Property Snakes and Ladders; 2009

Chris2685

I said they weren't planning on selling it as soon as I saw them buying the expensive work surfaces and then the fish tank... I was right

Yakubu22

barrooo wrote: »

I noticed it was a 'short man special' last night, one bloke even bought his mum with him

Yeah i thought it was a special episode were Mother and Son combos get together to make a mint out of a property. Even Beeny towered over the little fella

Yakubu22

dopester wrote: »

Both couples were crazy. The couple with fish-tank in the kitchen, he looked like a spoilt City type to me. Ended up moving in to live in it.

The couple (florists with a shop) with the dodgy garage, nice enough but so happily willing to just buy and buy, and leverage themselves to destruction. Before finishing and selling their first development, they bought another property, and a plot of land to build on, as the market was falling.

http://www.channel4.com/programmes/property-snakes-and-ladders/4od#2931764

anybody who doesn't really know (and doesnt really care) about his/her budget is taking the pss. They shouldnt really give people like that airtime. "OOh I'll pay £400k for a house and just spend another £200k or something on doing it up -who cares its only money..."

mewbie_2

The lesson I learnt from this programme was you can rent out the property assuming its finished, but you can't rent out the land. Which may be why parcels of development land are appearing for sale occasionally whereas it used to be very scarce.

fc123

mewbie wrote: »

The lesson I learnt from this programme was you can rent out the property assuming its finished, but you can't rent out the land. Which may be why parcels of development land are appearing for sale occasionally whereas it used to be very scarce.

If anyone wants prime bit of land, PM me. And believe me, it is seriously Prime. I would if I had a wedge spare right now.

A few doors down, someone bought 2 detached houses, knocked them down and tried to get planning for a 4 story ''Lifestyle '' block of apartments overlooking sea.

They succeeded in the end too. I would link it but it's a few doors down YKWIM?
It was on RM for 1.3 million and then another listing @ 900k. Should have gone offers over £9.99. Might have saved him/her from BR.

Now there is an A4 piece of paper in an A4 poly bag tied to the fencing saying land is in hands of local official receiver (who doesn't have access to a laminator).

Local resis went up in arms abouit the planning app. and I did fill in the gumph for them to protest....well....why not eh?? ....even though the house I live in here part of the time is rented.
Local resi org lady thinks it is ''Absolutely Marvellous that A Tenant could care so much'' (:rotfl:)..cos I am ''just'' a tenant (in mostest derelictest house) on Posh St.

I checked LR and he paid cash as both houses not on there but 1 opposite went for 475k in 2006 and on a quarter of the amount of space and not as good plot for views.

Haven't watched this PL but saw the land post and wanted to chit chat about it.....as you do.:o

wymondham

All getting boring now as most just move in themselves and don't even try to sell .... defeats the object of the program?

dopester

wymondham wrote: »

All getting boring now as most just move in themselves and don't even try to sell .... defeats the object of the program?

It wasn't boring. Last night's episode was astonishing. The florist couple were leveraged themselves to extremes. In the end they rolled it up in to a commercial loan of about £800K, and recall something about £3K pm repayments. Their main business being selling flower stuff in this climate.

During their buying and developing spree, their heads were filled with visions of profits reaching millions of pounds. They were already so stretched before an EA rang them to tell florist-man of a 'gem'. A plot of land with planning permission at a great value price (market sliding by now). He drove off to look at it, and said they had to find the money to buy it. Too good an opportunity.

By the end of the show they'd come to the conclusion they couldn't build on it for if they did they'd have to sell the finished development at a loss... so might as well sell for a loss now.

Like Mewbie said though.. land is sitting dead and can't be rented out like a house can. fc123 might think the prime plot she had identified is value now, but so did that couple in the show. With credit very tight, people needing to raise funds... leading to sell offs.. but those with money wanting value...

A post I recall from reading at the other place.

I purchased a plot in 1990 for 115k, I say plot it had an asbestos shack on. I knocked the shack down to save on Rates and put in a application for a pair of semi detatched chalet bungalows which was successfull however I held off the build as the market had collapsed by the time the application was approved.

My Bank which was Lloyds later valued the land at 25k, and at 25k it would be impossible to have built the houses and covered the costs of the build let alone the land value. That is how far and how quickly property and land dropped in price.

Land is only worth what the end product is going to be worth!!!.

Anyone around during that period will know you could buy a house at a fraction of the build costs, and that doesnt even include the land value. Land in effect became worthless as it was a liability sitting around with no commercial value.

fc123

dopester wrote: »

It wasn't boring. Last night's episode was astonishing. The florist couple were leveraged themselves to extremes. In the end they rolled it up in to a commercial loan of about £800K, and recall something about £3K pm repayments. Their main business being selling flower stuff in this climate.

During their buying and developing spree, their heads were filled with visions of profits reaching millions of pounds. They were already so stretched before an EA rang them to tell florist-man of a 'gem'. A plot of land with planning permission at a great value price (market sliding by now). He drove off to look at it, and said they had to find the money to buy it. Too good an opportunity.

By the end of the show they'd come to the conclusion they couldn't build on it for if they did they'd have to sell the finished development at a loss... so might as well sell for a loss now.

Like Mewbie said though.. land is sitting dead and can't be rented out like a house can. fc123 might think the prime plot she had identified is value now, but so did that couple in the show. With credit very tight, people needing to raise funds... leading to sell offs.. but those with money wanting value...

A post I recall from reading at the other place.

Dam, I am going to have some spend some time watching this one now as my interest is tweaked....

The 'Value' of the prime bit near me in £££...no idea to be fair. I guess it'll go to auction at some point.

It still has 'value' in terms of it's location though.

If I had spare money (which I don't) I would.:rolleyes:

fc123

Watching it now. It's annoying me a bit TBH.

fc123

SB Still bestest, ever presenter on TV though. Refreshing amongst all the plastic telly people.