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  1. To be fair I don't know what the market value of this place is. None of the flats in the block are currently for sale so I dont have a reference point. It could be in the 250k + range. This would make the yield SEEM a little better than your calculations. But, and there is always a but, this Landlord has a one month void this year, repainting and carpeting costs in a few rooms and will have storage costs for the furniture I dont want. This is the sort of property that I am happy to rent for 12 months, but would not dream of buying. I will have a look and see how the market is once the 6 months break clause kicks in. As for being a very very wise person............it could be pointed out that I could have bought about 10 Bicycles for the amount of rent I was paying for the storage of my rusty mountain bike over the last year.
  2. Agreed, at the moment the absolute minimum on anything decent near the central part of Putney is quoted as upwards of 290 k Just did the search on rightmove for 175 k - 200 k to see if nobody 777 had a point. I am afraid only 17 properties come up in this price range and most of them are in the sort of concrete 15 - 20 story architectural nightmares that this site sometimes loves to parody. (I'm thinking of a certain over priced Sh*thole thread) Waiting is the name of the game for now.
  3. With all the good news flowing around the MSM recently I decided to be a contrarian and downsize for my next 12 months rental contract. I am in a nicely done up 2 Bed around 80-90 sq Meters but decided it was a complete waste of money as the second room was basically a storage area for my bicycle. Looking around SW London I noticed that asking prices did not seem that much different to August 2008, however when I performed search criteria for SW15 , I was coming up with 400+ properties that were within 1 mile of my post code and available in the next few weeks. I spoke to 5 of the 12 Letting Agents that sit on the real estate mile as it must be known in Putney. (no shops only real estate agents) Whenever I went to see a place the agents were making it clear that prices were negotiable. Of the many places I viewed, I liked a good size one bed (maybe 60 sq meters) about 500 meters from Putney High Street, this was snapped up by one savvy renter on the same day for 1150 (asking price 1200) per month. Two days later another agent had an identical apartment in the same complex asking 1100 Per month, I agreed on 1000 per month. I am sure others among you would have negotiated a harder bargain.....but I have better things to do and have managed to reduce my annual rental outgoings by almost GBP 5,000 so I am a happy camper for now. Good news for all the HPC'ers....these rental falls will eventually feed into the yield calculations that are being made....and pennies will eventually drop. Until that day, I remain content to rent.
  4. I have to admit to being quite shocked to read that statistic on the Irish Independent today....Euro44,000 for sitting around doing F. All. I agree with some of the earlier comments that Ireland is set for a major re-set, however I think the doom and gloom merchants who think that the Irish public will be out on the streets rioting (excluding the group of 15 year olds following the Orange marches around )have never set foot in Ireland and don't have a clue about the Irish mentality. Yes. The public are not accepting reality...Yet. Yes. It was a bit of a party over there for the last few years and many people are MEWed up to their eyeballs. Yes. The government do not want to make the cuts they need to...Yet Yes. Houses are ridiculously over-valued. In spite of all this, I believe the penny will drop soon, the people will dust themselves down and prepare themselves for a few years of repaying for the Boom. Ireland managed to pay down the debt before ( 80's) and now doubt it can do so again. The good news being we can look forward to some more good literature coming out as the Irish are at their most creative when they are bitter, depressed and poor....(I can recommend The Commitments or the Snapper from Roddy Doyle).
  5. Yes they do seem to swoop in and out of here in the early hours of this morning. Posts at 7.30 am (ish). and then gone for the day. Jesus, guys you scared them away How about a be nice to Bulls week on HPC..............on second thoughts. Nah ! Carry on. You are doing great work.
  6. Thanks for your input and to all the others. There are enough ideas on here for me to have a clear and honest discussion with her. I am not panicking, because in a wierd sort of Kharma, anything I am losing on this side of my finances I am gaining by waiting and not buying a place until further falls have happened in this Crash.
  7. I shall give you an example of what I would do with my own house. I didn´t have to sell the apartment I owned in Amsterdam back in 2007 but hey I thought to myself. This whole market is going to go to hell soon so although I had the place on the market for 9 months waiting for another idiot to pay me what I believed my house was worth, I eventually changed my tune. I fired my delusional EA. Hired a new one with a very strongly worded specific instructions to price the Apartment at a realistic price (they advised 10% less than the other EA). I told them that I thought the other EA was an idiot and that I didn´t want them to humour me just to get the house onto their books. I had a sale agreed in 3 weeks which in the Netherlands is a stronger committment from the buyer than an English sale agreed (the buyer would be fined a 10% deposit if they fail to complete the contract). I came out of that deal probably with some spare change after owning for 4 years. So I am not bitter. As for her making money I don´t think is ethical.......ehhhm Hellooooooooooooooooooooooooo..............prices are falling. If she can find an idiot quick enough to give her a good price on the place I will be f*cking ecstatic. I she breaks even and can´t pay me back, at least I will get some closure. I can move on and delete the loan from my private Balance Sheet .(yes, very nerdy but hey at least I will have some warning when my money is running out !) Are you sure you are not a closet bull...
  8. Has anyone ever told you. I think that I am falling in Love with your avatar......
  9. You are braver than me. Are you calling the bottom of the Irish property Market as May 2009. I will take a 10 pound bet on that one, thanks. I think there is a long way down from here. Although she will lose the Magical Ponzi Money that existed in her head and the heads of the auctioneers that valued the place in 2006. She still probably has some chance to walk away with a bit of equity in the place today, as she bought her first home in the 1990´s. In 6 months time I am not so sure that equity will still exist. With a little bit of luck she may leave this place in 2009 with a deposit for a future place. She will have the flexibility to look around and not be sucked into a horrible cycle of crippling bills in a place she doesn´t really need to stay in.
  10. Yes. You are dead right. It is obvious to me now that I can't stand my sister's success.....
  11. Yes I think it may be good for her to see a list with all the options. Thanks for the ideas
  12. Yes. I was living on the other side of the world at the time so I think given that I had my own feelings about how the property market in Europe was likely to go at the time, I didn't really pay enough attention to my sister's situation. I would have picked up a few David McWilliams article's from the Irish Independent (Like the one discussed yesterday on an Irish topic) and waved them in her face. King Charles. I like your thinking about the Dinner party Chinese whispers about how bloody awful it is to try chase the market down. Unfortunately she has a few very close friends that have been extremely lucky on the housing Ponzi/Pyramid scheme so there are not enough bad luck stories around for them to soak up the reality. Hoolie. Yes I have thought about telling her that I am willing to write off the money but there is a part of me that thinks that she will only fall into the trap again during the next 18 year cycle. Some of us can follow these cycles and see that there are highs and lows in property other people can't. I think my sister is in the "Can't" side of the population. Give a man(or a woman) a fish..feed him for a day. Teach a man to fish you will feed him for life. I am leaning towards telling her that I will write off a part of the loan. Therefore we both take a hit on the property and she has a bit of leverage when negotiating (that is if anyone even wants to start a negotiation !). It might remove some of the presssure she feels to pay me back.
  13. Isn´t it great when an ordinary person without a posh accent socks it to the politician. M. Beckett says we don´t understand..........................................we understand Bl**dy well enough
  14. Yeah I´m confused...which of the 6 identical threads should I reply to !!!!!!!!!!!!!!!!!!!!!!!
  15. Agreed. Which is why I haven´t forwarded her a link to www.housepricecrash.co.uk
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