Wow, what's going on with this house?

bubblesmoney

fimonkey wrote: »

http://www.rightmove.co.uk/viewdetails-17497738.rsp?pa_n=1&tr_t=buy

Came on the market in April 2008 for £199k, today price is slashed to £149950. I am REALLY sitting on my hands with this one, it's close to my work (a college, so handy supply of lodgers). Why such a slash in price though? Surely the vendor would have reduced earlier to sell if desperate, or could a vendor suddenly become desperate overnight?

Please persuade me NOT to even arrange a viewing, though a 4 BED for this price seems too good to be true (which means it probably is)?

this advertisement looks like a classic repocession advertisement with bare minimum details. from the photos looks like it was taken when tenants were still at the property. best to enquire if they are having problems getting rid of tenants before sale. and since photos are basic, a viewing might change ur mind. the windows above the door seemed to have been bricked off or boarded off, so might be a problem area, otherwise why would anyone get rid of windows on the 1st floor. tread carefully. even though appears cheap it might come with a lot of baggage

see similar repocession advertisements http://www.rightmove.co.uk/viewdetails-10316355.rsp?pa_n=2&tr_t=buy its a different area i know, but just showing it as an example of spotting repocession properties even before u speak to agent

there have been detached houses 3b going for slightly higher prices as the above one as well. 3b semis for 70k etc. but come with probs

pickledpink

I'm surprised you're so keen on the place - with all due respect it doesn't look desirable in any shape or form.

I'm wondering if it's the people who either haven't got the funds (or don't really care what the place is like) who will buy just about anything providing it's cheap.

westv

pickledpink wrote: »

I'm surprised you're so keen on the place - with all due respect it doesn't look desirable in any shape or form.

I'm wondering if it's the people who either haven't got the funds (or don't really care what the place is like) who will buy just about anything providing it's cheap.

I think the OP reasoning is here

"it's close to my work (a college, so handy supply of lodgers)"

I assume they want to rent it out as a house share rather than live in it.

Woby_Tide

I think the OP posted a few days ago about another property they were sitting on their hands over but that was a bit of distance from this one so not sure if they are intended for same use or not. The market is still dropping slowly round heer so I guess it makes those that drop quick stand out, but there is still a rational decision to be made and not just based on it's price dropping

plus it's on with Mann & Co Boscombe, bunch of arsewipes staffing it a few years back

lynzpower

OP has been desperate for a home of her own for a long long time. She has been thwarted by rising prices and a home being out of her grasp. Op walked away from a one bed flat for the same ( ish ) price last year. ( hope thats right OP )

Who wouldnt be tempted in that situation.

i tihnk the house is v desirable. However, I agree on the location, not the nicest, but great transport links to the flyovers A 4 bed house is a hell of a lot more desirable than a one bed flat

Certainly I would go nad have a look at it OP

Woby_Tide

lynzpower wrote: »

Certainly I would go nad

nice typo...;)

RHemmings

fimonkey wrote: »

http://www.rightmove.co.uk/viewdetails-17497738.rsp?pa_n=1&tr_t=buy

Came on the market in April 2008 for £199k, today price is slashed to £149950. I am REALLY sitting on my hands with this one, it's close to my work (a college, so handy supply of lodgers). Why such a slash in price though? Surely the vendor would have reduced earlier to sell if desperate, or could a vendor suddenly become desperate overnight?

Please persuade me NOT to even arrange a viewing, though a 4 BED for this price seems too good to be true (which means it probably is)?

Would this "too good to be true" price have been "massively overpriced" a few years ago?

Not that I'm saying the OP shouldn't buy it. But it's interesting how fast impressions of different prices change.

fimonkey

Hi Guys,

Lynzpower is absolutely right, I am a potential FTB and was buying a one bed flat for a similar price £130K this time last year, but pulled out when the vendor started to play games (what a lucky escape I had), and spent some of my deposit money on holidays instead beleiveing I'd never find a place of my own in this area.

So with prices dropping, I've become itchier and itchier! My deposit is in a 7% account, my IsA's are full for the past 3 years, so the money I spent on holidays has actualy been made back in interest, plus the additional deposits I've made, so I'm in a good position to buy. My ideal is a freehold 2 bed house between Boscombe East and Walkford (Christchurch), so anything better than that is a bonus!! I am looking for a home for myself for years to come, not an investment.

With respect to the area, it's on the edge of a grotty area, but the area seems to be up and coming. Boscombe now has a starbucks, and the surf reef is about to be built (most ridiculous place for a surf reef, there are no waves!!), close to the college etc.

The house in Walkford http://forums.moneysavingexpert.com/showthread.html?t=1048491 (which has now been taken off the market, but agent didn't say why when I called) is in a much more desireable area in terms of what I want (close to my horse, the New Forest etc) and is more of a family home, but less chance of being able to let out rooms should times become even harder.

I'm very concious of what Geourgous George said however in the prev thread I started re: the house in Walkford, who spelt it out just exactly what falling prices meant in terms of loosing depoist even if not ending up in negatice equity.... but even that considered, this house still seems a snip at the price.

I am going to arrange a viewing, then will get back to you! THANKS heaps for your comments.

RH hemmings, Good point! I've looked on nethouseprices adn this particular house isn't on there, but same houses in same street sold for between 189 and 199 last year, the 149950 seems to be the 2004 price (didn't house prices stagnate then?). So I guess the question is: Are house prices in this area likely to fall to less than 2004 levels?

MoaningMyrtle

Boscombe is not the best area, although they are regenerating the seafront aren't they? So could be a wise investment.

fimonkey

.. Sorry posted same twice.