450k for a three bed flat-madness ! Now these people face ruin.

Idonex

450k for a 849sqft 3 bedroom flat in Caspian Wharf??? You can buy a 950 sqft 2 bed victorian terrace with a garden in Bow for 375k. Hell, you could have got one of those nice 3 bed victorian terraces a few roads off Tredegar Sqaure, right next to the tube for 475k.

Slightly further away but just as deliciously trendy, you could have bought a 3 bed 1200 sqft 3 bed victorian terrace nicely decorated with a 21ft garden for 450k~475k in Hackney back then. In fact if they had they'd of probably only 'lost' 50k as those houses are still going for 400k+ now.

I feel sorry for them but they can't of had much foresight or done any research whatsoever into how worthwhile their investment was.

Madness.

nearlynew

Yes, but they are not flats.

They are exclusive, executive apartments.

ILW

nearlynew wrote: »

Yes, but they are not flats.

They are exclusive, executive apartments.

Are they the ones where you get to stand on the balcony at night drinking white wine?
Ive seen the pictures and I have to have one.

AMILLIONDOLLARS

This says it all for me!

What amazes me is that they agreed to pay the prices they did for living in Woolwich. Even in 2007 these prices were way too over priced for the area, have a look on land registry. They could have bought a decent house in the Blackheath, Greenwich triangle for that kind of money!!
Having viewed this development a few months ago, I didn't think much of the size and build quality, plus there was no where to park your car, they paid upwards from £270k (1bed) with no where to park the car, unless you're prepared to by an extra £20K!!. BH saw them coming.
To compound this investment even further, the block was being sold without Thames views, as a couple of new blocks are due to be built in front of the first, thereby blocking out the Thames, so what kind of profit were they hoping to make once BH started the next phase?
I did initially feel sorry for them when I first came across this story at the beginning of the year, now that I have seen where it is and done some research on the development, I feel they walked into this with their eyes wide open. A contract is a contract, the housing market is in enough trouble without allowing people to tear-up their contracts and walking away.

Good luck to all concerned.

AMD

AMILLIONDOLLARS

nearlynew wrote: »

Yes, but they are not flats.

They are exclusive, executive apartments.

What a load of Tosh!! I've seen the ones in Woolwich, you can't swing in cat in them and the quality is CR*P. Over priced then, definately over priced now!!

AMD

MyLastFiver

AMILLIONDOLLARS wrote: »

What a load of Tosh!! I've seen the ones in Woolwich, you can't swing in cat in them and the quality is CR*P. Over priced then, definately over priced now!!

AMD

Click for definition of Irony

MyLastFiver

baileysbattlebus, you are the 666th person to thank me.

<<thunder clap>> mu ah ah ah ah ah

etc

dfh

nearlynew wrote: »

Yes, but they are not flats.

They are exclusive, executive apartments.

Ha Ha Ha ! I agree. These developers do know how to sell their overpriced products !

davsidipp

why would anyone pay 450000 for a flat in woolwich for gods sake ok so you are slightly away from the no go estates but you still have to pass them when using the railway station or driving past most local roads.im sorry but anyone with a bit of savvy would have done some detective work to see before they agreed a deposit my attitude which seems pretty cold is they took a gamble hard luck.

Sapphire

abaxas wrote: »

What a bunch of greedy !!!!ers!

Sue the lot and claw as much money back from them as possible. Give them an education is what they signed.

Actually, one good thing about these people having got themselves into difficulty is that they will learn a very valuable lesson, and hopefully not engage in gambling of this nature in future. They are still young enough to bounce back if they lose their deposits.