Property Bee: Sale By A Thousand Cuts

[GordonBrownSpentMyFuture]

I saw this and just had to share it:

3 bedroom semi-detached house | Bournville, Birmingham, West Midlands | £227,500

I've had this particular property on my Property Bee watch list for some time now (among many others).

I don't intend to buy until 2011 at the earliest, so I'm not looking to buy any of them in particular, but like others I'm keeping an eye on the local market and the types of home in certain commutable areas I'd be happy to live in (at a sensible price).

The seller of this particular property has amused me with their pricing antics.

03 February 2008 | * Initial entry found

01 May 2008 | * Price changed: from £245,950 to £242,950 | Okay...

05 May 2008 | * Price changed: from £242,950 to £245,950 | Someone's feeling a bit cocky.

08 August 2008 | * Price changed: from £245,950 to £240,000 | That's more like it.

09 August 2008 | * Price changed: from £240,000 to £239,995 | Yes, get it in that search category. That fiver should make all the difference.

23 December 2008 | * Price changed: from £239,995 to £234,995 | Ok, now we're making progress.

04 February 2009 | * Price changed: from £234,995 to £229,950 | Good decision.

19 February 2009 | * Price changed: from £229,950 to £234,950 | 'Ello? Someone's seen the Halifax January report...

29 April 2009 | * Price changed: from £234,950 to £229,950 | Yep, sorry, it was just a blip after all.

24 May 2009 | * Price changed: from £229,950 to £227,500 | Do you actually want to sell your house?

I'm calling it now:

10 June 2009 | * Price changed: from £227,500 to £225,950

Place your bets, place your bets...

I've also looked on their agents website and see it's number 89:

http://www.housenetwork.co.uk/my_site.asp?..._rm&house=1

It doesn't appear on nethouseprices but their neighbour, number 87 (next door presumably), bought on 29-Mar-2001 for £119,000 and sold on 20-Jul-2007 for £235,000... pocketing a £116,000 difference in just 6 years (just under £20k a year). Nice.

Sold House Prices for BERBERRY CLOSE

Methinks number 89 wants a piece of that action and can't quite accept that the party's over and the boat is heading back in to port.

If it's still on the market in 2011 then I might just make an offer for £119,000 and we'll just pretend the last 10 years never happened. I'm sure it's still a lot more than they paid for it.

Any similar stories on your watch list?

[Jason]

[Brave New World]

gotta love the flat screen tho....

[Godley]

Classic market chasing.

They could have put it on the market in may 08 for £230,000 and would have sold (assuming sensibly priced in the first place). Instead, chase the market down down and down.

Lets assumet they have £50k equity, they would have got 6% on a fixed term bond back then so add back a further £3k over the 12 month period.

Interesting ovservation you make with regards to media spin and their pricing strategy.

Silly people are easily parted.

The market is full of market chasers.

[Sibley's Love Child]

Mine's memorable only as the EA marketing this repo practically laughed at my derisory offer of 80k back in December....

http://www.rightmove.co.uk/property-for-sa...y-11201940.html?

History

date event

21 May 2009

* Price changed: from '£125,000' to '£109,950'

08 January 2009

* Price changed: from '£135,000' to '£125,000'

24 December 2008

* Price changed: from '£145,995' to '£135,000' [Found by jb44]

* Subtitle changed: 2 bedroom end of terrace house [Found by jb44]

30 October 2008

* Initial entry found. [Found by rashboy2000]

In yer face Gary from Spicer McColl, Dagenham.

Tool.

[Prof]

They`re not smelling the coffee, due to the overwhelming aroma of chocolate.

Maybe Willy Wonka will buy it from them, or maybe someone with a surname similar to Wonka.

[Prof]

Mine's memorable only as the EA marketing this repo practically laughed at my derisory offer of 80k back in December....

http://www.rightmove.co.uk/property-for-sa...y-11201940.html?

History

date event

21 May 2009

* Price changed: from '£125,000' to '£109,950'

08 January 2009

* Price changed: from '£135,000' to '£125,000'

24 December 2008

* Price changed: from '£145,995' to '£135,000' [Found by jb44]

* Subtitle changed: 2 bedroom end of terrace house [Found by jb44]

30 October 2008

* Initial entry found. [Found by rashboy2000]

In yer face Gary from Spicer McColl, Dagenham.

Tool.

Yeh, "smell my cheese, you mother", as a certain A.Partridge once said.

Looks like your offer was more than reasonable.

[Caveat Mortgagor]

Any similar stories on your watch list?

How about taking it one step further. Lets face, we all want to cut to the chase and find out what these properties will sell for.

I got this property alert in April 2008

169,950, 3 bedroom , Semi-Detached, Wildcroft Road, Whoberley, Coventry - Brian Holt, Earlsdon is marketing this property

Checked on nethouseprices and its no 49 - Looks like they sold quicker than most, but just how did they do that?

http://www.nethouseprices.com/index.php?co...gToSearch=27890

[Houses_Burning]

If it's still on the market in 2011 then I might just make an offer for £119,000 and we'll just pretend the last 10 years never happened. I'm sure it's still a lot more than they paid for it.

In my opinion the property is not worth £119,000. It is likely to be leasehold and looks like quite a small house. The only thing going for it that i can see is that it comes under Bournville. I see there are two other properties in the same close for £215,000 & £210,000 (SSTC Apparently). So with this in mind the vendor needs to reduce below this if they want people to be interested.

Edited May 27, 2009 by Houses_Burning

[Griptool]

gotta love the flat screen tho....

If the dirty bint can't even be bothered to pick up her handbag - how is she going to sell her house?

[Sibley's Love Child]

Yeh, "smell my cheese, you mother", as a certain A.Partridge once said.

Looks like your offer was more than reasonable.

Cheers Prof, it sure was given the state of the dump - the wife was mortified by my offer, and she wasn't there when I told him.

Meh, anyway their loss. I'll be buying Gary's house this time next year.

[Prof]

Cheers Prof, it sure was given the state of the dump - the wife was mortified by my offer, and she wasn't there when I told him.

Meh, anyway their loss. I'll be buying Gary's house this time next year.

Fair play. Has it been repossessed yet ?

Ive been waiting for stories like yours.....

Potential buyer makes a low, but realistic offer given the circumstances.

EA laughs at offer.

6-12 months later, the "low" offer looks more than reasonable.

Cheered me up, that has.

[Sibley's Love Child]

Fair play. Has it been repossessed yet ?

Ive been waiting for stories like yours.....

Potential buyer makes a low, but realistic offer given the circumstances.

EA laughs at offer.

6-12 months later, the "low" offer looks more than reasonable.

Cheered me up, that has.

Re: Original property; not too clued-up on these things. Certainly, the EA told me it was a repo when I viewed it last year (and had all the tell-tale yellow ribbons festooned across all appliances & radiators). Is there a point at which - presumably the bank - says s0d-it and it goes to auction instead?

[Prof]

Re: Original property; not too clued-up on these things. Certainly, the EA told me it was a repo when I viewed it last year (and had all the tell-tale yellow ribbons festooned across all appliances & radiators). Is there a point at which - presumably the bank - says s0d-it and it goes to auction instead?

I was asking about Gary`s place. Don`t buy it off him directly. When it goes up for sale, tease him with a "derisory" offer. Wait until he gets repo`ed, then buy it at the auction. You might want to send him a letter of thanks, once you`ve got the keys.

^

Please let that happen.

[Sibley's Love Child]

I was asking about Gary`s place. Don`t buy it off him directly. When it goes up for sale, tease him with a "derisory" offer. Wait until he gets repo`ed, then buy it at the auction. You might want to send him a letter of thanks, once you`ve got the keys.

^

Please let that happen.

Ha ha no sorry, I was being flippant. Now, that would be Kismet/fate/karma.

[Reck B]

That house probably cost £35k to build.

Now it's second hand and should be on the market for £25k.

[Akrasia]

Any similar stories on your watch list?

Saw this today:

13/06/2008 3 bed semi listed at £159,950. Will it sell?

09/02/2009 No, it didn't. Price reduced to £147,950.

27/05/2009 Over three months later, description changed to add "Price reduced for quick sale". That worked then.

Gotta love Property Bee.

[Cogs]

gotta love the flat screen tho....

I'm not sure I'd want to buy a house from an MP.

[ploniak]

Look at that

Flat 84 bought for L 279,950 on 31/07/2006

http://www.houseprices.co.uk/e.php?q=Flat+...Slough&n=10

and now look at that :

rightmove

Same flat for 134,950

145 K down !!!!

Life's GOOD - for some of us

[Lennon]

Flat 84 bought for L 279,950 on 31/07/2006

<snip>

Same flat for 134,950

How on earth did someone get away with over quarter of a mill on a 2 bed flat in Slough! Notice that there are no internal pics - and presumably that's a repo - so guessing the inside is pretty trashed.

[Oh Give Me A Home]

How about this one? Reduced from £399,950 to £275,000 over 8 months. Can't believe that they ever thought they'd get so much for such a horrid little shoebox in the first place! I also like the 50 quid reduction in February!

http://www.rightmove.co.uk/property-for-sa...on%26index%3D10

[CviewUK]

This one hasn't had much luck.

As the developer went bust in January it could take a little longer to sell.

History

date event

04 April 2009

* Price changed: from 'Offers in Region of £249,950' to 'Offers in Region of £227,000'

27 March 2009

* Price changed: from '£249,950' to 'Offers in Region of £249,950'

* Status changed: from 'Sold STC' to 'Available'

19 February 2009

* Status changed: from 'Available' to 'Sold STC'

07 February 2009

* Status changed: from 'Sold STC' to 'Available'

24 December 2008

* Status changed: from 'Available' to 'Sold STC'

05 December 2008

* Status changed: from 'Sold STC' to 'Available'

21 September 2008

* Status changed: from 'Available' to 'Sold STC'

21 May 2008

* Initial entry found.

http://www.rightmove.co.uk/property-for-sa...ING%26index%3D0

[ploniak]

How on earth did someone get away with over quarter of a mill on a 2 bed flat in Slough! Notice that there are no internal pics - and presumably that's a repo - so guessing the inside is pretty trashed.

BTL pushed prices in Slough extremly high . No one normal buys flat in the middle of Slough for 200K .

Now those flats are down at least 40% and still unsold

Few months and those flats will be down 60-70% from the peak

[GordonBrownSpentMyFuture]

I thought I'd update this thread as finally we have some movement! Although not in the direction I was expecting...

http://www.rightmove.co.uk/property-for-sa...y-16002934.html

19 August 2009 07:28:46 | Price changed: from £227,500 to £229,950

Now back to the same asking price it was in February and May of this year.

18 months on the market and not a single offer... but asking prices are up so the recovereh must be here!

I wouldn't be surprised if it's back to the original asking price of £245,950 by the end of the year.

Ah, 2010. You're going to make 2009 look like it was 2006.

[Sybil13]

I saw this and just had to share it:

3 bedroom semi-detached house | Bournville, Birmingham, West Midlands | �227,500

I've had this particular property on my Property Bee watch list for some time now (among many others).

I don't intend to buy until 2011 at the earliest, so I'm not looking to buy any of them in particular, but like others I'm keeping an eye on the local market and the types of home in certain commutable areas I'd be happy to live in (at a sensible price).

The seller of this particular property has amused me with their pricing antics.

I'm calling it now:

10 June 2009 | * Price changed: from �227,500 to �225,950

Place your bets, place your bets...

I've also looked on their agents website and see it's number 89:

http://www.housenetwork.co.uk/my_site.asp?..._rm&house=1

It doesn't appear on nethouseprices but their neighbour, number 87 (next door presumably), bought on 29-Mar-2001 for �119,000 and sold on 20-Jul-2007 for �235,000... pocketing a �116,000 difference in just 6 years (just under �20k a year). Nice.

Sold House Prices for BERBERRY CLOSE

Methinks number 89 wants a piece of that action and can't quite accept that the party's over and the boat is heading back in to port.

If it's still on the market in 2011 then I might just make an offer for �119,000 and we'll just pretend the last 10 years never happened. I'm sure it's still a lot more than they paid for it.

Any similar stories on your watch list?

I look at these kind of properties on RM around Dorset / Hampshire (again just out of interest not looking to buy), I can't look at them now without seeing £110000 or less on them, its strange how quickly my mind

has adjusted back, but I guess it NEVER could adjust to the £239000 price tag , it WAS madness. Just a few short years earlier a property at £250000 was considered to be worth "a quarter of a million", given

wages / interest rates etc it HAS to go back to ordinary houses being valued at £100000 doesn't it, and £500000 in 2007 going back to being valued at "a quarter of a million".

It makes me laugh when RM says in their latest HPI that there were bla bla extra people visiting their website in July than the previous month, as if every hit is a buyer, and how about all the people like myself

who go over and over and over the same pages looking to see if ANYTHING is selling, there must be thousands of us.

Did the man who sold in 2007 however pocket a nice profit or go and put it down on another hugely overvalued property that is now falling falling falling .......