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Only been two further resales.

Apt 701, sold Aug 2011 for £159k (previously sold Jun 2008 for £237k)

Apt 503, sold Jun 2011 for £95k (previously sold May 2008 for £150k)

I wonder how many others are repoed but empty simply because the bank knows they are near worthless and doesnt want to have to mark them to market and declare a massive loss. Instead they can service 0.something interest for eternity thanks to ZIRP.

Its a scandal if that is happening, but it wouldn't surprise me.

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I wonder how many others are repoed but empty simply because the bank knows they are near worthless and doesnt want to have to mark them to market and declare a massive loss. Instead they can service 0.something interest for eternity thanks to ZIRP.

Its a scandal if that is happening, but it wouldn't surprise me.

I think that's exactly what's happening.

The building I'm in had 30 flats that never sold. They got transferred along with the freehold to a resident collective last summer.

There have been 10s of reposessions, but only a handful marketed, still less actually sold.

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I wonder how many others are repoed but empty simply because the bank knows they are near worthless and doesnt want to have to mark them to market and declare a massive loss. Instead they can service 0.something interest for eternity thanks to ZIRP.

Its a scandal if that is happening, but it wouldn't surprise me.

Perhaps some have been repo'ed, but the banks cannot service the debt at 0% - it costs banks a lot more than that to borrow.

Probably a lot of these properties would fall under the Santander umbrella and Santander really has to pay quite a lot to borrow - hence its best on market ISA offers.

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Nobody's renting them because nobody wants them. They were never worth the stupid prices they were "snapped up" for.

Bad business deals = lost money. Get the ****** over it.

</beingallhighandmighty>

God, how I hate that expression.

Worst VI cliche of the lot.

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But I thought the Rotunda was the new Rock n' Roll?

You have to be a hardcore HPCer to remember that gem.

Remember it well. It was coined by Sangeeta and Tav, a canny Asian couple who snapped up two Rotunda apartments as an investment.

http://www.bbc.co.uk/birmingham/content/articles/2005/10/15/rotunda_skyline_for_sale_feature.shtml

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Ro·tund

adjective /rōˈtənd/  /ˈrōˌtənd/ 

3. (of speech or literary style) Indulging in grandiloquent expression

......gran·dil·o·quent

adjective /granˈdiləkwənt/ 

Pompous or extravagant in language, style, or manner, esp. in a way that is intended to impress

- a grandiloquent celebration of Spanish glory

Web definitions

lofty in style; "he engages in so much tall talk, one never really realizes what he is saying"

puffed up with vanity; "a grandiloquent and boastful manner"; "overblown oratory"; "a pompous speech"; "pseudo-scientific gobbledygook and pontifical hooey"- Newsweek

Edited by Saving For a Space Ship
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  • 3 years later...
  • 2 weeks later...

Just redirected here from a new thread on pwoperdee investments.

So I had a look on the wonderful houseprices.io site for sale histories.

Surprisingly, only just over 10% of the 210 flats have changed according to the Land Registry figures. However, I guess any repos might not show up there....

Thanks for justifying me putting that link in ! :D

I'm no expert on interpreting the figures, but it looks like few that did sell got some big losses . Perhaps that stopped others from selling

Edited by Saving For a Space Ship
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