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Crash&Carry

No chance Flipper

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An entirely different price range but I said exactly the same about this one round the corner from me...

 

http://www.rightmove.co.uk/property-for-sale/property-55274533.html

 

For sale last year for £115k, eventually sold after 9 months on the market for £104k in Nov '15.

 

Back up for sale 6 months later for £122.5k, the flippers have done NOTHING other than paint every wall magnolia, everything else is untouched.. the same carpets, kitchen and bathroom.

 

Guess what?

 

It sold after less than a month on the market for ''very near'' the full asking price (I know someone who knows the mugs people who have just bought it)

 

18 grand profit for the cost of a few tins of B&Q value range magnolia!

 

Don't these mugs even bother looking at recent sold prices data? It's right there on the same Rightmove  for sale page!!

Edited by nome

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11 hours ago, nome said:

Don't these mugs even bother looking at recent sold prices data? It's right there on the same Rightmove  for sale page!!

It isn't common knowledge outside the HPC bubble that such information is readily available in the public domain.

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This one near me caught my eye. It was sold for £310,000 in February 2016. In May 2016 they put it on the market for £475,000 after some type of renovation. I don't know what it was like before but I think they've put in a new kitchen and bathroom. I think It's been plastered and painted throughout and they've done some work bringing the drainage up to modern standards but on the whole it doesn't look finished and the fixtures and fittings aren't what you would expect for the money. It spent a long time on at £475,000, after a few months they applied for planning permission for a House of Multiple Occupation licence for 3 people. I think this is the route they've taken as it's off the market now, but it can't be paying out. There are a lot of houses like this that have been turned into HoMOs, for an unextended 3 bedder they are always turned into a 4 bedder by changing one of the downstairs rooms to a 4th bedroom but not in this case.

I think they're amatuers who have been seduced by repeats of Channel 4 property programmes that were originally broadcast 10 years ago.

http://www.zoopla.co.uk/property/4-bulan-road/headington/oxford/ox3-7ht/17573732

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On 08/12/2016 at 7:47 PM, Diver Dan said:

It isn't common knowledge outside the HPC bubble that such information is readily available in the public domain.

When spending that kind of money, money it will take a lifetime to earn, you you'll think that they would do a little due diligence. It's not hard is it?  It's right there, one click away on the same page.  It's the first thing I look at, just for a laugh. 

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26 minutes ago, One-percent said:

When spending that kind of money, money it will take a lifetime to earn, you you'll think that they would do a little due diligence. It's not hard is it?  It's right there, one click away on the same page.  It's the first thing I look at, just for a laugh. 

I occasionally get threads on my Facebook of fspends and acquaintances buying and selling properties but refusing to say in public how much for when asked (good manners I guess).

I usually sit there thinking "2 minutes of DYOR and I bet I could find out". other people evidently don't think like this.

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3 minutes ago, Diver Dan said:

I occasionally get threads on my Facebook of fspends and acquaintances buying and selling properties but refusing to say in public how much for when asked (good manners I guess).

I usually sit there thinking "2 minutes of DYOR and I bet I could find out". other people evidently don't think like this.

I'm just nosy, it's the first thing I do when I see a friend or neighbour as bought or sold :D

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1 hour ago, One-percent said:

I'm just nosy, it's the first thing I do when I see a friend or neighbour as bought or sold :D

That's my point about the HPC bubble. Other people see the 'valuation' or the 'asking price' and believe it without question, even if it's completely out of kilter with comparible recent nearby asking/sales prices.

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4 hours ago, Diver Dan said:

That's my point about the HPC bubble. Other people see the 'valuation' or the 'asking price' and believe it without question, even if it's completely out of kilter with comparible recent nearby asking/sales prices.

Boo-hoo.  The innocents couldn't have known.  Prepare for another bailout.  (?)

They all know something about price and money.  

£250K, £500K, £1m+... "just saw asking price and just wanted a home".   Can't be expected to know anything like checking sold prices of comparables, or making a call about value for money.

It's also true that some people feel more comfortable/happy paying ever mad prices, because they associate the higher prices with them being worth it - even if requires big debt.   It's a big bad market out there.

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On 08/12/2016 at 8:08 AM, nome said:

Don't these mugs even bother looking at recent sold prices data? It's right there on the same Rightmove  for sale page!!

I can only presume people view it as an opportunity - "ooh look, that place has gone up in value more than 10% in six months, we must buy it as it is bound to keep doing that."

Also, people don't think about money in the same was most here would do. That £15k that they see giving to the previous owners for painting the walls isn't really money, it's just an extra £20 a month payment on their 2% IO mortgage. Who cares, especially when they are going to be making 20% a year anyway...

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