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ScaredEitherWay

4 Flats, Sold At £100k Aug 2006; Now For Sale At £38-70k

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http://www.houseprices.co.uk/e.php?q=TR7+1...croft&n=100

http://www.rightmove.co.uk/property-for-sa...p;x=51&y=10

An area stuffed full of London-money/2nd homers/holiday homers/pure investment properties.

The holiday home is usually the first thing to go when a redundant banker has burnt through his redundancy cheque, I hear. Next the main residence; last the school fees

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http://www.houseprices.co.uk/e.php?q=TR7+1...croft&n=100

http://www.rightmove.co.uk/property-for-sa...p;x=51&y=10

An area stuffed full of London-money/2nd homers/holiday homers/pure investment properties.

stats say max 20% falls for 2008 <_<

as always you can't beat real evidence.

They are a few loopholes that the government & VI's use to skew the national stats.

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I doubt these would be holiday homes, they wouldnt all offload at once.

Stranger still is if they all sold at same price in 2006, yet now so different prices.

Mmmmmm you aren't thinking the F word might apply here are you?

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I doubt these would be holiday homes, they wouldnt all offload at once.

Stranger still is if they all sold at same price in 2006, yet now so different prices.

Most bankers I know just desperately wanted a studio or one bed flat in a converted shop. It was that or a period stone house with sea views and they went for the converted greengrocers every time.

These are not holiday lets, in fact I'd be surprised if they ever sold at all to a real third party (what with them being sub stamp duty level). I suspect these were in a development by a local builder who bought the shop, rented them out and is now trying to cash in.....

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These are not holiday lets, in fact I'd be surprised if they ever sold at all to a real third party (what with them being sub stamp duty level)

@rachman, what would be the story behind the 99k 2006 sales in your opinion ?

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@rachman, what would be the story behind the 99k 2006 sales in your opinion ?

intra-group sale to someone connected with the developer. The cost was minimal to register these at the Land Registry, given they'd have had to get new titles for each plot anyway. If you have bought at X and developed, then because you could have got a lot less of a CGT bill back then, you simply 'make your profit' on the development, remortgage them all to the max on a sale to your BTL limited company, pocket the cash, ringfence your profit and rake in the rent..... if they get repo'd, that's a risk you take, you are already hugely up on the deal...... and you have no look through to your pot of cash - as it's not gone bust till the 2 year fraudulent preference was up (if I was a cynical goat).

OR, the other possibility is that they were all sold to one bloke to rent out to priced out locals who is now screwed ...

Edited by Rachman

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stats say max 20% falls for 2008 <_<

as always you can't beat real evidence.

They are a few loopholes that the government & VI's use to skew the national stats.

Yup! :P Well said gom! :lol:

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intra-group sale to someone connected with the developer. The cost was minimal to register these at the Land Registry, given they'd have had to get new titles for each plot anyway. If you have bought at X and developed, then because you could have got a lot less of a CGT bill back then, you simply 'make your profit' on the development, remortgage them all to the max on a sale to your BTL limited company, pocket the cash, ringfence your profit and rake in the rent..... if they get repo'd, that's a risk you take, you are already hugely up on the deal...... and you have no look through to your pot of cash - as it's not gone bust till the 2 year fraudulent preference was up (if I was a cynical goat).

OR, the other possibility is that they were all sold to one bloke to rent out to priced out locals who is now screwed ...

So it was the F word then.

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Took a quick look at the link - the place looks a shithole.

Don't see how this would ever have been desirable to any of the groups mentioned in the first post.

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Took a quick look at the link - the place looks a shithole.

Don't see how this would ever have been desirable to any of the groups mentioned in the first post.

i think that's the old post office at Crantock St... ah, giro memories

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i think that's the old post office at Crantock St... ah, giro memories

No, it was the papershop directly opposite.

The paper shop was bought, but not the hairdressers next door (hairdresser owns her shop). Private/small/one-man developer built the flats above - took them ages, even longer to shift them. Not only no parking, but no on-street parking and right by a junction.

I doubt they're good quality inside either.

The one at £38k was showing as "sold/sstc" a week ago, now seems to have changed their mind.

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That is a holiday caravan, with holiday restrictions, 2 miles from the centre of town. Not a residential unit.

Did you see the 4 bedroom sizes?

BEDROOM ONE 8'6" X 6'9" (2.06m)

BEDROOM TWO 8'1" x 4'10" (2.46m x 1.47m)

BEDROOM THREE 7' x 5'1" (2.13m x 1.55m)

BEDROOM FOUR 6'9" x 5'1" (2.06m x 1.55m)

Edited by ScaredEitherWay

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Took a quick look at the link - the place looks a shithole.

Don't see how this would ever have been desirable to any of the groups mentioned in the first post.

Not desirable to the groups in the first posting, but sold at £100k in 2006 anyway - about the cheapest property you could buy in that town at the time.

2nd homes/for Londoners are about £250-400k

116 flats over £300k http://www.rightmove.co.uk/property-for-sa...mp;x=62&y=7

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That is a holiday caravan, with holiday restrictions, 2 miles from the centre of town. Not a residential unit.

Did you see the 4 bedroom sizes?

BEDROOM ONE 8'6" X 6'9" (2.06m)

BEDROOM TWO 8'1" x 4'10" (2.46m x 1.47m)

BEDROOM THREE 7' x 5'1" (2.13m x 1.55m)

BEDROOM FOUR 6'9" x 5'1" (2.06m x 1.55m)

I was rather more amused by its description as a "detached bungalow" than anything else.

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I was rather more amused by its description as a "detached bungalow" than anything else.

The term refers to "detached from reality", not "detached from other buildings"

:)

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Daddy likes ;)

:blink:

Essentially - in the REAL world - prices are down a third since the madness of 2007.....

"Official" figures of -14% or whatever are just a load of B0LL0CKS.

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