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gerkin
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Hi Guys

http://www.rightmove.co.uk/property-for-sale/property-25148038.html

I live near this property and have kept an eye on this one for a while.

Basically an amateur muppet bought this run down 'chalet' for 199K for the homes under the hammer project. ( Not sure if it came on telly).

After modernising it for about 5 months it was put on the market for 300K. I reckon he spent about 20K and was wanting to make about 80K profit.

They had an open view say ( expecting plenty of interest). It didnt shift and now the price has come down to 250K. At this price I doubt he would make much profit and the more time it sis unsold that much more his loss is going to be.

I reckon the original price of 199K is probably what its worth or maybe less simply because it is situated in a convenient location with shops supermarkets a stone's throw away.

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Hi Guys

http://www.rightmove.co.uk/property-for-sale/property-25148038.html

I live near this property and have kept an eye on this one for a while.

Basically an amateur muppet bought this run down 'chalet' for 199K for the homes under the hammer project. ( Not sure if it came on telly).

After modernising it for about 5 months it was put on the market for 300K. I reckon he spent about 20K and was wanting to make about 80K profit.

They had an open view say ( expecting plenty of interest). It didnt shift and now the price has come down to 250K. At this price I doubt he would make much profit and the more time it sis unsold that much more his loss is going to be.

I reckon the original price of 199K is probably what its worth or maybe less simply because it is situated in a convenient location with shops supermarkets a stone's throw away.

What kind of idiot buys a grotty old bungalow on a busy main road near manky old shops and a boarded up pub?

Apologies if this hasn't formatted correctly. Have been viewing the forums for years but haven't decided to post until now.

What's more, the decor is seriously horrible. I'd be surprised if it ever sold, to be honest!

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Not likely to feature on the programme if it could dent the credibility of the ramping fraternity.

They regularly show houses where the buyer makes a sizable loss.

It simply proves the rule "you make your profit when you buy".

tim

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Isn't the end of the program usually an estate agent walking round with a clip board, nodding and then in this case going "I think the house is worth £350k" and then the narrator saying "so that's a £150k profit in only 2 months" etc.

Of course how often do they actually sell for the stated price? :rolleyes:

Edit, I quite liked the interior btw ;)

Edited by Pauly_Boy
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Looked like a pretty decent investment given the amount of land on the plot. Nice to see it not selling I suppose, but the purchasers seemed pretty sensible and I'm sure they'll do alright in the end.

Yes, for the original purchase price, the bungalow came with big concreted patch of land which they hope to develop separately (five apartments). Their original proposal was to renovate the bungalow and the profit from this would mean they effectively got the land for "free". I doubt if there will be sufficient profit from the sale of the bungalow for this to happen but they still have the land.

Sounds like there could be a part 2 to this story, to get the final picture.

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Yes, for the original purchase price, the bungalow came with big concreted patch of land which they hope to develop separately (five apartments). Their original proposal was to renovate the bungalow and the profit from this would mean they effectively got the land for "free". I doubt if there will be sufficient profit from the sale of the bungalow for this to happen but they still have the land.

Sounds like there could be a part 2 to this story, to get the final picture.

The alarm bells went off when one of the developers mentionedd seeing the bungalow and land many years ago, undeveloped, and that the bungalow next door had the same concreted over land in the back. They arre praying for planning permission which looks unlikely to be granted, for whatever reason. If the bungalow is still for sales they haave clearly made a substantial loss.

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They have not applied for planning yet: http://www.planningfinder.co.uk/pf/search/results?p=1&sort=date&order=desc&highlight=741438

It says in the show that they waiting for the house to sell before applying so not to effect the price of the bungalow. Wouldn't fancy buying that with the prospect of flats being built in your garden!

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  • 1 month later...

Please do stalk it. :)

The previous rightmove listing said it had been on Channel 4's "Homes under the hammer". What idiots, it's a BBC programme. Typical of an EA to get the big details wrong!

Also I think that iPlayer link is going to a different programme now - it now goes to a 30 minute "reversion" episode, there is no 41mins bit to seek to. I think the BBC have re-used the programmeID on the iplayer site for a different more recently broadcast episode.

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  • 1 month later...

Excellent :)

Third agent now. How many are left in Larkham? What will they do when the run out?!

They can't rent it out as the need to get it sold before they can develop the land. All this time they must also be paying mortgage interest on it.

IMO they should knock the price right down take the loss and hope to recoup it on developing the land (if they get permission!)

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  • 3 months later...

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