A Room with a View
28th January 2020
I was recently booked in to see a property in a popular block in W2. The property was a two bedroom flat, on the upper floors.
I had an investor in mind with regards to this property, having sourced a few for him previously. He seemed to be on a mission to purchase up most of the block. Perhaps he was aiming to be the majority owner of the block which would then allow him to purchase the freehold. This then would open up planning opportunities; which would be very lucrative given the location.
We had been monitoring this property for several months now, and been watching the price. It had recently dropped to a level where we could make an offer.
Looking at a two bedroom property in a block we are familiar with wasn’t really necessary; as all you’re doing is seeing a small rectangle shoe box, which is part of a larger rectangular box.
Therefore, for us the process is driven primarily by price not by sight.
The description of the property on the particulars were pretty standard: location, local amenities……blah blah.
It was only when we got into the property, which took about 15 min – did I appreciate the real beauty of this flat. It was smack bang looking over the beautiful communal gardens and it was south facing. The benefit of this is it translates to a good level of sunlight all day. This means the property will have a good feel to it.
None of this was not mentioned at all in the particulars. Instead, you had some generic information which could have been used to describe any flat in the block.
This property cannot be put into the same league as any of the other properties in the block. It is a cut above the rest.
Testimony to this will be its ability to rent out; and when it comes to the resell. I’m of the opinion this will not translate to a higher valuation for mortgage purposes. I’m doubtful they will consider the aspect and the direction the property is facing.
After the viewing it was clear this property had fallen through the cracks and had to be purchased.
The agent was transparent enough to tell us the owners, who were from the Middle East, were there to do a deal.
There is little point in throwing low ball offers back and forth. You and the agent lose credibility in the process. Instead, it’s better to get them on your side and then work with them to close the deal; which is what I am attempting to do.
Without even showing it to my investor, I know this will be a done deal.
This deal nearly fell through the cracks. If the price hadn’t dropped we would not have looked at it.
This is clearly a downside, as properties in this location at least deserve a view. One would have at the very least expected the agent selling it to highlight these massive plus points which actually will stand on their own legs and sell the property for you.
The importance of view and aspect was recently reemphasised when I had a request from a client who wanted to look at the river on a Sunday morning, eating ghantia and chai; and why should he not enjoy such things? We have sourced him a property which does just this, and within the realm of his price range. He is yet to view the property, but I’m confident he will close the deal once he has viewed the property next week.