Telometer Posted July 31, 2009 Share Posted July 31, 2009 (edited) Bought at Allsops six weeks ago for 145k. Now on for 265k, having had a lick of paint, a couple of new units in the kitchen and some new curtains. Actually, that's a 90% profit... (if you ignore other costs) http://www.dezrez.com/Drapp/Search.ASP?WCI...72&eaid=636 He might just get it. Very nicely presented. (No room to swing a cat, but that's another matter...) Edited July 31, 2009 by Telometer Quote Link to comment Share on other sites More sharing options...
Charterhouse Posted July 31, 2009 Share Posted July 31, 2009 It's a bit noisy there and the 2nd bedroom is absolutely miniscule, but it's not the end of the world at all for a place right on the edge of zone 1. I'm guessing he'll be happy with anything north of 225k to be fair. Quote Link to comment Share on other sites More sharing options...
Neverland Posted July 31, 2009 Share Posted July 31, 2009 Bought at Allsops six weeks ago for 150k. Now on for 265k, having had a lick of paint, a couple of new units in the kitchen and some new curtains.http://www.dezrez.com/Drapp/Search.ASP?WCI...72&eaid=636 He might just get it. Very nicely presented. (No room to swing a cat, but that's another matter...) £265k for a flat in SE17 just down the road from the Elephant & Castle? I cant see it myself Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted July 31, 2009 Share Posted July 31, 2009 (edited) Bought at Allsops six weeks ago for 145k. Now on for 265k, having had a lick of paint, a couple of new units in the kitchen and some new curtains. Actually, that's a 90% profit... (if you ignore other costs)http://www.dezrez.com/Drapp/Search.ASP?WCI...72&eaid=636 He might just get it. Very nicely presented. (No room to swing a cat, but that's another matter...) I walk past that building to and from work, if I remember it was bought last year and 'developed' and then recently went to auction; I wonder what happened to the previous vendor (went bust perhaps?). In any event, a tiny flat a stone's throw away from the Aylesbury for 265k? Ho ho. Edited July 31, 2009 by hyperinflation-a-go-go Quote Link to comment Share on other sites More sharing options...
xcojo Posted July 31, 2009 Share Posted July 31, 2009 Fair play to him. Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 31, 2009 Share Posted July 31, 2009 Fair play to him. +1 ok you and I would disagree on whether recent upturn is a bounce or beginning of a trend - all the same, sounds smashing timing Quote Link to comment Share on other sites More sharing options...
Guest X-QUORK Posted July 31, 2009 Share Posted July 31, 2009 Fools and their money, etc. Quote Link to comment Share on other sites More sharing options...
Neverland Posted July 31, 2009 Share Posted July 31, 2009 (edited) It's a bit noisy there and the 2nd bedroom is absolutely miniscule, but it's not the end of the world at all for a place right on the edge of zone 1. I'm guessing he'll be happy with anything north of 225k to be fair. Any offer over £190k bite their hands off take the money and run Thats a c.20% unleveraged return for doing nothing (Edit: I've allowed £10k costs ) Edited July 31, 2009 by Neverland Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted July 31, 2009 Share Posted July 31, 2009 Fools and their money, etc. Exactly, the thing that gets me and just about sums up this country is that I rent (albeit from the Council) a flat 50-100 metres from this gaff for £400 per month... Quote Link to comment Share on other sites More sharing options...
pie-eater Posted July 31, 2009 Share Posted July 31, 2009 Exactly, the thing that gets me and just about sums up this country is that I rent (albeit from the Council) a flat 50-100 metres from this gaff for £400 per month... That's London for you. I bet there are people in your block paying 300% more than you from a private landlord to rent exactly same place. Quote Link to comment Share on other sites More sharing options...
xcojo Posted July 31, 2009 Share Posted July 31, 2009 Exactly, the thing that gets me and just about sums up this country is that I rent (albeit from the Council) a flat 50-100 metres from this gaff for £400 per month... Heavily subsidised free housing that we give away totally free of charge to any 18yr old that chose to have kids by anyone as a career or anyone who jumps on a lorry from France. Dormitories were the best solution for benefit system which would get us out of debt in a year. Quote Link to comment Share on other sites More sharing options...
Telometer Posted July 31, 2009 Author Share Posted July 31, 2009 £265k for a flat in SE17 just down the road from the Elephant & Castle? SE1 actually. Makes a big difference. I walk past that building to and from work, if I remember it was bought last year and 'developed' and then recently went to auction; I wonder what happened to the previous vendor (went bust perhaps?). Bought about 5 years ago (it was already 5 flats); buyer paid about 800k. Eventually partly sold, for less than he hoped (wanted £600+ psf); never (really) been tenanted, 3 flats finally appeared at Allsops. Exactly, the thing that gets me and just about sums up this country is that I rent (albeit from the Council) a flat 50-100 metres from this gaff for £400 per month... Gets me too. Why shoudl I have to subsidise your prime housing. Quote Link to comment Share on other sites More sharing options...
Neverland Posted July 31, 2009 Share Posted July 31, 2009 That's London for you.I bet there are people in your block paying 300% more than you from a private landlord to rent exactly same place. yep taking Charterhouse's £225k estimate and a c.6.5% gross yield, its 3x as much as the council's £400/month mind you, the private rental has a marble shower, german stainless steel kitchen and a genuine wood veneer floor Quote Link to comment Share on other sites More sharing options...
Neverland Posted July 31, 2009 Share Posted July 31, 2009 SE1 actually. Makes a big difference.Bought about 5 years ago (it was already 5 flats); buyer paid about 800k. Eventually partly sold, for less than he hoped (wanted £600+ psf); never (really) been tenanted, 3 flats finally appeared at Allsops. Gets me too. Why shoudl I have to subsidise your prime housing. You're right, its just on the dual carriageway just before you get into SE17 I guess I just never understand why Southbank/Bermondsey/Waterloo at al. is worth the money asked when you are just a stonesthrow from some nasty council block? I suspect your bolded text above tells the future as well as the past for the vendor and whichever poor mug who wants to buy this Quote Link to comment Share on other sites More sharing options...
Sparkie Posted July 31, 2009 Share Posted July 31, 2009 Bought at Allsops six weeks ago for 145k. Now on for 265k, having had a lick of paint, a couple of new units in the kitchen and some new curtains. Actually, that's a 90% profit... (if you ignore other costs)http://www.dezrez.com/Drapp/Search.ASP?WCI...72&eaid=636 He might just get it. Very nicely presented. (No room to swing a cat, but that's another matter...) Good on the seller thats what I say. If he/her can sell for the asking price in this climate, then I'm moving to London and starting a property renovation business, because the smoke must be full of some right old mugs who could not be bothered to buy at auction, then go down B&Q and do the simple work required themselves. Kerching.......£ Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted July 31, 2009 Share Posted July 31, 2009 (edited) SE1 actually. Makes a big difference. Only marginally, surely the back garden would be SE17? Anyway, it's all b0llocks anyway this Location, Location, Location malarkey. The fact is that someone will potentially be paying upwards of 200k for the pleasure of living in poverty-stricken, blighted area? But it's okay as it's sooo close to the City.... Bought about 5 years ago (it was already 5 flats); buyer paid about 800k. Eventually partly sold, for less than he hoped (wanted £600+ psf); never (really) been tenanted, 3 flats finally appeared at Allsops. Cheers for the correction. Gets me too. Why shoudl I have to subsidise your prime housing. Ha ha touche, i'm glad that the fact I live in subsidised housing gets on your wick... Edited July 31, 2009 by hyperinflation-a-go-go Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted July 31, 2009 Share Posted July 31, 2009 Heavily subsidised free housing that we give away totally free of charge to any 18yr old that chose to have kids by anyone as a career or anyone who jumps on a lorry from France. Dormitories were the best solution for benefit system which would get us out of debt in a year. Actually, that's a bit of an assumption on your part. Both my wife and I are in full-employment. Not bad wages either but i'll be damned if I throw away a large chunk of my wage to pay for someone's pension... Quote Link to comment Share on other sites More sharing options...
Neverland Posted July 31, 2009 Share Posted July 31, 2009 Actually, that's a bit of an assumption on your part. Both my wife and I are in full-employment. Not bad wages either but i'll be damned if I throw away a large chunk of my wage to pay for someone's pension... I'm surprised you qualify for publicly subsidised housing then? No being personal, but.... if I had the choice I'd like my taxes directed to the needy preferably Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted July 31, 2009 Share Posted July 31, 2009 I'm surprised you qualify for publicly subsidised housing then? No being personal, but.... if I had the choice I'd like my taxes directed to the needy preferably That's a fair point, social housing can be applied for by anyone, just lucky I guess. I do cede the point that there maybe another family more worthy but, hey, there's certainly bigger villains in this game of property. Quote Link to comment Share on other sites More sharing options...
Neverland Posted July 31, 2009 Share Posted July 31, 2009 That's a fair point, social housing can be applied for by anyone, just lucky I guess. I do cede the point that there maybe another family more worthy but, hey, there's certainly bigger villains in this game of property. Fair enough Quote Link to comment Share on other sites More sharing options...
PatientlyWaiting Posted July 31, 2009 Share Posted July 31, 2009 +1 Social housing should be a short term safety net only, not a permanent place to home the fish ... The social housing place is being too cheaply provided to a restricted set of the population and the flippers place is being priced far too highly. To many people in social housing are there because they are bone idle. They need less nannying and more incentive to get off their lazy arses and start generating wealth for this country and themselves, rather than stealing it from those that are generating wealth. Those that are in social housing for genuine reasons are being given a truly bad name by these people. This is based on my own personal experience - I grew up in one of the biggest council estates in Britain (Leigh Park) - the stereotypes hold true for a significant %age of the residents. It really only took effort on my part, everyone I knew from there (myself included) had sufficient brains to ensure they weren't going to have to rely on benefits and social housing for the rest of their lives - probably 50% choose not to bother putting the effort in - they should never have been given that option - that's the only way this country, and the wider world, can be truly great again - I still have hope we can achieve that and I will do everything I can to support it. Heavily subsidised free housing that we give away totally free of charge to any 18yr old that chose to have kids by anyone as a career or anyone who jumps on a lorry from France. Dormitories were the best solution for benefit system which would get us out of debt in a year. Quote Link to comment Share on other sites More sharing options...
PatientlyWaiting Posted July 31, 2009 Share Posted July 31, 2009 (edited) How does that work then ? What's your combined household income pre-tax ? You're not seriously telling me a couple, with no kids, have be given social housing when both earn decent wages through full-time employment are you ? Actually, that's a bit of an assumption on your part. Both my wife and I are in full-employment. Not bad wages either but i'll be damned if I throw away a large chunk of my wage to pay for someone's pension... Edited July 31, 2009 by PatientlyWaiting Quote Link to comment Share on other sites More sharing options...
Charterhouse Posted July 31, 2009 Share Posted July 31, 2009 I used to live down by the Tescos on the Old Kent Road and I think people are out of their tree to knock the area given how cheap it is and how close to town. Buses to Central London every 2 mins, could be at London Bridge in 10 mins, Oxford St in 25 mins and Holborn or the City in 20. Obviously it's not a good place to live if you've got loads of cash but it suited me down to the ground when I was a student. If (big IF) I were going to get involved in BTL I'd do it round there, I often wish I hadn't sold that house in 2006. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted July 31, 2009 Share Posted July 31, 2009 Actually, that's a bit of an assumption on your part. Both my wife and I are in full-employment. Not bad wages either but i'll be damned if I throw away a large chunk of my wage to pay for someone's pension... I agree. Why the hell SHOULD people be forced into the corner by nasty, predatory property speculators? THAT is the problem with the UK and most of the rest of the "capitalist" world. It has all become a matter of screwing people as hard as possible for a roof over their heads. It really is pitiful. "Capitalism" has been utterly debased by this nasty immorality. I am in no doubt now: full "market forces" need to be checked and balanced to deal with NASTINESS. Quote Link to comment Share on other sites More sharing options...
pie-eater Posted July 31, 2009 Share Posted July 31, 2009 (edited) I used to live down by the Tescos on the Old Kent Road and I think people are out of their tree to knock the area given how cheap it is and how close to town. Buses to Central London every 2 mins, could be at London Bridge in 10 mins, Oxford St in 25 mins and Holborn or the City in 20. Obviously it's not a good place to live if you've got loads of cash but it suited me down to the ground when I was a student. If (big IF) I were going to get involved in BTL I'd do it round there, I often wish I hadn't sold that house in 2006. But where you could be in x minutes doesn't detract from an area being a sh1t hole. You still have to live there with all its problems and listen to the constant traffic, with the odd jolt in the night as you hear police sirens going by or a bump in the night that you think might be some **** trying to break in;) I'm 40 mins from Victoria but don't have smack/crack heads, robbers and murders up the road from me to worry about. Edited July 31, 2009 by pie-eater Quote Link to comment Share on other sites More sharing options...
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