Barnard Marcus auction yesterday - carnage!

sirhan_sirhan

Had a quick search, and couldn’t find an existing posting for this, apologies if I have missed one.

Barnard Marcus held a property auction at the Cafe Royal yesterday, and the results show absolute carnage in the housing market. This is more noticeable in the new-build sector, but even established properties no longer look immune.

Here is a link to a journalist’s review of proceedings:

http://www.thisislondon.co.uk/news/article-23499416-details/Hammered:+What+it+is+like+to+see+your+buy-to-let+nest-egg+being+sold+off+for+less+than+half+you+paid+for+it/article.do

...and the results of the auction can be found on the auctioneer’s website, here:

http://www.barnardmarcusauctions.co.uk/Auction-Results.html

Try comparing some of these properties to their previous sale prices, as listed on nethouseprices or similar.

Hope this of interest to someone out there.

ultra10

:eek: wow ... thoes "Green Shoots" again ??

dopester

Even those that sold went for incredibly
high prices by my reasoning.

Interesting "This Is London" article though. Thanks.

Irish architect Patrick Hanley, 30, was a happy fellow.
He got Lot 88, a flat in the Eastern Quay apartments on the
River Thames, for £275,000.

A mortgage repossession, it had been originally sold for
£340,000 in 2004.

'It's fantastic,' he said. 'And yet other identical flats in the
building are still on sale for up to £400,000. How do you
explain that?'

It was a rhetorical question. The answer, of course, is that
the other flats are now wildly overpriced.

In June 2006, Apartment 300 in Birmingham's Southside
complex, sold for £210,000.

Yesterday it changed hands for almost half that amount. In Cardiff,
Lot 169, sold for £125,500, having fetched £290,000 less than
two years ago.

I just don't think good old Patrick Hanley has gotten himself a
bargain.

Thanks to M21er of HPC re data below.

Lot 88 ( Guide Price: Refer ) From: Barnard Marcus Auction 10:00AM, Tuesday 24 June 2008

Vendor: Mortgagee

Address: Flat 54, Eastern Quay Apartments, 25 Rayleigh Road, Canning Town, London, E16

The description from the Barnard Marcus website is: Long Leasehold 8th Floor Apartment Three Room(s) Vacant. © Barnard Marcus Auctions

Map: Click Here

Last Sold Price: £340,696 on 25 February 2004

Auction Result: Sold for £272,000

Today's auction price results in a Loss of £68,696 ( 20.2% ) since purchase on 25 February 2004.
( Not taking into account Stamp Duty, Legal Fees and any Estate Agency fees )

Bad Debt: The mortgagee's shortfall that results from today's auction price is £17,592 ( Based on an 85% advance of the original purchase price of £340,696 )
( Excludes any arrears of interest, Costs of Repossession, Debt Management etc )


M21er

Any inaccuracies, errors or suggestions for improvements to the reports, please PM me

View this auction Live

morg_monster

I was about to post that article (but as appearing on the this is money website). Shocking isn't it. Interesting that there is still money to be made by those property investors who really know their stuff and are in it for the long haul. Just goes to show how crazy "those amateur Mr and Mrs Smiths or Johnny-come-latelys, who heard about a racket to make themselves millions" were...

purch

I bought my first two BTL's at a Barnard Marcus auction in 1991

Two flats in a development where the developer had gone bust, which were 'selling' for £ 135,000 the year before

£ 43,400 and £ 41,600

Those you keep trying to convince themselves a crash isn't happening clearly didn't live through the previous crashes !!!!

jamescredmond

I followed this auction on-line and it seems that about a third failed to sell.

I'd be grateful if anyone could tell me how this fail rate compares to this time last year.

m00m00

jamescredmond wrote: »

I followed this auction on-line and it seems that about a third failed to sell.

I'd be grateful if anyone could tell me how this fail rate compares to this time last year.

this time last year 10-30% above guide price wasn't rare

PasturesNew

Lot 169 - sold for £125,500
Bought for £290,440 in October 2006
http://www.houseprices.co.uk/e.php?q=150+admiral+cardiff

Update
It's on RM at £189,995 http://www.rightmove.co.uk/viewdetails-10392900.rsp?pa_n=8&tr_t=buy
I know that's the exact one as the address is at the bottom of the details.

Jorgan_2

PasturesNew wrote: »

Lot 169 - sold for £125,500
Bought for £290,440 in October 2006
http://www.houseprices.co.uk/e.php?q=150+admiral+cardiff

Update
It's on RM at £189,995 http://www.rightmove.co.uk/viewdetails-10392900.rsp?pa_n=8&tr_t=buy
I know that's the exact one as the address is at the bottom of the details.

I was at an auction in Cardif in April and they were achieving £120k in that block. Others were going for £125k, but they had use of the 'leisure suite'.

dhassen

I want to buy one of the houses that didn't sell lol (in theory)...... does anyone have an idea how I'd do this? Ring them I guess..... anyone done this before?

And yes I'm serious!

btw what's structural movement? lol

[waits for abuse]

m00m00

dhassen wrote: »

I want to buy one of the houses that didn't sell lol (in theory)...... does anyone have an idea how I'd do this? Ring them I guess..... anyone done this before?

And yes I'm serious!

btw what's structural movement? lol

[waits for abuse]

on the actual barnard marcus site, it should show you the price the property is available for (ie the reserve)