Friday, September 5, 2008

Poor Saatchi and Syrocco

Half London homes on market for longer than 3 months

Phil Smith, 32 and his wife Amber, bought their two bedroom fat in Wimbledon three years ago for £234,000. They spent £8,000 renovating it, and put it on the market five months ago at £335,000. They still haven't had any offers, and have had to lower their asking price to £295,000, which would give them a profit of only £61,000. Aw diddums. Mr Smith said: "It's a nightmare scenario."

Posted by little professor @ 10:31 AM (1460 views)
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24 thoughts on “Poor Saatchi and Syrocco

  • This just sums up the idiocy that’s been going on.

    I just mean the names of their kids by the way. Saatchi and Syrocco?

    “But Mr Smith thinks he has had no offers because first-time buyers cannot get a mortgage. ”

    Then he’s an imbecile. But then anyone that can make 234000+ 8000 = 335000 is a bit of a numpty anyway.

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  • they only spent 8,000 renovating it, what are they bloody complaing about. they should be happy with just doubling their money. greedy s*ds

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  • Checking the Halifax spreadsheet, I see that the average house price has gone up by 3.2% since 3 years ago. That would make the current price about £241,500 (+8K for the renovations if we are being generous), not £295,000.

    Greedy indeed.

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  • Missingteddybear says:

    They’re deluding themselves that this is because first time buyers can’t get a mortgage. My boyfriend and I earn enough to get a mortgage to buy a property for £295 and could put down a 10-20% deposit. We wouldn’t buy his pokey 2 bed in wimbledon because it just isn’t worth that kind of money. In fact, it isn’t even worth the £234k they paid for it. The reason why the ‘greater fool theory’ in speculative bubbles doesn’t continue ad infinitum is because eventually people will realise the price is so over-inflated it is unsustainable. The person who holds the over-valued asset at that point is the ‘greatest fool’ because he cannot find a greater fool buy it from him. Mr Smith is clearly the ‘greatest fool’ here and just doesn’t realise.

    I am no fool and will wait for prices to drop at leats 30%, buy a house, get married and have kids upon who I will not inflict silly names like Vaio and Parsley.

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  • george monsoon says:

    At the end of the day this flat is worth whatever someone will pay, and in the present climate they will be lucky to get any offers at any price.

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  • greedy sods! a profit of over 50k and they are moaning????? Duhhh????

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  • I assume its this one as I can’t see any other 2 bedroom flats that are on rightmove for £295,000 (rounded up because journos can’t be bothered typing all those numbers) that were also sold around three years ago for £234,000

    http://www.rightmove.co.uk/viewdetails-21251144.rsp?pa_n=3&tr_t=buy

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  • A profit of only £61k on a layout of £8?
    I’m going to cry!

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  • george monsoon says:

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  • poor people. maybe the treasury should make up the difference with taxpayers’ money. everyone has a right to easy money.

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  • Keep lowering the price Phil and Amber. You’ve got a LONG, LONG, LONG way to go before all of us that sold early last year will bite…

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  • @George Monsoon

    Brilliant.

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  • “The owner of the property he wants to move to, in Wimbledon Park, has agreed to match Mr Smith’s price cuts to keep his buyer.”

    I think we may be being a little harsh, they’re trying to move home, not trying to grab the ‘profit’ and run..

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  • Whostolemyendowment says:

    I sold my house during the ‘good times’ back in 2005 {like a rat deserting a sinking ship}……it still was on the market from Feb until it went SSTC in August, and we completed in late October! Why do ‘they’ expect a quick sale now?

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  • Perfect picture george monsoon. Almost wet myself.

    Anyway remember when Kurtsie told us all that Lun-done was a “different market place” – Well it is. You can lose 100k on a house without even breaking into a sweat. With the massive property prices in the sounth and the most massive in Lun-done then the banks really have to consider how “viable” it is lending to people in our fair capitol.

    I expect their will be many tears spilt over their latte’s and 8 quid cocktails. I was in the Spaniards Inn (hampstead heath) the other week. £3.50 for a portion of chips in a pub, nearly p!ssed my pants. Don’t know what Lun-doners will do when all the illegal immegrants go home, who will clean their houses and drive them home when they are drunk!

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  • urgh! The children’s names are Saatchi and Syrocco

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  • from the comments
    “I wonder if these greedy arrogant scum have considered working for a living? I hope they get repossessed and become homeless. People like this do not deserve sympathy – they deserve a slap.”
    Inbreda, Notts.

    LOL.
    they paid 234k for it 3 years ago and spent 8k on it and then attempt to sell it at 335k.An increase in value of nearly 40% and a profit margin of 93k.
    I think these deluded muppets have been watching too much property porn and I guess they are a typical example of their generation (29 to 32 yrs old) far too young to remember the last crash.
    ps Saatchi & Syrocco,are those names for real?

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  • well they want to move? they could wait 1 year when the market will be more liquid. At the end if they are moving to buy a more expensive house the difference between the house they sell and the house they buy should be smaller. So they can stay for 1 year more and f… off : )

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  • When people like these get repossessed in a few months, I suppose we’ll see their sorry faces on Panorama asking the world for sympathy.

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  • I don’t understand why the parents of people like these don’t tell them what happen 18 or so years ago. Now we have another generation who are going to learn a very very expensive lesson. Let’s just hope that these fools pass on the knowledge to Scratchit and Scorpio (where do people get the names from these days??? Actually it’s fairly obvious in this case, from an 1980s advertising agency and a 1980s car – marvellous!).

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  • wiltshire @ 22

    “I don’t understand why the parents of people like these don’t tell them what happen 18 or so years ago.” – they wouldn’t listen wiltshire. They believe the old adage “you can’t lose with bricks and mortar” – People have to realise that when HPI get above 10% a year, be afraid, be very afraid. People only listen to what they WANT to hear, not the truth or anything like it.

    I suspect that many on here didn’t risk all in the property market becasue they knew the possible outcome. Everyone got fooled by how long this property boom went on for !

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  • George – hands off my miniature violin!

    How do you embed the picture into the page rather than link it please?

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  • nooneo @ 23

    Yeah of course. When you get into the feeding frenzy bit of the bubble you get more and more people sucked in with wild expectations about how they’re going to perform. You can just imagine this couple expecting to get an offer within 24 hours of it going on the market and I wouldn’t be surprised if they were prepared to put the price up further if that happened. Another couple who are in the process of learning a valuable lesson in economics.

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