3 property auctions today - Weds 14 May

TTMCMschine

silvercar wrote: »

This is hysterical, lot 56 is a roof space in a council tower block with PP for a maisonette! The roofspace is currently a disused watertank but has PP to convert to a 1 bed flat. 17th & 18th floor!

Went for £58,000.

LOL! Thats one of the craziest property deals I've seen.

I remember around the time of the last crash there was a story in the papers about a broom cupboard selling for some ridiculous amount of money, & I saw one 12 months or so ago where a tiny batchelor pad (originally a butlers cupboard I think) had sold for some crazy money.

I thought that was a sign that the property market had gone mad, but I don't think they had a patch on some idiot who'd buy a roof space & a disused water tank!:rotfl:

Pennywise

Some of the non-sellers will be licking their wounds. Looking at the results of the London sale, there was one that was only £1 or 2k below the reserve and a handful that were within £10k of the reserve (some on properties of £250k plus). So near and yet so far - they'll get less next time around if the HPC continues as it seems inevitable it will. Without being too accurate, it would look as if 2/3rds of the properties were sold, about 1/3 not reaching their reserve prices, often no where near the guideline prices. At the same time, some properties did exceptionally well. Perhaps there are still "quality" buyers out there for the right properties?

Still curious about Ipswich - the results havn't been put up on the internet and the final three lots didn't seem to happen at all. I'm fairly certain that absolutely nothing sold at that auction which surely says something about the housing market in Ipswich.

real1314

Well, there's the thing about auctions:

1. The guide price isn't a reserve - it's there to draw people in, sometimes set low for more interest, sometimes close to reserve, sometimes high so that when it sells for 25% less someone thinks they got a bargain
2. The reserve is set before the auction - the auctioneer can't just decide to accept a bid just below reserve
3. Not selling during the auction is only half the story, a lot get sold just afterwards - typically the auctioneer will advise bidders to talk to the staff about the property - the vendor may agree to negotiate

WillowCat

Fulfords in Cornwall auction was today as well:

http://www.fulfords.co.uk/dynamic.php?id=auctionresults

Not a lot sold......

Devon is tomorrow.

PasturesNew

WillowCat wrote: »

Fulfords in Cornwall auction was today as well:

http://www.fulfords.co.uk/dynamic.php?id=auctionresults

Not a lot sold......

Just went through some of these

Lot 33, £226,000. Last sold in June 2004 for £255,000
Lot 38, £206,000. Last sold in July 2000 for £29,900
Lot 46, £125.500. Last sold in 2000 for £92,000
Lot 16, £100,000. Last sold in 2001 for £99,950

The addresses weren't easy to track down always as they weren't absolute in the results listings. That last one seems very odd, but I did try to double-check and it seems right somehow! Maybe when it sold in 2001 it had a large garden and they sold off between then and now.

First one's clearly a loss.
Second and third seem like just everyday local sellers who need to get rid for some reason.

28/51 were still available... so roughly 56% unsold
6/51 were sold prior
3/51 were withdrawn

silvercar

Pennywise wrote: »

Some of the non-sellers will be licking their wounds. Looking at the results of the London sale, there was one that was only £1 or 2k below the reserve and a handful that were within £10k of the reserve (some on properties of £250k plus). So near and yet so far - they'll get less next time around if the HPC continues as it seems inevitable it will.

I often think the auction house are bidding themselves to push the price up to the reserve. Only explaination I can think of as to why soo many properties finish just short of the reserve.

Without being too accurate, it would look as if 2/3rds of the properties were sold, about 1/3 not reaching their reserve prices, often no where near the guideline prices. At the same time, some properties did exceptionally well. Perhaps there are still "quality" buyers out there for the right properties?

It does seem that quality properties in certain areas are still doing well. People who are buying now want to make extra careful they get the best stock due to the fear of falling prices?

silvercar

Without being too accurate, it would look as if 2/3rds of the properties were sold, about 1/3 not reaching their reserve prices, often no where near the guideline prices. At the same time, some properties did exceptionally well. Perhaps there are still "quality" buyers out there for the right properties?

Auction in Liverpool tomorrow, I doubt the results will be as good!

PasturesNew

£50k flipper ... not.

£245,000 - Bought on 3 December 2007
http://www.houseprices.co.uk/e.php?q=62+Henver+Road++Newquay&n=100

£295,000 - For sale http://www.fulfords.co.uk/properties-sales-fulrps-AUC080100-1208952790

But auction listing showed a guide at £325,000 and it is "still available".

Bit over-optimistic bearing in mind there's wholesale dumping of developments in that town.

Even if the original property didn't have planning permission, to cover costs it'd just have cost the purchase price, £2k for drawings/planning max, a few months of mortgage (£7k). So it's 'cost' so far about £10k to own it, yet in a rapidly falling market he's still gambling by not sticking it on lower... shame the Fulfords listing doesn't show you the last bid amount.

PasturesNew

I think off the wall bidding is quite immoral really.
A sale's either got interest and impetus or it hasn't.
To create a false illusion would practically be a criminal offence in some areas of life.