The Smell Of Desperation Is In The Air

[Executive Sadman]

http://www.rightmove.co.uk/house-value.html?searchLocation=nn3+5el&displayPropertyType=detachedshouses&bedrooms=4&radius=0.0&sellersPriceGuide=Update+Results

This place (£165k) was on the market earlier this year at £139.995. Seems to have sold for £120k. In fact came on SSTC, probably the Estate agent bought place himself to flip- you dont settle for £120k if its on at £140k without waiting a couple of weeks to get some interest. Cunningly the EA has deleted the original ad at that price in the 'No longer on the market section'

Anyway, a few months later, and no more than £10k spend on a 'refurb' (ie new kitchen, paint, bath and lawn mowed) it came back on at £180k. £50k easy profit, flipper thought. Anyway, a few silly reductions later (£175k, then £170k then £167.5k now £165k) its still on the market.

Not a big fall, just looks desperate as Its on with 4 different agents.

http://www.rightmove.co.uk/house-value.html?searchLocation=nn297ja&displayPropertyType=detachedshouses&bedrooms=2&radius=0.0&sellersPriceGuide=Update+Results

Another one here, sold same time for £116k. (on at £120k) now flipper wants £150k (did want £160k at first). Except next door only want £125k for theirs.

[montesquieu]

Went to see this one today, bought in 2009 for £297k (well overpriced then I'd have said), lick of paint and a shower, bang £53k. Story from agent is was bought as retirement property and they've delayed their retirement by three years. http://www.rightmove.co.uk/property-for-sale/property-31255159.html Bolllocks I said.

The large garden isn't what you'd think despite the trees it's not that private. Living room is about big enough for a decent dining table.

I hadn't checked the 2009 price but I told young Mr Hair Gel the price was a joke. Oh no he said, there's tons of interest, everything is selling and hurry hurry hurry before they are all gone.

Are people (vendors and buyers alike) totally thick or what?

[The Preacherman]

I was just about to start a thread about another tale of slow motion knife catching in action when yours popped up.

In September last year we viewed 23 Arkle Road, Droitwich, a 4 bed detached house At the time the property was on sale for £230K or £235K. It was one of the better properties we viewed but the downside was a small kitchen that needed modernising, a dining room that you couldn't fit a dining table in and small bedrooms with no distinct master. Also the property is close to the M5.

We in the end purchased another 4 bed detached in another area of Droitwich away from the motorway for £10K less than the £207K that Arkle Road eventually sold for. The property we bought was larger and had a bigger garden.

Move on to June this year and 23 Arkle Road is back on the market this time for £250K. The flippers have blocked paved the drive, put a new kitchen in, replaced the boiler, added a dining area by converting the garage, refurbished the bathroom and tarted up the decor including the obligatory twigs in the lounge.

http://www.rightmove...y-30313099.html

Do these people think it is 2005 still? How will anyone get a mortgage on this property for anywhere near there asking price when the property sold for £207K? There is even another 4 bed property on the same road with the same agent (Nicol & Co) for £219K.

http://www.rightmove...y-34501055.html

Clearly the charms of all that 'refurbishment' work have failed to charm the punters as the property was reduced by £5K two weeks later to £245K.

[Spot]

I've been idly looking (do we extend or move?) and a lot of houses i've looked at recently have 2004 asking prices so we're slowly getting there.

Apart from the ones where there seems to be some insane disconnect from reality and they're madly expensive.....

[miko]

I was just about to start a thread about another tale of slow motion knife catching in action when yours popped up.

In September last year we viewed 23 Arkle Road, Droitwich, a 4 bed detached house At the time the property was on sale for £230K or £235K. It was one of the better properties we viewed but the downside was a small kitchen that needed modernising, a dining room that you couldn't fit a dining table in and small bedrooms with no distinct master. Also the property is close to the M5.

We in the end purchased another 4 bed detached in another area of Droitwich away from the motorway for £10K less than the £207K that Arkle Road eventually sold for. The property we bought was larger and had a bigger garden.

Move on to June this year and 23 Arkle Road is back on the market this time for £250K. The flippers have blocked paved the drive, put a new kitchen in, replaced the boiler, added a dining area by converting the garage, refurbished the bathroom and tarted up the decor including the obligatory twigs in the lounge.

http://www.rightmove...y-30313099.html

Do these people think it is 2005 still? How will anyone get a mortgage on this property for anywhere near there asking price when the property sold for £207K? There is even another 4 bed property on the same road with the same agent (Nicol & Co) for £219K.

http://www.rightmove...y-34501055.html

Clearly the charms of all that 'refurbishment' work have failed to charm the punters as the property was reduced by £5K two weeks later to £245K.

I don't know that area and what prices would be classed as high/low/ about right ect.

Maybe they are both overpirced however the one at £30k more is a much better looking house , has a much better front garden and also a better back garden , if I had to pick and pay a price difference it would be that one I chose.

[aa3]

The 23 arkle road flippers look to be in some trouble. It would cost a lot of money to do all those upgrades you listed. And there is carrying costs to houses obviously, like property tax. And there is huge transactions costs like estate agent commissions.

It looks to me like they will lose money even if they sell for the £245k. On the bright side it looks like they did honestly improve the property.

[MrPin]

I don't think "flipping" works in a falling market. That kitchen, and lick of paint does not "add value".

Let's call them "floppers" instead!

[tim123]

http://www.rightmove.co.uk/house-value.html?searchLocation=nn297ja&displayPropertyType=detachedshouses&bedrooms=2&radius=0.0&sellersPriceGuide=Update+Results

Another one here, sold same time for £116k. (on at £120k) now flipper wants £150k (did want £160k at first). Except next door only want £125k for theirs.

But the one next door needs 20K spending on it!

tim

[Stay Beautiful]

Desperate site,

http://www.mustbesold.com/

[Mr. Miyagi]

http://www.rightmove.co.uk/house-value.html?searchLocation=nn3+5el&displayPropertyType=detachedshouses&bedrooms=4&radius=0.0&sellersPriceGuide=Update+Results

This place (£165k) was on the market earlier this year at £139.995. Seems to have sold for £120k. In fact came on SSTC, probably the Estate agent bought place himself to flip- you dont settle for £120k if its on at £140k without waiting a couple of weeks to get some interest. Cunningly the EA has deleted the original ad at that price in the 'No longer on the market section'

Anyway, a few months later, and no more than £10k spend on a 'refurb' (ie new kitchen, paint, bath and lawn mowed) it came back on at £180k. £50k easy profit, flipper thought. Anyway, a few silly reductions later (£175k, then £170k then £167.5k now £165k) its still on the market.

Not a big fall, just looks desperate as Its on with 4 different agents.

http://www.rightmove.co.uk/house-value.html?searchLocation=nn297ja&displayPropertyType=detachedshouses&bedrooms=2&radius=0.0&sellersPriceGuide=Update+Results

Another one here, sold same time for £116k. (on at £120k) now flipper wants £150k (did want £160k at first). Except next door only want £125k for theirs.

Why don't you go view it and make an offer of £110k, just for laughs of course.

[Executive Sadman]

Why don't you go view it and make an offer of £110k, just for laughs of course.

They might say yes

Its worth £75-80k, tops.

Well to me it is. Im sure some plank will pay more if they wait long enough.

[porca misèria]

Desperate site,

http://www.mustbesold.com/

Wow! Prices starting at under £10k and nothing visibly wrong with them.

[winkie]

[rantnrave]

Desperate site,

http://www.mustbesold.com/

More here (without the auction aspect though):

Express Estate Agency

Edited September 4, 2011 by rantnrave

[Democorruptcy]

There's on near me that cracks me up.

It sold for £245k August 2010 and they thought they had a right bargain to flip

Came back on at £285k for an easy £40k

A few months later after several price drops it's down to £235k - ooopppsssss!

[Giordano Bruno]

I don't think "flipping" works in a falling market. That kitchen, and lick of paint does not "add value".

Let's call them "floppers" instead!

There was a survey done about six months ago which conluded that the work done rarely adds value. Sorry, I can't recall the details. It seems that 'Property Ladder' was based on a false premise.

[Starla]

Desperate site,

http://www.mustbesold.com/

Just viewed the 5 London properties. I re-name this site "mustbeMAD.com"

2 bed terrace in Hanwell, £450,000?! Hanwell is in Heathrow-Airport-Land and thoroughly depressing. Honestly I'd think hard paying £45,000 to live there.

[EvilEdna]

http://www.rightmove.co.uk/house-value.html?searchLocation=nn3+5el&displayPropertyType=detachedshouses&bedrooms=4&radius=0.0&sellersPriceGuide=Update+Results

This place (£165k) was on the market earlier this year at £139.995. Seems to have sold for £120k. In fact came on SSTC, probably the Estate agent bought place himself to flip- you dont settle for £120k if its on at £140k without waiting a couple of weeks to get some interest. Cunningly the EA has deleted the original ad at that price in the 'No longer on the market section'

Anyway, a few months later, and no more than £10k spend on a 'refurb' (ie new kitchen, paint, bath and lawn mowed) it came back on at £180k. £50k easy profit, flipper thought. Anyway, a few silly reductions later (£175k, then £170k then £167.5k now £165k) its still on the market.

Not a big fall, just looks desperate as Its on with 4 different agents.

http://www.rightmove.co.uk/house-value.html?searchLocation=nn297ja&displayPropertyType=detachedshouses&bedrooms=2&radius=0.0&sellersPriceGuide=Update+Results

Another one here, sold same time for £116k. (on at £120k) now flipper wants £150k (did want £160k at first). Except next door only want £125k for theirs.

Check out the cement garden on the comparison property though http://www.rightmove.co.uk/property-for-sale/property-34501055.html picture 5 - gives me the Ian McEwans

[wonderpup]

I think a lot people don't realise that 'Homes under the Hammer' is now mostly repeats- they have failed to notice the weird correlation between the valuations given by the obligatory estate agents and the amount of hair possessed by the male presenter.

Less hair= lower valuations-I pass this valuable tip on for the benefit of those who come in halfway through. We are now in what estate agents must surely begin to call a 'thinning' market.

[AThirdWay]

There's on near me that cracks me up.

It sold for £245k August 2010 and they thought they had a right bargain to flip

Came back on at £285k for an easy £40k

A few months later after several price drops it's down to £235k - ooopppsssss!

Seen this, and thought of this thread.

My link

Paid 92k in April. New carpets, kitchen and bathroom, o/o 155k now!

Hoping to watch this one tumble down the price range until it reaches 92k again!

[MrMagoo]

There was a survey done about six months ago which conluded that the work done rarely adds value. Sorry, I can't recall the details. It seems that 'Property Ladder' was based on a false premise.

Did'nt most of the punters who made a "profit" on that show jst get lucky and would ave made just as muchif not more by just holdingon to tge property? i recall very few managed to control their budgets and overspent on things which added little or no real value! I wonder if they'll make a "property slde" follow up? :-)

[tim123]

Did'nt most of the punters who made a "profit" on that show jst get lucky and would ave made just as muchif not more by just holdingon to tge property? i recall very few managed to control their budgets and overspent on things which added little or no real value! I wonder if they'll make a "property slde" follow up? :-)

That's because they broke the golden rule "you make your profit when you buy".

IME of watching loads of auction properties go through the process, if you buy within about 10% of guide you will do well. If you get into a bidding war and pay 30-50% over, usually you will, at best, break even.

tim

[right_freds_dead]

housing is now a very side issue. they refused to let it go in 2005, and now its way too late. its taken the banking system down. forced massive cuts and produced huge falls in tax revenue. each week come a story that gordon brown was insane, but then so were the people that thought homes could rise 300% and that not have any long term knock on effects.

its been 3-4 years since the first meltdown and yet homes seem to be pretending to be worth xxx, yet incomes are dying. its complete denial of the worst order.

there are some things they are doing / could do, and thats to open up the land banks and drop the planning laws, giving every nimby a good kick in the teeth, because this country is more than just a pocket full of greedy nimbys. and without the rest to come into the economy, there wont be any movement. this stagnation is like that of a spoiled child. "whaa whaaa i want my house to sell for whaaa", when the total reality is no one has the deposit money. they have sucked the gold out of the country (no gold4you ads anymore) and work is starting to be hard to get. especially for the generation thats need to buy these golden houses. personally, ive dropped the whole concept of buying a house. it makes very little sense to foolishly hand over your money as they slide into oblivion. you may as well face the fact that we will probably nver ever be able to confortably afford one in our lifetimes. they have screwed us over. sacrificed us so a handful of people were happy enough to keep votng labour. the name of the party is actually very correct. thats all they have produced. hard labour for a generation no one really gave a rats ass about, until it was too late. now its too late to join in thier silly little game of look at my house price.

they think rents will save them, but you cant squeeze water from a dry stone.

once peoples incomes are crushed by wage freezes and the rapid inflation we are getting, it doesnt matter what they want in rents, they will only be getting what people can afford to pay. if that means they cant afford to service the buy to let dream, well its kind of tough because there is no other option. this in turn will cause a negative push on the already bankrupt banks, bringing the country to its knees. and if you want to look for blame, have a good look at how childish the economic policy was for the last 10 years and ask yourself, who was responsible ? it wasnt just gordon brown. it was every media point, every middle aged grabber. every nimby and every 'aspirational' barrat brochure.

you shouldnt have to aspire to live under a roof and raise a family. thats what the government is supposed to be managing the ability to do. the funny thing is, they knew it was wrong while it was happening, its just the nimby clans kept voting for a repeat of the same and labour delivered. until it became simply childish. then it popped, yet they think as long as they pretend everythings going to be fine it will somehow on its own, go back to how it was.

homes were never 300% more, and never will be. this is what is disappointing me. the denial stage is where the reality stage should be sitting, and ll this is doing is making the debt pile.

some of us, will spend our entire lives on here hoping for a crash, while rome burns and before you know it, we will all be looking at the end points of our lives. to me now, housing is just a bitter taste of controlled animal farming. so sickening, that even when it busts and breaks the back of the nation, the greed is so endemic, it still pretends nothing is happening and it will all bob back up somehow.

what kind of country is this when private loss making banks are national industries, yet essentials like transport, gas and water are private ?

talk about a barn full of dumb animals.

.

Edited September 6, 2011 by right_freds_dead

[Ames]

Flippin Flip!

http://www.rightmove.co.uk/property-for-sale/property-31822111.html

http://www.houseprices.co.uk/e.php?q=BS35+3JA&n=25

25K in 4 Months.

I'll keep an eye on this one.

[Snugglybear]

From the desperate site

Lot 97 (only one picture, of the exterior) i.e. Grooms Lodge, Constant Farm, Uplands, is on Rightmove, where the description reads

"The auctioneers have been unable to inspect the property but it is believed to be a two bedroom first floor flat.

LOCATION:

The property is situated in the Uplands area which is approximately six and a half miles south of Carmarthen Town Centre.

DESCRIPTON:

Believed to consist of:

First Floor: Reception room, kitchen area, two bedrooms and shower room.

TENURE :

Leasehold. Vacant possession on completion."

"Uplands" is the middle of some fields.

It looks like a converted outbuilding. The name "Grooms Lodge" is therefore accurate - it undoubtedly used to be the loft above the stable where the man who looked after the horses lived, at which time it would have looked like this http://education.gtj.org.uk/en/blowup1/23280

Absolute hoot.