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Auctions, especially ludcrous guide prices


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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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Hancock

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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stokiescum
2 minutes ago, Green Devil said:

78k id say

82.5 k

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spunko

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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Andersen
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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Hancock

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...
Upsettah
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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Hancock
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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Upsettah
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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spunko
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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Andersen

Free online "Buying at Auction" guide that might be useful (you need to give your email addy but no need to register - just use a disposable address), see https://www.aucspace.com/ebook

The link (and some positive feedback) came from https://www.propertytribes.com/free-ebook-auction-playbook-for-buyers-t-127651849.html 

Edited by Andersen
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