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Two 4 Bed Detached Houses On Same Street [For Sale.]

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Interesting difference between two 4 bed detached houses, on the same street, almost directly opposite each other:

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One is a repossession priced [now sold] at £130k.

[if you click on Google street view, the house is nicely manicured, lawns cut etc.] *Has a Land Rover in the Drive*

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The other is not a repossession, priced at £275k.

[Again, Google street view will show you where this house is in relation to the repossession. Almost opposite] *For Sale Sign on Front Lawn*

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I contacted both Estate Agents.

There was no damage to the repossession sold at £130k.

When I asked Lovelle Bacons Estate Agency, why they think their house should be valued at £275k, over DOUBLE the amount of the property over the road, they told me they believed that the valuation was correct! :lol:::lol:

They sounded very p155ed off.

[First saw this repo on the front News page. Thanks for posting it.]

Edited by Dan1

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Interesting difference between two 4 bed detached houses, on the same street, almost directly opposite each other:

One is a repossession priced [now sold] at £130k.

This always vexed me somewhat. Whilst prices are set at the margin it can't be the only factor. For example if you have one bucket of water and two possible customers and one of them happens to be on fire, will the price of water differ despite it being the same?

In this case there were two houses, there's now one with a silly asking price. Sellers can ask whatever silly price they like. All they need to find is an idiot......... In the u.k these days it's harder not to find one.

Care for a no money down wager? The non repo will be sold >230k

[if you click on Google street view, the house is nicely manicured, lawns cut etc.] *Has a Land Rover in the Drive*

The other is not a repossession, priced at £275k.

[Again, Google street view will show you where this house is in relation to the repossession. Almost opposite] *For Sale Sign on Front Lawn*

I contacted both Estate Agents.

There was no damage to the repossession sold at £130k.

When I asked Lovelle Bacons Estate Agency, why they think their house should be valued at £275k, over DOUBLE the amount of the property over the road, they told me they believed that the valuation was correct! :lol:::lol:

They sounded very p155ed off.

[First saw this repo on the front News page. Thanks for posting it.]

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In this case there were two houses, there's now one with a silly asking price. Sellers can ask whatever silly price they like. All they need to find is an idiot......... In the u.k these days it's harder not to find one.

Care for a no money down wager? The non repo will be sold >230k

Yes, you are probably correct. One person with an overvalued asset, will exchange, [trade up or down] for another over valued asset.

But I'll bet you it wont be a FTB, who stumps up £230k. :)

This example just reiterates to me, that I will not be buying until there is 50% + reduction from peak prices.

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There was no damage to the repossession sold at £130k.

How come the pictures show damage to several of the ceilings? Looks a decent price even with the damage - can't be much to put right.

Also, how the hell do ceilings get "damaged" like that absent deliberate vandalism??!?!

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So how much should the £270k House be priced at?

£140k? £150k?

Edited by Dan1

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To be fair, the non-repo appears to include a pretty large indoor swimming pool. These are not identical houses. Surprising the EAs didn't say this though.

It could be code for 'Large Bathtub' I'll Check and post this AM. [i still dont think a Pool is worth an extra £145 grand]

Edited by Dan1

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How come the pictures show damage to several of the ceilings? Looks a decent price even with the damage - can't be much to put right.

Also, how the hell do ceilings get "damaged" like that absent deliberate vandalism??!?!

£300 -£400 to re board and plaster the ceilings. Would be more worried abot the plumbing/heating being messed with. Also a floor board has been lifted, strange?

Water problems somewhere i reckon....

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How come the pictures show damage to several of the ceilings? Looks a decent price even with the damage - can't be much to put right.

Also, how the hell do ceilings get "damaged" like that absent deliberate vandalism??!?!

Light fitting removal gone wrong?

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£300 -£400 to re board and plaster the ceilings. Would be more worried abot the plumbing/heating being messed with. Also a floor board has been lifted, strange?

Water problems somewhere i reckon....

Apparently the Header Tank Leaked. The damp is to the back bedroom ceiling, and the lounge dining ceiling. Plasterboard replacement needed. However much that would cost. Plasterboards cost £10-£15 each, and replacing a plasterboard ceiling is not too much of a job. Someone got a good deal, I reckon.

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Apparently the Header Tank Leaked. The damp is to the back bedroom ceiling, and the lounge dining ceiling. Plasterboard replacement needed. However much that would cost. Plasterboards cost £10-£15 each, and replacing a plasterboard ceiling is not too much of a job. Someone got a good deal, I reckon.

Did this place get widely publicised ? Might have crept under the radar.....and surprise surprise was purchased by brother of EA.

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I

I contacted both Estate Agents.

There was no damage to the repossession sold at £130k.

er have you actually looked at the pictures?

There is damage to that property, some of the celling is down in one picture and some of the floor.

Since we haven't been there it would be difficult to tell what else you may find.

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Apparently the Header Tank Leaked. The damp is to the back bedroom ceiling, and the lounge dining ceiling. Plasterboard replacement needed. However much that would cost. Plasterboards cost £10-£15 each, and replacing a plasterboard ceiling is not too much of a job. Someone got a good deal, I reckon.

Er, yes Cardiffone. Did you Er, read this?[if you took on a contractor, would probably cost a pretty penny, with Labour Costs. However, replacing two plasterboard ceilings is certainly within the realm of most DIY'ers]

Edited by Dan1

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£300 -£400 to re board and plaster the ceilings. Would be more worried abot the plumbing/heating being messed with. Also a floor board has been lifted, strange?

Water problems somewhere i reckon....

Probably when the central heating was ripped out and taken for scrap...

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i would say 150k is fair price

On the basis of previous prices "The Sycamores" current price should be 180K. Allowing for a 20% discount for it being a repo in need of some work, 140K seems about right.

There is a further house on the street that comes in at 260K so there's obviously a lot of difference, even allowing for the fact that they are both Band D.

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On the basis of previous prices "The Sycamores" current price should be 180K. Allowing for a 20% discount for it being a repo in need of some work, 140K seems about right.

There is a further house on the street that comes in at 260K so there's obviously a lot of difference, even allowing for the fact that they are both Band D.

Sold for £158,000 in 2003 [Although its listed as a terrace?!] So not very cheap at 130k then?

[Tim123 youve misread JamesTooneys post. He Suggested the house priced at £270k is worth £150k.

SarahBell. What makes you think the central heating was ripped out?]

Edited by Dan1

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Thats a lot of house for £130k, i'd say the buyer has a bargain.

To think overall prices are going to fall to these levels, your going to be waiting for ever. Yes if your timing is right you will get lucky and find a motivated seller.

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Er, yes Cardiffone. Did you Er, read this?[if you took on a contractor, would probably cost a pretty penny, with Labour Costs. However, replacing two plasterboard ceilings is certainly within the realm of most DIY'ers]

no didn't read it all as I was so shocked you didn't notice the repairs needed

how can you assume that all it needs..... and what the cost would be

none of us have been there or had a survey, could be any number of problems to tackle, and could be more extensive damage than is apparent in those tiny pictures

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no didn't read it all as I was so shocked you didn't notice the repairs needed

how can you assume that all it needs..... and what the cost would be

none of us have been there or had a survey, could be any number of problems to tackle, and could be more extensive damage than is apparent in those tiny pictures

I see houses that haven't been lived in for years, windows and doors boarded up. The sort that are just a bare shell sell at auction all day long for 2003/2004 prices. The only thing against that property is the location really, it's for someone looking for the quiet live,retiring or working from home. The price is amazing for it's condition which is very good compared to the things i look at.

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no didn't read it all as I was so shocked you didn't notice the repairs needed

how can you assume that all it needs..... and what the cost would be

none of us have been there or had a survey, could be any number of problems to tackle, and could be more extensive damage than is apparent in those tiny pictures

Yes. There could be.

My reading of your previous post, suggested you questioned my integrity, when I stated that I had Talked to the estate Agents.

I asked him what was wrong with the property. He told me the Header Tank had leaked, and that two ceilings needed new plasterboard........

That is not what I would describe as serious damage. At the top end, I would think a contractor would charge £1k + to repair that. Which Im guessing would be two to three of days work, by a couple of plasterers?

[Feel free to correct my estimate, anyone]

Id describe that as cosmetic, not structural. I.E Not serious damage. However, its all irrelevant, as the house is not as cheap as I thought.

I was just surprised to see a 4 Bed detached, in what looks like a nice area, for £130k.

[im sure that will become commonplace once again soon enough. ]

[ And if that is all that is wrong with the property, according to the Estate Agent. ]

Its certainly a not too difficult DIY job mate. ;)

EDIT* I specifically asked the Estate Agent how much I would have to spend on it. He told me if I used tradesmen, a grand or two.

Edited by Dan1

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  • 245 Brexit, House prices and Summer 2020

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