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AndyFTB

Most Overpriced Nice house - East Anglia

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Now unlike the other thread there is nothing wrong with this bungalow, it is quite tidy really, but it is even under current bubble valuations worth maybe £250k to £350k.  (I wouldnt pay that but others on the market would be around that level for the same thing).

This was listed for £595k and I thought it was a typo or a joke or something like that.  But today the price has been reduced to £560k, which is still just absolutely ludicrous but shows they are actually serious and think somebody may buy it!

http://www.rightmove.co.uk/new-homes-for-sale/property-62069975.html

It is without a doubt the most over priced (nice) house I have ever seen!

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Is this thread an antidote to the 'Most overpriced shithole' thread? :D

4 hours ago, AndyFTB said:

 But today the price has been reduced to £560k, which is still just absolutely ludicrous but shows they are actually serious and think somebody may buy it!

http://www.rightmove.co.uk/new-homes-for-sale/property-62069975.html

It is without a doubt the most over priced (nice) house I have ever seen!

Nice bungalow. I love the triple garage. Looks like a nice road too..

This would have once been a modest family bungalow that has now been redeveloped to within an inch of it's life to appeal to the poser 'executive' market. :rolleyes: Hence the kite flying asking price. Give it till the new year and hopefully the vendors will have to shave off another £35k. :P

I don't know the NR8 postcode that well tbh. The ceiling price for this road is £239,250 for number 40 sold in Dec '13. So even accounting for the updates it could be said that the vendors are extremely optimistic.

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2 hours ago, MattW said:

 Give it till the new year and hopefully the vendors will have to shave off another £35k. :P

 

Even if they did that it will still be £200,000 over priced!

And that is based on the price of other similar houses available today, by the Summer of 2017 they will all be beginning with a 2 rather than a 3.

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On 19/12/2016 at 11:41 PM, AndyFTB said:

Even if they did that it will still be £200,000 over priced!

And that is based on the price of other similar houses available today, by the Summer of 2017 they will all be beginning with a 2 rather than a 3.

As a priced out wannabe second time buyer, I totally agree! :)

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On 19/12/2016 at 8:44 PM, Nickos said:

560!! It's Norwich, not the SE!

Its Drayton not even a posh part of Norwich.

20 Dec 2013  £195,000

+20 % bubble blow

= £234,000

+ 100K for the renovations

= £334,000

At least 200k overpriced and obviously a fix up and flip where the people doing the renovations have tried to beverly hills a bog standard property in a bog standard area.

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This is still the champion surely.

Mongrel of a house

The pinnacle of lipstick piggery

http://www.rightmove.co.uk/property-for-sale/property-63287660.html

310k > 800k

good photos in the listing

the reality and reason house was always being sold every couple of years

Screen Shot 2016-12-26 at 11.47.53.pngScreen Shot 2016-12-26 at 11.49.21.png

Yes its a cars length from the city ring road an all the pollution and noise that entails.

Edited by Fromage Frais

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38 minutes ago, Fromage Frais said:

This is still the champion surely.

Mongrel of a house

The pinnacle of lipstick piggery

http://www.rightmove.co.uk/property-for-sale/property-63287660.html

I did notice this came back onto the market a few weeks ago. Brand new Rightmove advert so no trace of it being marketed for £875k or whatever it was back in the summer.

Sidenote: I didn't know which part of Mile End Rd this house was. Interested that it's next to the block of rented flats owned by my previous landlord Flagship Private Lettings. I did contemplate re-establishing contact with them regarding a vacant flat in that block as they were a great landlord but the road noise here put me off. The previous place I rented from them was a nice spacious flat but very close to the train line. Flagship may have a habit of owning homes in noisy locations!

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20 minutes ago, MattW said:

I did notice this came back onto the market a few weeks ago. Brand new Rightmove advert so no trace of it being marketed for £875k or whatever it was back in the summer.

Side note: I didn't know which part of Mile End Rd this house was. Interested that it's next to the block of rented flats owned by my previous landlord Flagship Private Lettings. I did contemplate re-establishing contact with them regarding a vacant flat in that block as they were a great landlord but the road noise here put me off. The previous place I rented from them was a nice spacious flat but very close to the train line. Flagship may have a habit of owning homes in noisy locations!

Makes you wonder what planet the vendor is on Norwich is overpriced but by any measure you can still get a much better property than that for £800k.

I refuse to believe that they spent over £250,000 carry out that renovation.

With all that is going in in the world surely finding a mug from London/Cambridge earlier in the year at 500-600 and banked a profit would have been a better strategy.

You never know as still a few mugs about, but the reduction shows there has been little interest and their initial greed may cost them.

This house always changed hands sub 300k not a healthy place to live I would think less than a car length from the road there is a reason why people do not usually spend vast sums on such properties....because you dont get the money back.  Maybe time will prove me wrong but normally I assumed prop dev formula was to keep a property neutral in decor and any design indulgences may backfire as your taste may put off some buyers.

It smacks of a spouse given £xxx,xxx to rennovate something to keep them busy. 

If you love it I would think its worth 400/450 currently

Edited by Fromage Frais

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The original house in this thread is £525 now...

http://www.rightmove.co.uk/new-homes-for-sale/property-62069975.html

So thats a £70k drop, about 12% but from a silly height so hard to read too much into it. 

Any guesses for what it will eventually go for?  I think £450k which is still too much, but there is still enough silly money floating around Norwich that someone will buy it.  In reality the original price should have been £495, we all tut at how over priced it is and then a 10% drop takes it to a saleable level. 

 

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17 hours ago, AndyFTB said:

The original house in this thread is £525 now...

http://www.rightmove.co.uk/new-homes-for-sale/property-62069975.html

So thats a £70k drop, about 12% but from a silly height so hard to read too much into it.

B) I said in post # 2 that it will come down another £35k in the new year. I was right! :D

17 hours ago, AndyFTB said:

Any guesses for what it will eventually go for?

Hopefully whoever decides to offer on it will do their research on sold prices and adjust accordingly - I'll take a guess at £395k. But then again the vendor will probably cry: 'I'm not giving it away!' and stick it up for rent @ £1500 a month. :rolleyes:

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On 26/12/2016 at 0:52 PM, Fromage Frais said:

It smacks of a spouse given £xxx,xxx to rennovate something to keep them busy. 

If you love it I would think its worth 400/450 currently

I wouldn't buy that house at any price. That busy road just doesn't appeal at all.

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2 hours ago, MattW said:

I wouldn't buy that house at any price. That busy road just doesn't appeal at all.

Thats because your sane.

But deluded sellers are lucky nutters from Cambridge and London will buy anything as long as they can finance it.

At 800k for s polished turd I am sure that for a few hundred k more you can stay inside the M25 in something similar.

For the dream houses they have to be something that would be 4 million in Fulham whats the point in moving to Norwich and commuting and either not having the house of your dreams or not having any cash left over.

Two doctors from London kids in at same school as mine bought a fixer upper 500k and moaned about stretching themselves....that house was a lot better then this one (decor aside).  

400-450 I am sure they could sell it before the London falls ripple out.

I just give up as i cannot physically bring myself to pay 500k for something 300k in 2011 in NR2 or pay 400k for something in Thorpe end/Hoveton/wroxham nearer to my work.... people are even trying it on over 350k in Dussingdale now.

Its just so bad now i can only see it ending in tears 

Edited by Fromage Frais

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2 hours ago, MattW said:

B) I said in post # 2 that it will come down another £35k in the new year. I was right! :D

Hopefully whoever decides to offer on it will do their research on sold prices and adjust accordingly - I'll take a guess at £395k. But then again the vendor will probably cry: 'I'm not giving it away!' and stick it up for rent @ £1500 a month. :rolleyes:

Its in Drayton though and for 1500 you can be in NR2/NR4

Norwich is a strange place as the prices go up but the rents top out early, its fierce up to 900 and then much tougher the further you go over 1000 PCM in-fact most look like student houses.  People are a lot more prudent with rents, they are still expensive and reflect the housing crisis but even with a shortage of family homes they have not risen apart from the economic fundamentals of Norwich (they are the best measure of how nuts sale prices are).

For that house your talking 1100/1200 max and maybe less once the family settle and find a larger place for the money (as no room dimensions I am assuming its small for a 4 bed) and all the kids can be in the same building.

I doubt the landlord would want kids in there though (who would pay the most as not far from a good school).

This is a great example property as its a joke.

 

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20 hours ago, AndyFTB said:

The original house in this thread is £525 now...

http://www.rightmove.co.uk/new-homes-for-sale/property-62069975.html

So thats a £70k drop, about 12% but from a silly height so hard to read too much into it. 

Any guesses for what it will eventually go for?  I think £450k which is still too much, but there is still enough silly money floating around Norwich that someone will buy it.  In reality the original price should have been £495, we all tut at how over priced it is and then a 10% drop takes it to a saleable level. 

 

I think someone would buy for for 300-350 possibly.

The layout is a problem its near schools so a family might give it s look and 350 is 2 x 30k x 4.7 +60k from mum and dad .....puke.

Just let that sink in two above average earners or manager and part time spouse, both working, maxing out borrowing, with a 2/3 year tax free equivalent gift from their parents.... to make a offer on a bloody boring bungalow in Drayon, Norwich, Norfolk.

Thats a sweet spot it seems where people go in before me and always with mortgages but that with all due respect is in better locations than Drayton which is Meh to me and even loosing its golf course + the increased traffic in an already busy route into the city.

Over 350k and a rich retiree has better options imho.

They have committed property development suicide there it should have been fix up and flip as a large garden 3 bed for a retiree + guest or sold as a 3 bed.

as for the 3 car garage...waste of garden could be a veg patch

 

Edited by Fromage Frais

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1 hour ago, Fromage Frais said:

Wow for half a million pounds you can own a house like this...

http://www.rightmove.co.uk/property-for-sale/property-63930131.html

Just living the dream

its the flats next door that give it the wow factor 

Ha ha! :D Very plain looking for half a million.

Handy for the pubs and the city centre, off road parking, spacious. Fits my criteria. Sadly, even a flat in the block next door would be over my budget.

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13 hours ago, MattW said:

Ha ha! :D Very plain looking for half a million.

Handy for the pubs and the city centre, off road parking, spacious. Fits my criteria. Sadly, even a flat in the block next door would be over my budget.

Webster's seem to be serial over pricers they do lovely photos and present things well but often seem to loose the listing down the line on some properties.  It shows the futility of dealing with nutters they obviously dont want to "give it a go" at 100k overpriced and then go back to reality they actually believe that its worth it.

Just a joke bog ugly standard house any benefit of being detached is negated by the flat overlooking you garden £350-375 and thats being generous.

 

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have another classic one this morning.

Semi detached house on College Road NR2

A couple of years ago this would have been 250-300.

Once you complete the extension you will have a wonderful house worth about 450-550 at todays prices.

problem is its not done .... and they want ..... £675,000 - £710,000!

http://www.rightmove.co.uk/property-for-sale/property-64674065.html

It will still be semi detached when its done!

A nice semi came on today also expensive @ £520,000 on the same road... but it may have a chance as its not bad and others have gone for 400-500

http://www.rightmove.co.uk/property-for-sale/property-64658738.html

Norwich is a strange place hardly anyone can afford over one million but you get these little squashed places giving for silly money.

My guess its all folks working in the same jobs at the same levels hence the fierce competition and then sudden drop over 800k or so.

Thankfully these silly prices are not sold as yet.... I also notice the sillier the price the more obscure the agent.

 

 

Edited by Fromage Frais

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On 09/01/2017 at 6:14 PM, Fromage Frais said:

Wow for half a million pounds you can own a house like this...

http://www.rightmove.co.uk/property-for-sale/property-63930131.html

Just living the dream

its the flats next door that give it the wow factor 

Love the microwave stuck on top of the washing machine (Picture 8) in the utility room. So you have to keep carting hot dishes back and forth from the kitchen...

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On 15/02/2017 at 1:13 PM, Shrink Proof said:

Love the microwave stuck on top of the washing machine (Picture 8) in the utility room. So you have to keep carting hot dishes back and forth from the kitchen...

Its a dump i dont even like the road TBH aside from proximity to the city.

Today its gold.... 5% rates and its a dump again

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Another beauty they are coming think and fast now get the last few mugs whilst you can.

Now Sunningdale is a nice area in NR4 its very boring as just houses so its clearly not as attractive to many as NR2 and in the most the houses are ugly.  Its the kind of place where professional families get outbid by grannies.  Just walk through and see the curtains peel back.

So basically a cut above area rather than the creme de le creme.

A lovely house should be about 350-450 max as its quite liquid and there have been a number of sales.

however a canny investor has spotted a way that by adding some plaster and cool looking but not expensive interior finishes you can turn 400K into.....600K

http://www.rightmove.co.uk/property-for-sale/property-58171441.html

 

Edited by Fromage Frais

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On Wednesday, February 15, 2017 at 0:38 PM, Fromage Frais said:

problem is its not done .... and they want ..... £675,000 - £710,000!

http://www.rightmove.co.uk/property-for-sale/property-64674065.html

It will still be semi detached when its done!

A nice semi came on today also expensive @ £520,000 on the same road... but it may have a chance as its not bad and others have gone for 400-500

http://www.rightmove.co.uk/property-for-sale/property-64658738.html

Norwich is a strange place hardly anyone can afford over one million but you get these little squashed places

 

£675k?!! I would want a detached  house for that amount of money!! 

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13 minutes ago, MattW said:

£675k?!! I would want a detached  house for that amount of money!! 

An as you say that (not detached but)

  • More prestigious
  • more land
  • more space
  • just better all round (just road noise -)

http://www.rightmove.co.uk/property-for-sale/property-64696232.html

This market is nuts at the moment all ver the place.

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