Wansdyke, Morpeth - built by Charles Church - Persimmon


http://www.rightmove.co.uk/viewdetails-186...=3&tr_t=buy


http://www.rightmove.co.uk/viewdetails-186...=4&tr_t=buy


http://www.rightmove.co.uk/viewdetails-103...=5&tr_t=buy (2 of these)



Check these out !!! Unbelievable crappy new builds. Tiny gardens, paper thin walls and all squeezed on to a 0.17 acre site site which originally had just a bungalow in the centre of it.

This bungalow was advertised for around £500,000 2 years ago. Charles Church bought the site, knocked it down and shoved in 4 new builds in its place:

Selling prices:

1. £750,000
2. £650,000
3. £600,000
4. 595,000


Total price £2,595,000

Take away the £500,000 max it costs to build them and they make a cool profit of about £2,000,000 !!!!!

Only they cannot sell them !!! They have been on the market since Jan 1st 2008 and none are sold. What does that tell us ??


OVERPRICED CRAP !!!!


Would anyone seriously buy one of these in this market ???

I wonder what is the lowest price that Charles Church would accept ??? I reckon at least 20% off by December.

DB

The 'overpriced cr*p' remark...totally disagree.

'Simply cr*p at any price' would be more appropriate.

I wouldn't take it if it was given to me...seriously, the hideous draught proofing, lack of quality workmanship (them Poles aren't so skilled), dreadfful road up keep (the roads will be flaking in 2 years, and no-one repairs them)....and so son.

Wouldn't touch that in a million years!

A druggie estate waiting to happen........and they can't see it...if they remain empty..and they will...others will move in.....just like USA.

UPDATE 9th October 2008 - nearly 4 months later...

Would you believe they actually sold 2 of these - the £600K and £595K one.


http://www.rightmove.co.uk/viewdetails-103...=5&tr_t=buy (2 of these)


I heard that one was bought by an EMPLOYEE of PERSIMMON !!

and the other went for the same price - reduced by £60K to £540K (They probably paid the stamp duty and threw in £1000's of extras to sweeten the deal - sounds very dodgy)

I think these deals were agreed in May 2008 - before the 2nd leg of the credit crunch kicked off.


Anyway today I know:

£750K property has been reduced to £650K
£650K properety has been reduced to £600K

I reckon they would take £550K and £500K respectively just to get them off their hands.

I have also heard that PERSIMMON have reduced all their properties in the area by 10% today - is this true? Should show up on Rightmove in a few days.

The most hilarious thing is they have not finished the site at all. It is an absolute sh*t hole - the £750K house has been left as an empty shell - they will not do the inside until it is sold! I doubt they will ever finish the site. The most likely result will be that Persimmon will go bankrupt before then.

So that's 10-15% off so far I reckon 30% by December !!!

There will probably be two other muppets who will buy the last two at these incredibly reduced prices! - Great it gets a little bit more cash out of the system - DEFLATION - BRING IT ON !!!

DB