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The £70k Garage

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Not exactly what anyone here wants to hear, but I was absolutely flabbergasted. With idiots like this about, is it any wonder prices have gone so crazy?

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A woman at work was stating today that "property development is the game to be in" - to be fair, she was saying it in much the same way as you've heard people say over the past few years "plumbing - that's the game to be in", ie, with a wistful "wish I was that lucky" tone in her voice.

She went on to tell me about a couple she knows who over the past 7 years have done up and sold three houses. They've obviously done pretty well at it - they paid 700K for the current one, did some work on it, sat on it while the market was rising, and eventualy marketed it at £1.1m. The first two viewers they had both made comments that there was no garage (on a million pound house!); this was enough to put the first viewer off completely, and for the second one to offer "only" £1m - £100K short of the asking price.

The sellers then decided that if it was the lack of a garage that was losing them sales, they would put up a garage. So they did. It cost them £11K to do, after which they promptly stuck the house back on the market at the same asking price of £1.1m. As far as I know, this whole process took less than 3 months, so it's not as though a rapidly rising market brought about what happened next...

The second buyer came back for another look, and seeing the place now has a garage, made a new offer of £1,070,000 - £30k short of the asking price, and £70K more than he'd been prepared to offer without the garage.

Clever bloke - with idiots like this around, you really can't blame the amateur property delelopers, can you? Although, flushed with their latest success, the "developers" are apparently going to do the whole thing again, which might this time turn out a little less rosy <_<

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Not exactly what anyone here wants to hear, but I was absolutely flabbergasted. With idiots like this about, is it any wonder prices have gone so crazy?

That is one way to look at it. Another is to say that the offer of £1m was a brgaining ploy and he expected to get the property for £1,050,000. Therefore the garage was really only worth £20k. I am sure the buyer does not consider that he paid £70k for a garage

I also love it when people say ' did some work on it' - how much did they spend and how much salary did they lose whilst they worked on it ?.

Finally, presumably they paid tax on this so the gain is never as much as people say.

--------------

A woman at work was stating today that "property development is the game to be in" - to be fair, she was saying it in much the same way as you've heard people say over the past few years "plumbing - that's the game to be in", ie, with a wistful "wish I was that lucky" tone in her voice.

She went on to tell me about a couple she knows who over the past 7 years have done up and sold three houses. They've obviously done pretty well at it - they paid 700K for the current one, did some work on it, sat on it while the market was rising, and eventualy marketed it at £1.1m. The first two viewers they had both made comments that there was no garage (on a million pound house!); this was enough to put the first viewer off completely, and for the second one to offer "only" £1m - £100K short of the asking price.

The sellers then decided that if it was the lack of a garage that was losing them sales, they would put up a garage. So they did. It cost them £11K to do, after which they promptly stuck the house back on the market at the same asking price of £1.1m. As far as I know, this whole process took less than 3 months, so it's not as though a rapidly rising market brought about what happened next...

The second buyer came back for another look, and seeing the place now has a garage, made a new offer of £1,070,000 - £30k short of the asking price, and £70K more than he'd been prepared to offer without the garage.

Clever bloke - with idiots like this around, you really can't blame the amateur property delelopers, can you? Although, flushed with their latest success, the "developers" are apparently going to do the whole thing again, which might this time turn out a little less rosy <_<

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