(Further photographs are below the case study)
My clients wanted to acquire a property close to the shops and restaurants of Marylebone High Street.
At first they were rather surprised by how few properties they were being shown but I assured them that they were not missing out on any really good opportunities and would be wasting their time viewing average options.
Ironically, when I recommended an excellent apartment, they were reluctant to visit London to see it because the photographs and floorplan didn’t look great. Admittedly, most estate agents’ details dramatically oversell properties, but this was one of those instances where the property details undersold it.
I was concerned that the property might sell quickly and that my clients would miss out as they had to wait a few weeks before visiting, but fortunately it seems that other buyers were put off by the details too.
When my clients were finally able to visit, they were surprised by how good the apartment was. The building is well-run with excellent communal areas, the reception room has fantastic views over Marylebone and the apartment is incredibly light being on the sixth floor.
In addition, the owner was keen to transact quickly, so I was able to negotiate a price 26% lower than he had paid 5 years earlier. Now it is true that he had overpaid slightly, but I secured this property for a lower price than inferior properties in the building have sold for recently, i.e. they were on lower floors, didn’t have good views and/or were in far worse condition.
The extraordinary thing is that this apartment was on all the property portals and yet it was completely overlooked by every other buyer in the market, which once again shows that relying on the websites is a mistake.
If you want to find the best property your money can buy and negotiate the lowest price possible, you have to speak to all the agents and inspect every property that matches your criteria even when they don’t look promising on paper.
I know this is boring and there are a woeful number of poor, average and overpriced properties on the market. But if you don’t undertake the necessary research, how can you expect to find the best opportunities?
“Jeremy then handled the negotiation to achieve a discount to the asking price, so we now own an exceptional apartment that has cost us less than inferior properties have sold for in the same building.
Frankly, we would not have even visited this property and would have missed the opportunity if Jeremy had not been representing us.”
So, if you are serious about acquiring a property in London, would it be a bad idea to discover how to have first refusal on the best properties and then acquire them at favourable prices?
To do so, you can request a complimentary Strategy Call to discuss your plans by clicking here, calling 02034578855 (+442034578855 from outside the UK) or emailing dee@mercuryhomesearch.com
