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Frank Hovis

A Beauty From Property Snake

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Yes, I know there's a pinned thread on PS. But this is just so good it needs highlighting.

Fairwood, Thatcham

New Build

4 bedroom, detached home with detached single garage

Kennet Heath is an attractive new homes development of 2 bedroom apartments and 2, 3, 4 & 5 bedroom homes in one of England's oldest towns, Thatcham. Each home has been traditionally constructed with a wealth of individual features to ensure Redrow living at its best. Ideally located just off the A4 which provides access to nearby Newbury, Basingstoke and Reading, M4, A34, M40 and M3.

What price do you reckon on this honestly? Decent family home in the south east.

Well, initial listing: 10 Aug 2007 £379,950

Then....

16 Aug 2007 Price changed from £379,950 to £279,950

19 Sep 2007 Price changed from £279,950 to £226,950

This is a major developer, not some mug. That's a 40% drop.

Now you could argue that the first listing was an error, or a testing the water price. But that second drop of £53,000 shouts that nobody's buying.

Good old Property Snake - we salute you!

Telegraph Property Listing

Property Snake detail page

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Good find. However, it occurs to me that Propertysnake can only ever nibble around the edge of the HPC biscuit. The real losers will go straight to auction. How can we find out about those on a national basis?

Edited by Methinkshe

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It is on Redrow's site at http://www.redrow.co.uk/developments/quick.../null/null/null.

Something odd about it though - the Telegraph says its a 4 bed detached but then on the same page says its a 3 bed semi. I'm guessing that someones got confused over different prices for different size houses and assumed that the price has dropped.

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It is not listed on Redrow's site - are you sure this was not the last one in a new development?

Yes it is:

Available Homes at - Kennet HeathThatcham, Berkshire, RG19 4QH

To speak to us about any of these homes:

Call 01635 863026

Redrow

Although this is saying 3 bed. The price and name of house type is the same.

Fairwood

3 bedroom, semi-detached home with single parking space

Guide price from: £226,950

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It is on Redrow's site at http://www.redrow.co.uk/developments/quick.../null/null/null.

Something odd about it though - the Telegraph says its a 4 bed detached but then on the same page says its a 3 bed semi. I'm guessing that someones got confused over different prices for different size houses and assumed that the price has dropped.

Hmm... maybe so.

There are other houses there at the two previous prices so it may just be mixing them up. Ah well.

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At least this one is real. I bet they've stopped boring everybody about how much their "property" is worth down the pub:

mAPP0072101.jpg

Rarely does a substantial property come to the market offering so much, a substantial detached home with 3/4 bedrooms, finished to the very highest standards, incorporating 11 acres, three fully let commercial units and 9 stables. Additional car parking for numerous vehicles. There has also been planning passed to extend the main residence by a further two bedrooms. Viewing essential.

Nice so far, then...

Event Historydate event

05 May 2007 First day listed (price £1,500,000)

11 Sep 2007 Price changed from £1,500,000 to £1,250,000

15 Sep 2007 Price changed from £1,250,000 to £1,000,000

Lower, lower! :lol:

The Mighty Property Snake

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Event Historydate event

05 May 2007 First day listed (price £1,500,000)

11 Sep 2007 Price changed from £1,500,000 to £1,250,000

15 Sep 2007 Price changed from £1,250,000 to £1,000,000

They better get it down to 500K fast if they want it shifted before the crash really kicks in. :lol:

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Lower, lower! :lol:

Nah, leave it expensive. What a monstrosity!

What is amusing is that they don't even bother to mention the value of the commercial units - or the yield on the stables and 11 acres.

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Not from property snake but right move.

http://www.rightmove.co.uk/viewdetails-160...=1&tr_t=buy

Needs a little work but for £40k i think some one wants a quick sale.

more suitable purchase as a cash sale as the property is of a "non conforming construction"

Sounds like it's about to fall down and you won't get a mortgage on it. That's a reasonable price normally but I'm surprised after the mental market of the last few years somebody's actually asking a reasonable price.

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mAPP0072101.jpg

Rarely does a substantial property come to the market offering so much, a substantial detached home with 3/4 bedrooms, ...

The Mighty Property Snake

Apologies to the owners, but that has all the charm of a couple of adjoining council semis. Imagine having a farm on which to build a house and then imagine building that. Just how cash-strapped would you have to be?

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Not from property snake but right move.

http://www.rightmove.co.uk/viewdetails-160...=1&tr_t=buy

Needs a little work but for £40k i think some one wants a quick sale.

All the radiators appear to have been vandalised? Is it a repo and the occupants trashed it? Or are all repos straight to auction?

Edited by Darkman

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Good find. However, it occurs to me that Propertysnake can only ever nibble around the edge of the HPC biscuit. The real losers will go straight to auction. How can we find out about those on a national basis?

Great idea, we need either a database or simply listings of popular auction sites by area perhaps?

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Great idea, we need either a database or simply listings of popular auction sites by area perhaps?

I wish I knew! I'm a total ignoramus when it comes to computers and databases and possibilities thereof, and websites and that kind of stuff. I can see a need but beyond that......over to those who know...

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propertysnake looks a great site but it seems to have some propblems.

There is a studio flat near me, came onto the market a year ago with one EA for £250,000. And no that isnt a typo and this isnt central London.

Over the year it has gone from one EA to another (currently has 2 boards outside), the price being reduced every few months to currently £195,000. Sadly propertysnake only shows it being on the marktet for 71 days and a 2% reduction.

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Something's gone wrong with propertysnake / telegraph.

If you check out the biggest reductions on the opening page of the sanke , you'll see a link takes you eventually to the telegrapgh site and this page :

http://search.property.telegraph.co.uk/sal...rLsId=1460-1-20

Looking at the pictures you'll see what you are actually buying is a ~40 something couple and garden furniture:

dev_1_IMG_02.jpg

I'd be lying if I said £227k seemed a fair price for this couple, even with the furniture thrown in. Or am I missing something?

Edited by Sledgehead

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more suitable purchase as a cash sale as the property is of a "non conforming construction"

Sounds like it's about to fall down and you won't get a mortgage on it. That's a reasonable price normally but I'm surprised after the mental market of the last few years somebody's actually asking a reasonable price.

It looks ex-Local Authority - many of them are unmortgageable as they were slung up in the sixties using concrete and tin foil and stuff like that. Of course it could have subsidence as well, especially if its in a former mining area.

Beyooooootful. What a steal. :lol:

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Looks like it is in the corner of some council traveller campsite or something.

Expect a Shogun and a jetski just out of photo shot.

btp

At least this one is real. I bet they've stopped boring everybody about how much their "property" is worth down the pub:

mAPP0072101.jpg

Rarely does a substantial property come to the market offering so much, a substantial detached home with 3/4 bedrooms, finished to the very highest standards, incorporating 11 acres, three fully let commercial units and 9 stables. Additional car parking for numerous vehicles. There has also been planning passed to extend the main residence by a further two bedrooms. Viewing essential.

Nice so far, then...

Event Historydate event

05 May 2007 First day listed (price £1,500,000)

11 Sep 2007 Price changed from £1,500,000 to £1,250,000

15 Sep 2007 Price changed from £1,250,000 to £1,000,000

Lower, lower! :lol:

The Mighty Property Snake

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more suitable purchase as a cash sale as the property is of a "non conforming construction"

Sounds like it's about to fall down and you won't get a mortgage on it. That's a reasonable price normally but I'm surprised after the mental market of the last few years somebody's actually asking a reasonable price.

It's probably Wimpey No Fines (or similar construction).

Non standard (being poured concrete), but nevertheless mortgageable.

Unless, of course, there is a structural problem as well? :unsure:

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At least this one is real. I bet they've stopped boring everybody about how much their "property" is worth down the pub:

mAPP0072101.jpg

Rarely does a substantial property come to the market offering so much, a substantial detached home with 3/4 bedrooms, finished to the very highest standards, incorporating 11 acres, three fully let commercial units and 9 stables. Additional car parking for numerous vehicles. There has also been planning passed to extend the main residence by a further two bedrooms. Viewing essential.

Nice so far, then...

Event Historydate event

05 May 2007 First day listed (price £1,500,000)

11 Sep 2007 Price changed from £1,500,000 to £1,250,000

15 Sep 2007 Price changed from £1,250,000 to £1,000,000

Lower, lower! :lol:

The Mighty Property Snake

Aerial view worth a look :lol:

M62, sewage....

Yum

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I know somene who in the last slowdown (2004/2005) bought a 4 bed detached house in Thatcham (new) for £265k (from one of the UK's biggest developers). It was listed at £330k. The developer offered 10% off and stamp duty paid. The buyer negotiated and also got mortgage paid for a year, fully tiled bathrooms, quality carpets throughout, back garden landscaped and block paved drive instead of tarmac.

Looking at the Land Registry stats - it apparently sold for £330k. Make of it what you will.

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Aerial view worth a look :lol:

M62, sewage....

Yum

Now that's what I call a big sewage farm.

Slap by the M62 and with massive housing estates all around it; no wonder they're desperate to sell.

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