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Auctions, especially ludcrous guide prices


Frank Hovis

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Frank Hovis

Bargain Cornwall flat goes up for sale for just £20,000

A property that could be Cornwall’s cheapest flat for sale has gone up for auction.

The property, a one-bedroom flat in the heart of Callington could be yours for as little as £20,000 with an estimated rental value of £4,500.

Unlike many properties that are sold this cheaply, this one is sold in what’s being described as a habitable condition, although could benefit from cosmetic refurbishment.

The property, which measures 462 square foot of living space, consists of an entrance hall, sitting room, separate kitchen, double bedroom and bathroom.

It comes with a 99-year leasehold starting from October 1, 1980, meaning it currently has 59 years left.

The auctioneers for the property, Network Auctions say that it might appeal to buy-to-let investors seeking a cheap buy to let with the property’s rental value in the region of £4,500 per annum or approximately £375 per calendar month.

614966_web_medium

614970_web_medium

https://www.cornwalllive.com/news/cornwall-news/bargain-cornwall-flat-goes-up-5058324

https://www.networkauctions.co.uk/online-auction-catalogues/?lid=128149&ClientID=24&src=36

 

That £20k price tag is really going to get somebody excited but it is never going to sell for anywhere near that.

Even the lease isn't an issue because with 59 years on it extending it back to 99 years, as is your right, will take a small lease extension premium.  Two grand tops.

 

Woss reckon?  I'll go for £60k.

Auction is 18 March and the auction link is there.

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Just seen this on one of my searches.

Now ive never been to Havant, but isnt it just Portsmouth.

Its amazing that something in a relatively shit place, thats been left to decay and needs 10s of thousands spending on it can be worth so much money ... presumably the 275k is less than what it'll go for,

image.thumb.png.75beee06a2504ee715ba51438a79e218.pngReckn

 

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Noallegiance
34 minutes ago, Hancock said:

Just seen this on one of my searches.

Now ive never been to Havant, but isnt it just Portsmouth.

Its amazing that something in a relatively shit place, thats been left to decay and needs 10s of thousands spending on it can be worth so much money ... presumably the 275k is less than what it'll go for,

image.thumb.png.75beee06a2504ee715ba51438a79e218.pngReckn

 

Fkn mental.

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Green Devil
3 hours ago, Hancock said:

Just seen this on one of my searches.

Now ive never been to Havant, but isnt it just Portsmouth.

Its amazing that something in a relatively shit place, thats been left to decay and needs 10s of thousands spending on it can be worth so much money ... presumably the 275k is less than what it'll go for,

image.thumb.png.75beee06a2504ee715ba51438a79e218.pngReckn

 

Prob not a great deal more. Maybe 375 certainly not double. Havant has ibm as the big local employer i think. 

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I'm assuming there must be a law that regulates EA's "guide prices" for auctions otherwise they'd all be pricing them this cheap to stir up the gullible.

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4 minutes ago, spunko said:

I'm assuming there must be a law that regulates EA's "guide prices" for auctions otherwise they'd all be pricing them this cheap to stir up the gullible.

Don't get confused between Auction starting price, Guide price, and Reseve price. I think the guide price has to be within 20% (ish) of the expected sale price to deter stupid low prices just to grab attention, but as there's no mention of Guide or Reserve on this sale so the headlines are £20k ...

Selling at £20k start price works well to get loads of interest hence why we're discussing it (same principle as sales starting at 99p on Ebay).

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Green Devil

Auctions are a con. They arent obliged to set any guide. Its meaningless as their reserve price is always higher and set at the owners "its what its worth level", same as any regulation transaction. Only differences is you exchanged on the day. Or 1 in 500 is sold as no reserve (usually plots with no value apart from long term speculation or with imminent structural collapse about to occur). In a way its better as you can buy on the day without chains etc. That is the main reason why decent stuff always sells way above guide becuase its guaranted that you can own it today (which means a lot in property).

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Here is another on £295k for what seems like a 3 bed semi in need of a refurb.

But is has Planning Permission to Convert the Existing House into Four Flats (2 x Two Bedroom, 1 x One Bedroom and 1 x Three Bedroom).

So on the presumption of 2 adults per bedroom and 1 child per room, its suitable for a minimum of 11 people and up to 8 cars.

image.png.8a7084f457b20d5c74eeb12076845c66.png

 

image.png.06ec8eb304c32d768bdc1cec1012284b.png

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  • 2 weeks later...
Frank Hovis
On 01/03/2021 at 17:57, Frank Hovis said:

Bargain Cornwall flat goes up for sale for just £20,000

A property that could be Cornwall’s cheapest flat for sale has gone up for auction.

The property, a one-bedroom flat in the heart of Callington could be yours for as little as £20,000 with an estimated rental value of £4,500.

Unlike many properties that are sold this cheaply, this one is sold in what’s being described as a habitable condition, although could benefit from cosmetic refurbishment.

The property, which measures 462 square foot of living space, consists of an entrance hall, sitting room, separate kitchen, double bedroom and bathroom.

It comes with a 99-year leasehold starting from October 1, 1980, meaning it currently has 59 years left.

The auctioneers for the property, Network Auctions say that it might appeal to buy-to-let investors seeking a cheap buy to let with the property’s rental value in the region of £4,500 per annum or approximately £375 per calendar month.

614966_web_medium

614970_web_medium

https://www.cornwalllive.com/news/cornwall-news/bargain-cornwall-flat-goes-up-5058324

https://www.networkauctions.co.uk/online-auction-catalogues/?lid=128149&ClientID=24&src=36

 

That £20k price tag is really going to get somebody excited but it is never going to sell for anywhere near that.

Even the lease isn't an issue because with 59 years on it extending it back to 99 years, as is your right, will take a small lease extension premium.  Two grand tops.

 

Woss reckon?  I'll go for £60k.

Auction is 18 March and the auction link is there.

Went for £49,250

(stupid) Guide Price £20k guaranteeing press coverage and interest.

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  • 2 weeks later...
On 11/03/2021 at 11:06, Hancock said:

Here is another on £295k for what seems like a 3 bed semi in need of a refurb.

But is has Planning Permission to Convert the Existing House into Four Flats (2 x Two Bedroom, 1 x One Bedroom and 1 x Three Bedroom).

So on the presumption of 2 adults per bedroom and 1 child per room, its suitable for a minimum of 11 people and up to 8 cars.

image.png.8a7084f457b20d5c74eeb12076845c66.png

 

image.png.06ec8eb304c32d768bdc1cec1012284b.png

Doesn't surprise me. This is in the epicentre of Soton's 'Hospital Land' and the PP is obviously aimed at getting it occupied by the heroic NHS nurslings ASAP - paid for, naturellement, by every possible subsidy that the British taxpayer can be milked for.

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16 minutes ago, Upsettah said:

Doesn't surprise me. This is in the epicentre of Soton's 'Hospital Land' and the PP is obviously aimed at getting it occupied by the heroic NHS nurslings ASAP - paid for, naturellement, by every possible subsidy that the British taxpayer can be milked for.

It didnt sell.

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27 minutes ago, Hancock said:

It didnt sell.

Needs a lower reserve, I'd guess. Was probably set at something ultra-stupid like £425k

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3 hours ago, Upsettah said:

Doesn't surprise me. This is in the epicentre of Soton's 'Hospital Land' and the PP is obviously aimed at getting it occupied by the heroic NHS nurslings ASAP

I need to remember this one and use it in real life.

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  • 2 months later...
Frank Hovis

This house could be yours for £1.

Only it couldn't.

Because that's just the reserve price.

And there isn't really a "catch".

 

 

 

A TWO-bedroom bungalow could be yours for just £1 - but it comes with a catch.

The semi-detached property is close to the centre of the former mining town of Shildon in County Durham.

It was originally sold for £49,000 in 2006 but now 2 Dalton Cottages is going up for auction with a reserve price of just £1 to ensure a quick sale.

SWNS_QUID_BUNGALOW_001jpg-JS658581776.jp

 

@The XYY Man's part of the world.

https://www.thesun.co.uk/news/15240779/bungalow-1-catch-toilet-outside-durham-auction/

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16 minutes ago, Frank Hovis said:

This house could be yours for £1.

Only it couldn't.

Because that's just the reserve price.

And there isn't really a "catch".

 

 

 

A TWO-bedroom bungalow could be yours for just £1 - but it comes with a catch.

The semi-detached property is close to the centre of the former mining town of Shildon in County Durham.

It was originally sold for £49,000 in 2006 but now 2 Dalton Cottages is going up for auction with a reserve price of just £1 to ensure a quick sale.

SWNS_QUID_BUNGALOW_001jpg-JS658581776.jp

 

@The XYY Man's part of the world.

https://www.thesun.co.uk/news/15240779/bungalow-1-catch-toilet-outside-durham-auction/

It's @DurhamBorn's part of the world. @The XYY Man is other side of Stockton.. 

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Just now, Frank Hovis said:

Tbf I am rather a long way from that part of the world being in Cornwall!

I know where all the local mob life round here. @DurhamBorn raids our Aldi and Co-op in his search for cheap food. 

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Green Devil
1 hour ago, Frank Hovis said:

This house could be yours for £1.

Only it couldn't.

Because that's just the reserve price.

And there isn't really a "catch".

 

 

 

A TWO-bedroom bungalow could be yours for just £1 - but it comes with a catch.

The semi-detached property is close to the centre of the former mining town of Shildon in County Durham.

It was originally sold for £49,000 in 2006 but now 2 Dalton Cottages is going up for auction with a reserve price of just £1 to ensure a quick sale.

SWNS_QUID_BUNGALOW_001jpg-JS658581776.jp

 

@The XYY Man's part of the world.

https://www.thesun.co.uk/news/15240779/bungalow-1-catch-toilet-outside-durham-auction/

Outside probably means unmortgageable so thats most of the first time buyers already priced out. If it sold for 49k in 2006, its gotta be woeth at least 3x that now 😂 (well it would be down bubble south) 

My guess is itll bid furiously up to 100k with multiple bidders, then two mugs will fight for it over 100k until one fool finally gives up at 138k 🤣🤣

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1 hour ago, The XYY Man said:

Not sure of your geography there mind eek. 

Shildon is to the South West of my location near Peterlee, and Stockton is pretty much due South. I'm puzzled as to why you think I'm "the other side" of Stockton. From the perspective of Shildon, Middlesbrough is the other side of Stockton. I would regard Shildon as my part of the world, as it is in the same county - Durham - and I can drive there in half an hour.

Factoid: For some bizarre reason @spygirl occasionally posts that I live Shildon. 

 

XYY

You're on the coast - i.e. East of Stockton rather than West of Stockton.

I probably should have said Sedgefield / Darlo but you are still West of Stockton. 

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