View Full Version : Will the city living bubble burst?


march
12-05-2005, 12:03
While it isn't something that has ever appealed to me I can see the benefits it has for some people. However in many cities, Sheffield included, they seem to be trying to fuel growth by allowing a seemingly infinite amount of city centre apartments to be built.

Surely it will reach saturation at some point and the bubble will burst, as it did with the Internet in the late 90s, and with other markets that grew too quickly. City living is obviously here to stay and if the bubble did burst the market would recover over time but it could cause major problems for a lot of people if it did happen.

Investors would have apartments they couldn't rent or sell and ordinary owners would struggle with negative equity and may be stuck there for a long time.

neeeeeeeeeek
12-05-2005, 12:15
I wonder how many more 150000 pound flats they can build and who can aford to buy them!

Most people I know would struggle to get a 100 grand mortage, infact most people I know can't buy a house at all.

If I had £150k to spend I certainly would not buy one of those flats..

I can't see it lasting, in fivve years when they are dirty and falling to bits people may not be so keen.

*Twinkle*
12-05-2005, 12:43
I love my Uqube apartment, but I would certainly not buy it. The plaster has cracked and paint is falling off in great chunks every other day... I've reported it and it will get sorted, I'm just glad it's not my problem!

jackthedog
12-05-2005, 12:43
I've stood by this view since they started sticking these things all over the city.

West One and similar places will be as desirable as Kelvin Flats in a few years.

They will fall out of fashion, nobody will want to live there, and Sheffield will again be packed with old, rotting, ugly buildings full of undesirable dwellings.

They are also often cheaply and quickly produced, and will not stand the test of time, but by then the developers have made their money, so do not care.

It's a good quick fix, cashing in on the City Living boom.
As are most things this sorry excuse for a council throws us headlong into.

Abdul
12-05-2005, 13:32
As long as Sheffield has its universities, hospitals and businesses, we'll have city living. It must be very conveneient, to be able to walk to work, town or the hospital in a matter of minutes instead of waiting in the rain for a bus, or being stuck in a traffic jam in a car.

However, I expect that as the housing market cools, and thousands more apartments are built on every available plot of land within a mile of the town centre, then the premium these properties once commanded will disappear.

I expect the price will come down to a certain point, and the quality may fall shortly after, but I'm sure city living will be us for a good while yet. It's trendy, you know :)

Cyclone
12-05-2005, 13:40
isn't this one of those cyclical things, it'll stay popular for a while, then wain, and in 30 years it'll be the next big thing (again).

march
12-05-2005, 13:42
Has anybody bought one of these luxury "City" Living apartments, 3-5 miles from town and practically in the middle of a council estate for £117,500 yet?

http://www.vebra.com/home/search/vdetails.asp?src=vebra&fd=0&bd=1&db=1&cl=2755&pid=9506584

Abdul
12-05-2005, 13:55
Originally posted by march
Has anybody bought one of these luxury "City" Living apartments, 3-5 miles from town and practically in the middle of a council estate for £117,500 yet?

http://www.vebra.com/home/search/vdetails.asp?src=vebra&fd=0&bd=1&db=1&cl=2755&pid=9506584

Herries Road, eh?

Handy for the Northern General Hospital, if nothing else!

£117,500 is taking the michael, though.

The electronically controlled vehicular gated access will be handy to keep out the riff-raff.

RockKat79
12-05-2005, 14:00
An estate agent told me when I first put my flat on the market over a year ago that city living hadn't taken off properly like in other cities.

I think the market is saturated with new flats and flat developments. I had an absolute nightmare selling my flat at the Old Wards Brewery, i put it on the market in feb 04, dropped the price twice, changed estate agents in June, dropped the price twice again and ended up part exchanging it for a new house at the end of March 05 just to get rid of it!

They kept it on the market but dropped the price again, and as yet have still not managed to shift it!

We thought a doctor might buy it because we did have quite a few look around, but also a few from London who thought they would get more for their money in Sheffield.

It's no longer a worry now!

goose
12-05-2005, 14:02
Originally posted by jackthedog
West One and similar places will be as desirable as Kelvin Flats in a few years.

They will fall out of fashion, nobody will want to live there, and Sheffield will again be packed with old, rotting, ugly buildings full of undesirable dwellings.

They are also often cheaply and quickly produced, and will not stand the test of time, but by then the developers have made their money, so do not care.

I doubt it, City centre living has been going on in London for years now. Why should major Northen Cities be any different?

The City living boom has more to do with lifestyle change rather than fashion. There are simply more couples/singles who want convienent living and dont need room for any sprogs.

I have to take issue with your ugly buildings comment as well - accepted some buildings are questionable, but West One has reenvigorated the Devonshire Quarter and actually looks quite stylish.

I think your last point does have some substance - but thats more to do with poor finishing. The same sort of thing is evident in traditional new housing estates.

Hadron
12-05-2005, 14:11
I think flats appeal more to young professionals than to families and the elderly and as long as they remain in proportion to the target audience I cant see a problem with them becoming vacant.

I do echo sentiments posted earlier in that the dwellings do age considerably faster than the norm and will look shabby within a few years.

As this is well known anyway this should be in the contract that refurbishment and maintenance is carried on by the builders concerned.

jackthedog
12-05-2005, 14:22
Originally posted by goose
I doubt it, City centre living has been going on in London for years now. Why should major Northen Cities be any different?

The City living boom has more to do with lifestyle change rather than fashion. There are simply more couples/singles who want convienent living and dont need room for any sprogs.

I have to take issue with your ugly buildings comment as well - accepted some buildings are questionable, but West One has reenvigorated the Devonshire Quarter and actually looks quite stylish.

I think your last point does have some substance - but thats more to do with poor finishing. The same sort of thing is evident in traditional new housing estates.

I'm not sure we pull off the 'major northern city' tag very well, so what works well in London, and more recently Manchester and Leeds, might not translate so well in Sheffield.
I hope I'm wrong, however.

West One looks fine now. Very 'of the moment'.
Like platform boots once were.

GazB
12-05-2005, 14:23
Originally posted by caprice
I love my Uqube apartment, but I would certainly not buy it. The plaster has cracked and paint is falling off in great chunks every other day... I've reported it and it will get sorted, I'm just glad it's not my problem!

What are they like to live in? I looked into renting one, but £350+ a month for something so small seemed ridiculous.

goose
12-05-2005, 14:29
Originally posted by jackthedog
I'm not sure we pull off the 'major northern city' tag very well, so what works well in London, and more recently Manchester and Leeds, might not translate so well in Sheffield.
I hope I'm wrong, however.

West One looks fine now. Very 'of the moment'.
Like platform boots once were.

:hihi: interesting comparison. but credit where credits due - i think West One will stand the test of time.

.................just in case your wondering, no i don't live there!

*Twinkle*
12-05-2005, 14:56
Originally posted by GazB
What are they like to live in? I looked into renting one, but £350+ a month for something so small seemed ridiculous.

They're fine for a couple/single person. We have more than enough room! Its split into "areas" so the kitchen is kind of in a corner, a bit out of the way... The bed is a queen bed, which is adequate for an average sized couple (but not for a large pair!) and is brand new and very very comfy!
The decor is good, it makes it appear very roomy and the chocolate leather settee and a glass table really set off the "swishness" of it all! We have quite a long hallway, which I use to study in, aswell as store all my endless books and files on a set of shelves... Dividing the living space into areas helps us to maximise the space we have a lot better than dining/studying on the same table!
Our apartment actually costs us £450 a month, as we have one of the larger ones... We did originally want one at £350 for cashflow reasons, but we fell in love with this one and the lifestyle package it brings us.
I would have liked to rent a 1bed, you get a seperate bedroom, balcony, washing machine, dryer, oven & 4 ring hob all extra... But they start at £550 which is out of our budget...
People think you have to be rich to live here, but its not true at all. In September, I'll be paying my full half towards the rent as I'll be getting a student loan and I want to live exactly as a student would, with the bills/rent payments etc... So I'll have £225 to pay a month, which is about the average for a student's rent, according to the council's leaflet on student budgeting... Now where else could you rent a self-contained flat and live in the lap of luxury for that price?!

viking
12-05-2005, 15:02
I love waking up to the birds calls and the quiet.
I love being surrounded by country views.

I commute to West 1 on the tram. you're welcome to it

carcrash
12-05-2005, 16:28
£550 for a one bedroom flat.

Cyclone
12-05-2005, 19:17
puzzled by the queen bed comment, I was under the impression that sizes went, double, king, queen. So that's the biggest of the lot.

Originally posted by caprice
They're fine for a couple/single person. We have more than enough room! Its split into "areas" so the kitchen is kind of in a corner, a bit out of the way... The bed is a queen bed, which is adequate for an average sized couple (but not for a large pair!) and is brand new and very very comfy!
The decor is good, it makes it appear very roomy and the chocolate leather settee and a glass table really set off the "swishness" of it all! We have quite a long hallway, which I use to study in, aswell as store all my endless books and files on a set of shelves... Dividing the living space into areas helps us to maximise the space we have a lot better than dining/studying on the same table!
Our apartment actually costs us £450 a month, as we have one of the larger ones... We did originally want one at £350 for cashflow reasons, but we fell in love with this one and the lifestyle package it brings us.
I would have liked to rent a 1bed, you get a seperate bedroom, balcony, washing machine, dryer, oven & 4 ring hob all extra... But they start at £550 which is out of our budget...
People think you have to be rich to live here, but its not true at all. In September, I'll be paying my full half towards the rent as I'll be getting a student loan and I want to live exactly as a student would, with the bills/rent payments etc... So I'll have £225 to pay a month, which is about the average for a student's rent, according to the council's leaflet on student budgeting... Now where else could you rent a self-contained flat and live in the lap of luxury for that price?!

cobaltblue
12-05-2005, 19:20
Originally posted by Cyclone
puzzled by the queen bed comment, I was under the impression that sizes went, double, king, queen. So that's the biggest of the lot.

It's double, queen, then king. King size bed is biggest of those 3.

GazB
12-05-2005, 19:37
Originally posted by carcrash
£550 for a one bedroom flat.

The uQubes (sp) are cheaper, as it's just one room (like a hotel room).

*Twinkle*
12-05-2005, 19:48
lol so am I now... I always thought it went: single, queen, double, king....

whatever it is, the bed is larger than a single, but smaller than a double... adequate for us two, but a larger couple would probably be uncomfortable.

cobaltblue
12-05-2005, 20:07
I haven't really seen 'queen' size beds for sale in this country. I don't think they are as popular here as in the USA. I was basing my information on hotel stays when offered a choice. I found this though -

Room and Bed Sizes: UK hotel rooms are much smaller than those in North America. On the following pages, we have included information on the typical bed types that you will find in each of our facilities.

Minimum Bed Sizes
Bed Size Inches Meters
‘Single’ 36" x 75" 0.9 x 1.9
‘Double’ 52" x 75" 1.3 x 1.9
‘Queen’ 60" x 80" 1.5 x 2.0
‘King’ 75" x 80" 1.9 x 2.0

EDIT: Sorry, cutting and pasting has turned of a bit messy.

march
13-05-2005, 06:41
There is such a thing as a 3/4 bed which is 75% of the size of a normal double. I reckon that will be the one!

jackthedog
13-05-2005, 06:57
Originally posted by carcrash
£550 for a one bedroom flat.

Originally posted by GazB
The uQubes (sp) are cheaper, as it's just one room (like a hotel room).

So £450 for a one room flat?

Bl**dy Hell!!

Might be cheaper to actually stay in a hotel.

Cyclone
13-05-2005, 07:21
i doubt it, not unless you can find a hotel for £9.16 /night.

Does seem rather expensive though, you could get a 2 or 3 bed terrace in walkley for that price, givining you 6 or 7 rooms. Or you could actually buy and mortgage something for £550/month or maybe even £450.

nick2
13-05-2005, 07:51
Originally posted by carcrash
£550 for a one bedroom flat.

thats nearly twice what I pay on my mortgage, which why I got a mortgage, if your not renting from the council it's just too expensive.

jackthedog
13-05-2005, 08:18
Originally posted by Cyclone
i doubt it, not unless you can find a hotel for £9.16 /night.

Does seem rather expensive though, you could get a 2 or 3 bed terrace in walkley for that price, givining you 6 or 7 rooms. Or you could actually buy and mortgage something for £550/month or maybe even £450.

Ha! £9.16 - Now that would be a lovely hotel :gag:

Okay, so I didnt do the maths there :) but it does seem ridiculous.
As you say, proper houses are available for that sort of money!

the fonz
13-05-2005, 08:23
Why is everyone so obsessed with the size, what does it matter? you can afford to buy a house in hillsborough with three bedrooms for the same price as a city living flat but why would you want to, especially if you are single or a young couple and you dont need the space. Location Location Location as the programme says.

The prices of these things may seem exessive but its easy, there are no hidded costs, everything in under guarantee, unlike an old house which can have a variety of things go wrong at any time.

There are a lot of flats, but as ive said before im confident that property investors and developers know slightly more about the market (as its their job) than anyone who speculates on here.

Yes i live in the city centre, yes i work here aswell. IMO commuting time is dead time, and ive had to do it before, and dont ever want to do it again.

jackthedog
13-05-2005, 08:44
Originally posted by the fonz
you can afford to buy a house in hillsborough with three bedrooms for the same price as a city living flat but why would you want to

06:30am bottle clanging wake up call (http://www.sheffieldforum.co.uk/showthread.php?s=&threadid=13682)

Originally posted by the fonz
The prices of these things may seem exessive but its easy, there are no hidded costs, everything in under guarantee, unlike an old house which can have a variety of things go wrong at any time.

There are a lot of flats, but as ive said before im confident that property investors and developers know slightly more about the market (as its their job) than anyone who speculates on here.

Yes i live in the city centre, yes i work here aswell. IMO commuting time is dead time, and ive had to do it before, and dont ever want to do it again.

The property developers know a lot about the market and how to make a lot of money out of it. That is their job. Not to provide long-lasting housing that will still be as popular and desirable in 30 years.

Each to their own though. It works for you, that's great.
I wouldnt want to live near where I work. So it wouldnt work for me.

Cyclone
13-05-2005, 08:56
Originally posted by the fonz
Why is everyone so obsessed with the size, what does it matter? you can afford to buy a house in hillsborough with three bedrooms for the same price as a city living flat but why would you want to, especially if you are single or a young couple and you dont need the space. Location Location Location as the programme says.

The prices of these things may seem exessive but its easy, there are no hidded costs, everything in under guarantee, unlike an old house which can have a variety of things go wrong at any time.

There are a lot of flats, but as ive said before im confident that property investors and developers know slightly more about the market (as its their job) than anyone who speculates on here.

Yes i live in the city centre, yes i work here aswell. IMO commuting time is dead time, and ive had to do it before, and dont ever want to do it again.

personally because I like space to spread out in.
It's nice to have a bedroom, a living room, a dining room and a kitchen. Each room with it's specific function and tailored too it.
And a 2nd bedroom makes a nice study for when I get to work from home, and the 3rd bedroom makes a nice craft room for my SO and doubles as a spare room for when we have visitors.

I don't think I could live in a flat with only 3 rooms (presumably the bathroom is a seperate room), I doubt I could even fit all my furniture in it storage style.
If i worked in the city centre, then the commute would be all of 20 minutes, hardly enough to worry about, personally i'd rather live further away than that and gain the benefits of less drunk people walking past the house between 11 and 2 all weekend.
Just to be clear, we are definitely in the young couple brakcet, we could easily afford a flat, but have absolutely no desire to live in the city centre.

nick2
13-05-2005, 09:03
I think if I were young and single then a flat in town would probably appeal, but I don't think two people can live in what is effectively a bedsit.

I could never live anywhere without a garden now I have one, there is not much that beats a summer BBQ with your mates on the backgarden IMO.

adlinds
13-05-2005, 09:21
I live in a 2 bedroom appartment at West One, although I love living here because its close to all the shops and bars, I would never buy one.
Even though it is a 2 bedroom I still find it's too small, there is not enough kitchen cupboards so everything is piled into each cupboard and finding an item you want in there is a mare.

We use the 2nd bedroom as an office and where we dry the washing. I would love an outside washing line just so the place wasnt covered in clothes. We do have a washer/dryer but never use the dryer to keep bills down.

The thing I find funny is if I need a bottle of milk or something on a friday night. I go down in my lounging around the house clothes and I look so out of place as everyone else is all dressed up.

The noise isn't a problem, it was for the first few days but now I don't notice any.

What annoys me most about living here is the dishwasher. I love it most of the time but when it finishes it beeps for 30 seconds and then 2 mins later does it again, and again forever. You have to open the door for it to stop, why??
It's very annoying, if you put it on before going to bed, you are awoken at 4am by it beeping and you have to get up and open the door. GGGrrrrr OK dishwasher rant over.

the fonz
13-05-2005, 10:35
I thinks its just a matter of opinion and circumstances, there are pros and cons for city living as well as living in suburbia.

Whilst i can see the attraction of a house and would probably never think of buying a flat next time, I think to just dismiss it as a phase or a bubble which will burst is an error.

City living is the ideal solution for many people and i think if people could realise this they would stop being so critical and accept it as the next stage of Sheffield, and other cities development.

alchresearch
13-05-2005, 11:03
Originally posted by RockKat79
An estate agent told me when I first put my flat on the market over a year ago that city living hadn't taken off properly like in other cities.

Sheffield joined the city centre apartment building race far to late.

dudu
13-05-2005, 11:59
Originally posted by jackthedog
06:30am bottle clanging wake up call (http://www.sheffieldforum.co.uk/showthread.php?s=&threadid=13682)



The property developers know a lot about the market and how to make a lot of money out of it. That is their job. Not to provide long-lasting housing that will still be as popular and desirable in 30 years.

Each to their own though. It works for you, that's great.
I wouldnt want to live near where I work. So it wouldnt work for me.

I quite agree. Multi unit builds are a great way to generate capital, as in effect the last few you build are for free as you have paid for your site aquisition, financing, and build costs with the earlier sales. But even so I wouldn't hold onto these, but sell them to buy houses in Broomhill, Crookes, HB and Walkley as these areas will always be in demand and IMO more so as people are fed up with city living and the flats get tatty.

When compared to prices paid for appartments, houses still look remarkably cheap and will only continue to go up in value, as appartment prices inevitably have to drop as supply overtakes demand...

Juicyb125
13-05-2005, 19:01
We were thinking of buying a flat in the city after relocating from London - but reading all your threads, not sure it is a good idea!

Definitely wouldn't live in West One though - had a look at those the other day and they are tiny!

Liked Telegraph House where you have a separate living room and kitchen. Mind you - not sure I want to live opposite MacDonalds!

Ooooh it is so confusing!