BigDave Posted October 6, 2011 Share Posted October 6, 2011 A bunglow 3 doors down from ours went on the market a couple of weeks ago and the sold board went up within 7 days. Just goes to show that the demand is there for sensibly priced properties. Link to comment Share on other sites More sharing options...
Dave Hedgehog Posted October 6, 2011 Share Posted October 6, 2011 I think it's pretty good of them to say their customers with houses under £250k aren't really worth bothering with. Refreshing honesty from an estate agent at last. Lets have more of it in the future. Link to comment Share on other sites More sharing options...
illegitimi non carborundum Posted October 6, 2011 Share Posted October 6, 2011 I think it's pretty good of them to say their customers with houses under £250k aren't really worth bothering with. Refreshing honesty from an estate agent at last. Lets have more of it in the future. It's the bottom feeder low life estate agents that are the root cause of the problem. They give vendors an over inflated price for their properties to earn more fees. They should all be used as fish bait. Link to comment Share on other sites More sharing options...
Kionneyder Posted November 18, 2011 Share Posted November 18, 2011 Sorry I can't start a new thread as a newbie but: http://quayles.co.im/ Website has gone. Has this company gone a bit belly up? I was hearing rumours but now the website has gone (and this was their main selling point - it's online, we have no offices, ie no huge overheads) - anyone know anything? Link to comment Share on other sites More sharing options...
Dave Hedgehog Posted November 18, 2011 Share Posted November 18, 2011 This works for me http://www.quayles.co.im/ Link to comment Share on other sites More sharing options...
William_Hartnell Posted November 19, 2011 Share Posted November 19, 2011 Quayles appear to be one of the few local agents sensibly pricing properties according to current market value. There are a few exceptions but on the whole they seem to be a damn sight more realistic than one or two inharmonious agents out there whom I believe are cutting back on staff at present. The current market will switch to a slow ebb come February but don’t expect value to fall by much outside Heritage shoe boxes and converted apartments. That said asking prices with agents will start to come down dramatically and a few sellers are going to get a short sharp shock when they realise the true value of their property isn’t anything like what their agent told them. The days of adding the standard 20% on value in anticipation of buyer negotiation is long gone. Also interesting to hear a few cash buyers are doing the rounds of local agents at present looking for property to let-out in the short term. It’s certainly bleak but things will slowly start moving in the New Year. Link to comment Share on other sites More sharing options...
William_Hartnell Posted November 19, 2011 Share Posted November 19, 2011 Being young and looking for a house on the Island is a nightmare. Anything under 250K is not worth looking at, unless you really like living in a box in Peel! Utter bollocks. If you filter out the shoe boxes then £250k at present will buy a very decent property. There are some real gems on the market under 250k at present and if you're looking at agents properties then you should be looking at anything listed up to 300k. Link to comment Share on other sites More sharing options...
Hugh Jampton Posted November 19, 2011 Share Posted November 19, 2011 I live in a 2 bedroom; 1 living room dandara house which I bought new for £48,000. My regular TT friends from Australia and Germany are amazed that a house so small could now fetch £200,000. Ithink it is vastly over priced but the one opposite is up for sale for £205k Link to comment Share on other sites More sharing options...
Steve2381 Posted November 21, 2011 Share Posted November 21, 2011 I property developed for a while on the Island for a local wealthy business man (Douglas). He had great plans and ideas for getting the property market back on its feet. .... failed totally on its arse. The islands dodgy, workshy, ripoff builders killed it before it even got off the ground. Two properties later and the idea was dropped (at my recommendation). He was never going to make a decent return, as the properties cost him so much to renovate (due to the cost of the islands contractors) that they now are priced too high to sell. So... as this forum likes to tell everyone who they don't agree with... I got on the ferry and its the best thing I ever did. I am not calling back in here... so whinge away..... I don't care.... ha ha Link to comment Share on other sites More sharing options...
Merkin Posted November 21, 2011 Share Posted November 21, 2011 I property developed for a while on the Island for a local wealthy business man (Douglas). He had great plans and ideas for getting the property market back on its feet. .... failed totally on its arse. The islands dodgy, workshy, ripoff builders killed it before it even got off the ground. Two properties later and the idea was dropped (at my recommendation). He was never going to make a decent return, as the properties cost him so much to renovate (due to the cost of the islands contractors) that they now are priced too high to sell. So... as this forum likes to tell everyone who they don't agree with... I got on the ferry and its the best thing I ever did. I am not calling back in here... so whinge away..... I don't care.... ha ha This wouldn't happen to be a couple of town houses on a certain posh looking Square in Douglas would it? Link to comment Share on other sites More sharing options...
Overdose Posted November 21, 2011 Share Posted November 21, 2011 If it is he's more interested in rejuvenating Derby Square, not the property market as a whole. Have to say that he's done a top job on the houses that he's tackled on the square, considering the state they were in before he started.... Link to comment Share on other sites More sharing options...
Merkin Posted November 21, 2011 Share Posted November 21, 2011 I think it's pretty good of them to say their customers with houses under £250k aren't really worth bothering with. Refreshing honesty from an estate agent at last. Lets have more of it in the future. It's the bottom feeder low life estate agents that are the root cause of the problem. They give vendors an over inflated price for their properties to earn more fees. They should all be used as fish bait. I'm not sure that it's a question of fees. The extra fees an agent would earn for selling a house for, say, £275,000 Rather than £250,000 would be £250 based on 1% commission. Agents would not want the hassle of doing viewings that they know won't lead to a sale esp. when the bank do their valuation. They are more likely to want to forfeit £250 and tell the vendor that their house is worth £25,000 less to get a quick sale. What I think you mean is that agents over inflate the price to secure the instruction over a competitor. This unfortunately does happen. The vendor then goes on to instruct all the agents at the over inflated price and the house sits there for months. Link to comment Share on other sites More sharing options...
ballaughbiker Posted November 21, 2011 Share Posted November 21, 2011 the properties cost him so much to renovate Sounds about right. It's now very difficult to make money out of property renovation and it's much easier to loose some now the huge annual price rises of a few years ago have (thankfully) gone. Link to comment Share on other sites More sharing options...
GD4ELI Posted November 21, 2011 Share Posted November 21, 2011 the properties cost him so much to renovate Sounds about right. It's now very difficult to make money out of property renovation and it's much easier to loose some now the huge annual price rises of a few years ago have (thankfully) gone. I know of at least two cases in the North of the Island where houses are worth the original purchase price (2007/2008-ish) despite ~ 150k being subsequently spent on them. Link to comment Share on other sites More sharing options...
manshimajin Posted November 21, 2011 Share Posted November 21, 2011 What I think you mean is that agents over inflate the price to secure the instruction over a competitor. This unfortunately does happen. The vendor then goes on to instruct all the agents at the over inflated price and the house sits there for months. It would be good if we could have a system of risk sharing with agents. If the property sells for the market price the agent has quoted, then they get the normal commission. If it sells for more than that they get a, say, 25% share of the increase above market, and if it sells for less than market they forego 25% of the difference between market and the price it sold for. I reckon that sort of system would make them much more careful in their valuations. They might undervalue a bit but sellers should have an idea of the values in their area. And if the house sells more quickly then it is a good thing. You could also build in some sort of incentive based on time to sell. Link to comment Share on other sites More sharing options...
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