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

[Frank Hovis]

I really didn't see this one shfting.  The Omaze house by the river Fowey.

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

[spunko]

On 02/11/2023 at 10:57, Frank Hovis said:

I really didn't see this one shfting.  The Omaze house by the river Fowey.

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

Still might fall through...

[Frank Hovis]

On 02/11/2023 at 10:57, Frank Hovis said:

I really didn't see this one shfting.  The Omaze house by the river Fowey.

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

 

Still "SOLD STC" six weeks later.

They msut be using the same conveyancer that I did when I sold my flat in London.

[Delboy]

22 hours ago, Frank Hovis said:

 

Still "SOLD STC" six weeks later.

They msut be using the same conveyancer that I did when I sold my flat in London.

 

Perhaps the winner is renegotiating the price , because property prices only go up?

Strange how it sold (presumably to Omaze) at £5m in November 2022.

 

Address:	Pieds Dans L'eau, , Bodinnick, Fowey, PL23 1LY
Type:	Detached
Tenure:	Freehold
New build:	No
Estimated value:	£4,852,500
Links:	Price map  (Fowey)  (Bodinnick)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
01 Nov 2022	£5,000,000	127.3%	64.8%
10 Aug 2015	£2,200,000 *	n/a	n/arice

[Frank Hovis]

2 minutes ago, Delboy said:

 

Perhaps the winner is renegotiating the price , because property prices only go up?

Strange how it sold (presumably to Omaze) at £5m in November 2022.

 

Address:	Pieds Dans L'eau, , Bodinnick, Fowey, PL23 1LY
Type:	Detached
Tenure:	Freehold
New build:	No
Estimated value:	£4,852,500
Links:	Price map  (Fowey)  (Bodinnick)
Transaction type:	Additional price paid transaction

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
01 Nov 2022	£5,000,000	127.3%	64.8%
10 Aug 2015	£2,200,000 *	n/a	n/arice

 

2022 was still within that lockdown price spiral with early retirement and people thinking they could work from home permanently meaning that prices in nice coastal areas - anywhere, not just Cornwall, were up at least 20% from the start of 2020, 40% in extreme cases,

It's only in 2023 with reality dawning on the wfh crowd and the flood of early retirees halted that this mini bubble has evaporated and houses are now not selling and being reduced IME.

[Bear Hug]

 

https://www.dailymail.co.uk/news/article-12940511/Omaze-property-nightmare-floods-coastal-erosion.html

The Omaze property 'nightmare': From floods and coastal erosion to the new owner who spent £500,000 on repairs, the Mail visited every multi-million-pound property raffled so far... and found the vast majority of winners have sold up

[Frank Hovis]

On 16/12/2023 at 14:41, Frank Hovis said:

 

Still "SOLD STC" six weeks later.

They msut be using the same conveyancer that I did when I sold my flat in London.

 

And the house by the river is till SOLD STC, three and a half months on.  Hmmm.....

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

 

 

I see the new Omaze "dream" house is yet again in Cornwall.  These guys lack imagination.

It's not exactly on a "dream" plot, more of a "house" than a "dream house".  And a £3m valuation looks wild.

St Agnes is a nice place but it's a fair climb back from the beaches and it becomes overrun by tourists.  And you're not exactly on a large private plot.

£1.5m maybe, I really cannot see how they can get to £3m. And it's made out of wood despite the very damp climate down here.  Soon to be renamed the greenhouse.

 

https://www.cornwalllive.com/news/cornwall-news/gallery/omaze-house-cornwall-worth-3-9101203

[sarahbell]

On 09/01/2024 at 05:58, Bear Hug said:

 

https://www.dailymail.co.uk/news/article-12940511/Omaze-property-nightmare-floods-coastal-erosion.html

The Omaze property 'nightmare': From floods and coastal erosion to the new owner who spent £500,000 on repairs, the Mail visited every multi-million-pound property raffled so far... and found the vast majority of winners have sold up

because it's a shit idea to win a huge house that's not in a place where you want to live (family, schools and other ties) often with huge energy bills and high council tax.

 

[Frank Hovis]

On 02/11/2023 at 10:57, Frank Hovis said:

I really didn't see this one shfting.  The Omaze house by the river Fowey.

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

 

And still, six months on, this remains SOLD STC.

I think they ought to look at changing their solicitor

 

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

[spunko]

1 hour ago, Frank Hovis said:

 

And still, six months on, this remains SOLD STC.

I think they ought to look at changing their solicitor

 

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

Now showing as sold at the Land Registry:

https://houseprices.io/?q=pl23+1ly

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
03 Nov 2023	£4,350,000	-13.0%	-17.4%
01 Nov 2022	£5,000,000 *	127.3%	64.8%

 

[spunko]

Fowey is going to be ground zero for when the Cornish finally get their act together and start driving out these scumbags. With that in mind I wouldn't want to live there....

[Frank Hovis]

4 hours ago, spunko said:

Now showing as sold at the Land Registry:

https://houseprices.io/?q=pl23+1ly

Registered sales:

Date Sold	Price Paid	Nominal change	Real change
03 Nov 2023	£4,350,000	-13.0%	-17.4%
01 Nov 2022	£5,000,000 *	127.3%	64.8%

 

 

Colour me surprised.

That is a big drop on the price Omaze paid.