lidl , as well as Argos and Poundland.