Nabby81 Posted September 16, 2016 Share Posted September 16, 2016 Come across this today http://www.rightmove.co.uk/property-for-sale/property-61962482.html Brought off plan last year and now trying to be flipped for a massive profit before work is even completed .£265k for a one bed overlooking a duel carriageway and 24hr casino ..good luck Quote Link to comment Share on other sites More sharing options...
london_thirtythree Posted September 16, 2016 Share Posted September 16, 2016 Blimey, £263,000 for 448 square foot - rather someone else than me. Is there much at Luton outside the airport? And it's not the quickest place to get to/from London.. don't get the goldrush of properties in Luton.. Quote Link to comment Share on other sites More sharing options...
barrabus Posted September 16, 2016 Share Posted September 16, 2016 Its the New , New Delhi. Quote Link to comment Share on other sites More sharing options...
winkie Posted September 16, 2016 Share Posted September 16, 2016 Someone will buy it.....lets hope they plan living in it for many many years until inflation catches up. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted September 16, 2016 Share Posted September 16, 2016 Two key things I would want to see/know before even contemplating this: 1. Floor plan (looks like a studio flat from the pictures rather than 1 bedroom) 2. Monthly service charge FAIL! Quote Link to comment Share on other sites More sharing options...
MattW Posted September 16, 2016 Share Posted September 16, 2016 *** BELOW MARKET VALUE PROPERTY FOR SALE (x2). THIS DEAL WILL BE GONE SOON. SUBSTANTIAL DISCOUNT AVAILABLE *** THERE IS NEW, RECENT & SOLID EVIDENCE (AVAILABLE UPON REQUEST) TO ACTUALLY PROVE THAT THIS IS A BELOW MARKET VALUE (BMV) INVESTMENT OPPORTUNITY. MY CLIENT IS MOTIVATED TO DO A QUICK SALE AND AS A RESULT THIS LUXURY NEW BUILD APARTMENT IS BEING OFFERED OFF MARKET AT A SUBSTANTIAL DISCOUNT. ^ Blurb from the RM advert. Smells of desperation, hence the block caps...and yet has the audicity to state it's 'below market value'. A bit confusting as it states: "X2" - so there are 2 flats for the asking price? Being sold by an agency called 'My Letz . com' so they were likely letting it. I guess the vendor can't get the sums to add up. Quote Link to comment Share on other sites More sharing options...
MattW Posted September 16, 2016 Share Posted September 16, 2016 1. Floor plan (looks like a studio flat from the pictures rather than 1 bedroom) Yes, pic 3 indicates a studio flat. However I think the lazy agent has just used generic library photos in this advert so it probably is a 1 bedroomed flat. I would still like to see a floor plan as well. Quote Link to comment Share on other sites More sharing options...
Nabby81 Posted September 16, 2016 Author Share Posted September 16, 2016 Two key things I would want to see/know before even contemplating this: 1. Floor plan (looks like a studio flat from the pictures rather than 1 bedroom) 2. Monthly service charge FAIL! Firsty here's one for 180k so getting 263k maybe a struggle http://www.rightmove.co.uk/property-for-sale/property-60042827.html Now picture 7 here shows you the floorplan ..and extremely large kitchen area ..who needs more than 1000mm kitchen space anyway ... http://www.rightmove.co.uk/property-for-sale/property-59556581.html Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted September 16, 2016 Share Posted September 16, 2016 Whoever buys this will be a terrible consumer for 25 years. They're basically broke for a quarter of a century. Everytime a place like this gets sold, we lose a consumer. People who've bought property in the last 10 years or so are deactivated consumers. "What do you aspire to be?" "I want to be broke for 25 years, then a proud owner of a 1-bed apartment in Luton". "..." Quote Link to comment Share on other sites More sharing options...
steve99 Posted September 16, 2016 Share Posted September 16, 2016 Having known Luton over many years, but not recently I admit. I will say that no dwelling in Luton has any business being worth over £100k and that is for a propper, non council estate house. This sounds like Japan 25 years ago where people are still paying the mortgage for property worth much less in nominal terms today than it was in 1989. In fact a freind of mine has just bought a house near Kyoto for circa £50k which according to the estate agent he used, sold for 3x that in the late 80's, admittedly new houses get a premium in Japan on account of earthquake proofness (if that is a word) Quote Link to comment Share on other sites More sharing options...
steve99 Posted September 16, 2016 Share Posted September 16, 2016 Whoever buys this will be a terrible consumer for 25 years. They're basically broke for a quarter of a century. Everytime a place like this gets sold, we lose a consumer. People who've bought property in the last 10 years or so are deactivated consumers. "What do you aspire to be?" "I want to be broke for 25 years, then a proud owner of a 1-bed apartment in Luton". "..." Excellent description, but in 25 years time it will be a crack den. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted September 16, 2016 Share Posted September 16, 2016 Now picture 7 here shows you the floorplan ..and extremely large kitchen area ..who needs more than 1000mm kitchen space anyway ... http://www.rightmove.co.uk/property-for-sale/property-59556581.html JTFC! The tagline at the bottom of the floor plan states: "Space to live and luxuriate in" Quote Link to comment Share on other sites More sharing options...
Nabby81 Posted September 16, 2016 Author Share Posted September 16, 2016 The developer already has its sights on another former office block though they have pissed off business's in the estate its in as they have already advertised the apartments before planning permission has been grranted !! Converting old office blocks to residential is all the rage in Luton currently and i can tell you that this particular block looks a great deal more worn down than those pictures suggest with a great view of an outside car park ans casino Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted September 17, 2016 Share Posted September 17, 2016 (edited) Even if you got a 2% mortgage locked in for 25 years (after laying down a 10% deposit), that's still £1004 in mortgage repayments, every single month for 25 years. For a 1 bed flat in Luton. That really is a special kind of hell. Edited September 17, 2016 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
billybong Posted September 17, 2016 Share Posted September 17, 2016 (edited) 448 sq ft. That's getting towards half the size of the average British home size that's already the tiniest in europe if not the world - and HOW MUCH!? Edited September 17, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
billybong Posted September 17, 2016 Share Posted September 17, 2016 The developer already has its sights on another former office block though they have pissed off business's in the estate its in as they have already advertised the apartments before planning permission has been grranted !! Converting old office blocks to residential is all the rage in Luton currently and i can tell you that this particular block looks a great deal more worn down than those pictures suggest with a great view of an outside car park ans casino It's not Monaco then. Quote Link to comment Share on other sites More sharing options...
billybong Posted September 17, 2016 Share Posted September 17, 2016 (edited) Firsty here's one for 180k so getting 263k maybe a struggle http://www.rightmove.co.uk/property-for-sale/property-60042827.html Now picture 7 here shows you the floorplan ..and extremely large kitchen area ..who needs more than 1000mm kitchen space anyway ... http://www.rightmove.co.uk/property-for-sale/property-59556581.html They're nice enough if very tiny units but not at anywhere near that price. I suppose it must be within the trade descriptions act etc to describe them as flats rather than say something like existence units or existence modules. In Luton and in that particular location half that price would be a stretch in credibility. Stuff that for a bunch of soldiers. Edited September 17, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
billy budd Posted September 17, 2016 Share Posted September 17, 2016 A flat like that in Luton should be about £60k tops, so that a single person on £20k could easily afford the mortgage payments - when is this madness going to end? Quote Link to comment Share on other sites More sharing options...
RentingForever Posted September 17, 2016 Share Posted September 17, 2016 You'd have to pay me £265k to live in Luton! Quote Link to comment Share on other sites More sharing options...
Nabby81 Posted September 17, 2016 Author Share Posted September 17, 2016 They're nice enough if very tiny units but not at anywhere near that price. I suppose it must be within the trade descriptions act etc to describe them as flats rather than say something like existence units or existence modules. In Luton and in that particular location half that price would be a stretch in credibility. Stuff that for a bunch of soldiers. Well at this time there is planning permission for 1100 flats in big developments around the down centre ,I know of a few other developments 96 in one 260 on another so give it few years and some are going to find thier great investments toast due to sheer numbers the council are allowing to be built Quote Link to comment Share on other sites More sharing options...
999house Posted September 17, 2016 Share Posted September 17, 2016 Id expect a bedroom door for 253k. Quote Link to comment Share on other sites More sharing options...
Gurgle Posted September 17, 2016 Share Posted September 17, 2016 You'd have to pay me £265k to live in Luton! You'd have to pay me a lot more than that ! Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted September 18, 2016 Share Posted September 18, 2016 (edited) "What do we get for our two six five kay? Just a 1-bed flat in Luton town. What do we get for our two six five kay? Luton toooowwwwwnnnnnn" https://www.youtube.com/watch?v=sqelcupWcPg&t=108 Edited September 18, 2016 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
Guest Posted September 18, 2016 Share Posted September 18, 2016 Stuff that for a bunch of soldiers. Please add that to the "phrases I haven't hear for a while" off-topic thread! Quote Link to comment Share on other sites More sharing options...
AvoidDebt Posted September 18, 2016 Share Posted September 18, 2016 Have a look at this. http://www.rightmove.co.uk/property-for-sale/property-48900142.html First appeared on market in 2015, 640k. Bumped up to 830k in 2016. London mega bubble in action, need to price in them double digit gains. Seller now trying to chase the market down for a quick sale at 813k. As I've said before these prices are just nonsense; a market full of chancers desperately seeking the last fool. 9/5/2016, 8:49:12 PM Brief Description changed: **Reduced from £830,000 £830,000 for a quick sale** 8/29/2016, 8:57:27 PM Brief Description changed: **Reduced from £830,000 £830,000 for a quick sale** 5/17/2016, 1:05:20 PM Brief Description changed: House Network are pleased to offer to the market this spacious five bedroom extended semi-detached house in the sought after location of Edgware, Middlesex. The accommodation comprises; Entrance hall, downstairs toilet with fitted suite, reception/study room, kitchen with **Reduced from £830,000 for a range of base and eye ... quick sale** Price changed: from '£830,000' to '£813,000' 4/25/2016, 12:51:55 PM Price changed: Offers in Excess of £640,000 £830,000 3/26/2015, 4:23:35 PM Price changed: Offers in Region Excess of £640,000 3/18/2015, 9:31:41 AM Initial entry found. Quote Link to comment Share on other sites More sharing options...
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