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Bathsheba Everdene

Thunderbirds Are ... Still Here

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Not sure this really counts as an anecdotal, and also not sure whether this tells us much about the market as a whole.

But it's interesting in its own way.

Thunderbird, an interesting-shaped new house built in Branksome Park, near Poole in Dorset, by a well-known local developer, was put on the market last summer for £3.5 million. Mysteriously, its price was then increased to £4 million. There was a lot of publicity, including at least one article on the BBC news website.

There was an open weekend last year (think it was late summer).

The house is still for sale (for £3,995,000), more than a year after it was finished -- and marketing started well before then.

People talk a lot in this area about how much flats and houses cost, and it's true to say that asking prices for new developments are astonishing, but they just don't seem to be selling -- Thunderbird is just one example, but there are many, many others.

BE

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BE it's been on the market for over 18 months the developer SEVEN is carrying a lot of inventory, where as three years ago most sold 'off plan'. The principle of SEVEN had two previous companies Yellow3 and Keddie both went bust due in part to over trading ahead of a slump in property. There appears to be many top end properties (800k up) that have not sold, some have been of the market for over 3 years (now thats kite flying). Many 'off plan investors' at Dolphin Quays are underwater due to paying too much. I know lots of people that bought houses round Lower P/stone, Liliput, Westbourne and the boaders of B'some park for arround 450 to 480k 5 or so years ago. They all tell me there worth about 800 to 900k now! However realistically most would struggle to realise 650k. Prices arround Poole/B'mouth have dropped a bit in the last 2 years. It'll be interesting to se how 'investor/flippers' get on im the off plan new build flat sector as there are litterally thousands going up.

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Guest Bart of Darkness

I think it started off as one of those Blue Peter "build a Tracey Island" projects and just got out of hand.

EXSU446162.JPG

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£3 million x 18 months x 5% interest = £250K lost so far

When the selling it for £2mn, the loss will be huge

Depends on two things, what he paid for the site and what it cost him to do. If it cost him £1.5M, he's quids in, even if he breaks even, it's kept his men busy and given him exposure.

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Just been past Thunderbird. At present, I'd say it's impossible to say whether it's been sold. The 'for sale' boards have been down for a while now (no 'sold' board went up) but otherwise there's no change: the signs saying that there are security patrols are still up and the house is empty. Oh, and there are no paparazzi!

I'm a little puzzled as to why anyone famous would buy a glass-walled house (including a glass-walled bathroom which is clearly visible from the road). Any ideas?

BE

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Guest Bart of Darkness
I'm a little puzzled as to why anyone famous would buy a glass-walled house (including a glass-walled bathroom which is clearly visible from the road). Any ideas?

BE

Because they're a self-publicising egomanic perhaps?

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Thunderbird is now occupied. But it doesn't seem to have been sold. The local rumour is that the developer's son has moved in.

Thunderbird is now up for rent at £7,000PCM

http://www.rightmove.co.uk/viewdetails-155...1&tr_t=rent

That's a gross yield of 2.58% against the latest asking price of £3,250,000.

http://www.rightmove.co.uk/viewdetails-823...=2&tr_t=buy

It has 5 en-suite bedrooms.

So that £7,000pcm rent would work out at £1,400pcm per bedroom for five sharers, anyone interested just for the summer, next 6 months :P

Edited by Elvis-Has-Sold-The-Building

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The rightmove rental link gives the full address, Thunderbird, 16 Western Road, Poole, Dorset, BH13 7BW which according to www.houseprices.co.uk was sold on 25/10/2004, price: £810,000. So presumably that's the builder buying the property for redevelopment?

Edited by Elvis-Has-Sold-The-Building

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Latest on Thunderbird is that the developer's son (or whoever it was) has moved out and Thunderbird is shut up again.

I suppose if the developer only (!) paid £810,000 for the land, he thinks it's worth holding on for a multi-million pound sale, but I just can't see it happening. The house has been hanging around unsold, in a very high-profile way, for too long. It's also too unusual for the area it's in, which is very conservative.

BE

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Guest Bart of Darkness

Thanks for the update Bathsheba, certainly one of my favourite anecdotal threads.

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I went past Thunderbird yesterday and, guess what? Oh, the suspense! OK, here it is: Thunderbird is still empty, three years (at least) after completion. It has bins now (perhaps a legacy from the short period someone spent living in it last year), and no sold boards, but as far as I can tell, no-one is living there.

It's looking a bit weather-beaten now -- the roof, which isn't copper but I think was supposed to look like weathered copper (verdigris), now has dirty streaks down it.

By the way, I think I might have been wrong when I said in one of my earlier posts that you can see into the bathroom from the road -- it's a bedroom, not a bathroom. So that's OK then!

BE

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  • 301 Brexit, House prices and Summer 2020

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