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Radio Ad - "50% Off Canary Wharf Apartments"

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sorry if posted before, search function not working for me.

I thought I'd been transported back to 2007 this morning when I heard an ad for Galliard homes on the radio - these guys used to share back to back advertising with Inside Tack on my local radio. However, they are now boasting that "bankers force sale" and apartments will be available for 50% off previously advertised price...

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sorry if posted before, search function not working for me.

I thought I'd been transported back to 2007 this morning when I heard an ad for Galliard homes on the radio - these guys used to share back to back advertising with Inside Tack on my local radio. However, they are now boasting that "bankers force sale" and apartments will be available for 50% off previously advertised price...

http://www.galliard-homes.co.uk/

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Oooh! Can I get an even bigger discount if I buy six?

Hang on a minute, did they ramp up the price in the last ten years only now to 'slash' to half price when in fact, they're actually still over valued? Half price pots comes to mind.

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sorry if posted before, search function not working for me.

I thought I'd been transported back to 2007 this morning when I heard an ad for Galliard homes on the radio - these guys used to share back to back advertising with Inside Tack on my local radio. However, they are now boasting that "bankers force sale" and apartments will be available for 50% off previously advertised price...

50% off is going mainstream. Sheeple will soon learn to apply it to their own house, the same way they model behaviour on Coronation St. etc.

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Oooh! Can I get an even bigger discount if I buy six?

Hang on a minute, did they ramp up the price in the last ten years only now to 'slash' to half price when in fact, they're actually still over valued? Half price pots comes to mind.

Yeah, they probably need to try half again, but they are getting there.

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You'd be amazed at how many people will fall for this.. if the bank really was forcing the sale factually then it'd be the bank selling them at auction, not the company advertising them... this is the credit crunch version of 5% deposit, fre carpets and a toaster... wait till they go to auction for another 30% off.

What has basically happened is this

a ) Galliard launches pre-sales way before the building is built. Sells a few flats (say 50%) at super high prices

b ) Credit crunch then happens. Sales dry up.

c ) Galliard can't reduce the price to sell the rest of the flats, since this would make it impossible for the people who pre-bought to complete (the banks would never lend them the money).

d) Galliard completes the building and forces the pre-buyers to complete at the inflated prices

e) Galliard can now sell the remaining flats at the market price

f) Galliard has borrowed loads of money from the bank. Because of the huge profit margin, if it sells the remaining flats at 50% off it can actually pay back the bank (i.e. it's not insolvent on this development)

g) The bank has a covenant saying that the loan must be paid back by X

h) Therefore Galliard has to sell a.s.a.p.

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Hang on a minute, did they ramp up the price in the last ten years only now to 'slash' to half price when in fact, they're actually still over valued? Half price pots comes to mind.

Exactly.

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strange, I had a letter and flyer sent to me. from this lot.

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You'd be amazed at how many people will fall for this.. if the bank really was forcing the sale factually then it'd be the bank selling them at auction, not the company advertising them... this is the credit crunch version of 5% deposit, fre carpets and a toaster... wait till they go to auction for another 30% off.

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I've often thought I could quite fancy one of those appartments, you know, for overnights close to city airport, crash pad for late nights up town etc.

I dont think I'd want to actually pay to own one though.

OK, maybe a <1K, maybe even 2K, to either get free/commonhold or as a for-all-time ground rent downpayment, but no mre than that.

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