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Armitage Shanks

£1M Many-Bedroom House

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A reminder if one were needed just how overpriced houses are in this country:

http://www.chicagotribune.com/wgntv-home-alone-house-sold-march8-story.html

By way of comparison (apologies for Fail article - first Google result for "rightmove £1m flat london":

http://www.dailymail.co.uk/news/article-2817521/Britain-s-1million-council-flat-Apartment-West-London-estate-sold-48-000-right-buy-market-seven-figures.html

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That seems quite expensive I thought the US was supposed to be cheap.

you can get similar (perhaps bigger?) houses in better locations in the uk for a similar price within a similar driving distance of the uk's second city (comparing this chicago property to a brum)

http://www.rightmove.co.uk/property-for-sale/property-46220915.html

http://www.rightmove.co.uk/property-for-sale/property-29365632.html?premiumA=true

The rest of the UK is still on a different planet to london...

Edited by AteMoose

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That seems quite expensive I thought the US was supposed to be cheap.

...

Depends where in the US. My sister lives in Cambridge, Mass. - her house is a tiny tiddler compared to that - and was still valued last yr (for annual property tax) at over $1M.

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Chicago is losing a lot of people due to crime, local government pension deficits and high property taxes (i guess the last two are linked)

http://www.chicagomag.com/real-estate/January-2014/Illinois-Now-Has-the-Second-Highest-Property-Taxes-in-the-Nation/

Property taxes in Illinois average 2.28 percent of a home’s value, according to the Urban Institute.

So sure, if you dont mind paying $40,000 or so a year for your $1.6mn mansion...its good value. I guess council taxes in the UK would be $4-5k

Besides, its a good 20 miles outside of Chigago CBD, you can still buy a decent sized home for under a million 20 miles outside the city in London.

OK, none are as picture perfect as the home alone one, but you can still get a reasonably posh looking gaff inside the M25.

http://www.rightmove.co.uk/property-for-sale/property-32703876.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-43022221.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-45100090.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-31678758.html

http://www.rightmove.co.uk/property-for-sale/property-33090135.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-49595513.html

http://www.rightmove.co.uk/property-for-sale/property-42977584.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-45821389.html

http://www.rightmove.co.uk/property-for-sale/property-32931885.html

http://www.rightmove.co.uk/property-for-sale/property-31119888.html

TBH, given the tax bills, that home alone house looks atrocious value. It would have to be priced at $300k to shrink the tax bills to a reasonable level.

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That seems quite expensive I thought the US was supposed to be cheap.

you can get similar (perhaps bigger?) houses in better locations in the uk for a similar price within a similar driving distance of the uk's second city (comparing this chicago property to a brum)

http://www.rightmove.co.uk/property-for-sale/property-46220915.html

http://www.rightmove.co.uk/property-for-sale/property-29365632.html?premiumA=true

The rest of the UK is still on a different planet to london...

I dont think its fair to compare chicago to brum!

Chicago, whilst going downhill, does still have a kind of NYC/London finance thing going on...its not all calls centres and benefits street ala Birmingham!

Maybe Edinburgh would be a better comparison. Dont know where birmingham could be compared to. Its not exactly detroit yet, but pretty shit for higher wage jobs.

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Chicago is losing a lot of people due to crime, local government pension deficits and high property taxes (i guess the last two are linked)

http://www.chicagomag.com/real-estate/January-2014/Illinois-Now-Has-the-Second-Highest-Property-Taxes-in-the-Nation/

Property taxes in Illinois average 2.28 percent of a home’s value, according to the Urban Institute.

So sure, if you dont mind paying $40,000 or so a year for your $1.6mn mansion...its good value. I guess council taxes in the UK would be $4-5k

Besides, its a good 20 miles outside of Chigago CBD, you can still buy a decent sized home for under a million 20 miles outside the city in London.

OK, none are as picture perfect as the home alone one, but you can still get a reasonably posh looking gaff inside the M25.

http://www.rightmove.co.uk/property-for-sale/property-32703876.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-43022221.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-45100090.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-31678758.html

http://www.rightmove.co.uk/property-for-sale/property-33090135.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-49595513.html

http://www.rightmove.co.uk/property-for-sale/property-42977584.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-45821389.html

http://www.rightmove.co.uk/property-for-sale/property-32931885.html

http://www.rightmove.co.uk/property-for-sale/property-31119888.html

TBH, given the tax bills, that home alone house looks atrocious value. It would have to be priced at $300k to shrink the tax bills to a reasonable level.

i would not pay that kind of money for any of them

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OK, none are as picture perfect as the home alone one, but you can still get a reasonably posh looking gaff inside the M25.

http://www.rightmove.co.uk/property-for-sale/property-31678758.html

TBH, given the tax bills, that home alone house looks atrocious value. It would have to be priced at $300k to shrink the tax bills to a reasonable level.

Agreed re you US position.

On the UK listings 'i would not pay that kind of money for any of them'. Can only hope buyers fall away, and that there is a pent-up demand, panic, to sell, from some owners in future. No interest in such houses myself, even in a 50% hpc. Maybe in a 70-80% hpc. Prefer to have money towards looking after family, investments and in savings, creating retirement funds, than big old detached house.

Kicked about postcode on your forth listing; a few indications of distress.

29 Apr 2005 Detached, Freehold £649,950

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=33097335&sale=41114840&country=england

This property is currently on the market

£729,950 http://www.rightmove.co.uk/property-for-sale/property-33104889.html

Looks like they've found a buyer, but others won't.

18 Jan 2006 Detached, Freehold £575,000

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=9306605&sale=13316057&country=england

This property is currently on the market

Price changed: £750,000 Offers in Excess of £700,000

Sold STC £700,000 http://www.rightmove.co.uk/property-for-sale/property-47981861.html

lol, reward them... http://www.rightmove.co.uk/property-for-sale/property-32931885.html

urgh..asking price since last sold http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=41105110&sale=30484625&country=england

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That seems quite expensive I thought the US was supposed to be cheap.

you can get similar (perhaps bigger?) houses in better locations in the uk for a similar price within a similar driving distance of the uk's second city (comparing this chicago property to a brum)

http://www.rightmove.co.uk/property-for-sale/property-46220915.html

http://www.rightmove.co.uk/property-for-sale/property-29365632.html?premiumA=true

The rest of the UK is still on a different planet to london...

Agreed fully on the general point of the OP re: madness of UK prices.......

but, looking again at that first comparison example I note the the proximity of the river. Flood risk taken into account in the price?

The second one appeals much more personally.

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no big deal , you can buy houses like that in the uk for less

Houses like that do seem to command a high price in this country...it's called the urban premuim. This house isn't far from where I live in Nottingham (you might be able to swing a cat in the garden if you are lucky) and is one reason I absolutely refuse to pay urban premium prices when I could get something better for a third of the money in say Lincolnshire. So I'll wait til we don't need to be near work until i buy a decent house.

http://www.rightmove.co.uk/property-for-sale/property-25981137.html?premiumA=true

Edited by crashmonitor

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but, looking again at that first comparison example I note the the proximity of the river. Flood risk taken into account in the price?

Upton is well-known for its flooding. I'd say the ground floor gets about a foot of water judging by the height of the electrical sockets from the floor! :D

Not quite on the scale of that place down in Devon though (anyone link to that thread from way back?)

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Houses like that do seem to command a high price in this country...it's called the urban premuim. This house isn't far from where I live in Nottingham (you might be able to swing a cat in the garden if you are lucky) and is one reason I absolutely refuse to pay urban premium prices when I could get something better for a third of the money in say Lincolnshire. So I'll wait til we don't need to be near work until i buy a decent house.

http://www.rightmove.co.uk/property-for-sale/property-25981137.html?premiumA=true

Sale Date. Sold Price.

28 Sep 2007. £1,110,000

28 Jun 2002. £410,000

21 Jan 2000. £325,000

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=14983388&sale=24074720&country=england

This property is currently on the market

You mean when you can partially retire? Would you really need such a large house at that point. They seem to command it for now. Hoping the upsizers fall away, and sellers find there are fewer buyers.

Only seems a few years ago when the authorities were looking at taxing people extra for having a conservatory, via sweeps of homes carried out by aerial photography. Roaming mini-mansions, with internal swimming pools? Then all the running costs, cleaning and maintaining. Even if I could afford it - which I can not now - I would have no interest in such homes. 3-4 bed semi or small detached in a good area with offroad parking and workable rear garden is all I am seeking, but not at the stupid high prices £300K-£400K owners think they're worth in this market.

Last year, for a laugh, I went to view a newbuild McMansion. Cut from £3.5m to offers above £1.1m. The developer had gone bankrupt. Awful house. Glass floors on the landing so you could see downstairs - vertigo. Rubbish workmanship in evidence everywhere. The boiler system in the garage was huge. And the particulars admitted that the swimming pool in the basement was 'tanking' - damp into the walls. We came to conclusion couldn't have kids near a swimming pool anyway, unmonitored - would have to ensure it was closed off-limits when not supervised.

Simon Ashwell. Savills Estate Agents. ITV Tonight show. 2007.

Right. Modern property, guide price is £4 million pounds. Surrounded by an acre of landscape gardens. You've got 4 receptions rooms on the ground floor. Superb galleried entrance hall here.

In the last recession, you got to the point where certainly on these larger houses.. you couldn't get rid of them. I mean they were seen as a liability. We were doing valuations on property where people had lost.. you know, a million pounds on the value of what they'd paid for it, and of course you know you could see that visibly affecting their body with the shock of it.

He liked the house; it seemed... fit. Normally, he'd have hated it.

Still - as he'd pointed out to her when he first saw it from the lonely ocean

road - it would be easy to torch and simple to rob, stuck out here in the

middle of nowhere. (She'd looked at him as though he were mad, but then

kissed him.)

- Use of Weapons.

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Sale Date. Sold Price.

28 Sep 2007. £1,110,000

28 Jun 2002. £410,000

21 Jan 2000. £325,000

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=14983388&sale=24074720&country=england

This property is currently on the market

You mean when you can partially retire? Would you really need such a large house at that point. They seem to command it for now. Hoping the upsizers fall away, and sellers find there are fewer buyers.

Only seems a few years ago when the authorities were looking at taxing people extra for having a conservatory, via sweeps of homes carried out by aerial photography. Roaming mini-mansions, with internal swimming pools? Then all the running costs, cleaning and maintaining. Even if I could afford it - which I can not now - I would have no interest in such homes. 3-4 bed semi or small detached in a good area with offroad parking and workable rear garden is all I am seeking, but not at the stupid high prices £300K-£400K owners think they're worth in this market.

Last year, for a laugh, I went to view a newbuild McMansion. Cut from £3.5m to offers above £1.1m. The developer had gone bankrupt. Awful house. Glass floors on the landing so you could see downstairs - vertigo. Rubbish workmanship in evidence everywhere. The boiler system in the garage was huge. And the particulars admitted that the swimming pool in the basement was 'tanking' - damp into the walls. We came to conclusion couldn't have kids near a swimming pool anyway, unmonitored - would have to ensure it was closed off-limits when not supervised.

Quality over quantity, which basically would mean a house that actually sits a bit back from the road with no neighbours. Urban McMansions with the liability of a swimming pool would be my idea of complete nightmare. So that house a big no and so too the Home alone house...you want some privacy for that money.

Edited by crashmonitor

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Sale Date. Sold Price.

28 Sep 2007. £1,110,000

28 Jun 2002. £410,000

21 Jan 2000. £325,000

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=14983388&sale=24074720&country=england

This property is currently on the market

Unfortunately its only 10 miles away from Nottingham!

I can understand people living in places like Nottingham at the lower end...houses are significantly cheaper there. But if you've got a million quid to spare, why on earth would you want to live anywhere near Nottingham?!

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Absolutely my philosophy, if you have to live there because of work don't bother with the top end. Anything half decent commands an urban premium. We'll get something decent when we are well away from the place.

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