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New Developments Offering "luxury High-rise Living" Turning Into Crack Dens

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I saw the following two links talking about new apartments falling in value from £210K to £160K in three years as bad tenents started to move in. This is what can happen, and I suspect will happen more and more as the property house of cards turns into a house of crack and hooker dens.

Admittedly the town is Basingstoke, but I won't hold that against it too much.

http://www.basingstokeobserver.co.uk/news.aspx?id=496

http://www.basingstokeobserver.co.uk/news.aspx?id=509

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A cracking spread of bear food in that hamper...

One furious owner, who asked to remain anonymous, has seen the value of the flat he bought for £210,000 drop to £160,000 -- a £50,000 loss in three years. They told the Observer: "I'm gutted. It was sold as a high-life of living -- it's my own stupid fault, I should have known that couldn't happen in Basingstoke. We were promised a swimming pool and a gym, but they didn't come up with the goods.

The first week I was there I saw the police raid one of the housing association flats! It annoys me that if I want to sell I won't get anywhere near the price -- nobody would buy one now, there are too many flats on the market and nobody knows the true price of them."

...the mortgagees may get to find out in due course.

A spokesperson for Redwoods estate agents, the largest letting agent for Crown Heights, said she could understand owner's frustrations. "I know some landlords have been disappointed with the return – they were told it would be higher by ourselves and others," she admitted. "Owners are aggrieved things haven't quite materialised as promised but that’s the risk of a new building. We have had no problems letting, and we are letting to professionals."

...and prostitution is the world's oldest.

The proposed gym and swimming pool is now a dentist’s surgery.

Handy if you have an altercation with one of your crack dealing neighbours.

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Creating high density hellholes is central and local govt. policy.

http://www.hants.gov.uk/environment/highde...ownheights.html

Higher Density Housing in Hampshire

Home Library Links Contacts

Dwellings per hectare: 346

Site Area: 0.83

Number of dwellings: 288

Percentage social housing: 9.6%

Parking spaces per dwelling: 1.02 (plus 70 for leisure uses)

Dwelling Mix:

22 no. 1 bed flats

218 no. 2 bed flats

48 no. 3 bed flats (25 of the above are retirement flats)

Contacts: Steve Smith

Local Authority:

Basingstoke and Deane Borough Council

Tel: 01256 845495

E-mail: s.smith@

basingstoke.gov.uk

Developer:

Barratt Southern Counties

Crown HeightsName of development: Crown Heights, Basingstoke

Address: Alencon Link, Basingstoke

RG21 7TY (click postcode to see a location plan)

Completion date: 2004

Overview: Crown Heights is situated on the site of a former 13 storey Government office block in the heart of Basingstoke. The development represents a radical change in approach away from the rigid land-use zoning that characterised the ‘new town’ expansion.

The development is split into two crescent buildings around a new urban plaza and will introduce 288 dwellings into the town centre. The blocks rise from four storeys in the southern part of the site to 14 storeys in the northern area. As well as new apartments, the new building will have a mix of almost 3,000m2 leisure space and 3 shops encircling the plaza.

A bridge will link the Crown Heights’ plaza with the adjacent Festival Place retail development and bus station

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Its not high density housing thats the problem, its high density BTL. This is the same problem reported in other threads about BTL blight in Hackney and Nottingham.

Seek out the home addresses and phone numbers of the bad landlords and the letting agencies that fill these flats with anti-social and often criminal tenants and make their lives absolute hell.

Also following my experiences in a new development, before you buy in a particular high rise, or new build development, rent as BTL tenant first before buying so you can get to see the sort of problems arising and how effective the management company is with dealing. Also some friends of mine in a flat conversion managed to stop an owner doing BTL, because of a covenant.

Edited by rover2000

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Guest Bart of Darkness
it's my own stupid fault

<smug mode>Most assuredly yes.</smug mode>

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