Is a view not worth anything these days?
Discussion
Mum has had 3 estate agents round this week to value her link detached 3 bed bungalow in West Cornwall. There are stunning panoramic views from the rear of the property (lounge, lounge diner and garden) across a couple of fields to the sea, towards the Fal estuary and St. Austell bay. No chance of anything being built there, as she is outside the village development area.
All 3 agents gave the exact same valuation of £325k. A similar bungalow on the other side of the road recently sold for £315k. Properties on that side of the road have no views - houses in the way on the coast-facing side, and a hedge surrounding playing fields on the other.
It seems like agents just look at past sales in the area to get their price, and bung on a few quid for luck.
Strange really, because a council house in St. Ives just sold for £1.4 million - because of the views.
All 3 agents gave the exact same valuation of £325k. A similar bungalow on the other side of the road recently sold for £315k. Properties on that side of the road have no views - houses in the way on the coast-facing side, and a hedge surrounding playing fields on the other.
It seems like agents just look at past sales in the area to get their price, and bung on a few quid for luck.
Strange really, because a council house in St. Ives just sold for £1.4 million - because of the views.
I don't think it's collusion, more like they are all using the same historical data. 2 of the agents came with printouts to show mum to back up their valuation. They left the paperwork with her, identical apart from the agent's branding.
I was there for the latest valuation today. We asked the agent if he would put it on for more, and he said that he would try it if mum wished. I asked him at what point he would walk away and not take the property on. £360k was his reply. He would try for £350k, and agreed that it would sell to the right buyer at that price. The problem would be getting a potential buyer to turn up and have a look. Some decent photos of the view should help.
Mum would be happy with £350k, so she has decided to put it on the market tomorrow.
On the plus side (for me, at least), the agent said that my house will have gone up in value substantially over the last couple of years, dragged up by being between two new property hotspots - Porthleven and Praa Sands. It's amazing what an impact having Rick Stein open a restaurant can have on an area.
Odd that having an overpriced chippy close by makes a property more desirable than having a stunning view.
I was there for the latest valuation today. We asked the agent if he would put it on for more, and he said that he would try it if mum wished. I asked him at what point he would walk away and not take the property on. £360k was his reply. He would try for £350k, and agreed that it would sell to the right buyer at that price. The problem would be getting a potential buyer to turn up and have a look. Some decent photos of the view should help.
Mum would be happy with £350k, so she has decided to put it on the market tomorrow.
On the plus side (for me, at least), the agent said that my house will have gone up in value substantially over the last couple of years, dragged up by being between two new property hotspots - Porthleven and Praa Sands. It's amazing what an impact having Rick Stein open a restaurant can have on an area.
Odd that having an overpriced chippy close by makes a property more desirable than having a stunning view.
I wasn't directly comparing mum's house to the one in St. Ives, just pointing out that a view CAN play a big part in how much a proprty sells for.
Property prices in St. Ives are crazy, but without that view that house would've made a lot less.
Mum's view is similar to the one above, but without the other houses in the way.
The agent that I met yesterday was early 50's. He had valued the house across the road earlier in the year. Very similar size, but sea glimpses from upstairs only.
Mum's house is not your typical old person's property. It's decorated in a pretty contemporary style, clutter free. All 3 agents said it's not what they expected from an 80 year old.
I think the problem is that her village has not been "discovered" by incomers, so less potential buyers willing to pay a premium for views. Looking at the village on a map, you wouldn't expect to have such a view, as it's over a mile inland, and mostly in a dip.
Property prices in St. Ives are crazy, but without that view that house would've made a lot less.
Mum's view is similar to the one above, but without the other houses in the way.
The agent that I met yesterday was early 50's. He had valued the house across the road earlier in the year. Very similar size, but sea glimpses from upstairs only.
Mum's house is not your typical old person's property. It's decorated in a pretty contemporary style, clutter free. All 3 agents said it's not what they expected from an 80 year old.
I think the problem is that her village has not been "discovered" by incomers, so less potential buyers willing to pay a premium for views. Looking at the village on a map, you wouldn't expect to have such a view, as it's over a mile inland, and mostly in a dip.
Murph7355 said:
What's amazing to me is that he can still be arsed investing in the area with the reactions he seems to get from locals about his overpriced chippies. But luckily for the locals he does 
You need to post pictures up of the view I suspect.
If you want to sell the house, you need to emotionally detach yourself from it and be realistic. You've had "experts" round and they've all given you the same figure with no collusion suspected. That needs to tell you something no matter what you might think the other property that sold did or did not have. It actually sold for 10k less than they're proposing marketing yours for. If you think their models/estimates are flawed, set up as an EA and make a killing
If you put the house on for 350k, how long will you last before you start chipping away at the price? Most buyers will be sifting online initially and at that price point (25k over what the EA thinks and 35k over a recent sale in the same area - 10%) there's a risk they will simply dismiss it and move on and buy something else.
Once you start chipping away at the asking price, those who might be watching it will see it coming down. And then you're on a loser. And it's easy to see online now when asking prices have moved/been re-advertised. So there's no hiding place.
Have you researched what else has actually sold for 350k in similar places (ie no "incomer" footfall etc etc)?
Sorry if the above sounds a bit blunt, but it's very difficult to detach emotion from house sales and purchases. And that causes issues of expectation management and end result.
We went to Rick Stein's chip shop (not the proper restaurant) in Padstow a couple of years ago. The prices were about a pound higher than the other chippy on the harbour. Massive queues, which maybe had a bearing on the quality of the food. It just wasn't as good as the other chippy. It's all about the branding, rather than the product.You need to post pictures up of the view I suspect.
If you want to sell the house, you need to emotionally detach yourself from it and be realistic. You've had "experts" round and they've all given you the same figure with no collusion suspected. That needs to tell you something no matter what you might think the other property that sold did or did not have. It actually sold for 10k less than they're proposing marketing yours for. If you think their models/estimates are flawed, set up as an EA and make a killing
If you put the house on for 350k, how long will you last before you start chipping away at the price? Most buyers will be sifting online initially and at that price point (25k over what the EA thinks and 35k over a recent sale in the same area - 10%) there's a risk they will simply dismiss it and move on and buy something else.
Once you start chipping away at the asking price, those who might be watching it will see it coming down. And then you're on a loser. And it's easy to see online now when asking prices have moved/been re-advertised. So there's no hiding place.
Have you researched what else has actually sold for 350k in similar places (ie no "incomer" footfall etc etc)?
Sorry if the above sounds a bit blunt, but it's very difficult to detach emotion from house sales and purchases. And that causes issues of expectation management and end result.
As an incomer myself (20 years), I'm not quite as blinkered as some of the locals. I can see the benefits that taking an area upmarket can have for employment, and for anyone with property to sell. It's not so good for anyone starting out though. South East housing prices, but most jobs are minimum wage. Hopefully Porthleven won't go the same way as St. Ives, which is packed in the summer, empty off season, with many properties locked up and empty.
Mum was interested in a bungalow just round the corner from me. A 2 bed that's been extended by converting the garage into a reception room. It's on the main road, and has a tiny garden. The house next door is derelict (roof taken off a couple of months ago, surrounded by hoardings), so a bit of an eyesore until works starts again. It's on the market at £265k. The houses either side of me have both sold in the past 2 years, for not much more. Bigger houses (4 bed and 3 bed) on bigger plots. The area hasn't changed, but Porthleven (5 mins away by car) has, and that's pushing the market upwards. Remains to be seen if it will actually sell at that price, or if the agents are just speculating.
Going by that £265k valuation, my house must be "worth" £300k+. I paid £205k 6 years ago, against an asking price of £225k.
I appreciate that mum has to be realistic, it's only worth what someone will pay for it. It was valued at £325k 3 years ago, by one of the agencies that visited on Monday.
Jobbo said:
How can it have views of both the Fal estuary and St Austell Bay if it's in a dip, a mile inland? I'm intrigued. You really need to post a picture of the view; a distant sea view is never going to be worth as much as a view from the edge of the coast.
The property isn't in a dip, the village centre and most of the houses are. Mum's house is up a hill from the village, on the back road to Coverack. From the back of the house, the next field is at a lower level, as is most of the land towards the sea. She has an almost 180 degree unobstructed view across open fields and the sea towards the Fal, The Roseland and St. Austell Bay.As you drive into the village, you can't see the sea. You can't see it from her road either. It looks like any other small '70s development. It's only from the back of the house that you have any idea. Obviously she can't see the shoreline close to her house, so it's not a waterside location.
This is the property, 5 or 6 years ago:
https://www.google.co.uk/maps/@50.0489852,-5.08504...
I'd prefer a stable market, gradual increase over time kind of thing. When some areas shoot up, and others barely keep up with inflation, it makes moving tricky.
I don't have a problem with incomers in general (I'm from London, moved to Cornwall 20 years ago), just the prevalence of second homes in places like St. Ives has gone a bit too far.
Mum has had a think about her situation, she will stay where she is for now. She likes the house and the view, just worrying about the growing balance of the equity release mortgage versus the value of the house, plus feeling down since dad died at Easter.
I don't have a problem with incomers in general (I'm from London, moved to Cornwall 20 years ago), just the prevalence of second homes in places like St. Ives has gone a bit too far.
Mum has had a think about her situation, she will stay where she is for now. She likes the house and the view, just worrying about the growing balance of the equity release mortgage versus the value of the house, plus feeling down since dad died at Easter.
|https://thumbsnap.com/qaU6acHj[/url]Funny how people want different things when they sit in the garden or look out of a window. Personally, I'd take mountains and lakes over the sea, but I'd take the sea over other people's houses. Worst view I can think of is a flat landscape. I always felt a bit jittery when I had to drive to Lincolnshire.
I wonder if it's down to where one grew up? Being from East London, I hate cityscapes from ground level. I couldn't go back to being surrounded by tall buildings and people.
I wonder if it's down to where one grew up? Being from East London, I hate cityscapes from ground level. I couldn't go back to being surrounded by tall buildings and people.
Mum changed her mind again, decided to sell. She contacted one of the agents that valued it at £325k, said she would like them to try for £350k. They agreed.
She signed the paperwork 2 weeks ago, had 2 viewings. Second couple that viewed put in an offer. Bit of bartering, and she's accepted £340k.
Buyer's own house is under offer, their buyer is currently in rented, so a short chain. Target completion mid February.
She signed the paperwork 2 weeks ago, had 2 viewings. Second couple that viewed put in an offer. Bit of bartering, and she's accepted £340k.
Buyer's own house is under offer, their buyer is currently in rented, so a short chain. Target completion mid February.
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