A canary for the (UK property) coal mine - Omaze winners' "£4m" house

[Joncrete Cungle]

2 hours ago, One percent said:

Just tell them that you have your own furniture and you want full vacant possession. 

what the hell are they going to do with a house full of furniture 

I recall looking at a nice house when we were buying. The bloke selling was a slimy twat who I took an instant dislike to.

He wanted to charge extra for the oven and garden shed. I asked him how much extra he wanted for the light switches and bulbs. Then made a few insulting low ball offers via the estate agent to annoy him further.

[apples]

"When I moved in five years ago it was on the market for £2.5 million but nobody wanted it."

https://www.dailymail.co.uk/news/article-12445725/The-3million-Omaze-James-Bond-hideaway-Devon-six-foot-edge-cliff-dream-property-lain-2021-winner-told-coastal-erosion-hes-asking-cash-pay-out.html

The £3million Omaze 'James Bond hideaway' in Devon... six foot from the edge of a cliff: How 'dream property' has lain empty since 2021 after winner was told of 'coastal erosion' - and he's now asking for a cash pay-out

• EXCLUSIVE: Foundry worker Glen Elmy, from Walsall, won the property in Combe Martin Bay
• Three days after moving in he handed back the keys due to the coastal erosion 

Quote

The winner of a luxurious £3million mansion overlooking a sweeping bay left his new home just three days when he discovered the clifftop on which his property had been built was at risk of collapsing into the sea below, MailOnline can reveal.

Foundry worker Glen Elmy, from Walsall, moved into the James Bond-style property in October 2021 and marvelled at the views across Combe Martin Bay on the north Devon coast.

But three days later, after learning of the coastal erosion threatening his property, he handed the keys to Stealth House back to Omaze and is understood to have asked for money equal to the property's £3million value.

Mr Elmy has never returned to the five-bed property.

According to title deeds held by the Land Registry, Omaze Properties LLC bought Stealth House for £3.8million in June 2021 - four months before Mr Elmy moved in - which suggests Omaze had not transferred legal ownership to the West Midlander.

As a result, Stealth House has stood empty for almost two years and neighbours predict it will have been swallowed up by coastal erosion within five to ten years.

A source told Mailonline said: 'I met the Mr Elmy when he was here for the publicity. He was apparently planning to stay for a week but left after three days and that was the last we saw of him.

'The corner of the house goes almost to the cliff edge, it's about two metres away from the edge.'

It is not clear if Mr Elmy was given a different prize but Omaze's terms and conditions state they can offer the winner a cash alternative or other prize.

When MailOnline visited earlier this month, imposing metal gates stood at the entrance to the house, where an intercom went unanswered. There was no sign the house was lived in.

A neighbour, who didn't want to be named, said: 'I never see anybody going in or out since the win.

'There is all sorts of speculation that it can't be insured because of how close it's been built to the sea and on the cliff edge.

'There is a problem with coastal erosion all along the coast here. There are signs around the beach warning about falling rocks.

'It could just be local rumours but the person who originally built the building was told it was too close to the edge and mortgage and insurance might be a problem.

'When I moved in five years ago it was on the market for £2.5 million but nobody wanted it.

'When the competition was running we saw cars coming and going, but soon after the winner was announced that stopped and there's been nothing since.'

In June 2021, as the competition was running, locals voiced similar concerns that the house was built too close to the cliff edge which could be worn away over time, resulting in it potentially being an unsafe structure.

One person wrote on Devon Live's Facebook page: 'Very nice sea views but 5 to 10 years it will be in the sea, a lot of money to lose.'

Another wrote: 'I'm sure it'll look a lot more interesting in about 20 years when half of it has fallen off the edge of the cliff due to erosion.'

The property, near Ilfracombe, was designed by award-winning architect Guy Greenfield and boasts five bedrooms, six bathrooms, two living areas and 0.9 acres of land.

It first came onto the market with estate agents Knight Frank in 2018 with a guide price of £2.5million.

It features a modern infinity pool with stunning panoramic views of the ocean and is only 11 miles from the stunning market town, Barnstaple. 

Combe Martin Beach is just half a mile away and the popular surfing beaches of Croyde, Putsborough and Woolacombe are close by. 

Mr Elmy was visiting his parents' house when he found out he scooped the main prize in the Omaze Million Pound House Draw. 

He had spent the last 33 years working at the same foundry in Walsall. 

MailOnline has contacted Omaze for coment.

Edited August 26, 2023 by apples

[With a crooked smile]

On 26/06/2023 at 15:58, Frank Hovis said:

They are going to use independent valuers who will have PI insurance.

When people buy shared ownership houses, or increase their share, an independent valuer is used.

That's fine for properties with direct or even vaguely similar comparables. 

I think when you get to the top end of the market it gets highly subjective. I also think that's why the selling price may.be % wise quite a way off the asking price.

In The Lakes top end of the "normal" market is around 1.2 to max 1.5 mil. You can look at a house that's on for 900k and see a difference in size or view or quality of area with a 1.2 million property. 

Very few properties go on between 2mil and 4 mil and it's genuinely difficult to tell the difference between say something listed for 3 or 4 million despite that being quite a large % difference. 

[Frank Hovis]

The Wadebrdge one has gone back "Under Offer".

Though given that the summer holidays, and hence the great majority of potential buyers, have now gone I seriously doubt that it's £3.5m or in excess thereof.

 

https://www.rightmove.co.uk/properties/134117282#/?channel=RES_BUY

[Frank Hovis]

Well the Wadebridge house (the one on the bleak hillside) has been removed by the agent, this was the second agent so either it's coming off for the winter for a hopeful relisting in Easter or it has sold.  Nothing is coming up under "view similar properties".

https://www.rightmove.co.uk/properties/134117282#/?channel=RES_BUY

And the Fowey one is, quite amazingly, under offer.

https://www.rightmove.co.uk/properties/137865764#/?channel=RES_BUY

[spunko]

1 hour ago, Frank Hovis said:

Well the Wadebridge house (the one on the bleak hillside) has been removed by the agent, this was the second agent so either it's coming off for the winter for a hopeful relisting in Easter or it has sold.  Nothing is coming up under "view similar properties".

https://www.rightmove.co.uk/properties/134117282#/?channel=RES_BUY

And the Fowey one is, quite amazingly, under offer.

https://www.rightmove.co.uk/properties/137865764#/?channel=RES_BUY

Maybe Omaze have bought it again for a double dip.

Genuinely can't see anyone else buying it.

[Frank Hovis]

11 minutes ago, spunko said:

Maybe Omaze have bought it again for a double dip.

Genuinely can't see anyone else buying it.

 

No. I can see the Fowey one being sold for a fair bit, though nowhere near the £4.5m asking price, because it's right by the estuary and in a quiet spot. You could happily spend all year there, you can mess about on the river or walk the riverside footpaths.

The other one has no advantage in location as you have to drive everywhere or take a long walk or cycle along narrow roads, and outside of summer it would be too windy to be pleasant sitting outside.

[spunko]

23 minutes ago, Frank Hovis said:

 

No. I can see the Fowey one being sold for a fair bit, though nowhere near the £4.5m asking price, because it's right by the estuary and in a quiet spot. You could happily spend all year there, you can mess about on the river or walk the riverside footpaths.

The other one has no advantage in location as you have to drive everywhere or take a long walk or cycle along narrow roads, and outside of summer it would be too windy to be pleasant sitting outside.

But wouldnt these people have bought it 2+ years ago for £3m or whatever it was on at, before Omaze bought it?

[Frank Hovis]

10 minutes ago, spunko said:

But wouldnt these people have bought it 2+ years ago for £3m or whatever it was on at, before Omaze bought it?

 

I thought the Omaze model, or it was for these two, was to buy an old house on a decent site, commission an award winning architect to build a "dream house" on it, and then raffle it.

Anyone buying pre-Omaze was probably buying an unprepossessing smaller old bungalow in need of extensive renovation but in a good location.

Tbh that's what I intend doing at some point, though even then I wouldn't have wanted the Wadebridge one for £1m because it's in such a poor location relative to what you could buy for that price, though you would need some local knowledge to know that.

Or just spending an hour on Rightmove.

I wouldn't buy an Omaze house as half or more of the price is a premium for the award-winning grand designs type house which I wouldn't want.

 

 

Edited October 6, 2023 by Frank Hovis

[spunko]

9 minutes ago, Frank Hovis said:

 

I thought the Omaze model, or it was for these two, was to buy an old house on a decent site, commission an award winning architect to build a "dream house" on it, and then raffle it.

Anyone buying pre-Omaze was probably buying an unprepossessing smaller old bungalow in need of extensive renovation but in a good location.

Tbh that's what I intend doing at some point, though even then I wouldn't have wanted the Wadebridge one for £1m because it's in such a poor location relative to what you could buy for that price, though you would need some local knowledge to know that.

Or just spending an hour on Rightmove.

I wouldn't buy an Omaze house as half or more of the price is a premium for the award-winning grand designs type house which I wouldn't want.

 

 

No, my understanding is Omaze buy the house after the renovation is done. They then spend a few weeks/months making it look nice for the cameras with professional stylists etc.

More information here:

https://www.somersetlive.co.uk/news/somerset-news/omaze-luxury-mansion-south-west-8707814

The title deeds held by the Land Registry show that Omaze Properties LLC purchased the property, called Stealth House, for £3.8 million in June 2021 just four months before Glen moved in, suggesting that the legal ownership had not been transferred to Mr Elmy.

Nearly always there is a reason why a house won't sell and in Omaze's case it seems to be frequrntly due to 'lovely house, shit location'.

They also try to hide the fact that they're buying the house (to the original vendors) and use a third party or shell company for the negotations on the price. So the vendors don't even know they're selling their home to Omaze.

Edited October 6, 2023 by spunko

[Frank Hovis]

1 minute ago, spunko said:

No, my understanding is Omaze buy the house after the renovation is done. They then spend a few weeks/months making it look nice for the cameras with professional stylists etc.

More information here:

https://www.somersetlive.co.uk/news/somerset-news/omaze-luxury-mansion-south-west-8707814

The title deeds held by the Land Registry show that Omaze Properties LLC purchased the property, called Stealth House, for £3.8 million in June 2021 just four months before Glen moved in, suggesting that the legal ownership had not been transferred to Mr Elmy.

Nearly always there is a reason why a house won't sell and in Omaze's case it seems to be frequrntly due to 'lovely house, shit location'.

 

Well that changes it.

Omaze is paying a big premium for a plot because of the fancy house on it that isn't selling, and then adds another hefty premium of their own.

I said with the Wadebridge one, I didn't repeat the exercise with the Fowey house, that the marker for that kind of house and land was about £1.5m, excluding the "dream house" premium.

So they maybe bought it at £2.2m, values it at £3m for the raffle, and then the greedy winners listed it for £4m, or £2.5m more than it should be.

They reduced it to £3.5m but that's still more than double what it's actually worth as any quick check of similar properties in the area with land will quickly reveal.

[spunko]

7 minutes ago, Frank Hovis said:

 

Well that changes it.

Omaze is paying a big premium for a plot because of the fancy house on it that isn't selling, and then adds another hefty premium of their own.

I said with the Wadebridge one, I didn't repeat the exercise with the Fowey house, that the marker for that kind of house and land was about £1.5m, excluding the "dream house" premium.

So they maybe bought it at £2.2m, values it at £3m for the raffle, and then the greedy winners listed it for £4m, or £2.5m more than it should be.

They reduced it to £3.5m but that's still more than double what it's actually worth as any quick check of similar properties in the area with land will quickly reveal.

Indeed but this isn't of any concern to Omaze as they've essentially bought an asset for X, sold it for Y, got all of the publicity and moved on.

I say all the time that I'd hate to win the Euromillions; pretty sure I'd, at best, very much dislike to win Omaze - the best option IMO for any Omaze winner is to rent it out or sell it. I'd probably rent it out and become an accidental landlord, but I certainly wouldn't relish the publicity or exposure that comes from winning. Journalists raking over your private life, etc. No thanks.

[Frank Hovis]

11 minutes ago, spunko said:

Indeed but this isn't of any concern to Omaze as they've essentially bought an asset for X, sold it for Y, got all of the publicity and moved on.

I say all the time that I'd hate to win the Euromillions; pretty sure I'd, at best, very much dislike to win Omaze - the best option IMO for any Omaze winner is to rent it out or sell it. I'd probably rent it out and become an accidental landlord, but I certainly wouldn't relish the publicity or exposure that comes from winning. Journalists raking over your private life, etc. No thanks.

 

Ditto.

I've never bought an Omaze ticket because I wouldn't want the publicity telling everyone how rich I am.

And whilst I would welcome a £10m - £15m lottery win I would be extremely uncomfortable with £100m or more.

It would feel like a burden, that I couldn't just keep it quiet but ought to do something worthwhile with it.

[eek]

20 hours ago, Frank Hovis said:

 

Ditto.

I've never bought an Omaze ticket because I wouldn't want the publicity telling everyone how rich I am.

And whilst I would welcome a £10m - £15m lottery win I would be extremely uncomfortable with £100m or more.

It would feel like a burden, that I couldn't just keep it quiet but ought to do something worthwhile with it.

Oh I know what I would do if I won £100m.

£90m would be thrown into a charity to do good works - the only question is what mischief could I then do with it.

[Frank Hovis]

15 minutes ago, eek said:

Oh I know what I would do if I won £100m.

£90m would be thrown into a charity to do good works - the only question is what mischief could I then do with it.

 

Ah, but could you do that in a way by which the people you currently know would not be aware of your becoming suddenly wealthy?

If not then you will always be buying the round in the pub, paying for meals, if anyone has an impoverished friend whose boiler breaks they will be at your door, and then there will be the begging emails (do I have your address btw?).

It will change your life in a way that you won't like.

I could "get away with" buying a £2m house without people changing their view of me, as I'm known to have money, though not how much and that isn't an indicator btw, as I was able to retire early, but I couldn't do the same with a £20m house as nobody would accept that I had built that amount up.

 

Edit: I have a low waged friend who has always been very careful with money and as a result she was able to pay off her small mortgage on her small house this year or last.

And made the mistake of telling everyone that she had done this.

In their minds she suddenly did a 180 degree turn from skint to wealthy, relatives booked a holiday in Cornwall recently where they would be seeing her but then called her up as they didn't have the money to pay for it so could she pay it for them? 

She did and they have paid her back since but this shows the effect of letting people know that you have any kind of wealth.

In previous years they would not have thought to ask her, this year they would however have been offenced had she refused.

The phrase is being known as a "walking wallet".

Edited October 7, 2023 by Frank Hovis

[spunko]

On Rightmove in 3,2,1...

https://www.kentonline.co.uk/kent/news/gobsmacked-dad-wins-2-million-cottage-in-raffle-295084/

A stunning house but I'm not sure I'd want to spend winters there. Dartmoor in winter is grim. IMO.

[spunko]

Indeed, sod that....

[Frank Hovis]

34 minutes ago, spunko said:

On Rightmove in 3,2,1...

https://www.kentonline.co.uk/kent/news/gobsmacked-dad-wins-2-million-cottage-in-raffle-295084/

A stunning house but I'm not sure I'd want to spend winters there. Dartmoor in winter is grim. IMO.

 

Someone at work lived up on Dartmoor, I could go the whole winter without even seeing snow but she had it every year.

I knew someone who grew up on Dartmoor in a big old house and he said that ice on the inside of the bedroom windows was standard.

Bodmin Moor is similar for Cornwall, lovely to visit on a warm summer's day but you really wouldn't want to spend your winters up there.

They each have a vast amount of rain as well.

 

[Wight Flight]

10 hours ago, Frank Hovis said:

 

Someone at work lived up on Dartmoor, I could go the whole winter without even seeing snow but she had it every year.

I knew someone who grew up on Dartmoor in a big old house and he said that ice on the inside of the bedroom windows was standard.

Bodmin Moor is similar for Cornwall, lovely to visit on a warm summer's day but you really wouldn't want to spend your winters up there.

They each have a vast amount of rain as well.

 

There is a reason the military train on Dartmoor.

And nobody enjoys it.

[roundhouse]

 

12 hours ago, Frank Hovis said:

Bodmin Moor is similar for Cornwall, lovely to visit on a warm summer's day but you really wouldn't want to spend your winters up there.

They each have a vast amount of rain as well.

 

@Frank Hovis hmm i think you might be trolling me! 
 

Been up and out before dawn most of last week, lovely and sunny this morning and looking down at a vast foggage along the length of the Tamar, or earlier in the week the south coast. 

In truth I'm quite happy for you to continue promoting Bodmin Moor as an awful place to live - bleak, windswept, incessantly wet, miserable, poor and the rest! Anything to reduce house buying competition... 

[Frank Hovis]

8 hours ago, roundhouse said:

 

@Frank Hovis hmm i think you might be trolling me! 
 

Been up and out before dawn most of last week, lovely and sunny this morning and looking down at a vast foggage along the length of the Tamar, or earlier in the week the south coast. 

In truth I'm quite happy for you to continue promoting Bodmin Moor as an awful place to live - bleak, windswept, incessantly wet, miserable, poor and the rest! Anything to reduce house buying competition... 

 

I'm really not!

Summer days, the views, the empty space, and the option to buy an old farmhouse with many acres all added up to my thinking "that's the place I want to live".

Then for several years I was commuting weekly up the A30 / M5 and nine times out of ten through the autumn / winter / summer the worst weather of the whole 200 mile trip was to be found on Bodmin Moor. Sunshine in Somerset, black clouds and rain on Bodmin Moor.

Steadily I changed my mind about wanting to live up there.

[MrLibertyRedux]

13 hours ago, Wight Flight said:

There is a reason the military train on Dartmoor.

And nobody enjoys it.

Had a good few yomps around it as a civilian in winter and I would have to agree. Brutal with the wind.

[spunko]

49 minutes ago, MrLibertyRedux said:

Had a good few yomps around it as a civilian in winter and I would have to agree. Brutal with the wind.

Never live anywhere where trees don't grow is my motto.

[Wight Flight]

48 minutes ago, spunko said:

Never live anywhere where palm trees don't grow is my motto.

Modified for my motto.

[spunko]

On a similar note to this, has anyone ever heard of these 'win a car' raffles? Apparently, they're very popular and advertise a lot on social media (perhaps why it has passed me by).

An example is Rev Comps; a friend was telling me that his brother in law won a Triumph Bobber a few weeks ago but has already sold it.

https://www.revcomps.com/

A lot of them are, as expected, supercars though. The thought of having a supercar on the driveway may seem nice but after getting bored of it and/or worrying too much about it being pinched at gunpoint, you'd probably end up selling it.

Reminded me of Omaze, a lot of these companies seem to be selling an unrealistic dream that, once someone wins, they realise they'd rather have the cash instead.