Last week I met with an investor from Kent to discuss his particularly shrewd recent purchase of an apartment in the Echo Building on the River Wear. Anybody who has been involved with the buying and selling of apartments in Sunderland City Centre over the last decade has no doubt seen the true definition of boom and bust, sadly over recent years its been more of the bust.
Prices rose steadily from £140,025 in 2006 to the lofty of heights of £185,036 in 2009. Somewhere in that time was that little thing called the financial crisis, which threw this particular market into meltdown. Within 2 years the prices had plummeted to an average sale price of just £79,577, a staggering loss of over £100,000 per apartment...or was it?
Sadly, in many cases investors suffered significant losses, however, many who had bought at top end and were able to continue to rent and provide high quality city centre accommodation. The properties that did sell over the following years were not necessarily those that were bought at the boom of the market and therefore whilst still significant, maybe the true picture of losses isn't as dramatic as the figures may seem.
But what does all this mean now? Well, investors of any commodity will tell you to buy low and sell high. In comparison to recent years then prices are certainly low and with high demand for City Centre living, there remains a strong market for top quality apartments in the heart of our City. The key to success in this market is as simple and difficult as this - finding the right location at the right price. If you are interested in purchasing apartment in the City Centre or any other type of property in Sunderland then give me a call on 0191 546 1973 or email me at firstname.lastname@example.org