Not So Grim Repo

Davesnave

Just thought some of you might like to ogle this amazingly cheap and obviously repo'ed property which dropped into my inbox today.

http://www.rightmove.co.uk/property-for-sale/property-12492561.html?locationIdentifier=BRANCH%5E67771&sortByPriceDescending=true&includeSSTC=true&_includeSSTC=on&pageNumber=2&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DBRANCH%255E67771%26sortByPriceDescending%3Dtrue%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26index%3D10

OK so it's 600' up in a not very posh area of Wales and, personally, I wouldn't go for it, but talk about bang for your buck!

How many more gin palaces like this to come?

dopester

Davesnave wrote: »

Just thought some of you might like to ogle this amazingly cheap and obviously repo'ed property which dropped into my inbox today.

http://www.rightmove.co.uk/property-for-sale/property-12492561.html?locationIdentifier=BRANCH%5E67771&sortByPriceDescending=true&includeSSTC=true&_includeSSTC=on&pageNumber=2&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DBRANCH%255E67771%26sortByPriceDescending%3Dtrue%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26index%3D10

OK so it's 600' up in a not very posh area of Wales and, personally, I wouldn't go for it, but talk about bang for your buck!

How many more gin palaces like this to come?

Interesting. If only it could be teleported to a better area. Not everything is good value because the asking price is now much cheaper than in previous years.

I bet that place could be expensive to maintain, repair and heat. How far away from areas of business which still have prospects of successful and profitable trading? Gas supply / water pipe / electricity issues that are the responsibility of the utility company to fix? Will they spend a lot to serve one isolated house or increasingly fob you off as they conserve or focus their money? Isolated. May look a wealthy pad even when isn't, so a target for robbery in the downturn? Lots of these houses will give up a lot more of their asset value.

“Look around to your left and your right, and you’ll see someone who sees an opportunity just like you do,” Mr. Michaelis said. “We’re approaching the bottom of the market, I think. We’re approaching the bottom of the market, if we’re not there already.”

He then told the audience that, in the last 100 years, house prices have recovered from every downturn and gone on to reach record highs. Oh, and Wells Fargo and Countrywide were standing by, ready to offer financing to qualified auction buyers.

If nothing else, this sales pitch certainly had chutzpah. It combined the old bubble-era notion that house prices always rise over time (ignoring the fact that incomes, stock values and the price of bread do, too) with the new postcrash idea that houses must be a bargain because they’re a lot cheaper than they used to be.

Yet as soon as the auction began, it was clear that the pitch wasn’t working.

http://www.nytimes.com/2009/04/22/business/economy/22leonhardt.html

maninthestreet

What's all that cr*p in one of the bathrooms??

inspector_monkfish

Davesnave wrote: »

Just thought some of you might like to ogle this amazingly cheap and obviously repo'ed property which dropped into my inbox today.

http://www.rightmove.co.uk/property-for-sale/property-12492561.html?locationIdentifier=BRANCH%5E67771&sortByPriceDescending=true&includeSSTC=true&_includeSSTC=on&pageNumber=2&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DBRANCH%255E67771%26sortByPriceDescending%3Dtrue%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26index%3D10

OK so it's 600' up in a not very posh area of Wales and, personally, I wouldn't go for it, but talk about bang for your buck!

How many more gin palaces like this to come?

thats a lotta house for your dough !!
just about get a 3 bed semi round my way for that kinda money

samizdat

Just to be snobbish for a moment, that house is a terrible eyesore.

From the particulars:

"Brynderwen is an impressive Georgian style house standing within landscaped grounds which are mainly to lawns with substantial double pillared and gated entrance to chipping surfaced driveway which extends to the side and rear of the main entrance providing access to the double garage wing to the rear of the main building. There is a duck pond feature to the front, various shrubs and trees including small wooded area, small paddock enclosure and natural gardens. The property is of cavity construction with UPVC framed sash windows and has spacious accommodation including 4 bedrooms all with en suite facilities, superb spacious Lounge, Sitting Room, L shaped Sun Lounge, fully fitted Kitchen/Breakfast Room, Utility Room and Study and there is a gym, jacuzzi and sauna on the first floor level above the double garage accommodation."

Yuk. I didn't know there are Welsh chavs.

inspector_monkfish

samizdat wrote: »

I didn't know there are Welsh chavs.

??
its full of them!
'Wales' is infact Welsh for the English word 'Chavland'

Jonbvn

dopester wrote: »

Interesting. If only it could be teleported to a better area. Not everything is good value because the asking price is now much cheaper than in previous years.

The edge of the Brecon Beacons National park hardly qualifies as a "bad" area, although rain will be an issue!

Could be an ideal second home for some "Sais".

Jonbvn

inspector_monkfish wrote: »

??
its full of them!
'Wales' is infact Welsh for the English word 'Chavland'

Being Welsh, I would advise that the correct Welsh translation for "Chavland" is in fact "Bristol".;)

dopester

Jonbvn wrote: »

The edge of the Brecon Beacons National park hardly qualifies as a "bad" area.

Could be an ideal second home for some "Sais".

Didn't call it a bad area. Just pointed out that it may not be any sort of value at that price.

An ideal second home? Unless you spent a great deal of time there as a second-home, or got a lot of lets even with the new tax-regime hitting profits on holiday lets - then it could be much cheaper to rent.

That place or similar homes may be £100,000 or cheaper still next year. When they are I'll remind you on this thread.

with the new postcrash idea that houses must be a bargain because they’re a lot cheaper than they used to be.

inspector_monkfish

Jonbvn wrote: »

Being Welsh, I would advise that the correct Welsh translation for "Chavland" is in fact "Bristol".;)

haha:rotfl:
you mean 'Brizzle' ?;)

Jonbvn

dopester wrote: »

That place or similar homes may be £100,000 or cheaper still next year. When they are I'll remind you on this thread.

Please do.

I may pay cash!