OH MY GOODNESS - the house price crash hits home!

carolt

Oh lok - 2 posters who know nothing about the property in question but can never resist an oportunity to post a childish insult!

The chances of that house selling for the asking price are precisely zero.

It's a free country. They can always ask. Doesn't mean they are going to get though.

silvercar

We'll never know what they bought it for as they were cash buyers, but given it was on for months at 242, and failed to sell, I suspect it went for 200ish.

Was it on the market that long? I thought it went quickly, but as a repo I expect they accepted a low price. 200-210 sounds reasonable.

Compare to the 275K we would have paid in 2007.

It was in a liveable state in 2007, though you would have wanted to refurb in time.

I've seen the pics - they've put in a really nasty cheap kitchen.

It always irriates me when people put in madly expensive kitchens and bathrooms in run of the mill houses, why disproportionally overspend on these things?

The kitchen looks clean, functional, possibly granite work tops and lower end cupboards. Similarly the bathroom looks new but cheap suite with nice tops. And they've squeezed in a second toilet upstairs. They've also tidied the outside, wooden floors, lighting etc.

In this market, where a mortgage depends on a decent deposit, lots of buyers want a property that needs nothing doing initially. That way all savings can go to deposit and a good mortgage rate secured.

To me it looks like someone who knew what they were doing; quick cheap refurb and back on the market.

Bought for say £200-210, refurb costs £40-50k, accept a quick offer of say £325 = profit of 85-65k for a few months work.

chucky

silvercar wrote: »

Recap: 3 bed semi in nice village just outside London outskirts.

Sold in 2007 for £275,000, probably as a pleasant but could be improved property.

On market as repossession or wreck in Feb 2010 with ripped out kitchen etc for £242,500 when carolt spotted it and brought it to the forum.

Its now been completely refurbed and is back on the market. Unfortunately the house price websites aren't giving its sold price.

New price is.....
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£349,000!

hahahahahahahahahahahahaha - some people will never learn:rotfl::rotfl::rotfl:

silvercar

Just to add, I was expecting to report back the actual sale price, not to say that it was back on the market and not to dig at carolt. Until it sells we won't know if it was a good buy or not.

chucky

silvercar wrote: »

Just to add, I was expecting to report back the actual sale price, not to say that it was back on the market and not to dig at carolt. Until it sells we won't know if it was a good buy or not.

it would have to sell for over 25%-30% plus off asking price to go down that route.

property is currently being sold at somewhere close to 93% of asking price at the moment... but still i'm sure someone will be along in a moment to deny that property in their area is still not rising.

wintersunshine

carolt wrote: »

Oh lok - 2 posters who know nothing about the property in question but can never resist an oportunity to post a childish insult!

The chances of that house selling for the asking price are precisely zero.

It's a free country. They can always ask. Doesn't mean they are going to get though.

Oh Carol - did I start this thread? Did I write this in the first post?

carolt wrote: »

Sorry - can't help feeling smug.

Tell us dear - are you still feeling smug?:)

Emy1501

Without knowing how much it was bought for how much was spent on it and how much it will sell for pretty difficult to comment.

Not hard to spend 40-50K on doing up a house and as for asking prices there are examples of 10% being knocked off asking prices let alone sale prices . I took a call the other day about a property where the agent said straight away that the seller would consider 10% off the asking price.

nollag2006

carolt wrote: »

Oh lok - 2 posters who know nothing about the property in question but can never resist an oportunity to post a childish insult!

The chances of that house selling for the asking price are precisely zero.

Given that you claim that were trying to buy property at the very peak of the market in late 2007 and have completely missed out on the house price falls until then, I wouldn't really hold you up as an intelligent commentator on this or any other property.

As silvercar points out, even using the most conservative of figures the developer will have made tens of thousands of pounds on this project.

Shame you didn't have the neck or the foresight to do it. Think of all that rent money you have wasted since, and the nice little nest egg that a development like this would have given you to buy the house of your dreams.

Its a whole lot easier to come on here and attack others that have been brave enough to take the step that you never did.

silvercar

nollag2006 wrote: »

Given that you claim that were trying to buy property at the very peak of the market in late 2007 and have completely missed out on the house price falls until then, I wouldn't really hold you up as an intelligent commentator on this or any other property.

As silvercar points out, even using the most conservative of figures the developer will have made tens of thousands of pounds on this project.

Shame you didn't have the neck or the foresight to do it. Think of all that rent money you have wasted since, and the nice little nest egg that a development like this would have given you to buy the house of your dreams.

Its a whole lot easier to come on here and attack others that have been brave enough to take the step that you never did.

If carolt had bought it for £275k in 2007, she could then have spent £40k to bring it to today's standard. (Remember it hadn't been wrecked in 2007 and she could have done the work gradually). So her outgoings would have been £315k in total; it may sell for £325-£335k now, so her profit wouldn't have been that great. The only difference would be that she now owns rather than rents, and that her school choices would be affected. Of course she would have been paying interest on her mortgage rather than rent money but that could balance out.

Thrugelmir

chucky wrote: »

property is currently being sold at somewhere close to 93% of asking price at the moment... but still i'm sure someone will be along in a moment to deny that property in their area is still not rising.

No houses have been sold (and completed) in our close for 14 months now, and none are currently on the market. So there's no benchmark.