BBC: Half of new-build retirement homes sell at a loss

[spyguy]

http://www.bbc.co.uk/news/business-41200686

Well colour me surprised!

The bets quote about OAP housing Ive seen was someone who said some along the lines of

'Sheltered housing is sold to OAPs with tales of muggers roaming the street - Come to our complex and youll be safe.  And they do and are muggged on monthly basis with the the  high service charges, monthly'

This bit is pure moneybox:

'Money Box spoke to the residents of one development - Burlington Court, in Bridlington in East Yorkshire - where prices have more than halved since it was first built around a decade ago. '

Yeah its Brid FFS. DO you expect someone from Goldman Sachs to buy it?

'Margarete, 92, paid nearly £150,000 for her flat eleven years ago. She sold a detached bungalow in York.

Like most residents of Burlington Court, she says it's a nice place to live, with a nice community of people.

But Margarete says she's always wanted to move back to Germany, where she was born.

However the value of her property means that isn't now an option.

"My friends in Germany always wanted me to go back."'

OK  why not ask her the obvious - If youre a 81 YO Grman who wants to live back in the Germany why in fcksake buy a flat in Brid?

 

 

[Arpeggio]

2 hours ago, spyguy said:

But Margarete says she's always wanted to move back to Germany, where she was born.

However the value of her property means that isn't now an option.

Add to that the lower £

2 hours ago, spyguy said:

'Margarete, 92, paid nearly £150,000 for her flat eleven years ago. She sold a detached bungalow in York.

11 year later £94,000 in Berlin:  https://www.zoopla.co.uk/overseas/details/43411531?search_identifier=fc53030f90f70cc8667111ad67f14bcf#iqTLHoIxYB1BqHUP.97

The most expensive place in Germany.

[crashmonitor]

3 hours ago, spyguy said:

http://www.bbc.co.uk/news/business-41200686

Well colour me surprised!

The bets quote about OAP housing Ive seen was someone who said some along the lines of

'Sheltered housing is sold to OAPs with tales of muggers roaming the street - Come to our complex and youll be safe.  And they do and are muggged on monthly basis with the the  high service charges, monthly'

This bit is pure moneybox:

'Money Box spoke to the residents of one development - Burlington Court, in Bridlington in East Yorkshire - where prices have more than halved since it was first built around a decade ago. '

Yeah its Brid FFS. DO you expect someone from Goldman Sachs to buy it?

'Margarete, 92, paid nearly £150,000 for her flat eleven years ago. She sold a detached bungalow in York.

Like most residents of Burlington Court, she says it's a nice place to live, with a nice community of people.

But Margarete says she's always wanted to move back to Germany, where she was born.

However the value of her property means that isn't now an option.

"My friends in Germany always wanted me to go back."'

OK  why not ask her the obvious - If youre a 81 YO Grman who wants to live back in the Germany why in fcksake buy a flat in Brid?

 

 

More amazing is that now she is 92 she is considering emigrating. A bit late in the day, she must be unusually youthful for a nonagerian. Or she might be deluded about her physical and intellectual capacity.

[spyguy]

5 minutes ago, crashmonitor said:

More amazing is that now she is 92 she is considering emigrating. A bit late in the day, she must be unusually youthful for a nonagerian. Or she might be deluded about her physical and intellectual capacity.

Not as deluded as thinking that Brids a property hot spot.

[spyguy]

Its not just the poor resale price.

Retirement and sheltered kiving come with hefty lease payments - 3-4k for 'services'

[“Nasty Piece of work”]

Boo-Hoo! I probably sold a family home to buy this shyte-hole.

[Si1]

9 hours ago, Mine the wheatfield said:

Boo-Hoo! I probably sold a family home to buy this shyte-hole.

And priced out any family developments in the area at the same time with my retirement housing equity dollar.

 

Now I want sympathy goddamit.

[thewig]

11 hours ago, Arpeggio said:

Add to that the lower £

11 year later £94,000 in Berlin:  https://www.zoopla.co.uk/overseas/details/43411531?search_identifier=fc53030f90f70cc8667111ad67f14bcf#iqTLHoIxYB1BqHUP.97

The most expensive place in Germany.

how much would that be in London?

 

[Arpeggio]

15 hours ago, thewig said:

how much would that be in London?

5  German flats worth, poor air quality, no parking and your first born.

[MARTINX9]

The point of retirement homes is that you go there to retire, have company, communal facilities and lounges a concierge on hand and an alarm system should you fall ill or have a fall. And they are cheaper than comparable properties in the area.

They are not property investments - you cannot mortgage them anyway.

If you can't accept that basic principle - dont buy one.

[MarkG]

And the market is only going to get worse, now we're on the verge of curing ageing. In twenty years, 70 will be the new 30.

[Mrs Bear]

Is this news to anybody?  I've heard for ages that retirement flats are often a bugger to sell - hanging around for ages while hefty maintenance/service charges still have to be paid - sometimes when they really need to be sold for care home fees. 

Much better to rent one, whenever possible.  

[xiox]

On 09/09/2017 at 11:45 AM, Arpeggio said:

Add to that the lower £

11 year later £94,000 in Berlin:  https://www.zoopla.co.uk/overseas/details/43411531?search_identifier=fc53030f90f70cc8667111ad67f14bcf#iqTLHoIxYB1BqHUP.97

The most expensive place in Germany.

Berlin is certainly not the most expensive place in Germany. Munich is about twice as expensive per square metre.

[Arpeggio]

Just now, xiox said:

Berlin is certainly not the most expensive place in Germany. Munich is about twice as expensive per square metre.

Didn't know that. So Munich is much cheaper than London too.

[J1mb0]

On 09/09/2017 at 0:16 PM, spyguy said:

Its not just the poor resale price.

Retirement and sheltered kiving come with hefty lease payments - 3-4k for 'services'

Indeed. These 'services' and the way they are charged would make the Mafia blush. Many of these management companies are crooks hiding behind multiple shell companies. There is an entire office in Milton Keynes shuffling these Directors around shell companies operating in this space. Still, they don't call Britain a Mafia State for nothing. Any arrests of those responsible for Grenfell lately?

[crashmonitor]

Prices for retirement villages are extremely high. In Darley dale, where prices are not expensive, you can buy a good detached house in an acre or so on a country lane for 400k, Audley can command 420k for a 2 bed flat. Also the service charge is £8419.20 per annum. Also there is a built in deferred depreciation charge when you leave.

Yet wealthy boomers do go for the deal. I was so impressed that they can sell a 2 bed flat for 420k and rent it back to the buyer for 8k a year in a cheap provincial location that I had to see if they were a floated company, sadly they are wholly a private enterprise.

 

http://www.rightmove.co.uk/property-for-sale/property-66483389.html

[durhamborn]

On 9/9/2017 at 0:16 PM, spyguy said:

Its not just the poor resale price.

Retirement and sheltered kiving come with hefty lease payments - 3-4k for 'services'

I got my mum carers and cleaners etc go into her own house for £80 a week all in.Private deal among free individuals with no input from the state.You can get a package with the council with fall detectors and alarms fitted for around £20 a month as well.

[thewig]

15 hours ago, MarkG said:

And the market is only going to get worse, now we're on the verge of curing ageing. In twenty years, 70 will be the new 30.

you sure about that one? most of todays fifty year olds will do well to get to seventy imo. our filthy junk food infested culture is doing its thing to see to that

Edited September 11, 2017 by thewig

[spyguy]

44 minutes ago, durhamborn said:

I got my mum carers and cleaners etc go into her own house for £80 a week all in.Private deal among free individuals with no input from the state.You can get a package with the council with fall detectors and alarms fitted for around £20 a month as well.

And you can sack them them if you're not happy with the service.

If you think youve any say over the 24h warden who's p1ssed of to Thailand for 2 weeks  then you are going to be surprised.

[Si1]

17 minutes ago, thewig said:

you sure about that one? most of todays fifty year olds will do well to get to seventy imo. our filthy junk food infested culture is doing its thing to see to that

And they seem to drink a lot.

[spyguy]

23 minutes ago, thewig said:

you sure about that one? most of todays fifty year olds will do well to get to seventy imo. our filthy junk food infested culture is doing its thing to see to that

There does see to be noticable dip in UK life expectancy.

The UK stats people have commented on it.

Today's 70 YO was ~30 in mid 70s - fags, beer, chips.

 

[thewig]

7 minutes ago, spyguy said:

There does see to be noticable dip in UK life expectancy.

The UK stats people have commented on it.

Today's 70 YO was ~30 in mid 70s - fags, beer, chips.

 

yep and todays 30-40 year olds are facking shot to pieces on the whole from what I can tell. how many 30-40 y/os do you know who can go ONE WEEK without alcohol?

 

 

[spyguy]

1 hour ago, thewig said:

yep and todays 30-40 year olds are facking shot to pieces on the whole from what I can tell. how many 30-40 y/os do you know who can go ONE WEEK without alcohol?

 

 

Yeah but they didnt have to put up with Showadaddy.

 

[iamnumerate]

It is not surprising that if you sell a home than anyone can buy and buy one which only some people can buy that prices don't incr

On 9/9/2017 at 7:42 AM, spyguy said:

http://www.bbc.co.uk/news/business-41200686

Well colour me surprised!

The bets quote about OAP housing Ive seen was someone who said some along the lines of

'Sheltered housing is sold to OAPs with tales of muggers roaming the street - Come to our complex and youll be safe.  And they do and are muggged on monthly basis with the the  high service charges, monthly'

This bit is pure moneybox:

'Money Box spoke to the residents of one development - Burlington Court, in Bridlington in East Yorkshire - where prices have more than halved since it was first built around a decade ago. '

Yeah its Brid FFS. DO you expect someone from Goldman Sachs to buy it?

'Margarete, 92, paid nearly £150,000 for her flat eleven years ago. She sold a detached bungalow in York.

Like most residents of Burlington Court, she says it's a nice place to live, with a nice community of people.

But Margarete says she's always wanted to move back to Germany, where she was born.

However the value of her property means that isn't now an option.

"My friends in Germany always wanted me to go back."'

OK  why not ask her the obvious - If youre a 81 YO Grman who wants to live back in the Germany why in fcksake buy a flat in Brid?

 

 

+1  Although she should get top marks for optimism.

[Option5]

From:

http://agentsdiary.blogspot.co.uk/

"Ageing and the housing needs of the baby boomers who are suddenly becoming unsteady on their feet, is a massive demographic ticking-time bomb. I don’t think over-priced, shrunken-square footage, sheltered homes are the answer. Particularly with onerous leases, unfair clauses for re-sales and spiralling service charges just when the owners are running out of funds."

 

The rest of it is worth a read too.