Monday, 21 September 2015

Overpriced Millfield 2 Bedroom Terrace...One To Watch

This 2 bedroom terrace has just been listed at at OIRO £69,950 which is significantly over what has been recently paid for similar properties on that street...I'm not going mad but I'd suggest you shouldn't reject it out of hand!!

It's location is pretty good, being a stone's throw from Millfield Metro and walking distance to the Hospital, University & City Centre

There have been 4 sales in the last couple of years on this street, all of them between £60,000 - £62,000 so when you add in that this needs quite a bit of work, with a £70k price tag it's pretty much guaranteed that the vendors aren't going to have buyers fighting over it!

My reading of this is that it suggests that the vendors may not know the local market particularly well (perhaps they're not local), or are pricing it according to what they want/need to get out of it rather than what is realistic or achievable based on local expert advice

In addition to the above, there are further signs are that it is a probate property - the tell tale signs are as follows;

  • "No onward chain"
  • Dated decoration, furniture & carpets
  • Dated fitted kitchen with freestanding cooker & grill
  • Bathroom converted to remove the bath & replace with a walk-in shower

Click here for details http://www.rightmove.co.uk/property-for-sale/property-36521520.html 

The evidence suggests an older occupier has lived there for some time and unfortunately has passed on or moved into residential care

Either way, canny investors would be advised to keep a watching eye on this one - it certainly doesn't warrant any action at the moment but perhaps it's one to stick in your calendar to revisit in 6 - 9 months time as at that point the vendors may be more open to a cheeky offer that's well below the true market value (and reflective of the £10 - £15k it will take to redecorate, sort out the kitchen, bathroom etc)

Give me a call on 0191 567 9577 or email neil.whitfield@belvoirlettings.com to discuss this investment, identifying other similar properties or any aspect of property investment in Sunderland





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