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Benedict

Property Ladder - The Greenwich House

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Does anyone here watch property ladder? They had a property a few weeks ago that I'd actually been to view and put an offer on myself, a classic example of deranged greed from a seller.

http://www.rightmove.co.uk/viewdetails-158...=3&tr_t=buy is the property, still on the market now and with another price reduction . . .

Anyway, when I first saw it on the web it was on for 650 that I thought was taking the piss. Then it was reduced to 595, with apparently an offer to pay stamp duty making for an equivalent price of about 570. We turned up and put in an initial tentative offer of 550 equivalent as that's what we thought it was worth (having seen everything else in that area) and that they'd overpriced. Turns out they weren't offering to pay stamp duty and weren't even going to look at offers far off 595. It's then been gradually downgraded and is now on for £560k.

When we saw it they'd blamed their agent for bullishly putting it on at 650 and pretended they'd thought all along it was only worth 595 but had been pressured into it. When I saw the programme, guess what the agents on the programme said? Put it on at 570, expect something in the region of 550. And it was the buyer who ignored all that (and had ignored the very good advice on how to renovate the property, they ******ed that up too and were arrogant and annoying to boot) and put it on for about 100k more than the experts said they should.

I felt pretty vindicated in my view of what it was actually worth. They seem to be struggling to sell as well, I think everyone who's searching in greenwich has already seen it and if you've decided you don't want it at one price it doesn't matter if it comes on again at a lower price, you still don't want it.

Anyway, price drops don't always mean a market's finally crashing, they can just mean that a seller's a complete fool. Conversely, property snake probably doesn't always give the full picture, this is on as only having dropped 6% but they've changed agents so the full drop from their original delusion isn't revealed.

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See this link for a previous discussion on the above

http://www.housepricecrash.co.uk/forum/ind...mp;#entry653440

That's very intersting info you've posted. Goes to show the danger of reading too much into advertised prices. It's the sale price that matter.

Anyway, a pair a greedy f@uckers who deserve to get screwed. If they'd have put it on the market at a sensible price, they'd have quickly walked away with a 6+ figure profit. Now they risk the market turning. Couldn't be more chuffed.

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See this link for a previous discussion on the above

http://www.housepricecrash.co.uk/forum/ind...mp;#entry653440

That's very intersting info you've posted. Goes to show the danger of reading too much into advertised prices. It's the sale price that matter.

Anyway, a pair a greedy f@uckers who deserve to get screwed. If they'd have put it on the market at a sensible price, they'd have quickly walked away with a 6+ figure profit. Now they risk the market turning. Couldn't be more chuffed.

Thanks for the link, thought there'd probably be people on here who'd noticed it.

Greedy ******* too. And they really should have listened to sarah beeny, what she suggested would have been much nicer. Who in this day and age puts back stud walls if you've got a nice through living room on your ground floor?

When we were looking in greenwich anyway most properties were flying off the shelves, sometimes before we could even get photos let alone a viewing, but this one has hung around for ages, the dangers of unrealistic pricing. It was quite a nice house in some ways though, so long as you didn't think about where you were going to put in wardrobes or storage or anything like that. Really annoyed me the way they'd done the kitchen too, they'd ended up with loads of worktop space and a kitchen that looked quite cool but a tiny oven . . . if they'd sacrificed another 5% or so of worktop space and spent another grand on a cool range cooker it'd have been a totally different proposition, but most people would have wanted to rip out their stupid kitchen and nobody likes to feel that they've paid for someone's poor design.

Edited by Benedict

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I was under the impression that this property was well located for North Greenwich tube station. But obviously I was wrong about this.

I am surprised that it is still on the market as I wouldve thought they wouldve settled for a lesser amount once the offers started to come in.

No doubt, as the market rises further, their asking price of £560k will eventually be met. The problem for them is that they are paying a mortgage on the property, so every month that the property is not sold, its costing them a fair amount of money.

Oh and to 'bambam's' comment: the original poster did seem to put in an offer of £550k.

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tbh, can't see why anyone would pay £550k for a victorian terrace in a somewhat poorly connected part of London with a tiny garden.

It's not that poorly connected, it's close to a dlr and the jubilee line (a lot closer than most places in south east london), right next to a train station, westcombe park is quite a nice area with apparently very good schools and it's about 10-15 minutes walk from Greenwich which is a lovely area. And the garden really isn't small by London standards . . . .

Greenwich and the surrounding area are all pretty expensive unfortunately, why we gave up on living there in the end.

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It's not that poorly connected, it's close to a dlr and the jubilee line (a lot closer than most places in south east london), right next to a train station, westcombe park is quite a nice area with apparently very good schools and it's about 10-15 minutes walk from Greenwich which is a lovely area. And the garden really isn't small by London standards . . . .

Greenwich and the surrounding area are all pretty expensive unfortunately, why we gave up on living there in the end.

Jubilee line appears to be at North Greenwich, over 2km away???

Can't understand paying the premium for London living if you've got a commute just to get to a tube station.

I think it would be quicker to get to the City from certain parts of Surrey than from here. And you'd certainly get a garden and so on.

I did briefly look at Greenwich, a mews house, at £400k, but I was shocked to find the owners had paid £78k for it in 1995, rather offputting to pay 500% of the price then....

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Jubilee line appears to be at North Greenwich, over 2km away???

Can't understand paying the premium for London living if you've got a commute just to get to a tube station.

I think it would be quicker to get to the City from certain parts of Surrey than from here. And you'd certainly get a garden and so on.

I did briefly look at Greenwich, a mews house, at £400k, but I was shocked to find the owners had paid £78k for it in 1995, rather offputting to pay 500% of the price then....

Correct. The Jubilee Line is no where near the Greenwich but you could hop on the DLR and go to Bank or Tower Gateway (or even Stratford, City Airport or N.Woolwich/Beckton) or change at Canary Wharf for the Jubilee Line. Nearest Jubilee Line station to Greenwich south of the river would be Canada Water.

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My thoughts are who the **** would pay 650 for THAT its a LOT of money. you could buy an entire village in some parts of the world for that.....

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Correct. The Jubilee Line is no where near the Greenwich but you could hop on the DLR and go to Bank or Tower Gateway (or even Stratford, City Airport or N.Woolwich/Beckton) or change at Canary Wharf for the Jubilee Line. Nearest Jubilee Line station to Greenwich south of the river would be Canada Water.

Now I'm no expert on Greenwich, but looking at the map, that particular house appears to be 1.5 miles from the nearest DLR station (Cutty Sark).

So it's not exactly a hop????

If it was near the bustling bit of Greenwich where Greenwich DLR is, I could understand it a bit better. As it is, not.

Edited by bambam

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Now I'm no expert on Greenwich, but looking at the map, that particular house appears to be 1.5 miles from the nearest DLR station (Cutty Sark).

So it's not exactly a hop????

If it was near the bustling bit of Greenwich where Greenwich DLR is, I could understand it a bit better. As it is, not.

Well looking at the map it can only be a 15/20 minute walk from Greenwich DLR and a 5/10 minute walk from Westcombe Park Railway Station which will have regular services into Charring Cross I suspect.

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Well looking at the map it can only be a 15/20 minute walk from Greenwich DLR and a 5/10 minute walk from Westcombe Park Railway Station which will have regular services into Charring Cross I suspect.

A 20 minutes walk in estate agents terms perhaps.

1.5 miles is twice as far as most people would want to walk every day....

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A 5-10 minute walk to the station would fine. However, when you are paying £560k for a property, you would want it to deliver on pretty much all fronts - proximity to ALL amenities, size, style, finish - the works. A 15-20 minute walk to the station, is plain ridiculous at that price.

Where I live in Harrow, £550k buys you a lot of property - a 5 minute walk to the station and a train ride of 22mins into Baker St. You are also well located for pubs, bars, cinemas, supermarkets, shopping centres, etc. Its a no-brainer.

I think the sort of person who buys that property would want it for its central(ish) location and postcode.

In saying all of the above, im pretty sure it will sell, as the market rises or they decide to lower the price. Some people are just too greedy and pig-headed.

Edited by sunama

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Well looking at the map it can only be a 15/20 minute walk from Greenwich DLR and a 5/10 minute walk from Westcombe Park Railway Station which will have regular services into Charring Cross I suspect.

Anyone buying it would be planning on commuting from westcombe park I'd imagine, only a two minute walk from the house and regular services to london bridge & charing cross. It is probably a 25 minute walk from the dlr & restaurants or the jubilee line though, so not hugely well located for transport links. This is south east london though, being able to get to a dlr and a tube line at all is significantly better than average.

Still glad I didn't buy it though, I was really keen to live in Greenwich but it would have been bloody awkward.

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Is this that house? Still on - another 10k off

http://www.conran.uk.com/detail.asp?propcode=CRGS_00577

:lol:

Yeah, that's the one . . . I'm taking great pleasure in their failure I have to say, they'd been so lucky to have bought it when the market was low and have it ready to sell when the market was peaking and if they'd just put it on at a realistic price when the market was going crazy they'd have been sorted.

NO storage at all. NONE. And a shit kitchen as well I have to say, which really annoyed me, small cooker and small fridge even though they could easily have fitted in something decent.

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:lol:

Yeah, that's the one . . . I'm taking great pleasure in their failure I have to say, they'd been so lucky to have bought it when the market was low and have it ready to sell when the market was peaking and if they'd just put it on at a realistic price when the market was going crazy they'd have been sorted.

NO storage at all. NONE. And a shit kitchen as well I have to say, which really annoyed me, small cooker and small fridge even though they could easily have fitted in something decent.

Talk about chsing the market down! It's now at £549,950!

I hate the way Property Ladder works out what a person paid to complete the renovation, asks an EA for a valuation then says the difference is profit. This series they are being a bit more catreful - saying IF you sell at the EA valuation you'll make £XXXXXX, but they then go on to talk as if it is money in the bank!

I hope this stays on the market for ages!

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:lol:

NO storage at all. NONE. And a shit kitchen as well I have to say, which really annoyed me, small cooker and small fridge even though they could easily have fitted in something decent.

Well of course high flying executives don't need storage because they are minimalist and don't need a proper kitchen because they are too busy to cook. That was the justification behind all the shoebox luxury apartments with open plan living areas.

Who actually lives like that?...especially in Westcombe Park

Edited by TeddyBear

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Ms Beeny is also now saying 'Gross' profit not just 'profit' the two can be very different numbers. Many properties shown on Property Ladder are still on the market. The Lady ex dentist asking £825k (reduced to £799k) for the detached house in Poole, is now trying to rent if by the room for £650 a month 14? months after the show said she was rich!!!

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Well of course high flying executives don't need storage because they are minimalist and don't need a proper kitchen because they are too busy to cook. That was the justification behind all the shoebox luxury apartments with open plan living areas.

Who actually lives like that?...especially in Westcombe Park

Looking at sale prices in that road, no house has ever sold on that street over £500K.

One sold this summer for £495,000, last year they were changing hands at a bit over £300,000. This looks nothing special, if these are greedy people as has been suggested I bet it ends up selling as a repo for not much over £200K because every offer they get on the way down they will reject.

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Remember this monstrosity from crappy part of Chiswick on Property Ladder a few weeks ago, developed by the Saffer and husband. It's been on since the summer.

http://www.findaproperty.com/displayprop.a...p;agentid=03068

If I remember right they had EA quotes around £900k to £1.1 mil (average was less than a million). Greedy feckers stuck it on at £1.3 mil. Those tactics may have worked 6 months ago when the market was chasing up the price, but certainly not now.

One guy said he'd be interested in it at around £900k, which seemed to reflect the properties value in the summer, and near what a couple of agents had valued it at. They should have sold it at this price and made a respectable profit while the market was buoyant.

Now, based on what I saw on the telly from the people who viewed the property and what happened to the market to date, the going to have to cut the asking price by well over £500k (and at a loss) to sell.

I'm going to keep an eye on it as the price tumbles. They could go bankrupt on this one, as it's in a really sh1tty part of Chiswick, that is the first to go when the propert market turns.

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Remember this monstrosity from crappy part of Chiswick on Property Ladder a few weeks ago, developed by the Saffer and husband. It's been on since the summer.

http://www.findaproperty.com/displayprop.a...p;agentid=03068

If I remember right they had EA quotes around £900k to £1.1 mil (average was less than a million). Greedy feckers stuck it on at £1.3 mil. Those tactics may have worked 6 months ago when the market was chasing up the price, but certainly not now.

One guy said he'd be interested in it at around £900k, which seemed to reflect the properties value in the summer, and near what a couple of agents had valued it at. They should have sold it at this price and made a respectable profit while the market was buoyant.

Now, based on what I saw on the telly from the people who viewed the property and what happened to the market to date, the going to have to cut the asking price by well over £500k (and at a loss) to sell.

I'm going to keep an eye on it as the price tumbles. They could go bankrupt on this one, as it's in a really sh1tty part of Chiswick, that is the first to go when the propert market turns.

This couple are the most money grabbing in PL history. The women wanted to make an obscene profit because she had had to live through the property's year long renovation! Greedy cow. Another one I hope stays on the market for ages.

The thing is once it has been on PL everyone knows what they paid for it, etc., and how greedy they are being.

Also the cracks that appeared in the original house. And the damp in the new basement. Both could come back to haunt any buyer.

Any other links to PL properties still unsold?

Edited by margesimpson

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Looking at sale prices in that road, no house has ever sold on that street over £500K.

One sold this summer for £495,000, last year they were changing hands at a bit over £300,000. This looks nothing special, if these are greedy people as has been suggested I bet it ends up selling as a repo for not much over £200K because every offer they get on the way down they will reject.

Some other info on the street - it's right near a roundabout that gets horribly snarled up so in rush hour there's traffic backed up down the street, and there's a police station on the street as well that I'd imagine contributes a fair bit of noise. It is close to a train station for getting to London Bridge and there's a good primary school in the area but nothing else is closer than a 15 minute walk.

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