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davidg

H.u.t.h. 14/11/2013

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Student's favourite Homes under the hammer has some interesting pwoperties today. Amongst the properties a Victorian sea front building in Margate which was snapped up for 250K by a former pension fund manager who spent over a million converting it into a boutique hotel which opened a couple of weeks ago.

Boutique hotel, Margate? (It is called the Sands) is this the final stages of the bubble blowout?

The other two properties highlighted the north south divide.

We saw two three bedroom social housing semi detached type properties. One, a 70s construction in South Shields that sold for 32K at auction and had 4k spent doing it up (including a kitchen). It had a rental value of 450 pcm. In London an ex-services house sold for 535K. It backs onto Bushy Park. It cost around 50K to do up by a team led by young muscly George who seemed to have a thing going on with the mini-skirted Milf who had bought the house as an investment. No doubt her Bushy Park was getting a bit of urgent maintenance. I digress, rental value around 2500pcm.

So the South Shields property has a yield of over 10% whereas it is less than 5% around London. More indication of a bubble and civil service salaries keeping rentals relatively high oop North.

Edited by davidg

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HUTH yesterday was good. Seemed to be a look back at rennovations that took longer than planned.

One was a church the planners said could not be used for weddings. And despite paying 5k for a positive sonic assessment, the buyer was unable to use as a music studio either, in case of noise. Gutted wannabe developer having then to auction it. Only thing planning would allow was use as a creche.

Second was an ex public loo, which over many years was eventually turned into an alleged eco home. EAs valuations gave a LOSS - omg

Had to get another agent round to get a number 50k higher than previous two for a profit.

To my mirth, justification for one more agent than normal was - "it is a unique property, really only worth what someone would be prepared to pay." As opposed to what lol

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