Had to reduce price to 2003 level!!

3under3

Have been trying to sell an appartment for ages now, almost pre credit crunch! Started at a cheeky price, then reduced several more times. It's now reduced to what an identical place sold next door for in 2003! Trying to take advice on here not to chase the market down so taking off a big chunk now.
Fingers crossed.. if it doesn't go soon I'll end up keeping it for another twenty years and using it as my pension....

silvercar

If you want selling advice on a particular property you really need to include a (rightmove) link.

If you don't need to sell then keepint it for your pension is not so stupid provided you can rent it out in the meantime.

3under3

Hopefully this is it, I know the pictures aren't great, will have to speak to EA about this. TBH I'm in two minds whether to sell it. I was originally intending to keep it and got permission from the bank to let it but an unexpected changed in circumstances means the money would now be handy so I've had it up for sale since the last tenant moved out. Recently decided to put it up for rent too so I'll go with whatever happens first. Hope this it the link - will try again if not!!

http://www.rightmove.co.uk/viewdetails-19987601.rsp?pa_n=1&tr_t=buy

Just realised the price hasn't been reduced yet - now on for £159995.

neas

3under3 wrote: »

Started at a cheeky price

Greed... Such a marvelous thing greed

As for a pension... I wouldnt put your eggs in one basket eh? :P.

neas

170k... is that a reduced price????? laughing my !!! off here.

My area 170k will get you a 4 bedroom house nice garden and a garage :P.

Knock 70k off the price then you got more of a good selling price.

You reduced it... pre-credit crunch... you've ALWAYS been higher than the market because nobody would pay your silly price... EVEN when you reduced it.

You probably had it on for 2x the market value or something silly... greed.... it causes you to be blinded by reason... enough to get burned by it.

silvercar

The kitchen looks really dark, need a brighter photo to show the kitchen does have a window.

That mezzanine area, what is it used for? At the moment it looks like a wasted space. Presumably it can't be a bedroom area as it has a glass ceiling. It needs some words to describe its function or better still the whole flat needs dressing with furniture etc so people can imagine living in it.

Selling at the bottom of the market is silly if you don't need the money, rent it out until the market improves if you can afford to wait 2-3 years.

amcluesent

Has it got air-con? If not, must be like a greenhouse during the summer with the glass roof

I lived in a conversion (ex BT Exchange) with a spiral staircase, open lounge/kitchen and a mezzanine sitting area. IMHO it's a very narrow market you're aiming for, and right now they're probably all worried about getting sacked from their junior jobs in the City and Canary Wharf.

jamtart6

long live the north of england!

its a nice flat for a yuppie youth type - what are other prices like for flats of this sort in your area?

the pictures are quite poor, can you get them redone? i get annoyed at properties that have poor/few photos

pinkshoes

3under3 wrote: »

Have been trying to sell an appartment for ages now, almost pre credit crunch! Started at a cheeky price, then reduced several more times. It's now reduced to what an identical place sold next door for in 2003! Trying to take advice on here not to chase the market down so taking off a big chunk now.
Fingers crossed.. if it doesn't go soon I'll end up keeping it for another twenty years and using it as my pension....

For £160k, you can get a 2 bedroom apartment
http://www.rightmove.co.uk/viewdetails-9860733.rsp?pa_n=2&tr_t=buy
which is near enough the same location.

It's VERY expensive for just 1 bedroom compared to everything else. I know it's a bit unique, and not a bog standard flat, but the ugly building might put people off and reduce the price, not make it more expensive.

Perhaps they paid too much in 2003 for the other one?

olly300

neas wrote: »

170k... is that a reduced price????? laughing my !!! off here.

My area 170k will get you a 4 bedroom house nice garden and a garage :P.

Knock 70k off the price then you got more of a good selling price.

You reduced it... pre-credit crunch... you've ALWAYS been higher than the market because nobody would pay your silly price... EVEN when you reduced it.

You probably had it on for 2x the market value or something silly... greed.... it causes you to be blinded by reason... enough to get burned by it.

It's not just greed. The South East is more expensive than other areas.

So yes one bedroom flats are the same price as houses elsewhere in the country.

3under3

Hi Silvercar, we used the mezzanine area as our bedroom, as do other properties that have it. I have thought about dressing it but I just don't have that much money spare at the moment - may well be a false economy I know. My fear is that we are nowhere near the bottom of the market so my choice is either sell now or keep for a long time!!

Glad you are concerned re my pension Neas.. also paying into my employers pension scheme too - like you say, can't be too careful eh!