Today’s Penicuik Property Blog is a bit different.
I have noticed over the last few weeks that there have been a number of flats for sale in Andrew Court in Penicuik. It got me thinking that having a number of similar properties for sale in an area allows a buyer to negotiate a better price as, for sure, the sellers will know that there are lots of properties like theirs for sale and so may be open to negotiation on price.
There are currently 3 one bed and 1 two bed flats up for sale in Andrew Court in Peniciuk.
The one beds are:
· No 4 – I looked at this one in my blog post of 15 July 2015. It’s a fairly basic first floor flat that is on the market with Stuart & Stuart for offers over £70,000. http://www.zoopla.co.uk/for-sale/details/37425556
· No 12 – this is a reasonably presented top floor flat that is on the market with Allan McDougall for offers around £80,000. http://www.rightmove.co.uk/property-for-sale/property-53049590.html
· No 15 – this is the best presented of the 1 bed flats and it is on the ground floor. The flat it is also on the market with Stuart & Stuart this time for offers over £80,000. This price has recently been brought down. http://www.zoopla.co.uk/for-sale/details/36417331
The two bed flat is No 7 and it is a reasonably presented 2nd floor corner flat that is on the market with our friends Stuart & Stuart for offers over £90,000. http://www.zoopla.co.uk/for-sale/details/37425556
Rents for 1 bed flats in Andrew Court are around £500, possibly £525, and for 2 bed flats they are around £600, possible £625. At these rents, yields of more than 8% are possible on the published prices.
Given that there are so many flats for sale in the block, there is an chance for buyers to negotiate hard over selling prices and bag themselves a bargain which would push the yield even higher!