Luxury apartments tumble in value as downturn bites
PRICES of apartments at a prestigious Newquay development – home to the likes of Phillip Schofield – have been reduced by 25%.
In the light of tumbling house prices and the global economic downturn, prices at Bredon Court, in Tower Road, have been cut by a quarter of the original market value.
-
A Bredon Court living room – now yours for a quarter less.
With superb views over Newquay Golf Course and out over Fistral Bay, Bredon Court has been noted as one of the town's stand-out developments. And its status was heightened further when This Morning presenter, and former Newquay lad, Phillip Schofield purchased a luxury apartment on the site.
Bradleys Estate Agents, which is marketing the development, said the 25% reduction meant that many of the luxury apartments were a bargain.
"If you are looking to join the millions of people who have bagged a bargain in the January sales, there has never been a better time to buy property, with prices at their lowest for years," said Bradleys in a statement.
"For those seeking an investment Bredon Court has a two-fold advantage, as a holiday rental property and as a long-term investment. Holidays in the UK are set to rise, as a result of the cost of the euro and the dollar, and predictions are that the Cornish holiday rental market is likely to have a very good year. In the longer term, the apartments at Bredon Court will prove to be popular once the housing market returns." Bredon Court consists of 43 two and three-bedroom flats and eight town houses. Each apartment has parking and underground storage. Prices start from £210,000.
3 Comments
by Jayce, Newquay
Tuesday, January 06 2009, 4:07PM
“Nobody's getting a 'bargain'. These places were never worth the stupid prices people were prepared to pay for them. They are still overpriced, and if the prices halved again they still wouldn't be a 'bargain', maybe just more realistically priced. As for the people who bought them at the height of the boom - more fool them. So-called 'surf pods' for City bonusboys who fanced themselves as weekend surfers? Mental. Wake up guys, it's not a recession it's a reality check.”
by Lee, Newquay, England
Tuesday, January 06 2009, 12:17PM
“I agree that £210k for a two bedroom apartment (which will probably not be one of the properties with superb views)in that particular area of Newquay is still too much. Worth waiting until at least the end of 2009 for a bargain in the housing market.”
by Paul, Truro
Tuesday, January 06 2009, 9:18AM
“£210,000 is still way over the top. If when that sort of money on the lotto i would never buy a house in Newquay and not for that price.”