Last Friday I considered myself beyond privileged to meet the racing legend Frankel, my hero horse. It was a magical day made possible by the wonderful Jim Power who, not only was the Stud Groom for Banstead Manor Stud for many years but also, significantly, brought Frankel into the world. Frankel, the progeny of Galileo and Kind, was foaled at the stud on 11 Feburary 2008. In chocolate terms, my day with Jim Power and Frankel and, later, at the Newmarket Foal Sales was like winning the golden ticket for the Willy Wonka Factory. I was in horsey heaven.
I asked Jim when Frankel started to stand out amongst the crowd and he described him as "a lovely natured foal who owned the paddock”. He has described him as a “straightforward yet sensitive horse, with a slight air of arrogance about him - really top class racehorses often have that character.”
On Friday, Jim was quick to spot the high earners of the day as the fluffy foals were led around the paddock including top selling foal, son of Sea The Stars, purchased by Shadwell for 450,000 guineas.
Frankel raced 14 races and won all of them. Owned by Prince Khallid Abdullah, he is the first horse to be Champion at two, three and four-years old as well being crowned the Cartier Horse of the Year for two successive years in 2011 and 2012.
Frankel’s unquestionable supremacy translated into the exceptional prices achieved when his first two foals were sold: the first in June 2014 for £1.15m, whilst the second broke Irish records a week ago when it sold for 1.8m Euros (about £1.45million).
Yes, so much is down to the dam as well as the stallion, and Ireland’s success was much owing to the talent of the filly’s mother, Finsceal Beo (‘Living Legend’ in English) who won The 1,000 Guineas in 2007.
But what does this have to do with the residential sales market? Friday - my amazing day – was, surprisingly, a slow day for Frankel’s foals. The TV cameras were poised, the hype had been mounting, but out of his four foals due to be sold, the first was withdrawn following an over-excited jig in his stable and the following three did not meet their reserve prices, albeit one was subsequently sold to a privately increased bid.
I asked Jim Power what would happen to these adorable un-sold off-spring? How could they have not sold, despite their parentage and the amazing selling skills of three, non-stop-incentivising-supremely-knowledgeable auctioneers?
The talent was there, the genes were excellent, what more could one want? I truly felt for the owners and the auctioneers. It was no different to how I feel when I have launched an exceptional house to the market but I don’t find the buyer immediately, despite knowing the quality of what I am selling and promoting it with absolute gusto.
Jim’s answer was that the owners would probably wait until the Yearling Sales to re-present Frankel’s offspring to the market in order to achieve their deserved sum.
This is the property market too.
There are absolutely beautiful houses which have been brought to the market this autumn but have failed to sell. This isn’t down to their quality, however. Ask any estate agent (who really knows their salt) and the resolute answer to the question of “when is the best time to buy?” is: “NOW!”
We’re not saying this because we’re keen to get Christmas sales up, it’s because for a fourth year in a row we have not experienced the autumn market we were expecting.
We are in a new cycle. January and February are now key selling months.
January takes off at a gallop following the Christmas family ‘get-togethers’. Country Life, Rightmove & Zoopla report an annual peak of website hits in the latter part of Christmas Day. Decisions are made around the roast turkey and crackers and the newly-focused buyers want immediacy. They do not want to wait until the daffodils come out before a house is launched to the market.
This is why NOW is the right time to buy. Like Frankel’s unsold foals, look at what is out there now - don’t let the great and the brilliant pass you by - your ideal house may have already been withdrawn from the market only to be launched to the market in a few months time for a higher price. Call your agent now to discuss what is currently ‘hidden’ from the market. Vendors are more likely to consider genuine and unambitious offers this side of Christmas before the starting gates open in January. Unlike the retail market, you are likely to find your better purchase deal in the run up to Christmas - if you are waiting for the January sales you need not apply.
Finally, in estate agency, we often hear the expression “if it’s not meant to be, it’s not meant to be” – this expression frustrates me more than any other. If you want something don’t let it lie in the hand of fate - go for it. If you want a house - don’t hang about. Don’t be reserved in showing your agent your keenness to buy. It is your enthusiasm that gives us confidence in you and your genuineness which we, in turn, convey to our vendors. Enthusiasm also puts you at the top of our contact list for our ‘discreet’ properties which we are lining up for early 2015.
So, whilst I’m throwing fate out of the equation with my previous paragraph, I have noted something interesting: Frankel was born on 11 February 2008; his first foal was born on 11 January 2014 and our racing hero was trained by the legendary trainer, Henry Cecil, who was born on 11 January 1943.
Noticed anything? Apparently number 11 is considered to represent the Master Teacher which is believed to be an inspirational guiding light - someone who is highly charged, very powerful and leads the world.
I asked Jim when Frankel started to stand out amongst the crowd and he described him as "a lovely natured foal who owned the paddock”. He has described him as a “straightforward yet sensitive horse, with a slight air of arrogance about him - really top class racehorses often have that character.”
On Friday, Jim was quick to spot the high earners of the day as the fluffy foals were led around the paddock including top selling foal, son of Sea The Stars, purchased by Shadwell for 450,000 guineas.
Frankel raced 14 races and won all of them. Owned by Prince Khallid Abdullah, he is the first horse to be Champion at two, three and four-years old as well being crowned the Cartier Horse of the Year for two successive years in 2011 and 2012.
Frankel’s unquestionable supremacy translated into the exceptional prices achieved when his first two foals were sold: the first in June 2014 for £1.15m, whilst the second broke Irish records a week ago when it sold for 1.8m Euros (about £1.45million).
Yes, so much is down to the dam as well as the stallion, and Ireland’s success was much owing to the talent of the filly’s mother, Finsceal Beo (‘Living Legend’ in English) who won The 1,000 Guineas in 2007.
But what does this have to do with the residential sales market? Friday - my amazing day – was, surprisingly, a slow day for Frankel’s foals. The TV cameras were poised, the hype had been mounting, but out of his four foals due to be sold, the first was withdrawn following an over-excited jig in his stable and the following three did not meet their reserve prices, albeit one was subsequently sold to a privately increased bid.
I asked Jim Power what would happen to these adorable un-sold off-spring? How could they have not sold, despite their parentage and the amazing selling skills of three, non-stop-incentivising-supremely-knowledgeable auctioneers?
The talent was there, the genes were excellent, what more could one want? I truly felt for the owners and the auctioneers. It was no different to how I feel when I have launched an exceptional house to the market but I don’t find the buyer immediately, despite knowing the quality of what I am selling and promoting it with absolute gusto.
Jim’s answer was that the owners would probably wait until the Yearling Sales to re-present Frankel’s offspring to the market in order to achieve their deserved sum.
This is the property market too.
There are absolutely beautiful houses which have been brought to the market this autumn but have failed to sell. This isn’t down to their quality, however. Ask any estate agent (who really knows their salt) and the resolute answer to the question of “when is the best time to buy?” is: “NOW!”
We’re not saying this because we’re keen to get Christmas sales up, it’s because for a fourth year in a row we have not experienced the autumn market we were expecting.
We are in a new cycle. January and February are now key selling months.
January takes off at a gallop following the Christmas family ‘get-togethers’. Country Life, Rightmove & Zoopla report an annual peak of website hits in the latter part of Christmas Day. Decisions are made around the roast turkey and crackers and the newly-focused buyers want immediacy. They do not want to wait until the daffodils come out before a house is launched to the market.
This is why NOW is the right time to buy. Like Frankel’s unsold foals, look at what is out there now - don’t let the great and the brilliant pass you by - your ideal house may have already been withdrawn from the market only to be launched to the market in a few months time for a higher price. Call your agent now to discuss what is currently ‘hidden’ from the market. Vendors are more likely to consider genuine and unambitious offers this side of Christmas before the starting gates open in January. Unlike the retail market, you are likely to find your better purchase deal in the run up to Christmas - if you are waiting for the January sales you need not apply.
Finally, in estate agency, we often hear the expression “if it’s not meant to be, it’s not meant to be” – this expression frustrates me more than any other. If you want something don’t let it lie in the hand of fate - go for it. If you want a house - don’t hang about. Don’t be reserved in showing your agent your keenness to buy. It is your enthusiasm that gives us confidence in you and your genuineness which we, in turn, convey to our vendors. Enthusiasm also puts you at the top of our contact list for our ‘discreet’ properties which we are lining up for early 2015.
So, whilst I’m throwing fate out of the equation with my previous paragraph, I have noted something interesting: Frankel was born on 11 February 2008; his first foal was born on 11 January 2014 and our racing hero was trained by the legendary trainer, Henry Cecil, who was born on 11 January 1943.
Noticed anything? Apparently number 11 is considered to represent the Master Teacher which is believed to be an inspirational guiding light - someone who is highly charged, very powerful and leads the world.
Caroline Edwards
Partner
Residential Sales, Long Melford
T: 01787 888622
E: caroline.edwards@carterjonas.co.uk
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