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anonguest

Just When You Think It Can't Get Any More Ridiculous....

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I have posted here recently about the seemingly insane prices being paid for lock-up garages, way beyond their utility value and/or financial yield as rental opportunities, etc.

BUT this one must take top prize so far, or very near it? This one seems akin to those past ads we have all seen for dilapidated beach huts being sold for lunatic sums.

http://www.rightmove.co.uk/new-homes-for-sale/property-50975134.html

Even allowing for the fact that this place is reasonably desirable, and residential property commands a generous premium, the price still seems insane. IF this were in London then this would be nothing to write about. But in this place!? Not knowing the place personally the only reason I could imagine someone justifying, and being willing to pay, such a price is if there are some abnormal restrictions and/or limitations on locals being able to park their cars.

I'm coming around to the view that perhaps there is something in the water that is resulting in this collective lunacy of people losing all sense of perspective or meaning and value of what £50,000 actually is.

Edited by anonguest

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Seems nuts to me! A garage in Norfolk's administrative capital can be had for £10-20k. Can not forsee as many interested people queuing up for this garage in a market town.

My work colleague comes from Holt. Like me, he is right royally priced out of most of Norfolk (let alone Holt!). :(

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Why does a garage need windows in the roof?

Garage, fits one car or half a dozen illegal immigrants. :rolleyes:

I noticed that too, afterwards, in one of the plan drawings/pictures.

I also noted the small print that subject to planning permission it may be possible to have 'utility' supply (presumably water/electricity) installed - although I also noted that it would be also subject to the approval of the owner of the access road.

There's no doubt that in some city areas, because of the wider housing affordability crisis, similar such garages are ultimately being converted to habitation (whether legally or not) - I have posted separately on such squalid affairs previously.

BUT in this location? It's a rather 'up market' area? I would have thought (i) it would be impossible to hide, from the neighbours, the garage being lived in, and/or (ii) they would immediately report and complain to the authorities about it.

Thus given that using it for habitation will be very difficult to achieve, even on the sly, the main query remains - how does it merit such a ludicrous asking price? Or are the local EAs really seeing no end in sight to money pouring in to the area from outsiders?

Edited by anonguest

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Not saying this is the case here as it seems an urban area, but I see a lot of garages going up in the countryside with superior spec-

double or treble car size, often with workshop and WC area, full services connections, side door & window, higher then normal with a high pitched roof with rooflights in.

Hmmm! you could just about fit another floor in there. Maybe they own a bus? Cavity wall construction & insulation - not normally needed by cars.

Could be just my suspicious nature but I get to thinking that a few years down the line some of them could easily be converted into a dwelling.

Don't know what the planning process is for garages, was it relaxed?

Edited by frankief

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Not saying this is the case here as it seems an urban area, but I see a lot of garages going up in the countryside with superior spec-

double or treble car size, often with workshop and WC area, full services connections, side door & window, higher then normal with a high pitched roof with rooflights in.

Hmmm! you could just about fit another floor in there. Maybe they own a bus? Cavity wall construction & insulation - not normally needed by cars.

Could be just my suspicious nature but I get to thinking that a few years down the line some of them could easily be converted into a dwelling.

Don't know what the planning process is for garages, was it relaxed?

The cynical/suspicious side of me, makes me too increasingly think that could well be what the sellers/would be buyers have in mind.

Even so, again, this particular example is just so small that, even if it were to be inhabited/rented out/etc, that the return still can't justify the £50K asking. Or maybe sellers like these see chronic hyperinflation coming that many of us can't begin to imagine???!!

Any examples you have to post/share re: your 'observations' of such non-urban based 'superior spec' garages?

Edited by anonguest

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The cynical/suspicious side of me, makes me too increasingly think that could well be what the sellers/would be buyers have in mind.

Even so, again, this particular example is just so small that, even if it were to be inhabited/rented out/etc, that the return still can't justify the £50K asking. Or maybe sellers like these see chronic hyperinflation coming that many of us can't begin to imagine???!!

Any examples you have to post/share re: your 'observations' of such non-urban based 'superior spec' garages?

Agree - surely a garden room/office/shed would be much much cheaper if you wanted to rent something out to EU migrants (notwithstanding the legal issues).

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Not saying this is the case here as it seems an urban area, but I see a lot of garages going up in the countryside with superior spec-

double or treble car size, often with workshop and WC area, full services connections, side door & window, higher then normal with a high pitched roof with rooflights in.

Hmmm! you could just about fit another floor in there. Maybe they own a bus? Cavity wall construction & insulation - not normally needed by cars.

Could be just my suspicious nature but I get to thinking that a few years down the line some of them could easily be converted into a dwelling.

Don't know what the planning process is for garages, was it relaxed?

Yes, build it under permitted development as an outbuilding but meet building regs for residential then apply for change of use in a few years time.

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Not saying this is the case here as it seems an urban area, but I see a lot of garages going up in the countryside with superior spec-

double or treble car size, often with workshop and WC area, full services connections, side door & window, higher then normal with a high pitched roof with rooflights in.

Hmmm! you could just about fit another floor in there. Maybe they own a bus? Cavity wall construction & insulation - not normally needed by cars.

Could be just my suspicious nature but I get to thinking that a few years down the line some of them could easily be converted into a dwelling.

Don't know what the planning process is for garages, was it relaxed?

Seen some new posh south facing stables pop up on a nice green field. ;)

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Seen some new posh south facing stables pop up on a nice green field. ;)

Oh how can you be so cynical?

I mean....Trumper and Sugarlump are entitled to a bit of sunshine too you know, whilst they relax indoors in the summer evenings. :D

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Oh how can you be so cynical?

I mean....Trumper and Sugarlump are entitled to a bit of sunshine too you know, whilst they relax indoors in the summer evenings. :D

And the ensuite & galley kitchen is for the stable lasses - I mean! this is 2015, we have working conditions regulations to comply with, they also need a tarmac parking space for their car and a pleasant stone patio area to eat their lunch break in.

Planning permission granted!

Edited by frankief

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Yes, build it under permitted development as an outbuilding but meet building regs for residential then apply for change of use in a few years time.

Practical and legal. I'm doing mine, should end up with a 1200sqft barn conversion at the bottom of the garden for the kids to live in (or me), or rent out if they don't want it. Some neighbours have already got theirs classified as an annex, some have got theirs classified as a dwelling and one has managed to sell if off.

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Why does a garage need windows in the roof?

Garage, fits one car or half a dozen illegal immigrants. :rolleyes:

In posher areas, they don't call them "beds in sheds" , they're called a "Garage to wind up Farage"

;)

Edited by Saving For a Space Ship

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Practical and legal. I'm doing mine, should end up with a 1200sqft barn conversion at the bottom of the garden for the kids to live in (or me), or rent out if they don't want it. Some neighbours have already got theirs classified as an annex, some have got theirs classified as a dwelling and one has managed to sell if off.

VMR, thanks again for your input / updates on permitted development etc.

I read somewhere recently that permitted development rules are up for review in 2020. So no guarantee they'll continue.

I suspect they will continue.

Edited by Saving For a Space Ship

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by definition the price is not past the "economic utility" to someone. Land in London is simply a shell game for laundered money and money is becoming worthless unless its in assets...so £50,000 really is worth less than you think

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by definition the price is not past the "economic utility" to someone. Land in London is simply a shell game for laundered money and money is becoming worthless unless its in assets...so £50,000 really is worth less than you think

An interesting and scary perspective. If £50,000 = a shed then what might we soon expect to pay for a loaf of bread?

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800 sq ft garage at the top of my road just went to sealed bids and sold for over £600k

Where's this? Is it in London? Is it likely the garage will be demolished and the plot used for a house or flats?

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I noticed that too, afterwards, in one of the plan drawings/pictures.

I also noted the small print that subject to planning permission it may be possible to have 'utility' supply (presumably water/electricity) installed - although I also noted that it would be also subject to the approval of the owner of the access road.

There's no doubt that in some city areas, because of the wider housing affordability crisis, similar such garages are ultimately being converted to habitation (whether legally or not) - I have posted separately on such squalid affairs previously.

BUT in this location? It's a rather 'up market' area? I would have thought (i) it would be impossible to hide, from the neighbours, the garage being lived in, and/or (ii) they would immediately report and complain to the authorities about it.

Thus given that using it for habitation will be very difficult to achieve, even on the sly, the main query remains - how does it merit such a ludicrous asking price? Or are the local EAs really seeing no end in sight to money pouring in to the area from outsiders?

I think thats it. Some people taking a chance given they're now allowing barns to be developed they might do the same with garages.

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An interesting and scary perspective. If £50,000 = a shed then what might we soon expect to pay for a loaf of bread?

Land is a function of capital.

Bread is a function of labour.

In this current economic trend Labour Vs Capital (re: Capital In the 21st Century).

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