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Overpriced Crap At Joke Prices


Scooter
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Just got dragged to see a house in Hampstead, bearish as I am, for the first time in 12 years (since I last bought.) Four bedroom Victorian semi but obvious subsidence problem (cracks in front bay, subject to an ongoing insurance claim) and damp, not mentioned by the agent previously, evidenced by the dehumidifiers and the odd patch.

"£1,395,000 Joint Agent

Literally moments from the Heath and the excellent cosmopolitan shopping and restaurant centre at South End Green, a charming bay windowed Victorian home skilfully enhanced by the presented owners to an exceptionally high standard retaining a plethora of period detail. The property offers excellent family orientated accommodation and is presented in a ready to move into condition.

Master Bedroom With En Suite Bathroom & Dressing Room, 3 Further Bedrooms, Family Bathroom, Guest Cloakroom, 27ft Double Reception Room, Kitchen/Breakfast Room, Cellar, 19ft South Facing Patio Garden

Ref: 105_5216 Contact agent"

The "garden" turns out to be a small yard backing directly on to the railway track, 3 metres of which is actually owned by Railtrack, by law. The house was pretty shabby and in need of generally refurbishment. The agent had organised several viewers at the same time, maybe to create a buzz or maybe to save time, but no one was looking impressed so I guess that backfired. But £1.4million! We were in and out pretty quickly... :rolleyes:

Now to read the agent's blurb on this, you would have thought you were buying something akin to a New York brownstone. No particular point to this except that despite tales of London being awash with cash, it does not quick feel like everything is flying off the shelves. I hope that something severe is just around the corner for housing, even in London and seeing stuff like this, maybe it is. The agents are saying there is nothing about, very low turnover, although anything decent is selling at asking price allegedly. Hmm...

S.

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It does sound a lot, and it's one of the less nice parts of Hampstead. Could this be the knock on effect of city bonus/Russian mafia money? If the merchant w*nkers and the sushi poisoners are buying up all the £1m+ homes, they have displaced the next level down: the company directors/lawyers/film producers etc with a £100k+ salary and a lot of equity, hoping to make a step up from Highbury etc. They can't afford the REAL luxury places but might be willing to stretch to £1.4m for a fixer-up with an NW3 postcode.

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It does sound a lot, and it's one of the less nice parts of Hampstead. Could this be the knock on effect of city bonus/Russian mafia money? If the merchant w*nkers and the sushi poisoners are buying up all the £1m+ homes, they have displaced the next level down: the company directors/lawyers/film producers etc with a £100k+ salary and a lot of equity, hoping to make a step up from Highbury etc. They can't afford the REAL luxury places but might be willing to stretch to £1.4m for a fixer-up with an NW3 postcode.

It may well be the knock on effect but FFS surely £1.4m is pretty big money to most people even in NW3 (maybe it is the bonus for a year!) This was a house I would not be proud to have people back to, especially if they knew what I had paid that. I would think anyone who did buy it was a fool. And you are right, it is not the best bit of Hampstead by any means...

S.

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