Posts tagged ‘auction’

Wood cabin with Cornish beach views has asking price of £350,000

A wood cabin with one main room raised eyebrows after it was suggested that it could be sold for £400,000. But if it’s a room with a view that you’re after, you may not need to look much further.

07.04.14 Cabin 2 

That is because the holiday chalet can be found nestled on a cliff overlooking one of Britain’s most beautiful beaches.

Access to the clifftop property in St Ives, Cornwall, is only on foot via a winding footpath, but once there, panoramic views of Porthkidney beach are on offer.

It is currently on the market for £350,000, but it is understood that the detached property could go for a much higher price when it goes to auction tomorrow.

07.04.14 Cabin 4

07.04.14 Cabin 3

The cabin is a popular holiday destination for honeymooners and those wishing to propose, along with surfers and artists looking for a tranquil coastal retreat, according to the estate agents handling the sale, Countrywide Auction.

The gross rental income for last year was £34,574, with onwards bookings at the time of going to print of £14,332.

The property also enjoys a decked balcony and seating areas, along with well-stocked mature gardens particularly to the side and rear.

07.04.14 Cabin 5


April 7, 2014 at 2:33 PM 1 comment

Buying at property auctions offers property bargains

House hunting during the spring auction season is a time-honoured way of hooking a property bargain.

13.02.14 Auction 1

Traditionally, auction prices can be anything up to 20 per cent cheaper than buying on the mainstream market and auctions tend to be the best value during downturns.

This is partly because if mortgage finance is difficult there will be less competition in the sale room. And professional developers are also less likely to snap up all the best flats and houses because, without rising prices behind them, the profit margin in doing up a run down property (and auction properties are almost routinely in need of renovation) might not be worth their while.

Which begs the question: in a reviving market – and particularly one where shortage of stock has been identified as the key problem afflicting buyers in 2014 – is it still possible to get a good deal at auction?

The bad news is that competition in the sale room is increasing. “The new year has brought vast improvements in the availability of finance, with more bidders likely to take the plunge and buy,” says Gemma Jacques, auction sales administrator at Hunters Estate Agents.

Rory Daly, principal auctioneer at Birmingham-based CP Bigwood Auctions, adds that with interest rates low more people with money in the bank will be considering a bricks and mortar investment and small scale developers are also staging a comeback.

As a result, he says empty homes (without the complication of a sitting tenant) tend to sell strongly. “The prices that are being achieved at the moment are better than they have been in the last few years.”

The good news is that auctions tend to reveal a property’s true market value so while you may not get a bargain you won’t pay over the odds either. “Auctions deliver what the market is prepared to pay,” said Rory. “What people pay is the true value of a property and not a price which is actually £30,000 too much.”

Chris Coleman-Smith, head of Savills’ auction team, points out that the prospect of a bargain is not the only benefit of auction buying – you also save time and if yours is the winning bid on the day there is no risk of the owner changing their minds, collapsing chains, or gazumpers getting in the way.

“The main attraction is that you can buy the property on the day without the lag times experienced by the private treaty market,” he says.

And, of course, there is still a chance you will strike lucky with a cracking good deal.

“There is always one property on the catalogue that we think is going to sell really well that doesn’t get many bids,” says Rory. “Who knows why? It might be that other prospective bidders have sprained their ankle or have something else to do on sale day, and so it only goes just above the reserve. Our advice would always be to do your research and put the time in. You may find something at your first auction or you might have to wait until your tenth.”
Auction gems:

13.02.14 Auction 2

Two bedroom terraced house in Greater Manchester with an auction guide price of £140,000

Top tips for buying at auction:

Auction properties are usually dooer uppers. Never buy without viewing a property so you can see its state for yourself.

Taking a surveyor along to get an idea of the cost of the work is the gold plated option, but the costs will obviously mount up if you consider several properties. The budget option is to get a local builder to come along with you.

– Ask a local estate agent to value how much the property could be worth once renovated. Then subtract the estimated costs of the work. The sum you are left with is the absolute maximum you should bid. Don’t get over excited in the sale room and go above it in the heat of the moment.

When you buy at auction you will need to put down a 10 per cent deposit on the spot. You will then usually be given 28 days to pay for the property. You can – and should – agree a mortgage in principle advance. If you can’t raise the money you may forfeit your deposit. 

February 19, 2014 at 8:00 AM Leave a comment

Britney Spears’ home for sale – and there’s nothing Toxic about it

Britney Spears may have filmed her latest music video in London property hotspot Dalston, but her home life is firmly planted on the other side of the Atlantic.

As fans of Spears might remember – she’s had more than her fair share of tough times – which in 2009 led to her quitting Beverly Hills (and the gaze of the paparazzi) for more than two years in the decidedly calmer surrounds of celeb-friendly, but chilled out, Calabasas where she rented out an estate called Chateau Sueños.

Even though it was a rental, Spears reportedly spent £449,000 improving the French chateau-style home (we imagine on big gates and possibly zebra skin rugs). She moved out earlier this year and current owner Jose “Pancho” Leon put the property on the market for £6.9 million, according to Forbes, but no buyer was forthcoming.

In an effort to sell the home, Leon has now instructed Sotheby’s International Realty in conjunction with Premiere Estates Auction Company to auction the Calabasas gaff. The opening bid is set at a massively discounted £2.8 million, which Forbes helpfully points out, constitutes a of 58% discount. “I know that I’ll be selling at a loss but I want to move on,” Leon, who’s already seen two offers fall through, told Forbes.

It must be said that Spears’ old home is impressive. It’s got some lovely features including a suitably glamorous state of the art theatre, wine cellar, elevator, pool, car lift and infinity spa. There’s also a rather lovely interior courtyard which does actually make one gaze off into the distance and think of of a French chateau.

Oh, and the clever clogs at Sotheby’s International Reality have even put together a YouTube version of the property details which you can watch below.

But before you start pestering the great and the good for a donation to your Calabasas home fund (you could be neighbours with Lady Gaga, Cameron Diaz, Tori Spelling, Meat Loaf and the Kardashians) be advised that only vetted bidders can take part in the auction, which is set for November 11, 2011. I’m sure Ms Spears would approve – you never know she might turn up herself and say Hit Me Baby One More Time.

October 12, 2011 at 10:40 AM Leave a comment

All Sheryl Crow wants to do is sell her eco house in the US

Sheryl Crow

This is a legacy post from the blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.

It doesn’t matter if it’s got an indoor barn, a theatre, servants’ quarters, a garage for nine cars or a colossal swimming pool, luxurious and palatial properties owned by US celebrities are proving hard to sell right now.

 All I Wanna Do singer Sheryl Crow failed to sell her Nashville mansion at auction last month. Crow’s initial asking price of $7.5 million (£4.7 million) couldn’t attract a buyer so the star resorted to listing the mansion on property auction website Comas Montgomery where the property failed to meet its reserve. She bought the three-storey five bedroom house for $6 million in 2006 and has been trying to offload it since May.

Sheryl Crow

Sheryl Crow put her house up for auction online

Crow’s super duper eco home has seven bathrooms, a theatre room, swimming pool, a staff annex, six car garage, a three-bedroom guest cottage, a fourteen stall barn and indoor riding arena.

Meanwhile, Nicholas Cage finally caught a break in his long running efforts to sell his famous Bel Air mansion in California after it was snapped up for a cool $10.5 million (£6.6 million) by an unnamed all-cash buyer, according to the Los Angeles Times.

The star of Con Air – who originally forked out $35 million for the place, whose previous owners included Tom Jones and Dean Martin – was forced to put it on the market after some financial setbacks, which reportedly included a multimillion-dollar lawsuit against an ex business manager.

The 1940s Tudor-style property which has a central tower, a wine cellar, a 35 seat theatre, six bedrooms, nine bathrooms and a swimming pool had failed to generate any bids in April after he foreclosed on the property and it was offered at the county courthouse  in Pomona. But the 11,817 square foot mansion drew a steady stream of potential buyers and multiple offers after Citibank put it back on the market and reduced the price to $11.8 million.

Which all just goes to show, celebrities are just like the rest of us, well sort of.

December 9, 2010 at 11:04 AM 3 comments LIVE Auction: Fancy buying a lighthouse?

In this week’s LIVE online property auction (starts Thursday 1st July at 12.00), there’s a chance to purchase a chain free, Grade II listed piece of history…in the form of a lighthouse!

The “Old Lighthouse” on Townend Road, Paull, Hull was built in 1836 by The Trinity House of Kingston Upon Hull and went out of use in 1870 when the sandbanks moved and caused the deepwater channel to shift, and new lighthouses were built just along the river bank at Thorngumbald Clough.

The light was powered first by oil and then by a gas burner and the windows of the lamp room face towards Hull to guide ships into the safe channel which led out into the North Sea.

The lighthouse comprises of a lounge, sitting room, upper and lower kitchen areas, and bathroom to the ground floor.

There are two staircases. One leading to the first bedroom together with a ladder which gives access to the lamp room and great views over the river and Paull itself.

Two further bedrooms and a shower room are accessed via an internal staircase with a garden to the rear of the property with patio area and lawn.

Here are the values for other properties on the same road and here is a market overview for Paull where the average property value is £116,899. If you’re interested in previous sold prices for Paull, here is all the info you need.

About Trinity House

“The safety of shipping, and the well being of seafarers, have been our prime concerns since Trinity House was granted a Charter by Henry VIII in 1514.”

Today they have three distinct functions:

  • First, they are the General Lighthouse Authority for England, Wales, the Channel Islands and Gibraltar, responsible for a range of general aids to navigation, ‘signs of the sea’, from lighthouses to radar beacons.
  • Second, they are a charitable organisation dedicated to the safety, welfare and training of mariners.
  • Third, they are a Deep Sea Pilotage Authority providing expert navigators for ships trading in Northern European waters.

July 1, 2010 at 9:35 AM Leave a comment

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