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[pscocoa]

Just had lunch with a long term friend of mine - who is feeling hard done by.

In 1979 he bought a house in Cobham for £105,000 with the help of a £30,000 loan from his employer.

The house would have been worth £3 million today if sold as is.

He did a 50/50 profit deal with a builder to convert the plot to 4 semis and 2 detached houses (builder incurs all the costs and they split the profit). The semis have been sold and the detached were on the market for £2.6 million each but not selling - the builder panicked and sold his detached for £2 million to pay some debts.

My mate now feels downbeat that his property has been devalued by the builder's action!!!!!!!

Just to bring this into perpsective - if all had gone to plan he would have got £3.8 million instead of £3 million.

He has now downsized to a £1.5 million home in Weybridge.

[zirk]

The guy needs a wake up call in my mind, 

[Lizzie_Zoom]

Are we expected to feel sorry for your friend?

[albitz]

Everyone feels p1ssed off at the loss of a potential opportunity. The number of 0,s at the end of the figures is irrelevant imo.

[pscocoa]

Definitely not Lizzie

[MR MISTER]

So.....his house was worth 3 million, he knocked it down and built on the land and ended up with.....3 million.

[pscocoa]

That is the bottom line  - plus the stress and now a court case. I do not think he was being greedy either - someone came to him with a proposition which wad flawed and builder is out of pocket and he breaks even. Valuers got it wrong but he was part of the risk taking

[Field Marshal Dr. Opti]

We all live on planet Earth, but when it comes to property prices there is also a place called planet London. 

[Rods2]

That is the bottom line  - plus the stress and now a court case. I do not think he was being greedy either - someone came to him with a proposition which wad flawed and builder is out of pocket and he breaks even. Valuers got it wrong but he was part of the risk taking

He is over 18, an adult and all business deals you have the potential to not get what you hoped out of them, it is called risk. If he can't take the heat, don't enter the kitchen. The trouble with taking the other party to court is also a risk, should he lose he will have his legal costs to pay and the other parties costs might also be awarded against him. All court cases have a bit of a lottery element.

It looks to me that mistakes have been made where he has only broken even in a rising market and he must be a party to those mistakes as caveat emptor applies in all situations and unless the other parties have behaved very badly then IMO he also has a duty to make sure the numbers work, not only for him, but also for the other parties when it comes to financing the plots development.

At the end of the day, much as it is painful to lose money, there much more important things in life, like families, friends, good health etc, etc and while we are healthy we can all work hard with vision to make some more.

[MR MISTER]

That is the bottom line  - plus the stress and now a court case. I do not think he was being greedy either - someone came to him with a proposition which wad flawed and builder is out of pocket and he breaks even. Valuers got it wrong but he was part of the risk taking

He is over 18, an adult and all business deals you have the potential to not get what you hoped out of them, it is called risk. If he can't take the heat, don't enter the kitchen. The trouble with taking the other party to court is also a risk, should he lose he will have his legal costs to pay and the other parties costs might also be awarded against him. All court cases have a bit of a lottery element.

It looks to me that mistakes have been made where he has only broken even in a rising market and he must be a party to those mistakes as caveat emptor applies in all situations and unless the other parties have behaved very badly then IMO he also has a duty to make sure the numbers work, not only for him, but also for the other parties when it comes to financing the plots development.

At the end of the day, much as it is painful to lose money, there much more important things in life, like families, friends, good health etc, etc and while we are healthy we can all work hard with vision to make some more.

Swap you my family for your money.

[Rods2]

Sorry, but I've got no money, but have a good family. 

[chrisgixer]

A few zeros off the end makes a big difference in the next property's budget. The pay off comes at the end when we're all to old to really enjoy it. Which sucks.

It's all relative, all those oop north or out of the area are probably visualising enormous properties. Which they probably aren't, compared to the price. It's all a bit daft.


Me dad's place in Epsom, was 15k when they bought it, 35years ago.
It's now worth almost £800k. And not particularly grand as the price suggests. You know what I mean.

History suggests....Never ever sell a house. Until you want to weigh it in....Property is the best investment most normally well off people can ever make.

I hear people moaning on, what if the market crashes. Having handed in thier keys under thatchers Black Tuesday, as the mortgage outweighed the value.

Ok, but what is that house worth now? Eejits!

[Rods2]

A few zeros off the end makes a big difference in the next property's budget. The pay off comes at the end when we're all to old to really enjoy it. Which sucks.

It's all relative, all those oop north or out of the area are probably visualising enormous properties. Which they probably aren't, compared to the price. It's all a bit daft.


Me dad's place in Epsom, was 15k when they bought it, 35years ago.
It's now worth almost £800k. And not particularly grand as the price suggests. You know what I mean.

History suggests....Never ever sell a house. Until you want to weigh it in....Property is the best investment most normally well off people can ever make.

I hear people moaning on, what if the market crashes. Having handed in thier keys under thatchers Black Tuesday, as the mortgage outweighed the value.

Ok, but what is that house worth now? Eejits!

Reminds me of the old saying: Buy land they are not making anymore of it. As the UK's population rises there is going to be more pressure on property prices, where planning restrictions stop the building of enough and where a family normally has 2 wage earners this means average prices have the potential to go up to x3.5 average earnings x 2 = 7, where the average price is currently about 4.5.

[chrisgixer]

Land is a nightmare round here cost wise.

Sealed bids and agents taking the peepee big time. As the do all over no doubt.

[Rog]

We all live on planet Earth, but when it comes to property prices there is also a place called planet London. 

Well to some extent yes, if it's the right postcode.

I'm trying to sell my house. Rail station 3 minutes walk. West End 30 mins, City 25 mins. BS Estate agents say "OH YES!  there's a shortage of properties like this". But in a few months no sale, based on their own valuation. Just changed to an agent with a reputation for aggressive sales methods. Wait and see now.