Munch Posted October 11, 2008 Share Posted October 11, 2008 3 Bedroomed flats at Western Harbour now selling at 165k, they were selling new 3 years ago at 330k, they have dropped 50% in value, and still dropping in price , how low can they go ? And will the developer ever finish the site, he cant afford to sell them at this price, but he is trying to sell them brand new from the sales office at prices over 300k. Another leith pipe dream that has went belly up.:4_1_72: Link to comment Share on other sites More sharing options...
duckandcover Posted October 11, 2008 Share Posted October 11, 2008 Good, I ken a boy that stays in one of they flats and hes a tosser Link to comment Share on other sites More sharing options...
Serj Tankian Posted October 11, 2008 Share Posted October 11, 2008 they the platinum point ones Link to comment Share on other sites More sharing options...
Munch Posted October 11, 2008 Author Share Posted October 11, 2008 they the platinum point ones Yes i think so Bryant is the builder, the 2 bedroomed ones are selling at around 150k, they were sold new to anyone who was stupid enough to pay 260k 3 years ago, it would bring a tear to a glass eye. Link to comment Share on other sites More sharing options...
Stuart Lyon Posted October 11, 2008 Share Posted October 11, 2008 Might just buy one or two if they go a bit lower. Link to comment Share on other sites More sharing options...
Munch Posted October 11, 2008 Author Share Posted October 11, 2008 Might just buy one or two if they go a bit lower. Not a bad idea, but id wait till they drop another 20 to 30k i reckon around the end of the year early 09 you will pick up 3 beds for 150k, 2 beds for the 130 mark. The problem the builders/developers have is there business plan forecast sales at 330 for 3 beds and 260 for 2 beds, so the project will never be finished for at least a decade, may bee more, still they are used to waiting for big things to happen in Leith. 107.:107: Link to comment Share on other sites More sharing options...
Gabriel Posted October 11, 2008 Share Posted October 11, 2008 There was a piece on the BBC the other evening about property prices, in which they noted how houses built as part of urban regeneration programmes had generally fallen steeply. Edinburgh (or Leith) was not mentioned, but prices in Birmingham had plummeted. Link to comment Share on other sites More sharing options...
The Brow Posted October 11, 2008 Share Posted October 11, 2008 Ive no sympathy for any of the folk who bought into the whole 'granton regeneration' boom. The areas still a ***** hole surrounded by other ***** holes. To pay anything over 150k for a flat there is ridiculous. The area is a mess of spanish looking posh housing schemes full of folk earning 20k a year with horrific mortgagaes they should never have been given. Link to comment Share on other sites More sharing options...
Munch Posted October 11, 2008 Author Share Posted October 11, 2008 Ive no sympathy for any of the folk who bought into the whole 'granton regeneration' boom. The areas still a ***** hole surrounded by other ***** holes. To pay anything over 150k for a flat there is ridiculous. The area is a mess of spanish looking posh housing schemes full of folk earning 20k a year with horrific mortgagaes they should never have been given. agreed:eek: Link to comment Share on other sites More sharing options...
Grumpy Posted October 11, 2008 Share Posted October 11, 2008 Good, I ken a boy that stays in one of they flats and hes a tosser Point out to him that global warming will eventually put his flat under water Link to comment Share on other sites More sharing options...
coppercrutch Posted October 11, 2008 Share Posted October 11, 2008 Wow. Who could ever have predicted this. TWO YEARS AGO........... Yes... Me. For FREE advice. That does not cost ?200 per hour just send me a PM. Seriously - I could charge a fortune for this ****. However I do it for free. Link to comment Share on other sites More sharing options...
davemclaren Posted October 11, 2008 Share Posted October 11, 2008 Property has held up better than equities though. Link to comment Share on other sites More sharing options...
coppercrutch Posted October 11, 2008 Share Posted October 11, 2008 Property has held up better than equities though. Money sitting in a N S and I index linked savings certificates has held up better than both.......... Oh yes. I recommended that...........FOR FREE...................WITH NO IFA ADVICE ATTACHED...............................in 2007................... And still I get abuse for simply giving good free and great advice...... Why do I bother........I could charge for this ****................. Link to comment Share on other sites More sharing options...
The Godfather Posted October 11, 2008 Share Posted October 11, 2008 Think these ones being punted at circa 150k were 225k. Emperors clothes springs to mind. Still would not buy. Why anyone would have paid 225k when they could have bought in city centre for that money is incredible. A fool & their money etc combined with slick marketing. Link to comment Share on other sites More sharing options...
davemclaren Posted October 11, 2008 Share Posted October 11, 2008 Money sitting in a N S and I index linked savings certificates has held up better than both.......... Oh yes. I recommended that...........FOR FREE...................WITH NO IFA ADVICE ATTACHED...............................in 2007................... And still I get abuse for simply giving good free and great advice...... Why do I bother........I could charge for this ****................. So which index does it track? Link to comment Share on other sites More sharing options...
coppercrutch Posted October 11, 2008 Share Posted October 11, 2008 So which index does it track? The pishy RPI index. Still - for the last year I have got about 5.8-6.0 % on my savings. As safe as you can get. Tax free. Not bad at all. RPI will probably fall but the way the 3 year tracker works is that the percentage 'bonus' you get above RPI gets higher per year. So as the RPI falls over the next few years the bonus will actually get better. No better, safer place for your cash (If not exciting) for the next few years (And the last one). Link to comment Share on other sites More sharing options...
bighusref Posted October 12, 2008 Share Posted October 12, 2008 3 Bedroomed flats at Western Harbour now selling at 165k, they were selling new 3 years ago at 330k, they have dropped 50% in value, and still dropping in price , how low can they go ? And will the developer ever finish the site, he cant afford to sell them at this price, but he is trying to sell them brand new from the sales office at prices over 300k. Another leith pipe dream that has went belly up.:4_1_72: A few inaccuracies here, firstly, do you mean the flats at Granton, or do you mean Western Harbour? If you mean Granton, I THINK they are Bryant Homes flats. If you mean Western Harbour, there are a few developments, Gregor Shore, Bryant Homes and the building at the far end that is largely used for serviced apartments. I cannot remember at this point who makes them. Also, there are Barratt Houses being built in Western Harbour but slightly further in-land, opposite the Brewers Fayre. Platinum Point is the Gregor Shore development. As for "Leith", Western Harbour is NOT in Leith as anybody that has a modicum of understanding of the city will tell you. Granton is even FURTHER away from Leith also. Link to comment Share on other sites More sharing options...
Deek Posted October 12, 2008 Share Posted October 12, 2008 Money sitting in a N S and I index linked savings certificates has held up better than both.......... Oh yes. I recommended that...........FOR FREE...................WITH NO IFA ADVICE ATTACHED...............................in 2007................... And still I get abuse for simply giving good free and great advice...... Why do I bother........I could charge for this ****................. You get abuse because nobody likes a smart erse. Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 A few inaccuracies here, firstly, do you mean the flats at Granton, or do you mean Western Harbour? If you mean Granton, I THINK they are Bryant Homes flats. If you mean Western Harbour, there are a few developments, Gregor Shore, Bryant Homes and the building at the far end that is largely used for serviced apartments. I cannot remember at this point who makes them. Also, there are Barratt Houses being built in Western Harbour but slightly further in-land, opposite the Brewers Fayre. Platinum Point is the Gregor Shore development. As for "Leith", Western Harbour is NOT in Leith as anybody that has a modicum of understanding of the city will tell you. Granton is even FURTHER away from Leith also. Doesn't really matter in all honesty. Every property in Edinburgh is overvalued. Some may fall more others, they will all fall a huge amount though. About 15% off so far I imagine across the board. Still have a good 25% + to go. As for those down at a half finished industrial wasteland exposed to the worst aspect of weather in this City................ 3 Bed that was sold at 330k in 2007....WTF !! Just shows how stupid this bubble was in the first place. I would imagine these will be going for a fair price in 2 years. I put that about 100-120k. Just who exactly would want to buy there ? It is a half finished development that looks increasingly unlikely to be completed. 'Long term' maybe. But in this case long term could mean 10+ years. Personally I would rather pay a little more for somewhere in an area you don't have to wait 10 years to 'finish'. Link to comment Share on other sites More sharing options...
bighusref Posted October 12, 2008 Share Posted October 12, 2008 Doesn't really matter in all honesty. Every property in Edinburgh is overvalued. Some may fall more others, they will all fall a huge amount though. About 15% off so far I imagine across the board. Still have a good 25% + to go. As for those down at a half finished industrial wasteland exposed to the worst aspect of weather in this City................ 3 Bed that was sold at 330k in 2007....WTF !! Just shows how stupid this bubble was in the first place. I would imagine these will be going for a fair price in 2 years. I put that about 100-120k. Just who exactly would want to buy there ? It is a half finished development that looks increasingly unlikely to be completed. 'Long term' maybe. But in this case long term could mean 10+ years. Personally I would rather pay a little more for somewhere in an area you don't have to wait 10 years to 'finish'. I agree with a lot of what you say, I was merely pointing out the inaccuracies in the OP. Oh, and I do NOT live in Leith Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 You get abuse because nobody likes a smart erse. I am giving free advice that could have saved people hundreds of thousands of pounds. Financial advisers are smart erses. They charge for the privilege - and they often get it wrong. Anyway I have been getting abuse for my predictions since I started. Getting abuse when it looked like these predictions were 'crazy'. Getting abuse when it looked like they were spot on. I think my smart ersness is acceptable considering this. I agree with a lot of what you say, I was merely pointing out the inaccuracies in the OP. Oh, and I do NOT live in Leith I know - I just get excitable about this subject... What a sad **** I am !!! I need to get out more. Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 Point out to him that global warming will eventually put his flat under water He will be okay if he has one above the 2nd floor. Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 A few inaccuracies here, firstly, do you mean the flats at Granton, or do you mean Western Harbour? If you mean Granton, I THINK they are Bryant Homes flats. If you mean Western Harbour, there are a few developments, Gregor Shore, Bryant Homes and the building at the far end that is largely used for serviced apartments. I cannot remember at this point who makes them. Also, there are Barratt Houses being built in Western Harbour but slightly further in-land, opposite the Brewers Fayre. Platinum Point is the Gregor Shore development. As for "Leith", Western Harbour is NOT in Leith as anybody that has a modicum of understanding of the city will tell you. Granton is even FURTHER away from Leith also. The fire sale of reposed flats is in the centre development down at Western Harbour built by Bryant, log on to there web site now they are trying to sell them at 325 for 3 beds, and 260 for 2 beds, there are the same flats being punted at the auction this Thursday in Glasgow, id guess they will go foe around 140k for a 2 bed, and 160 for a 3 bed. My point is the developer is toast, the place IMO cannot be finished due to financial reasons and the falling sale prices it would be costing the developer more to build than the realistic sale prices these properties can achieve. If i was daft enough to have bought down there for 330k, 2 years ago and i had a mortgage for 300k on a property worth 165k, id hand the keys back to the lender, and get myself one of they Scottish deed poll things, rent for 5 years, then after the carnage buy a proper house in central Edinburgh for a decent price. Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 Doesn't really matter in all honesty. Every property in Edinburgh is overvalued. Some may fall more others, they will all fall a huge amount though. About 15% off so far I imagine across the board. Still have a good 25% + to go. As for those down at a half finished industrial wasteland exposed to the worst aspect of weather in this City................ 3 Bed that was sold at 330k in 2007....WTF !! Just shows how stupid this bubble was in the first place. I would imagine these will be going for a fair price in 2 years. I put that about 100-120k. Just who exactly would want to buy there ? It is a half finished development that looks increasingly unlikely to be completed. 'Long term' maybe. But in this case long term could mean 10+ years. Personally I would rather pay a little more for somewhere in an area you don't have to wait 10 years to 'finish'. you are correct on your figures, and i suspect you are correct with your figures going forward, however there is gold in them Der hills if you know where to look, and know what you are doing. Long may this downward spiral continue. My point is that this so called 100 million pound redevelopment of an industrial wasteland at Grunton,by forth ports simply cannot go ahead to imagine 15 thousand new homes being built there, when they cannot sell a carrot to a rabbit down there is incomprehensible. There is no demand, no money, and no future values,the project is not economically viable anymore. shame. Oh and one final piece of news, which is the piste de resistance, a 3 bedroomed penthouse was sold last week down there for 210k, sold new 3 years ago for 469k. ( it was a repossesion sold by mov 8 ) Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 The fire sale of reposed flats is in the centre development down at Western Harbour built by Bryant, log on to there web site now they are trying to sell them at 325 for 3 beds, and 260 for 2 beds, there are the same flats being punted at the auction this Thursday in Glasgow, id guess they will go foe around 140k for a 2 bed, and 160 for a 3 bed. My point is the developer is toast, the place IMO cannot be finished due to financial reasons and the falling sale prices it would be costing the developer more to build than the realistic sale prices these properties can achieve. If i was daft enough to have bought down there for 330k, 2 years ago and i had a mortgage for 300k on a property worth 165k, id hand the keys back to the lender, and get myself one of they Scottish deed poll things, rent for 5 years, then after the carnage buy a proper house in central Edinburgh for a decent price. Don't have Jingle Mail in this country. I assume by 'deed poll' you mean bankruptcy !!? Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 you are correct on your figures, and i suspect you are correct with your figures going forward, however there is gold in them Der hills if you know where to look, and know what you are doing.Long may this downward spiral continue. My point is that this so called 100 million pound redevelopment of an industrial wasteland at Grunton,by forth ports simply cannot go ahead to imagine 15 thousand new homes being built there, when they cannot sell a carrot to a rabbit down there is incomprehensible. There is no demand, no money, and no future values,the project is not economically viable anymore. shame. Oh and one final piece of news, which is the piste de resistance, a 3 bedroomed penthouse was sold last week down there for 210k, sold new 3 years ago for 469k. ( it was a repossesion sold by mov 8 ) Buying a depreciating asset with borrowed money is never a good plan. Looks like RBS and HBOS could both have a majority Government holding soon.... This whole situation looks very 'Japanese' so far. If we go down the same route then 50% off peak, even for a nice property in a nice area, is far from a good deal. For flats like those down in Granton we could be looking at falls of 80% plus. Investing in property just now is close to suicidal IMO. Unless you are getting 50%+ off for a nice house in a nice area. Just look at everyone who bought bank shares because 'they were a bargain'..... Don't try and catch a falling knife Jambosrbarry !! Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 Don't have Jingle Mail in this country. I assume by 'deed poll' you mean bankruptcy !!? Yes its the Scottish equivalent, but in a nice way, 5 years and you get a clean bit of paper, all debts are written off. Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 Buying a depreciating asset with borrowed money is never a good plan. Looks like RBS and HBOS could both have a majority Government holding soon.... This whole situation looks very 'Japanese' so far. If we go down the same route then 50% off peak, even for a nice property in a nice area, is far from a good deal. For flats like those down in Granton we could be looking at falls of 80% plus. Investing in property just now is close to suicidal IMO. Unless you are getting 50%+ off for a nice house in a nice area. Just look at everyone who bought bank shares because 'they were a bargain'..... Don't try and catch a falling knife Jambosrbarry !! Dont worry about me mate. Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 Yes its the Scottish equivalent, but in a nice way, 5 years and you get a clean bit of paper, all debts are written off. One big issue with that idea. Due to this current situation rules and regulations concerning risk are likely to be strengthened for the future. IMO this means somebody hoping to get off 'Scot free' just now could be in for a shock when they are given their 'clean bill of health' in 5 years time. I do think many of these people may never be able to borrow large amounts of money again. Dont worry about me mate. Just you have been saying some dangerous things recently about jumping into Gorgie property !! Don't be getting your fingers burnt now... Link to comment Share on other sites More sharing options...
Gambo Posted October 12, 2008 Share Posted October 12, 2008 I agree with a lot of what you say, I was merely pointing out the inaccuracies in the OP. Oh, and I do NOT live in Leith According to the attached map, parts of Newhaven are in Leith. http://www.edinburghnp.org.uk/page/Map_leith.aspx Link to comment Share on other sites More sharing options...
bighusref Posted October 12, 2008 Share Posted October 12, 2008 The fire sale of reposed flats is in the centre development down at Western Harbour built by Bryant, log on to there web site now they are trying to sell them at 325 for 3 beds, and 260 for 2 beds, there are the same flats being punted at the auction this Thursday in Glasgow, id guess they will go foe around 140k for a 2 bed, and 160 for a 3 bed. My point is the developer is toast, the place IMO cannot be finished due to financial reasons and the falling sale prices it would be costing the developer more to build than the realistic sale prices these properties can achieve. If i was daft enough to have bought down there for 330k, 2 years ago and i had a mortgage for 300k on a property worth 165k, id hand the keys back to the lender, and get myself one of they Scottish deed poll things, rent for 5 years, then after the carnage buy a proper house in central Edinburgh for a decent price. NO argument from me re the emboldened bit. According to the attached map, parts of Newhaven are in Leith. http://www.edinburghnp.org.uk/page/Map_leith.aspx How did I know that Gambo would be on? As for that map, it is taking a heck of a lot of land there for Leith, Newhaven is a separate wee fishing village part of Edinburgh, oh, and they seem to have stolen the top half of Leith Walk, which is NOT part of Leith. Leith commences at the Pilrig Street junction, as the infamous "Boundary Bar" bears witness to. Gambo, now that I think of it, do you even live in Edinburgh? Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 Doesn't really matter in all honesty. Every property in Edinburgh is overvalued. Some may fall more others, they will all fall a huge amount though. About 15% off so far I imagine across the board. Still have a good 25% + to go. As for those down at a half finished industrial wasteland exposed to the worst aspect of weather in this City................ 3 Bed that was sold at 330k in 2007....WTF !! Just shows how stupid this bubble was in the first place. I would imagine these will be going for a fair price in 2 years. I put that about 100-120k. Just who exactly would want to buy there ? It is a half finished development that looks increasingly unlikely to be completed. 'Long term' maybe. But in this case long term could mean 10+ years. Personally I would rather pay a little more for somewhere in an area you don't have to wait 10 years to 'finish'. This is exactly my point, the plans are for another 15 thousand houses and flat, but these plans were based on sales figures that were set 2 years ago, they were bargaining on getting 330k + for 3 beds and 250+ for 2 beds, all well and good back then when prices were rising 10% + per year. Now for Mr Developers cold turkey, nothing is selling there now, and the stuff that is is going for around 50% less than there budgeted business plan and sales forecast. Land value alone is 50% down, and wait for it, they have to pay 32 million pounds UP FRONT as contribution to the tram costs. Copper you are an intelligent guy, come on you say within a decade this place might be completed.? There is more chance of Lord Lucan, winning the Grand National on Shergar than this toxic wasteland being developed it is not economically viable, and the projects planning permission only lasts for 10 years. As for the poor souls who bought into the dream at 330k for 3 bed flats, this is nothing but Toxic Debt massive negative equity, in a depreciating value environment. How low can there values go, 100k for a 2 bed, 120k for a 3 bed has to be a fair price not a cent more. Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 One big issue with that idea. Due to this current situation rules and regulations concerning risk are likely to be strengthened for the future. IMO this means somebody hoping to get off 'Scot free' just now could be in for a shock when they are given their 'clean bill of health' in 5 years time. I do think many of these people may never be able to borrow large amounts of money again. Just you have been saying some dangerous things recently about jumping into Gorgie property !! Don't be getting your fingers burnt now... Heres a bargain for you Copper, the sales office is having a This weekend only sale at Western Harbour, you can pick up a Penthouse that they previously had on the market at 880k ( i repeat 880k ) Well if you can fight your way through the cobwebs in the sales centre and you are quick you can buy it this weekend for 660k:Stupid_Heads_by_Vir So what do you think of that crutchser. Link to comment Share on other sites More sharing options...
Bigsmak Posted October 12, 2008 Share Posted October 12, 2008 I went to view one of these new properties about 3 years ago. They wanted 200k for a 2 bedroom that you couldn't feed a cat in let alone swing one. I nearly laughed at the salesguy when he told me that if I bought before the end of the month he could do it for 160k. lol. As someone in sales for years this just stunk of desperation. So I went round the corner to the shore and bought a 2 bedroom that was twice as big (separate kitchen and living room unlike the development) with a balcony over the water of Leith (was very nice) and got if for nearer 150k. I think the flat I saw that day would struggle to sell for 100k in todays market. Maybe even less. PS - I sold the flat on the shore in March for a nice profit about 3 weeks before it all went tits up. Just renting now and waiting to get a 'bargain' in a few years time! Link to comment Share on other sites More sharing options...
Bigsmak Posted October 12, 2008 Share Posted October 12, 2008 Well if you can fight your way through the cobwebs in the sales centre and you are quick you can buy it this weekend for 660k:Stupid_Heads_by_Vir If they have an auction I'll bid up to 100k for that lol Link to comment Share on other sites More sharing options...
jambos are go! Posted October 12, 2008 Share Posted October 12, 2008 My view would be if you can get the home you need and want for approaching a 50% discount you should be go for it. Particularly if you think you can afford it. A home is more than an asset and if you end up on the dole or worse the state will meet your housing costs(high or low). Link to comment Share on other sites More sharing options...
Bigsmak Posted October 12, 2008 Share Posted October 12, 2008 approaching a 50% discount you should be go for it. 50% on a figure that is not even real? The value of the property is only what people are willing to pay for it. Don't ever look at the original price and say, what a discount. Look at what the place is actually worth. It might be much less than 50%... Also - if people are selling at 50% off.. they are really panicking! .. Might get it even cheaper if you wait! Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 50% on a figure that is not even real? The value of the property is only what people are willing to pay for it. Don't ever look at the original price and say, what a discount. Look at what the place is actually worth. It might be much less than 50%... Also - if people are selling at 50% off.. they are really panicking! .. Might get it even cheaper if you wait! These properties are being sold of by the lenders who have repossessed them so they just need to off load them for any price just to clear there books. In theory they re coup there losses from the previous owner who de faulted. However in most cases the previous owner is jobless and pennyless so the toxic debt is added on to there balance sheet. Is the UK Credit crunch still to happen ? based on what is happeing at grunton harbour me thinks so. Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 Copper you are an intelligent guy, come on you say within a decade this place might be completed.? It is a half finished development that looks increasingly unlikely to be completed. 'Long term' [u']maybe[/u] Of course I don't think it will be completed in the next decade !! I never knew about that up front cost for the trams - ouch !! I have no idea what is going to happen down there. WHen the developer goes bust who knows - Potentially some deal for council housing or similar ? It is definitely not going to be finished in the manner as was expected. Council housing is a possibility. How the council could actually afford it is another matter. It could just remain a half finished wasteland for the next 30 years. Won't that be a lovely place to live.. What a wasted opportunity. Greed is killing this City. The waterfront, the trams - all just based on idiots with greedy minds and zero clue about actually doing the right or sensible thing. Link to comment Share on other sites More sharing options...
3inaBednar Posted October 12, 2008 Share Posted October 12, 2008 Look at these prices - what are they smoking thinking they can get this much?!?!! http://www.bryant.co.uk/EastScotland/WesternHarbour/WesternHarbourAvailability ?700k for a 3 bed, i could build you 5 bedroom holiday home 20 miles outside of krakow for ?150k. nice wee holiday house, grand weather, cheap beer and a two hour drive to the mountains for skiing in the winter! Link to comment Share on other sites More sharing options...
Bigsmak Posted October 12, 2008 Share Posted October 12, 2008 How about this for a bargain? http://www.bargainamericanhomes.com/ Need a bit of work and I am not sure who your neighbours will be.... lol.. But 5k for a 4 bedroomed detached house! Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 Look at these prices - what are they smoking thinking they can get this much?!?!!http://www.bryant.co.uk/EastScotland/WesternHarbour/WesternHarbourAvailability ?700k for a 3 bed, i could build you 5 bedroom holiday home 20 miles outside of krakow for ?150k. nice wee holiday house, grand weather, cheap beer and a two hour drive to the mountains for skiing in the winter! The amazing thing is up until 6 months ago many people thought these prices were reasonable !! Insanity, greed and brainwashing on a massive scale. The downside will probably be exactly the same. Just in the opposite direction. A one bed in a reasonable part of this City should be about 50-60k - based on long term averages. When bubbles collapse, prices usually return to below the mean before stabilising. That could mean one bedders down to 30-40k. That is if the financial system actually remains in place. Of course you can't 100% predict the future based on past events. You can however get a fair idea of where things will probably end up. How about this for a bargain? http://www.bargainamericanhomes.com/ Need a bit of work and I am not sure who your neighbours will be.... lol.. But 5k for a 4 bedroomed detached house! I am going for the cricket house. ?5.5k. http: //bargainamericanhomes.com/?page_id=35 Link to comment Share on other sites More sharing options...
3inaBednar Posted October 12, 2008 Share Posted October 12, 2008 The amazing thing is up until 6 months ago many people thought these prices were reasonable !! Insanity, greed and brainwashing on a massive scale. The downside will probably be exactly the same. Just in the opposite direction. A one bed in a reasonable part of this City should be about 50-60k - based on long term averages. When bubbles collapse, prices usually return to below the mean before stabilising. That could mean one bedders down to 30-40k. That is if the financial system actually remains in place. Of course you can't 100% predict the future based on past events. You can however get a fair idea of where things will probably end up. I am going for the cricket house. ?5.5k. http: //bargainamericanhomes.com/?page_id=35 totally agree, given average uk salary is 23k then which is maybe ?1200 a month then 1/3 of that is ?400 which equates to a mortgage purchase price of about ?55-60k. So a one bed in gorgie should be around ?60k not ?130k which is absolutely obscene. Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 Look at these prices - what are they smoking thinking they can get this much?!?!!http://www.bryant.co.uk/EastScotland/WesternHarbour/WesternHarbourAvailability ?700k for a 3 bed, i could build you 5 bedroom holiday home 20 miles outside of krakow for ?150k. nice wee holiday house, grand weather, cheap beer and a two hour drive to the mountains for skiing in the winter! Ha Ha Ha i told you so, plot 183 a 3 bed for 485k, i spat my tea all over the screen when i seen that. Log on to mov8 and type in western harbour, you get the same one for way under 200k. Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 The amazing thing is up until 6 months ago many people thought these prices were reasonable !! Insanity, greed and brainwashing on a massive scale. The downside will probably be exactly the same. Just in the opposite direction. A one bed in a reasonable part of this City should be about 50-60k - based on long term averages. When bubbles collapse, prices usually return to below the mean before stabilising. That could mean one bedders down to 30-40k. That is if the financial system actually remains in place. Of course you can't 100% predict the future based on past events. You can however get a fair idea of where things will probably end up. I am going for the cricket house. ?5.5k. http: //bargainamericanhomes.com/?page_id=35 Fir tree cottage at two and a half grand would be my choice, subject to a negotiated discount of course. I wonder if it will get to the stage where they depreciate so much that they pay you to take the thing off your hands. Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 Fir tree cottage at two and a half grand would be my choice, subject to a negotiated discount of course. I wonder if it will get to the stage where they depreciate so much that they pay you to take the thing off your hands. I imagine that is happening already. Surely the costs of the sale are more than the actual sale price. As 3in1Bednar points out it really is very simple to work out what is a fair amount for any property. Average house = Average Salary X 3-4 times. The banks have messed with this long term fundamental. It has resulted in bankrupting them. All this mess as a result of most of the lenders across the Western World simply replacing "you can borrow 3.5 times your salary" with "Fill in this affordability calculator". Would be amusing if it wasn't so scary. Link to comment Share on other sites More sharing options...
3inaBednar Posted October 12, 2008 Share Posted October 12, 2008 Ha Ha Ha i told you so, plot 183 a 3 bed for 485k, i spat my tea all over the screen when i seen that. Log on to mov8 and type in western harbour, you get the same one for way under 200k. mate do you know a website where you can look up auctions and bank repossessions for sale in edinburgh? I know all the american one's but no Scottish sites, bored the day, wouldny mind a bargain hunt! Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 mate do you know a website where you can look up auctions and bank repossessions for sale in edinburgh? I know all the american one's but no Scottish sites, bored the day, wouldn't mind a bargain hunt! your best just to google search Scottish property auctions, there are loads to choose from, there is an auction this Thursday in Glasgow, you can see whats being sold if you log in. I would comment that there are more and more every time an auction comes up. Link to comment Share on other sites More sharing options...
coppercrutch Posted October 12, 2008 Share Posted October 12, 2008 mate do you know a website where you can look up auctions and bank repossessions for sale in edinburgh? I know all the american one's but no Scottish sites, bored the day, wouldny mind a bargain hunt! Long long way to go..... Property will not be seen as a decent investment for many many many years. As a home however it has always made sense. Link to comment Share on other sites More sharing options...
Munch Posted October 12, 2008 Author Share Posted October 12, 2008 Long long way to go..... Property will not be seen as a decent investment for many many many years. As a home however it has always made sense. The sales office at Grunton harbour resembles the scene at the beginning of the Indiana Jones movie, where Indie had to fight his way through the spiders webs with a sword, its been so long since anyone was in the place, there is a good chance you will find Lord Lucan hiding in there, you could not get a safer place where no one will find you. As for the prices on there web site gee whiss Copper WTF have you seen the prices, they are having a laugh. The building site is a ghost town, how long till they go bust, it must be near now.? Link to comment Share on other sites More sharing options...
4,776
Recommended Posts
Archived
This topic is now archived and is closed to further replies.