I've got that sinking feeling about this latest housing slump

Davesnave

Quote:
... get real, the goverment can't even stop an idiot like boris johnson from becoming mayor of london ..

Do you mean that there should have been a count like the one in Zimbabwe, or that the democratic process is flawed because daft people voted for an 'idiot?'

Or could it just be that people are smarter than you think?

merlinthehappypig

merlinthehappypig wrote: »

And we have bought tickets three times in the last 5 months only to find that they aren't valid and the ship has sailed.......

Following the latest collapsed attempted purchase, this time due to a moronic seller, we have reluctantly set out to view houses again today. I don't think that we have ever found anything so depressing.

There is some hope though.

We went to to see this today

http://www.rightmove.co.uk/viewdetails-18146660.rsp?pa_n=1&tr_t=buy

It keeps cropping up when we search, but we have avoided going because we don't like barn conversions, on the whole, and it wasn't big enough, at least on paper.

When we first saw it it was on at £499000, but the agent today told us that it had been on at £550000 at the back end of 2006. They even had an offer of £490000, but turned it down.

It's been on at around £399950 for a few months with no success and the e-mail today said it was going to auction in a couple of weeks unless sold first at a guide price of £300000. We were told that he would take £350000 now prior to the auction.

That's a reduction of around 36% from the original asking price and almost 29%, £140000, less than the price he turned down last year. Plus he has had all the upkeep for the last year and a half it has been empty.

It's really small for a 4 bed - he would have been better off keeping as 3 beds, but it's greed again. The finish was awful as well, despite all the expensive fixtures and fittings. The land was largely water meadow so pretty useless for horses.

All in all I doubt it will fetch even £350000 at auction. I wouldn't pay £300000.

It was badly overpriced at £550000, but some idiot still offered £490000 for it. What a lucky escape.

It just shows how quickly things have changed.

Still no luck for us. I'm tempted to buy a field and a £50000 motor home and keep the rest in the bank.

Just as an update - the house referred to above in my earlier post failed to reach the reserve of £300000 at auction yesterday. Incredible for something that the owner was hoping to get over £500000 for at the end of 2006. Bet he wishes he had taken the £490000 when it was on offer.:rotfl:

It's number 96 on this link http://www.fulfords.co.uk/dynamic.php?id=auctionresults

hostman

merlinthehappypig wrote: »

Just as an update - the house referred to above in my earlier post failed to reach the reserve of £300000 at auction yesterday. Incredible for something that the owner was hoping to get over £500000 for at the end of 2006. Bet he wishes he had taken the £490000 when it was on offer.:rotfl:

It's number 96 on this link http://www.fulfords.co.uk/dynamic.php?id=auctionresults

Great update

I've watched a few online auctions over the past months, some very big drops out there.

Kez100

I personally know a couple of unsold properties on there and the guide prices are exactly the same as they were asking in early 2007 - owners have yet to learn!

pickles110564

merlinthehappypig wrote: »

Just as an update - the house referred to above in my earlier post failed to reach the reserve of £300000 at auction yesterday. Incredible for something that the owner was hoping to get over £500000 for at the end of 2006. Bet he wishes he had taken the £490000 when it was on offer.:rotfl:

It's number 96 on this link http://www.fulfords.co.uk/dynamic.php?id=auctionresults

Not to bad a picture then with several seeling prior to auction and even some for 30% above guide.
Perhaps things not as bad as you think

johnycoldears

Generali wrote: »

Don't you mean he can't spell hoping?

Nor Government and won't.

Over 20% of the post incorrectly spelled and we're expected to take his jibes seriously :rotfl:

merlinthehappypig

pickles110564 wrote: »

Not to bad a picture then with several seeling prior to auction and even some for 30% above guide.
Perhaps things not as bad as you think

Yes, I'm absolutely certain the non-seller of the barn conversion is thinking just that;)

With a quick check I make it 11.3% selling for above guide, 10.9% below guide and 57% unsold. Not exactly a resounding success.

I don't know how this compares with auctions generally?

I do like an optimist, however.:T

thriftybabe

Same thing happened in Florida. We had a villa saw that things were not moving. Reduced our price and sold. There are others who kept holding out for what they thought they should get and have now seen villa prices drop over $100 - $120k to when we sold our. Thank goodness I did economics at College as this supply v demand things is very difficult - not!!!!