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London home untouched for 60 years on market for £1.8 MILLION

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This is the rundown London home untouched for 60 years that's now on the market for an eye-watering £1.8 MILLION.

The Edwardian home in Chiswick appears dirty, dusty and dilapidated in these photos.

But the spacious property boasts five bedrooms and three reception rooms.

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And the house has been practically untouched during his ownership - giving the next owner the opportunity to put their personal stamp on it.

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Despite its rundown condition, the property has been put on the market for the sky-high sum.

 

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Savills, which is marketing the property, estimates a £1million overhaul could transform it into a stunning modern home worth around £3.2million.

Easy 1 million profit for someone...

 

http://www.msn.com/en-gb/money/homeandproperty/inside-rundown-london-home-untouched-for-60-years-on-market-for-£18-million/ar-BBUEnFO?ocid=ientp

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Why don't Savills submit a business case then and do it themselves? Seems crazy to be gifted first refusal of this amazing sure fire opportunity and pass on it by advertising it out to the rest of the world. If I was cynical I'd wonder if Savills really thought it would be worth £3.2 million after a refit costing £1m or less.

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Not 3 not 3.3 but 3.2 million £.

its only 1900 sq ft so 180 m2 not a mansion.

Why bother doing a 1 million £ silly overhaul

Just do a regular renovation nice and neutral under 400,000 

You are then in for 2.2 with a mortgageable property and can flip it to another silly sod who can have a liveable house and spend the rest to make it more opulent.

Its a joke though a sub 200m2 terrace in chiswick 

 

Edited by Fromage Frais

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Just had a better look

You would be nuts as perfectly nice ones on that road are going for 2.x million.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=56327971&sale=89150838&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=71690348&sale=7626643&country=england

Also if you had 3.x million

I would probably go fo something like this..

https://www.rightmove.co.uk/property-for-sale/property-64740541.html

No chance of profit

that expensive sale was in 2016 which is another world in a falling market also i see this one...

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=66234136&sale=8807980&country=england

perfectly liveable 1.9 million so why are they asking 1.8 for a wreck?

 

Edited by Fromage Frais

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2 minutes ago, Fromage Frais said:

Just had a better look

You would be nuts as perfectly nice ones on that road are going for 2.x million.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=56327971&sale=89150838&country=england

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=71690348&sale=7626643&country=england

Also if you had 3.x million

I would probably go fo something like this..

https://www.rightmove.co.uk/property-for-sale/property-64740541.html

 

good finds!!

 

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I think some idiots are just looking for a 'project' and assume that they are getting a lower price to adequately reflect the poor condition but they don't do their homework on the price - they are too busy thinking about their 'vision' for the refurb.

I think you find the same human behaviour at work on Ebay when folks bid more for second hand stuff than you actually pay for new.

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One mill on a refurb to make into a family “home” I don’t think so pal...

 

how about a few grand tops on a job lot of magnolia, beige carpets and plasterboard. Chop it up and just rent it out to scumbag tenants

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4 hours ago, thewig said:

how about a few grand tops on a job lot of magnolia, beige carpets and plasterboard. Chop it up and just rent it out to scumbag tenants

jeez

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On 12/03/2019 at 11:06, Save me from the madness! said:

Why don't Savills submit a business case then and do it themselves? Seems crazy to be gifted first refusal of this amazing sure fire opportunity and pass on it by advertising it out to the rest of the world. If I was cynical I'd wonder if Savills really thought it would be worth £3.2 million after a refit costing £1m or less.

+1

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On 12/03/2019 at 14:00, longgone said:

you would be lucky to get the asking price after a full refurb 

more like 1.2 before refurb 

Looks like that to me also.

Thats if you can be arsed as buying for 2.x with a mortgage is easier than 1.2 + cost of housing yourself + paying real money out to builders etc.

If I was a builder better to be pulling peoples pants down on their projects than forking out 1.2-1.8 million in readies for dubious returns in a ropey market.

As for the article why would you spend a million on a 2 million house .... which will still be a terrace.  When you can have a detached proper 3 million £ house.

Edited by Fromage Frais

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I can't imagine any one going for it in this climate. These agents have always overvalued refurbs as they believe potential buyers will pay more for untouched property, why I have no idea.

It's still a small house for the money involved. Better like you say to offer on a detached place and pay down the mortgage than use "real" money on a refurb.

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3 hours ago, longgone said:

I can't imagine any one going for it in this climate. These agents have always overvalued refurbs as they believe potential buyers will pay more for untouched property, why I have no idea.

It's still a small house for the money involved. Better like you say to offer on a detached place and pay down the mortgage than use "real" money on a refurb.

3.2 Mill for that? They're having a larf. In any climate. 

BBUEvj7.jpeg

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I read an article on this place and they said the owner had lived there for sixty years. They quoted him as being a former Railway Engineer. Does anyone think the new buyer will be a Railway Engineer ? 

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On 12/03/2019 at 13:20, Wayward said:

I think some idiots are just looking for a 'project' and assume that they are getting a lower price to adequately reflect the poor condition but they don't do their homework on the price - they are too busy thinking about their 'vision' for the refurb.

I think you find the same human behaviour at work on Ebay when folks bid more for second hand stuff than you actually pay for new.

I have seen this on dozens of properties. Few years ago I nearly bought a run down Victorian house (overlooking gardens) for £450k....worth maybe £650k done up based on another on the road. 

At the end it went to best and final and was bought for £603k. Agent said I didn’t understand....this was an opportunity to put their stamp on it. 

They were right I didn’t understand. The one at £650k eventually sold for £610k....all nicely done up. 

2 years on the ‘cheap knackered one’ Is still being worked on. Spent at least £150k so far. I hope they a ‘loving it’. 

Zombie low interest rate money...nothing else to do some people 😉

Edited by Pop321

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On 12/03/2019 at 12:06, Save me from the madness! said:

Why don't Savills submit a business case then and do it themselves? Seems crazy to be gifted first refusal of this amazing sure fire opportunity and pass on it by advertising it out to the rest of the world. If I was cynical I'd wonder if Savills really thought it would be worth £3.2 million after a refit costing £1m or less.

Yes, the only place this magic money could come from is doing the work yourself, and therfore not paying tax, and possibly shortcutting on regulations, or giving builders cash in hand. I guess neither of these options open to Savills.

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10 hours ago, Insane said:

I read an article on this place and they said the owner had lived there for sixty years. They quoted him as being a former Railway Engineer. Does anyone think the new buyer will be a Railway Engineer ? 

Euro millions winner?

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12 hours ago, Insane said:

I read an article on this place and they said the owner had lived there for sixty years. They quoted him as being a former Railway Engineer. Does anyone think the new buyer will be a Railway Engineer ? 

Work hard and you can have the same life as the previous generation.

Boomers keep saying this so it must be true.

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7 hours ago, PropertyMania said:

Yes, the only place this magic money could come from is doing the work yourself, and therfore not paying tax, and possibly shortcutting on regulations, or giving builders cash in hand. I guess neither of these options open to Savills.

Imagine someone with 1.8 million (I presume cash also if property is a real wreck) cash.....with another million £ to spend is going to nip down to the B&Q.

Builders are very expensive up here in Norfolk so i can only imagine in pain in the **** London.

Its just not worth it sometimes people go Savills to market their property to a unique elite clientele.......the other times because the want to convey a asking price/kudos that does not exist.

Sling it in the auction and get it sold.

Edited by Fromage Frais

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