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nicebuyer

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Posts posted by nicebuyer

  1. Schuey - Can you provide more information. What would you pay to rent such a place today? And what did these houses go for in 2006 and 2005 ?

    I would look to pay around 2004 values or a rental 5% yield.

    I've seen a couple recently, they're on at between £2k and £3k depending on number of bedrooms. A fair average would be about £2.5k PCM. In 2005 they went for around £450k, 2006 around £500k.

  2. What was wrong with them in 2000 when people were buying them for 250k? Also all this waff' about buying 10 plus one for your dog...where would you be getting the money for this may l ask??

    Wages were much lower in those days, London wages have risen considerably since 99/2000. I remember paying a grad £18k back then, they start on £25-£30k now and that's the bad ones. As for buying ten, no, I couldn't afford that :) But at £250k I would buy three. That's £750k for a 9 bed mansion in one of the nicest areas in London and close to town. :) Where would the money come from? Half deposit, half mortgage.

  3. I live on the next street from that house and I don't think these houses are worth much over £200-220k, maybe less. The "am I dreaming that these may fall to £520k" made me laugh because on Florence road there is currently a 3 bed on for £520k, so I'd imagine that is the best price the Clarence Rd vendor could achieve, if they are very lucky. :lol: And there are quite a lot of these houses for sale at the moment.

    Wimbledon is better than some on this thread suggest, neither too urban nor cloyingly suburban. And all the bars seem to do a 4 hour happy hour each day. :P South Park Gardens area, which these streets are part of, is pleasant but it is right at the edge of nice Wimbledon, as it gets shabbier south of the Broadway and east of Haydons Road.

    Although I'm aware that when they were built they probably housed families of 11, I wouldn't be happy raising more than 2 toddlers, in these little houses. They are "starter homes" and in a falling market very few people fall for the "starter home" scam, so these houses become virtually unsalable.

    We've lived around the SPG area for a while, in fact we've just sold on Hardy Road. Florence is nice but the houses are smaller than in Clarence, not as wide and the gardens are tiny in comparison. I've seen a couple of Florence, I think I saw the £520 one, Clarence is always going to be a bit more expensive.

    The South Park Gardens area is a lovely part of Wimbledon and in the right areas for the schools, especially Holy Trinity. Faraday is good for that too. I think you and others that value these houses at £250k are dreaming. £250k? I'd buy three in a row and make a large house :) !!! There;'s too much demand for them to drop that low, most people who have moved once in Wimbledon could afford to buy at that level outright. If you put them on at £400k there would be people fighting over them. I'd buy two at that and I bet I'd make money on them in the next 5 years.

    I'm intrigued though....all those people that have purchased in those roads over the last 4 years at £400k+ (remember there's a massive turnover) what do they do? Do they sell at a £150k loss? I doubt it, they'll just stay there so supply will go down no? And if the demand is there for schools then demand will go up yes? You still think prices would drop in such a scenario?

  4. I'd love to know who all these millions of super-rich Londoners are, who they work for and what jobs they do.

    It's not all that much money you know. Graduate starting wages (from a good Uni that it is) must be averaging at about £35k. I just had a quick look at jobs over £60k on Michael Page added in the last 7 days and there are more than 250 of them: http://*******.com/5gsykw

    That's been one of the issues with house prices in our area. £100k between two people is not a lot and when banks were offering 5X income prices went through the roof. Especially here because it's a lovely area and 15 mins from Waterloo. Even now the banks are lending 4X as long as you have a decent deposit. Some of the prices are still going mad. check this: http://www.rightmove.co.uk/viewdetails-9496902.rsp? That went for £1.56m. This one's just on a road around the corner, it's not that nice an area, it's Pelham Road, http://www.rightmove.co.uk/viewdetails-6918594.rsp? Went for £1.1m

    I went to see a place two weeks ago, on at £700k, said I would make an offer and they had accepted one a few days after it going on the market at £675k. I didn't even have the chance to make an offer!

    People are nuts :) But if they have the money and the demand is there then why not?

  5. £640,000, for a house, any house. I am in the top 1% of earners on this little island and even if I lived to be 100 I would never be able to afford a house that expensive. A three bed house in an average street should be the equivalent of an average wage multiplied by 3.5 at the most. If people are gullible enough to get into mega debt to buy into this delusion, then I say, go ahead.

    My parents live in a similar sized house in Scotland, even at the top of the market it has been valued at £160,000, and I think that is a lot. The value of anything is what you are willing to pay.........

    I wouldn't get into mega debt but it's interesting that you mention a 3.5 multiple. I doubt £60k for people living on that road is realistic. Probably £60k each with a £100k deposit. So on that multiple that would be £420k + £100k deposit = £520k.

    That's not a bad way of thinking about it actually. That would make my £520k reasonable. Of course I might be underestimating the deposit, it's probably nearer £150k. Hmmm.....

  6. I'm interested in purchasing this place:

    http://www.rightmove.co.uk/viewdetails-18737575.rsp

    Assuming you are renting, would like to buy a new house and have the deposit you need, what kind of price drop would you need to see to make this a worthwhile purchase? Would a 10% drop make you feel happy about buying and not getting into trouble at a later stage? Or 20%? Maybe only 5%? I'm thinking that an offer of £520k in the current climate would be fair but am interested in what others think. Am I being a bit ambitious at thinking about such a drop?

  7. then you didn't make money in pharma

    Skyepharma showing typical 90s spike

    (2800% rise in 12 months)

    It's relevant because most property bulls think there is something special about the bull market we have seen. Fact is they are happening all over the globe in all sorts of assets. Such a yawn really to hear property bulls talk about making money and others missing the boat. All it shows is they have no experience of other opportunities. Not that you're like that of course. You made money in the pharma bull, right? ;)

    I wouldn't describe myself as a property bull! lol :) I'm just someone that invested in property at the right time and got out at the right time. I never owned a BTL, I just purchased a flat, made money, used that to purchase another, then a house, then another and so on. I got to a point where my luck went the right way and I made a good amount out of property.

    There's nothing special about that. Everyone did, many much more than I will ever make. My point was simply that the property market was still a great investment between 2003 and 2008. Everyone seems to have jumped on me for one thing or another, I don't understand why. It's amusing I suppose but a little puzzling too. Property has been a fantastic investment. Of course there were others. Google might have been a nice start up to invest in.

    The fact is I, like many others, put a small amount into property and got a lot out. Yes there are other ways of achieving the same thing but property was easy for me and many others because we were more expert in that and more likely to get it right than deciding which independent BPM vendor to invest in before they were acquired and making money that way.

  8. On average that would be an investment pre late 2006 where house prices are now, individual buyers can make more though good investments, but that doesn't relate to anyone else.

    The price is back to those levels, 2005 to 6 would give about a 5% return, which on that kind of leveraged risk isn't very good.

    Prior to that 2002 would be the big time to buy, 25% returns in one year and of course long term all the way back to 1996. But the boom really flattened out

    after 2003 5% a year growth?.

    I don't agree that the boom flattened out after 2003. Of course I am talking only about areas I know something about. SW London, specifically Putney, Wimbledon, Fulham, Chelsea, Notting Hill etc those are areas that continued to fly, even up to the start of this year. There's one particular part of Wimbledon that is still on the increase from 2007 levels and people are still buying at prices above what they were in 2007. It sounds crazy but it's happening.

    There's one place I'd like to buy. It was purchased for £340k in 2004. It is now on the market at £640k. Only two other houses on that road have sold for more yet it will sell at above £600k. Probably £620k. I'm no idiot so I'm happy to let someone else take it but it seems as if vendors and agents are valuing property sky high and buyers are willing to pay those prices in particular areas.

    So I would say that in the areas I'm familiar with, 2003-2007 were fantastic years to invest in property with massive gains available. I wish I had £2m in 2003 because I would have made it into £6m by now.

  9. Thats nice, you have a ready made Jpeg.... do you need to use it often?

    I don't understand why you're so hostile? Reminds me of the Joker quote from the new Batman film, "Why so serious?" Lighten up. I imagine most people would laugh at the image rather than take umbrage and try to make an argument out of it (which, ironically, it's making fun out of in the first place but that seems to have escaped you).

  10. Now you say I am wrong and yet you have no facts about the truth or otherwise?

    I accuse you of nothing, just observed that I could put up my recently posted rightmove properties, but cant be bothered.

    My point was that it would be a waste of time as the fact is easily falsified.

    My opinions, however, are penned in my own words and are not falsifiable.

    EDIT: So sorry if you thought I was having a pop, just proving a point about unprovable proofs

    I won't bother carrying on, I think everyone can see what you tried to do and what happened. I'm an honest chap and was telling the truth about my property. Why anyone would think I would lie is beyond me but I guess that's more of a reflection on them than me.

  11. I would put up a selection of properties I sold in the last 4 months, but I dont think ill bother. I could be just making them up.

    Dude, why the hostility??????

    Here:

    http://www.flickr.com/photos/schuey100/221...57603785363614/

    Here's a pic of my wife at Christmas in our house. You'll see the picture correlates to those in the rightmove details. Why would I make stuff up? Want more pics? Let me know.

    Apology please, thankyou.

  12. How much did you make in the BRIC economies?

    Commodities?

    shorting the dollar?

    What about 90s pharma?

    Dotcom?

    I guess you'd say you had to be "pretty stupid" not to make money in those either. Are you pretty stupid, or did you make money in all of them?

    As I say I made money in some but I don't think it's a fair comparison. Everyone needs somewhere to live. Not everyone needs to be on the cutting edge when Novartis breaks the barrier. You need to actively look out for the right investment when it comes to specific markets, it's very difficult and just as easy to lose your money.

    The property market is very different. We see houses all the time. We are experts in pricing of our locality. We can see trends that are relatively easy to follow and furthermore everyone needs a roof over their head.

    You also don't really need (or didn't) any capital for the investment. Our first flat was on a 98% mortgage, we just needed enough for the solicitor and a few odds and ends. The majority was loaned to us. As long as you had a few quid to spend then making money was easy. Child's play some might say. Her'es how it worked:

    1. Go to a bank, borrow some money

    2. Buy a property

    3. Sell 12 months later

    4. Pay back bank and make a 50% profit

    5. Use profit to buy next house, make 100% profit.

    as I say, this worked until the start of 2008. I was simply making the point that property was an excellent investment pre 2008 and for4 the last 5 years. Not sure why anyone would want to argue that?

  13. How much did you make in the BRIC economies?

    Commodities?

    What about 90s pharma?

    Dotcom?

    Not sure why that's relevant but certainly made money from both.com and Pharma, although Pharma was early 2000s. I made much more from housing than anything else though, especially in terms of how easy it was. I remember buying my first ever pokey flat in London and selling it for a 50% increase in 11 months.

    Don't get me wrong, please. don't anyone buy pokey flats now, that would be a bad move. Leave your money out of property right now.

  14. Have you realised your gains, or are they just dots on a screen?

    Me personally? I exchanged last week on my last property. Completion in another two weeks and I'm off to rent with the interest I made from the capital paying the rent for a nice 3 bed house in SW London (Wimbledon).

    (Although I am tempted to buy a new place...:).... I know, I know)

    BTW, here it is: http://www.rightmove.co.uk/viewdetails-10817931.rsp

    nice place, shame to sell but I got asking and can't complain.

  15. Our advice remains now as it has always been: that property is a good investment if you're planning to keep it for three years or more.

    We have tried hard to 'do it better' than other agents and to 'do the right thing'.

    Well maybe the right thing would be to admit property will not be a good investment for the next three years and hasn't been for the past five years.

    I'd agree it's not a great investment now but for the past 5 years? You've got to have been pretty stupid not to have made money since 2003. Seriously, it's been what might be described as a kindergarten market.I won't say how much I'm up but it's more than 150% on my original investment. Just in my group of friends no one has made less than £100k over that time. Quite frankly to say that property has been a bad investment is loony. Where have you been living? In a cave?

  16. Schuey..prices ARE crashing in Richmond. I have a "contact" in one of the EAs there who admits things are dire in the sales department "nothing selling" I'm told.

    Are you able to say which EA it is? I know of a couple that are struggling but the larger ones seem to be doing okay. I would really love to see £200k-£300k wiped off some of the properties I'm looking at but they seem to be down by about £30k. The way I see it is places like Richmond, as during the last crash, won't be immune but will hold value pretty darn well. I would love to be wrong!

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