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<b>Monday 13 October:</b> Body in the river, Deansgate falls and metal detectors in pubs
A BODY has been pulled from the River Irwell in the city centre this weekend. Passers-by contacted the emergency services to report a man struggling in the river near Blackfriars Street on Sunday afternoon. Police said his death is being treated as suspicious and are urging anyone with information to contact them.
DEANSGATE APARTMENTS are falling in value faster than almost any other area of the country. For example a flat costing £237,000 this time last year would now go for an average of £196,500. Only a street in Birmingham has a had a higher fall in value, making Deansgate the second highest in Britain.
AIRPORT-STYLE SECURITY is being tried out on the door of a Moss Side pub in a bid to tackle gun and knife crime. The Beehive on Claremont Road has been kitted out with an ultra-sensitive metal detecting machine which drinkers will have to pass through before entering the pub. No weapons were detected but police have nevertheless hailed the operation a success.
MANCHESTER CITY are searching for more top-quality players. Assistant Manager, Mark Bowen told mcfc.co.uk: “We have people out there looking at names already. We also have the chance, because we know what the budget is, to target players at the very top so if you think you can get them maybe they will come. You can’t just point at the best players in the world. You have to carefully select who you bring in and who they will work around.”
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City center apartments peaked a few years ago. The smart money sold out by 2005. I believe some of the Beetham tower flats were bought and sold several times (at a profit) before even being built. When you get such a massive overshoot of a credit bubble, the downside is going to be that much worse. Expect further drops in prices and keep your eyes on the auctions for some real bargains. BTL investors, please learn what a positive yield is..;-)
So pleased I didn't buy a city centre apartment. All those that did must be kicking themselves now!
So I guess right now's a good time to get knock down prices for apartments eh? Anyone got any recommendations for places that're worth buying?
City property prices have been over inflated by greedy developers - increasing the price to be able to give big percentage discounts.. most city centre flat owners will have had incentives such as stamp duty paid, free carpets, free appliances and a deposit paid as part of their deal. These things don't come for free - they are incentives built in to the price.... therefore increasing the headline price. House price inflation built on greed for freebies....
Price falls on Deansgate are heavily distorted by the presence of two 'iconic' buildings whose initial prices included a substantial premium for the real advantage and for the sheer kudos of being one of the first to buy. Most initial house price quotes are set on a basis of comparison and when the development is unique no comparison is possible; the developer merely charges what they hope they can get for the first tranche of sales and expects to drop prices to more realistic levels for subsequent sales. Average price drops are likely in all but the most buoyant of markets, and this is certainly not the most buoyant of markets. I'm not denying there's a fall, but let's use our local knowledge to prevent us being carried away by the hype. Deansgate, and the lower profile 'off-Deansgate' addresses, still rank as great places to live.
i'd also recommend keeping an eye out on local estate agents who are selling repossessed flats - they go for a song.