Owner's negative equity horror

PasturesNew

ANGSTDATA wrote: »

hey that was funny ! I actually laughed out loud- but im sure ive had a run in with you sometime back about something........never mind ,was funny though

You might have thought you had a run in, but I don't give one monkey's gonad what's said from thread to thread or day to day.

Life's too short to keep notes.

PasturesNew

neverdespairgirl wrote: »

Your place isn't as small as this dump, though, is it?

Depends which dump.
TOTAL floor space is 250 sq ft.
One of those dumps described seemed a bit fluffy as to whether they were counting the total floor space or just the studio room part.

Small is having to put the loo seat down to creat the dining area

neverdespairgirl

PasturesNew wrote: »

Small is having to put the loo seat down to creat the dining area

YUCK!

So, would you shell out £180k for hte studio in the RM ad?

Zelie

I'd say maths is not this developer's strong suit. He was talking about the loss of £95,000 from £175,000 being a 50% drop!

lynzpower

can someone tell me how much stamp duty the government/ ie UKplc has made out of this goon buying this bedroom/flatlet

I think we should all rejoice on some level that there were idiots willing to make these mistakes, as it has bouyed up the investment elsewhere.

PasturesNew

neverdespairgirl wrote: »

YUCK!

So, would you shell out £180k for hte studio in the RM ad?

I had a quick look at studio in Pimlico after reading this thread ... and I was tempted

A couple seemed quite spacious, in a cramped kind of way. But they cost £250k

I think the question is whether one would rather have a studio in a posher part or a 1-bed in a less posh part... and it seems London has many really dodgy not so posh parts.

m00m00

thanks to beerhunter over on ghpc ...

For Ground Floor Studio Flat, 85, Winchester Street, SW1V 4NU;

10/08/07 - £175,000
01/10/03 - £95,000
01/11/00 - £64,000


back to 2003 prices on this flat.

PasturesNew

Bring in £/sq ft in the details I say.

Oh ... and teach agents proper maths so they can work it out!

neverdespairgirl

PasturesNew wrote: »

I think the question is whether one would rather have a studio in a posher part or a 1-bed in a less posh part... and it seems London has many really dodgy not so posh parts.

It's not as binary as that, though. There are the amazing pricey bits of London (Kensington, Chelsea, Mayfair, etc) the pretty damn expensive bits (Hampstead) the less pricey but very nice areas (Blackheath) the absolutely fine and safe areas, and the absolute hell-holes (Dalston, Elephant and Castle).

If I were going to be spending £250k on a small flat just for me in London, it wouldn't be a cupboard in Chelsea. I'd look at somewhere near Blackheath, for example, such as:

http://www.rightmove.co.uk/viewdetails-20904089.rsp?pa_n=1&tr_t=buy

turbobob

Something I found interesting is the comments from (presumably) the Daily Mail readers on their web site, which are pretty much the same as what we'd see from the bears here.

"So what does he want? Sympathy? He gambled and lost but is still in a position to afford the loss, many people aren't that fortunate."

"Tough. Perhaps Mr Conroy forgot that investments may also decrease in value. Deal with it."

"I don't think we are really going to feel sorry for a "Property Developer" in this situation are we? It is those people who helped fuel the ridiculous overheated housing boom of the past few years. No one wants these tiny little bedsit-type properties. More fool him for paying so much and getting over-excited at the auction when he bought it."