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Very Downbeat Eas On Homes Under The Hammer


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Just been watching HUTH - couple bought decommissioned church in Devizes for £180K, spent £100K making it into a privately run Day-care centre for adults with learning difficulties.

2 Estate agents valued it at end - Strakers said £180K; Martin Walker £ 120K!

OK, given that it hasn't been redeveloped as houses, ( Martin Walker perhaps putting it in as land value?) somewhat irrelevant to the buyers, but they said they probably wouldn't have bought it had they known the full costs, as they do have to at least break even on the services they provide to the community (they have other centres as well).

The downturn affects "Good Works" projects as well as investment sharks, unfortunately.

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Just been watching HUTH - couple bought decommissioned church in Devizes for £180K, spent £100K making it into a privately run Day-care centre for adults with learning difficulties.

2 Estate agents valued it at end - Strakers said £180K; Martin Walker £ 120K!

OK, given that it hasn't been redeveloped as houses, ( Martin Walker perhaps putting it in as land value?) somewhat irrelevant to the buyers, but they said they probably wouldn't have bought it had they known the full costs, as they do have to at least break even on the services they provide to the community (they have other centres as well).

The downturn affects "Good Works" projects as well as investment sharks, unfortunately.

Ouch. I like Devizes but it is cheap for a reason, it takes 45 minutes to get anywhere useful. No use for anybody employed in any kind of professional capacity.

Apart from the Wadworth brewery and the British Lion, ain't much going on.

Edited by linuxgeek
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Just been watching HUTH - couple bought decommissioned church in Devizes for £180K, spent £100K making it into a privately run Day-care centre for adults with learning difficulties.

2 Estate agents valued it at end - Strakers said £180K; Martin Walker £ 120K!

OK, given that it hasn't been redeveloped as houses,.

That's exactly why. They hadn't done anything at all that added value. All that they had done is convert it from one type of public building into another type of public building. They just spent a lot of money moving the furniture.

tim

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That's exactly why. They hadn't done anything at all that added value. All that they had done is convert it from one type of public building into another type of public building. They just spent a lot of money moving the furniture.

tim

Agreed - but I was more interested in the EA's £60K REDUCTION from the auction price.

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That's exactly why. They hadn't done anything at all that added value. All that they had done is convert it from one type of public building into another type of public building. They just spent a lot of money moving the furniture.

Raises an interesting question as to what we mean by "value".

Presumably the utility value, or social value, of a daycare centre is not much different to that of living accomodation. Both potentially highly socially beneficial.

But since consumers are prepared to go into debt to bid up the price of one, but not the other, one has a higher monetary value.

Compare with another example: to convert a block of slavebox flats to a psychiatric hospital might well add value in a broad, social sense. It would most certainly lose value in a monetary sense.

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