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Bought Off Plan


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HOLA441
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HOLA442

It just occurred to me that I haven't heard of many people buying flats "off plan" for some time. I wonder if there are still many people committed to finding the money to complete on some folly that they signed up for a few years ago.

The last person I know who did that lost their £18k 'deposit' when it transpired no lender would stump up more than £90k towards the asking price of £180k. :lol: You can't go wrong with bricks and mortar newbuild flats in Northern towns. :lol:

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HOLA443

The classic in my neck of the woods is the Cube development in Birmingham city centre.

This was discussed a little recently here:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=142329&st=30

The building is just starting to be occupied now. Those who committed to buy-off-plan seem to be squealing like pigs and trying to get out of there commitments. It is a real classic case, with the majority of the off-plan purchases made right in the middle of the greed phase of the bubble.

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HOLA444
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HOLA446
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HOLA447
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HOLA448
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HOLA449

There's loads of grief in Northern Ireland as the courts force off plan buyers to complete their contracts.

As unpleasant as it may be it is fair. This is especially true for all "investors" who bought off plan to let out. Investments go up and down, and to try and squirm out of your obligations is just wrong. I have a little sympathy for people who bought off-plan for a home to live in, and now find it hard to get the mortgage for the original purchase price against current valuations. But only a little...

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HOLA4410

I wondered about this. Not so much off plan, but are there still developments coming onto the market that were conceived and started due to the bubble? Or has most have that worked it's way out of the system now?

Most of the big developments in Leeds were mothballed right after things went south. If they had been a further few months along they might have had no choice but to continue.

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HOLA4411

Buying off plan in a luxury development in a good location is usually a solid investment. You have to make sure the location is good though and not some high rise in Manchester.

get stuffed you VI ramping n*b

do you realise the lives that have been blighted by your ramping nonsense - the culpable but daft who should never have gone near such exotic leverage? the sensible who have been locked out of the simple fact of property ownership and had to face the ire of society - indeuced into this by your own silly financial delusion?

you make me sick - the government should have regulated this years and years ago - but oh no bulls say 'you can't go wrong'

well, now peoples' financial lives are ruined. these people are 30-odd years old, they will be bringing kids up in sh*tty little developments blighted by onbscene mortgage debts because people like YOU said you can't go wrong

luxury? you have only the luxury of your own small mind.

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HOLA4412

I wondered about this. Not so much off plan, but are there still developments coming onto the market that were conceived and started due to the bubble? Or has most have that worked it's way out of the system now?

Most of the big developments in Leeds were mothballed right after things went south. If they had been a further few months along they might have had no choice but to continue.

it did look like they were mothballed pretty damn quickly - so heavily leveraged. the banks pulled the plug on funding and that was that

I still laugh at the insolvency of a property tycoon in Leeds - he was on telly 4 years ago - 'despite this man failing his maths O level and being dyslexic, he is a talented property entrepreneur' - and went bankrupt last year. Unfortunately lots of people appear to have lost deposits to him, on his latest high rise flats to be built in Leeds, and are now down a list of creditors.

Apparently he would be immune to a downturn due to great locations and fantastic designs.

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HOLA4413
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HOLA4415

Sometimes you need the confidence of ignorance just to get anything done.

he simply leveraged to the max from about 1980 onwards

luck and ignorance, a later generation trying the same trick at the same age, at other times he would have been a totaL pauper as a result

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HOLA4416
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HOLA4419

In Sep 01 bought a house that Linfoot had built in York. It was about 10 years old at that stage

Pretty reasonable house in a nice enough small development

There are two for sale on the same street now for £169,950 and £197,950

See here

Edited by JPJPJP
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HOLA4420

In Sep 01 bought a house that Linfoot had built in York. It was about 10 years old at that stage

Pretty reasonable house in a nice enough small development

There are two for sale on the same street now for £169,950 and £197,950

See here

oh well done. you made lots of money on your pwoperdie.

still, yields are sh*t.

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HOLA4421
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HOLA4423

In Sep 01 bought a house that Linfoot had built in York. It was about 10 years old at that stage

Pretty reasonable house in a nice enough small development

There are two for sale on the same street now for £169,950 and £197,950

See here

But wasn't Sep 2001 9 years ago? You had 6 years of simple luck, nothing else.

Well done on your gamble. Try it now - I dare you. You've been lucky, not clever.

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