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MattW

Most overpriced dump - East Anglia

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I'm not quite sure what has happened to the 'Most overpriced s**thole - East Anglia' thread. :unsure: Maybe it was swallowed up with the main topic under the 'Classics' subforum. However, that one seemed to been locked since 4th March.

I ususally post flats but this time I have a proper house. According to Property Bee the EA has dropped it by £10k to 'Offers in Excess of £180k'. Looks like it needs a lot of work to bring up to code. Decent sized plot though (for my needs at least).

3 bedroomed semi in Costessey, Norfolk NR5. OIEO £180k.

I drive along Dereham Rd regularly and vehicles struggle to turn out of Gurney Rd onto Dereham Rd. Even left turns are hard when there's a long queue.

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'Doer upper'  2 bedroomed bungalow for offers in excess of £180k. Looks like a probate sale.

2 bedroomed bungalow in Hellesdon Norwich

I think the asking price of a similar condition bungalow this size would have been £110k around a decade ago. :blink:

And another thing - is it really appropriate for someone flogging a renovation project to put 'offers in excess of' ? The sheer greed. The vendor(s) should count their lucky stars if they get £180k for it imo.

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On 22/05/2017 at 1:55 PM, MattW said:

'Doer upper'  2 bedroomed bungalow for offers in excess of £180k. Looks like a probate sale.

2 bedroomed bungalow in Hellesdon Norwich

I think the asking price of a similar condition bungalow this size would have been £110k around a decade ago. :blink:

And another thing - is it really appropriate for someone flogging a renovation project to put 'offers in excess of' ? The sheer greed. The vendor(s) should count their lucky stars if they get £180k for it imo.

I hate offers in excess of

Its agents being scared of the vendors in the rare incident of something being to cheap people will bid it up.

A recent house I bi on sold offers in excess of 390 I offered 320 they sold for 350 in the end.

I told agent I did them a favour and should have commission.

Edited by Fromage Frais

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On 18/07/2017 at 0:16 PM, Fromage Frais said:

I hate offers in excess of

Its agents being scared of the vendors in the rare incident of something being to cheap people will bid it up.

Here we go again: offers in excess of £125k for this absolute hole...

North Park Ave, NR4 It would be overpriced at £75k. A lot of work to do here yet the vendor is hoping for an extra £80k on top of the 2003 sale price. :blink:

Quote

Lounge with windows to front and side aspect - fireplace with fire and back boiler - boiler not currently connected or working.

At least they have table football ( pic 4)!

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My latest anecdotal survey is that prices are down.  One has just come up on my road and a few residents are surprised at how low it seems, me included when compared to some of the other houses about.  I'll guess this one will sell.

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2 hours ago, dispossessed said:

My latest anecdotal survey is that prices are down.  One has just come up on my road and a few residents are surprised at how low it seems, me included when compared to some of the other houses about.  I'll guess this one will sell.

I am swimming right in the hottest/most overpriced part of the market with the people from London / Cambridge family 4 bed houses nice parts of Norwich.

Are prices down cannot really say but i can say aside from a few exceptions vendors are not getting 20016 +20% like they did on a couple of houses I am looking at.

Asking prices are a bit greedy though and no rush to come down in the main it looks like most houses could do with 100k off to put them back on trend.

It feels like it wants to crash and only supply constraints are holding things up.

For example Thorpe end there are only two decent family homes for sale last year they went for good prices ie 350 for the smaller ones and 400+ for the larger ones with a few silly 390/400 sales.

The two for sale are 500 for a nicely presented 4 bed (but its 190 not 250m2 like the largest) at a silly 500k which has already changed agents.  And a frankly ridiculous smaller 4 bed which is on for £475,000.

I would say the first is worth about 400 and the second 375/390 as it overlooks the green part.

 

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Some parts of Norwich seem to defy logic, I think it is simply supply.  Unfortunately this seems to have a knock on effect with some dumps way over what they should be but I think cracks are appearing where people need to sell.

I was recently up in classic North Norfolk and was rather surprised at the numbers of houses up for sale, ones which I'd say were not likely to be primary residences.  Shocked though at some flats in a converted mill in Letheringsett, think they half a million plus for 2 bedrooms, stupid money.

Luckily I don't need to buy and my stock market return is far outstripping returns on housing.  Payback time.

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9 hours ago, dispossessed said:

My latest anecdotal survey is that prices are down. 

Yes I think prices have come down. I'm keeping an eye on the bottom end of the market. Leasehold flats certainly seem precarious.

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11 hours ago, Jozers said:

Paper Mill Yard again. Nicely placed pillar! But just look at the Last Sale price in Oct 2007. That can't be right?!

Just checked this property on Rightmove and I can't pin down any previous sale details for it. All 'Blue Mill' flats weren't sold before March 2008 according to RM. I think Zoopla must have it wrong. My theory is that £305k in 2007 would have probably bought one of the penthouses which I'm guessing would be 2 or 3 bedrooms.

The odd shaped living room and lack of cupboard space would really bug me with this one.

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13 minutes ago, MattW said:

A huge renovation project right here:

2 bedroomed bungalow for auction - £90k-£100k

I think this one will sell for well over £100k

I'm not sure it will, if it were detached it could be demolished and a bigger house built, but it's not so it shouldn't attract a developer. The renovation costs will be huge and they won't drop anywhere near as much as house prices if we do get a crash. I'm looking to buy a renovation project/derelict in Norfolk (my kids all live there now) to get finished for when I retire, that one looks expensive for what it is.

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10 hours ago, Option5 said:

I'm not sure it will, if it were detached it could be demolished and a bigger house built, but it's not so it shouldn't attract a developer. The renovation costs will be huge and they won't drop anywhere near as much as house prices if we do get a crash. I'm looking to buy a renovation project/derelict in Norfolk (my kids all live there now) to get finished for when I retire, that one looks expensive for what it is.

I hope you're right.

Good luck with your property search. :)

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2 bedroom ex council flat needing updating, asking price £110k

Check out that interior! :D Looks like it hasn't been updated since the 1970s.

This is the kind of place I wouldn't mind buying - so long as the price is right of course. A few other flats of this style at a similar price level are more up to date than this one, which will need central heating put in.

Price needs to be less than £80k imo.

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A relatively honest EA description for a change!

Quote

OPEN HOUSE SATURDAY 7TH OCTOBER 11-12......Let's get down and dirty....This two bedroom terraced house is one that will certainly be the one you remember. In need of extensive work both inside and out it is in real need of everything. With all the right foundations for a lovely home all it needs is someone with some serious vision and no fear of rolling their sleeves up to get the job done. All viewings will be via an openhouse only and we need to stress that no children will be allowed to enter the property due to safety issues. Due to the condition internally please be advised that there are structural issues.

2 bedroomed terraced house, NR2: offers in excess of £130k

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8 hours ago, longgone said:

I think who ever named the road was taking the urine.  a french comedian

It probably was 'une belle voir' when those houses were first built in the late 19th or early 20th century. :D

If you want any more ironic place names then this block of council flats were given the address 'Paradise Place':

Oh Honey this must be Paradise

;)

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23 minutes ago, MattW said:

It probably was 'une belle voir' when those houses were first built in the late 19th or early 20th century. :D

If you want any more ironic place names then this block of council flats were given the address 'Paradise Place':

Oh Honey this must be Paradise

;)

maybe that`s where the dwellers of this beauty end up when they move, who knew paradise could be so beautiful, reminds me of googling bond girl ursula andress but a recent photo is displayed. 

slightly out of sync with reality, quite fitting for housing really. 

http://www.rightmove.co.uk/property-for-sale/property-65285162.html

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On 10/08/2017 at 7:48 AM, MattW said:

A huge renovation project right here:

2 bedroomed bungalow for auction - £90k-£100k

I think this one will sell for well over £100k

 

On 10/08/2017 at 8:08 AM, Option5 said:

I'm not sure it will, if it were detached it could be demolished and a bigger house built, but it's not so it shouldn't attract a developer. The renovation costs will be huge and they won't drop anywhere near as much as house prices if we do get a crash.

Sold for £147,000!!! :o:o:o Jesus wept.

Auction by William H Brown a big success   :rolleyes:

Quote

Lot 41, 27 Olive Road, New Costessey. A two bedroom semi-detached bungalow requiring complete refurbishment throughout. The guide here started at £90,000. There were two strong buyers for this lot with the gavel eventually falling at £147,000.

Wow.

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I had a strange one recently a property sold to a home exchange company on a part exchange basis as the offers did not meet the benchmark set.

So not only do you have to worry about other bidders you may be bidding against a trade in which is not the market price.

This very much applies to old people houses as serviced accommodation is V profitable.  It may also apply to crappy FTB properties as maybe the builder is setting the price to get the vendor in the new HTB priced new build at 400k....oh the joys of low rates.

Caveat Emptor

 

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