Unsellable Falts/ apartments

mikelivingstone

dolcevita wrote: »

You need to face up to the fact that the market has changed and that people are no longer prepared/or able to pay such high prices, particularly for flats.
so you need to sell asap

If you're not careful you could end up chasing the market down which is not good fun.

Since you inherited the property and anything you sell for will be profit, I suggest you drop the price to about 85k and sell it tomorrow rather than wait weeks or even months for a buyer.

Don't get too greedy and you will sell it.

Dolcevita, your advice is spot on.:j

Most sellers think too much from their own perspective (ie what price they think they should get) rather than from the perspective of a potential buyer.:mad:

Most buyers will look at that flat and think- "hmmm seems a bit expensive to me and what if the price falls after I buy.":cool:

Sellers need to realise this and price accordingly:beer:

Catblue

anne211981 wrote: »

the property is priced as a guide, yes ok 99,950 is high.

You say yourself that the flat's asking price is high, the potential purchasers obviously think it is too high. This means that the asking price is too high.

You say you are open to offers, but how are the potential purchasers supposed to know that? They'll just reject the flat as being too expensive and that is that.

anne211981 wrote: »

I suppose if we have to keep it so be it for the next god knows how many years. the least we can take is 85k to keep everyone happy.

I don't know much about this, but won't the Equity Release Company be trying to force a sale soon? I can't imagine that they'll wait around for years until such time as the family get what they feel they "deserve" from the property.

SouthCoast

I know of a 2 bed ground floor flat that the owners bought new 4 years ago. They walked away from it after one year and it has been on and off the market ever since at the price they paid and below.
I guess the sales fall through when buyers try to get a mortgage and also find out that maintenance is £2,000 p.a.!

Lavendyr

anne211981 wrote: »

the property is priced as a guide, yes ok 99,950 is high.

Then drop it a bit! Or at least state in the ads that it is a "guide price" and not the asking price - buyers aren't psychic, y'know.

anne211981 wrote: »

but this flat is the the first block of several in the cresent. the ones higher on the hill go for less and they are smaller desgin is different.

Not being harsh here, but they may look nicer inside. As stated above, the photos taken by your agent are dire and the furniture detracts from the image of the house. Take out the furniture and get better photos taken and you may see some improvement.

anne211981 wrote: »

flats in this block have sold for over 100k in the last 2 years.

Two years ago the market was in a very different state than it is now. If you've been reading the news recently you'll be aware that mortgage deals are becoming tighter and harder to obtain, and that the housing market is very probably beginning to experience a correction which may last for some months or years to come. What a flat sold for two years ago - or even six months ago - is irrelevant. The market is not a static thing.

anne211981 wrote: »

i suppose if we have to keep it so be it for the next god knows how many years. the least we can take is 85k to keep everyone happy.

Why not exhaust all other options first? You seem really unkeen to get the photos redone and the furniture moved but that should be one of your first priorities. You should also get onto your estate agent and make sure they are marketing your property as prominently as possible.

Rachman_2

£100K. sorry. just no.

Would you pay £100K to buy it ? Seriously ?

A, it's in Middleton
B, it's in a high maintenance block (what's the service charge (honestly)) ?
C, it looks ex-council even if it's not
D, it needs redoing - I appreciate it may be new stuff, but it still looks dated.
E, it's 400yards off the M60/62. With all the noise that brings.


Who do you expect to sell it to ? For the same or money than a larger house in the same area, with its own front and back doors. Really ?

A first time buyer won't have the £20K deposit. If it excouncil, expect some pretty steep deposit requirements from lenders (exauthority will tank most or at least be hardest to sell as it's 'less desirable'). Older people won't want the traffic. It's at risk of a very large service charge bill if the roof needs doing (especially if the council is the owner - they rape privateowners in their blocks on stuff like this).

I've not been to Middleton for a while, but I'd not expect to pay more than £65-70K for it. What do they rent for ? £400 a month ? At a real world 8% yield (needed for the age of the block and its maintenance), that's pricing it at £60K....

falancan

Rachman wrote: »

£100K. sorry. just no.

Would you pay £100K to buy it ? Seriously ?

A, it's in Middleton
B, it's in a high maintenance block (what's the service charge (honestly)) ?
C, it looks ex-council even if it's not
D, it needs redoing - I appreciate it may be new stuff, but it still looks dated.
E, it's 400yards off the M60/62. With all the noise that brings.


Who do you expect to sell it to ? For the same or money than a larger house in the same area, with its own front and back doors. Really ?

A first time buyer won't have the £20K deposit. If it excouncil, expect some pretty steep deposit requirements from lenders (exauthority will tank most or at least be hardest to sell as it's 'less desirable'). Older people won't want the traffic. It's at risk of a very large service charge bill if the roof needs doing (especially if the council is the owner - they rape privateowners in their blocks on stuff like this).

I've not been to Middleton for a while, but I'd not expect to pay more than £65-70K for it. What do they rent for ? £400 a month ? At a real world 8% yield (needed for the age of the block and its maintenance), that's pricing it at £60K....

I totally agree with u! My offer price would be around £60K as well but I honestly think that this flat really look like council house

poppy10_2

8 years ago flats in your block were selling for around £25k. Even assuming prices have trebled in the last 8 years, yours is still vastly overpriced.

UK007BullDog

Manchester was one of the first areas where prices dropped.

The steep steps are no good for the elderly.

What is the service charge?

And if it is ex-local authority then quite a number of lenders refuse to lend on it or they will ask for a healthy deposit.

As for renting it out that is not an option due to the equity release, but the lender will not wait forever, or they will wait and in another year or two they will own the whole thing and you will get nothing.

The kitchen needs to be sorted and you need better pictures taken.

As for the carpet it looks like some cheap stuff in grey, blue or silver grey. You need to Hoover it so that no marks are left on it and it looks neat if as you say the carpet is new, to take new pictures.

For me the biggest problem with flats is the service charges and parking.

As for no noise from the motorway, I don't think so. Looking on the map you are still too close for comfort.

What are the local transport like? Schools? Amenities?

Doozergirl

I live in a motorway town and for a fact, the prices don't change that much between the houses close to and the houses further from the motorway. Perhaps there is a small % difference or a desirability, but houses dont vary upwards of 20% simply because of a few hundreds yards. In fact, where I live, the ones close to the motorway are executive nearly new build (several sites) and FTB's couldn't touch them if they tried. If I was a FTB with only £100k to burn, I'd either buy a flat like yours, better presented for £20k less or I'd buy that well presented house in town.

Please don't let your own bias blind all ability to use your common sense. Take a look through rightmove yourself and choose what you'd buy given that budget Objectivity is what I have to learn in order to sell houses and keep my kids fed!

lamy2503

anne211981 wrote: »

i suppose if we have to keep it so be it for the next god knows how many years. the least we can take is 85k to keep everyone happy.

If you are genuinely looking for a quick and painless sale, I would recommend the following; Listen to the advice re appearances that other posters have offered, AND ask all the interested parties to pool together and pay auction entry fees, with an £85k reserve. This will give you a true indication of the value of your property, and should encourage the other interested parties to set their price expectations accordingly...fingers crossed this advice hasn't come too late and that you don't aren't left chasing the market.

Good luck!