Barnard Marcus auction yesterday - carnage!

dhassen

yea it does, 80K...........

that'd be much less than I pay in rent..... but I don't like the sound of structural movement

MrDT

dhassen wrote: »

btw what's structural movement? lol

Subsidence? If so, avoid. Actually, you mightn't have a choice, doubt you can get a mortgage on a property suffering from subsidence...

Oh, and there's no need to fear abuse on this forum if you're considering a genuinely smart move. I've seen 3 bed houses not too far from me sell for £50k at auction, these are houses that would easily have sold for £100k through an EA six months ago. I doubt drops like that will become widespread (others may beg to differ, fair enough, I just can't see it myself, not here where prices are already affordableish at any rate) and I figure buying a repo at auction right now would probably be a smarter move than waiting for 50% reductions across the board

dhassen

Yea I think I would avoid subsidence all together. My folks had no end of trouble with it a couple of years ago.

If it wasn't for that it'd be really worth going for. Similar houses on the same road where selling for double that a couple of months ago.

Jonbvn

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 reckon this flat could be rented for about 500pcm. This means that even at 120k, the figures do not stack-up for a BTL. Expect further drops on these NB flats.

BenL

That's amazing. A local one for me to have a drive past tonight that bidding reached 32% of what was paid for it in early 2003.

rainbowtrout

What is interesting is that not a single property made its reserve price (if there was one). A measure of the gulf between seller and buyer expectations?

Penelopa.Pitstop

I checked one of the flats in my area - it was on sale through agent for 360K a week ago, after auction (flat unsold) they dropped to 320K and next day to 295K.

Reserve prices at 280K was now changed to 255K. I checked that's a price from 2003. They must be desperate. I assume mortgage must be below guide price.

Auction link - http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=1714294&agentid=05160
Righmove links -
http://www.rightmove.co.uk/viewdetails-8959212.rsp?pa_n=4&tr_t=buy
http://www.rightmove.co.uk/viewdetails-16801492.rsp?pa_n=4&tr_t=buy
It's on sale with two agents. Why would someone want to pay for it 360K a month ago?

greyskittles

Just wondering if anyone can help me... One of the properties Barnard Marcus are auctioning says 'Guide price - refer' and that's all... what does it mean?

m00m00

it means, ring them up and ask

amcluesent

A quick glance at the story of 1929-1939 will show there were many, many times 'bargain hunters' bought-in and then the market slid again...