You know that investment I was buying - I just got cold feet

IT_nerd

A big told you so from me.
And I'm very happy you didn't go through with it.

Conrad

dopester wrote: »

What about all the Warren Buffett stuff you were on about "buying when no one else is" - forgetting the fact that the system isn't lending as much and FTBs need stonking deposits - and your overlooking the massive unemployment rises you were warned about.... and how the EA said you could sell it near immediately for a £30,000 profit ?

That last bit always had me laughing. Sure. Go on.. buy it.

Do you lose your deposit?

The developer was selling them at £170 last year, £140 ish now (with scope down to £125 for people with large deposits) and eventually £87000 to me with cash, butttttttttt as an Maynard Keynes said (or was Adam Smith) I change my mind when the facts change.

The change in facts is that I found out today the developer is apparantly now really desperate so muting they will sell to people with a resaonable deposit for £95k (so Im thinking £90k).

In view of this Ive now offered £70k, which I think will be rejected.

I've never hid that fact that I'm at heart a bear in bulls clothing.
Finding very hard to committ, despite what Buffet says, mm:o

Conrad

Dithering_Dad wrote: »

You seem to have concentrated your wealth into property and I think it might be time to diversify,

I have stocks and shares ISAs plus a couple o frozen pensions all in equities.

The ISAs (orignally PEPs) I think Ive had for about 15 years, and the returns have not be great, but with pound cost averaging and another 10 years, who knows......

I nearly bought some HBOS shares a few months back,

FoxtonsRIP

Conrad wrote: »

The developer was selling them at £170 last year, £140 ish now (with scope down to £125 for people with large deposits) and eventually £87000 to me with cash,

The developer must love you.

ad9898_3

All this after only 12 months of falls and only one quarter of data regarding the economy, 50% down already. There is going to be total carnage here, property is heading back to 2001 at full throttle.

We are back to 2005 already, in 6 months time it will 2003.

Dithering_Dad

Conrad wrote: »

I have stocks and shares ISAs plus a couple o frozen pensions all in equities.

The ISAs (orignally PEPs) I think Ive had for about 15 years, and the returns have not be great, but with pound cost averaging and another 10 years, who knows......

I nearly bought some HBOS shares a few months back,

Time to unfreeze those pensions and dust down the ISAs and see if you can get greater returns by moving them into better funds. I'd mosey along to see an IFA and see what they suggest (http://www.unbiased.co.uk). The ISA part is just the tax free wrapper, it's the funds you invest in that make the profit (or loss).

WTF?_2

Conrad wrote: »

I paid the deposit this week and in my mind had exchanged contracts, howver 30 minutes ago I got cold feet and have withdrawn. Might proceed if developer gives me another big discount.

So my b@lls aren't as big as I thought they were

When do you think this market will hit bottom?

Fair play for (a) pulling out because you trusted your intuition and (b) telling us about it.


As for where it will bottom, the gamblers on spreadfair seem to think that it's going to keep dropping into Q4 2010, recovering slightly Q1 2011.


Personally, I'd watch out for the uncovered bond auctions. Then if you want to take a risk with a potentially huge upside, think about taking on debt to buy hard assets like housing. If you're a gambler, that is. I'll take that as a trigger to buy a house irrespective of falls so far.

formulaonefan

Conrad wrote: »

The developer was selling them at £170 last year, £140 ish now (with scope down to £125 for people with large deposits) and eventually £87000 to me with cash, butttttttttt as an Maynard Keynes said (or was Adam Smith) I change my mind when the facts change.

The change in facts is that I found out today the developer is apparantly now really desperate so muting they will sell to people with a resaonable deposit for £95k (so Im thinking £90k).

In view of this Ive now offered £70k, which I think will be rejected.

I've never hid that fact that I'm at heart a bear in bulls clothing.
Finding very hard to committ, despite what Buffet says, mm:o

That's nearly 35% less and you still got cold feet? oh my!

confused31_2

I think you done the right thing if the developer has lowered them to everyone for 95000 pound its only a matter of time before they accept your offer of 70,000 pound, i bet there gutted you pulled out, but then again your in the driving seat.

The develpoer would have gladly took that 170,000 pound of you 2 years ago, and you would have had to pay it, now the boots on the other foot and its about time.

hope you get what you want

confused

gallygirl

Conrad wrote: »

Finding very hard to committ, despite what Buffet says, mm:o

Oh that's just typical coming from a man .

I agree with others, well done on admitting to cold feet. I'm assuming at the original 'low' price of 170 you were talking about an apartment. I might take a punt on a detached house, but not an apartment in a block where most could stay empty for a year or more.

I must admit to having a little look around myself, however realistically I think I'd sooner take advantage of low interest rates to make same mortgage payments and whack years off the term.

Edit: DAMN YOU CONRAD !!!!