Property crash, just maybe it really is different this time (Part 3)

[nirvana]

Just now, JoeDavola said:

I'm just going by the fact that it says its being sold on an auction website:

https://www.iamsoldni.com/properties

https://www.iamsoldni.com/properties/16710d18a4834ffda94f0bb3b8ce9fd2.html

aye, just added more info to my post......sounds like con artists to me

[Castlevania]

16 hours ago, JoeDavola said:

Just to prove I do provide a balanced opinion...this has been on the market for months. It's in a quite desirable area of Belfast but is for some reason unmortgagable. I may have posted it here before. It was sitting cash offers of £275K for a few months and is now up for auction a guide price of £250K:

https://www.propertypal.com/118a-ardenlee-avenue-belfast/931189

 

What’s with the huge industrial unit/shed behind the house?

[King Penda]

They are going up I’ve just checked my house (I had it valued 6 months ago) ok I know it’s only zoopla but the estate agent gave the same valuation. I actually hope it’s wrong. That’s a 3k theoretical increase in 6 months.ps they both said 80k. This is the steepest increase I’ve seen. The houses that interest me are also going up ffs

[JoeDavola]

5 minutes ago, Castlevania said:

What’s with the huge industrial unit/shed behind the house?

No idea. Not a great thing to have overlooking your back garden.

[onlyme]

Zoopla is showng a nominal 0.8% drop locally, from a peak in May 2023.

Don't believe that for one minute.

Interest rates started ratcheting up from Dec 2021 and only really started affecting prices just over hal a year ago, nope.

 

 

[King Penda]

2 minutes ago, onlyme said:

Zoopla is showng a nominal 0.8% drop locally, from a peak in May 2023.

Don't believe that for one minute.

Interest rates started ratcheting up from Dec 2021 and only really started affecting prices just over hal a year ago, nope.

 

 

Down south they should plummet in theory

[onlyme]

13 minutes ago, King Penda said:

Down south they should plummet in theory

Lumpy chunks off the properites that I know that have sold. Min 10x what Zoopla are reporting, not stupidly high original listing prices either.

[Chewing Grass]

2 hours ago, onlyme said:

Zoopla is showng a nominal 0.8% drop locally, from a peak in May 2023.

Don't believe that for one minute.

Interest rates started ratcheting up from Dec 2021 and only really started affecting prices just over hal a year ago, nope.

 

 

Mrs Chewy is trying to sell her Mothers place but her brother Terry Fuckwitt is married to an overbearing hybrid between Hyacinth Bouquet and Common Purpose woman who thinks it will fetch Wilmslow prices when its on an Estate 2 miles from the nearest Pubs/Restauraunts/Shops and Nailbars that such folk live near and the neighbours are a mix of modern working class and trades-people now bank managers are extinct.

Both me and Mrs C know that due to Terry & June's insistence the place is at least 5.5% overpriced and they may well be forced to sell (eventually) at 9% below listing.

Edited February 17 by Chewing Grass

[MrXxxx]

3 minutes ago, Chewing Grass said:

Mrs Chewy is trying to sell her Mothers place but her brother Terry Fuckwitt is married to an overbearing hybrid between Hyacinth Bouquet and Common Purpose woman who thinks it will fetch Wilmslow prices when its on an Estate 2 miles from the nearest Pubs/Restauraunts/Shops and Nailbars that such folk live near and the neighbours are a mix of modern working class and trades-people now bank managers are extinct.

Both me and Mrs C known that due to Terry & June's insistence the place is at least 5.5% overpriced and they may well be forced to sell (eventually) at 9% below listing.

Simple solution, appeal to her greed i.e. make her a substantially reduced offer to buy you out [based on her valuation NOT yours].

[Chewing Grass]

Just now, MrXxxx said:

Simple solution, appeal to her greed i.e. make her a substantially reduced offer to buy you out [based on her valuation NOT yours].

I tried that, but he is 63 and she is 53 and they still have a £300,000 mortgage.

'All fur and no knickers' as my dear old gran used to say.

[MrXxxx]

6 minutes ago, Chewing Grass said:

I tried that, but he is 63 and she is 53 and they still have a £300,000 mortgage.

'All fur and no knickers' as my dear old gran used to say.

Ah 'asset rich, cash poor'...OK, based on her outstanding mortgage work out some figures to show her how much she would save paying off her mortgage early with her half of what you think the property will sell for...now that we are back to 'normal' interest/mortgage rates she has got to be better off paying off early.

Also, don't forget to factor in her share of the Council Tax, building insurance, utilities standing charge, maintenance, and loss of interest on the potential capital.

Edited February 17 by MrXxxx

[Frank Hovis]

3 minutes ago, Chewing Grass said:

I tried that, but he is 63 and she is 53 and they still have a £300,000 mortgage.

'All fur and no knickers' as my dear old gran used to say.

 

My question would be who is maintaining it - doing the garden, dusting, checking for leaks - as they are the ones who will be doing all the work whilst it languishes empty on Rightmove.

If it's them then leave them to it, if it's you then demand it be priced for a quick sale or they can start looking after it.

[Chewing Grass]

Just now, Frank Hovis said:

 

My question would be who is maintaining it - doing the garden, dusting, checking for leaks - as they are the ones who will be doing all the work whilst it languishes empty on Rightmove.

If it's them then leave them to it, if it's you then demand it be priced for a quick sale or they can start looking after it.

Easy, me, Mrs C and our youngest child (who did the garden and learned lawncare) for the last 20 years, they did fuck-all as they were 'too busy' playing hobby farm with horses, dogs, cats, goats and chickenz.

No I'm not bitter as my conscience is clear.

Mrs C does not like conflict so avoids the issue.

[Frank Hovis]

4 minutes ago, Chewing Grass said:

Easy, me, Mrs C and our youngest child (who did the garden and learned lawncare) for the last 20 years, they did fuck-all as they were 'too busy' playing hobby farm with horses, dogs, cats, goats and chickenz.

No I'm not bitter as my conscience is clear.

Mrs C does not like conflict so avoids the issue.

 

I won't say "always the way", but in the two lengthy sales processes I know about the ones who were flat refusing to drop the price were the ones who weren't lifting a finger to help maintain the house.

I accept the desire to avoid conflict but it doesn't have to go that route, maybe a few "time value of money" calculations will demonstrate that holding on for two year to maybe make the asking price would be less good than selling now at a 5% discount to the current asking.

Or you could say that you will continue to maintain it for three months and after that you will both jointly pay a professional gardener and cleaner, money going out each month would focus their minds.

[Bobthebuilder]

37 minutes ago, onlyme said:

Lumpy chunks off the properites that I know that have sold. Min 10x what Zoopla are reporting, not stupidly high original listing prices either.

This is the sort of thing I am seeing, it is less money than a cramped new build a few miles away. One for @sancho panza top down thesis.

Equestrian facility for sale in Melbury Abbas, Shaftesbury, Dorset, SP7 (rightmove.co.uk)

[onlyme]

7 minutes ago, Bobthebuilder said:

This is the sort of thing I am seeing, it is less money than a cramped new build a few miles away. One for @sancho panza top down thesis.

Equestrian facility for sale in Melbury Abbas, Shaftesbury, Dorset, SP7 (rightmove.co.uk)

Wouldn't get a sniff of that in a normal market, it probably wouldn't even get to listing stage.

[AWW]

I'd be quite happy to live in that and convert all the horsey shit into a workshop and storage for cars, bikes and other toys. You'd get a 1930s semi on a poor road round my way for £800k.

Had to look up Shaftesbury though. Looks like it's in the middle of nowhere.

[Bobthebuilder]

9 minutes ago, AWW said:

Had to look up Shaftesbury though. Looks like it's in the middle of nowhere.

There is a village not to far away called Winterbourne Stickland, I am convinced that is where the term "living in the sticks" comes from.

[MrXxxx]

22 minutes ago, Bobthebuilder said:

There is a village not to far away called Winterbourne Stickland, I am convinced that is where the term "living in the sticks" comes from.

Oh well, its got to be better than living in $hit Creek, especially if like @Frank Hovis you like boating! :-)))

[onlyme]

[darkmarket]

23 hours ago, spunko said:

Oh cheers what a great website. Search is a bit shit but it successfully tracked the neighbours price drops across multiple agents and periods off the market since 2020.

It's good at tracking individual houses across different listings at different times, and it's the only way I'm aware of to track changes in certain parts of the UK. Nice old-fashioned web design too, can't go wrong.

[Rare Bear]

11 hours ago, MrXxxx said:

Ah 'asset rich, cash poor'...OK, based on her outstanding mortgage work out some figures to show her how much she would save paying off her mortgage early with her half of what you think the property will sell for...now that we are back to 'normal' interest/mortgage rates she has got to be better off paying off early.

Also, don't forget to factor in her share of the Council Tax, building insurance, utilities standing charge, maintenance, and loss of interest on the potential capital.

Possibly both asset poor and cash poor with that level of mortgage at that age.

[belfastchild]

21 hours ago, Frank Hovis said:

 

I did wonder for that one what the implications of the word "chalet" are.

Does this mean non-traditional build, thin walls, poor foundations, difficult to obtain a mortgage?

It can just mean a bungalow with an upstairs but it can also mean primarily wood construction.

They don't expand but the EPC rating gives an indication where it is currently fairly low within D and only has the potential to be fairly high but still within D. This suggests to me poor insulation and little scope to do something about it.

 

Back home it was originally the bungalows that looked 'swiss' with an upstairs room.

It then became any bungalow with a loft conversion as I look more swiss than that house!

A lot of 80s and 90s bungalows at home are timber framed on the internals so you wont see a lot of conversions listed as chalet as they were done without permission and without replacing one of the internal walls with block, so have large 'floored loft space'

The ardenlee place looks sus with the digger outside and the large hole in the ceiling in one of the rooms.

[MrXxxx]

On 17/02/2024 at 13:41, Bobthebuilder said:

This is the sort of thing I am seeing, it is less money than a cramped new build a few miles away. One for @sancho panza top down thesis.

Equestrian facility for sale in Melbury Abbas, Shaftesbury, Dorset, SP7 (rightmove.co.uk)

Forget having a 'poncy' menege, real men have their own jousting field!

https://www.msn.com/en-gb/news/uknews/you-can-now-buy-1-000-year-old-castle-that-comes-with-its-own-moat-for-less-than-house-in-london/ar-BB1isHRp

[dnb24]

From the horses mouth (not taking into account inflation)

 

 

Edited February 18 by dnb24