Had to reduce price to 2003 level!!

olly300

pinkshoes wrote: »

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.
?

That's a new build.

The two bedroom flats in that building are like this:
http://www.rightmove.co.uk/viewdetails-17213425.rsp?pa_n=6&tr_t=buy

There doesn't seem to be any one bed flats in the area that are not in newish buildings.

olly300

3under3 wrote: »

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.

I would dress it for the photos as it looks like a BTL that you want to get rid off. In other words get a van and borrow furniture from friends/family for a day or two. Then give everything back.

Bogof_Babe

If the mezzanine is the bedroom area then basically it is just one large room with a bathroom (which has no photo). I know location is the key but I would expect more than a glorified studio for that sort of money. You'd be sleeping, cooking and relaxing all in the same space - not ideal.

3under3

Hi Pinkshoes, yes I've seen that flat, I think overall my flat is bigger although it's officially a one bed, most people use the mezzanine as a bedroom too..

Amcluesent, no air-con, you'd think It'd be a greenhouse but the building shades my appartment so it's ok unless it's really hot.

Maybe the 2003 price was a bit too high but 3 estate agents valued this property at 180k at the beginning of the year, it'll now be up for 12.5% below this which was roughly the market value of an identical property in 2003.

dannyboycey

It's still incredibly overpriced for a 1 bed. If you look at the target market which is perhaps a young, single, professional buying their first pad and assume that they are on around £30k a year (higher than average) - I would say that 4 x salary is a sensible multiple for an individual buyer. £120k is the kind of ballpark I'd be looking at if I were a buyer.

jamtart6

no there is a bedroom on floor 1 with a bathroom, floor 2 is kitchen dining living and the mezzanine is nothing at the moment - can you try and sell this part as an office space?

3under3

Hi bogofbabe, it's not a studio, it's on 3 levels, bedroom and bathroom and hallway on ground floor, living area + kitchen on 1st floor then the mezzanine on top of that, it's like a tall thin house really!

Hi Olly300 - hadn't thought of borrowing furniture - will look into that - thanks for the idea..

Danneyboycey... all property is overpriced eh! When you go on salary multiples plenty of people wouldn't be able to afford the property they currently live in especially if they bought a few years ago. Like many others I believe property will come back to realistic levels over the next few years but it's not going to happen overnight.

trudiha

This is one of the very few instances in which the comparable you are going to be offered by others are going to be useless to you. This is the only listed building conversion in this area and the design is absolutely unique.

I'm also not sure that using a local agent is a good idea. When the apartments were originally sold most of them went through London agents to people who'd never considered moving out of London.

dannyboycey

3under3 wrote: »

When you go on salary multiples plenty of people wouldn't be able to afford the property they currently live in especially if they bought a few years ago

Spot on... They can't. And they are coming unstuck, bigtime. Inflation is out of control, the BOE can't come to their rescue anymore. Prices WILL return to sensible salary multiples with hefty deposits, of that I am 110% certain.

Conrad

You know Ive been wanting to get this off my chest for a while to all you who think rearranging the furniture will get a sale;

Grow up.

I told you 2 years ago this was comming.

All that matters is .............. price.

If you want to sell, price it correctly, forget all the gibberish, changing agents, asking for new photos.