taffy
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Post by taffy on Feb 18, 2020 10:31:25 GMT
The F***, near Bristol (2799013492).
Valuation in March 2017 £700,000, loan of £450,000.
Wait for it!! Auction guide price £160,000. Sound reasonable?
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Post by mrmister on Feb 18, 2020 10:37:30 GMT
Its only a guide price - it could go for a lot more - or a lot less depending on the reserve level.
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arby
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Post by arby on Feb 18, 2020 10:38:03 GMT
Sounds like a bargain and I should snap it up.
Or maybe the valuation was bonkers. All the time we hear how difficult it is to value a development, but it's amazing how close auction guide prices often are to the actual sale. Is this a case of a self fulfilling prophesy? Occasionally you see a sale for miles above the guide price though so we'll hope for that!
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Post by overthehill on Feb 18, 2020 12:01:55 GMT
auction link ]
<link removed again! as it breaches forum rules in identifying a secured asset>
FS said in the loan it had planning but it didn't as indicated in the valuation document. The security increased from 550k to 700k between feb 2017 and jun 2018 before this security was split from another large house in bristol and before the loan was renewed.
I don't know if it will make 450k to repay our capital but it will certainly go for a lot more than 160k unless a bombshell has been discovered since the last valuation.
Somebody removed my original longer post, if you're going to act like god at least have the balls to notify why ?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 18, 2020 12:08:00 GMT
FS said in the loan it had planning but it didn't as indicated in the valuation document. The security increased from 550k to 700k between feb 2017 and jun 2018 before this security was split from another large house in bristol and before the loan was renewed.
I don't know if it will make 450k to repay our capital but it will certainly go for a lot more than 160k unless a bombshell has been discovered since the last valuation.
Somebody removed my original longer post, if you're going to act like god at least have the balls to notify why ?
Still, nothing to prosecute Luxmore and Our Nige over then? 
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adrian77
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Post by adrian77 on Feb 18, 2020 12:08:20 GMT
this one seems to be related to people with interesting backgrounds and find the planning situation nothing if but confusing - will be interesting to see what it sells for but I would not even offer £30K for it...
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agent69
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Post by agent69 on Feb 18, 2020 12:25:07 GMT
FS said in the loan it had planning but it didn't as indicated in the valuation document. The security increased from 550k to 700k between feb 2017 and jun 2018 before this security was split from another large house in bristol and before the loan was renewed.
I don't know if it will make 450k to repay our capital but it will certainly go for a lot more than 160k unless a bombshell has been discovered since the last valuation.
Somebody removed my original longer post, if you're going to act like god at least have the balls to notify why ?
It has planning, based on the aquisition of the seperate adjacent property. The suggestion is that this should make planning for the smaller current site reasonably certain (but who knows).
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Post by overthehill on Feb 18, 2020 12:58:48 GMT
I don't know what that means. This is a seperate security , might not matter for planning, but this is the current state of planning for the property and what I'd be using if purchasing, no meaningful planning for this site, yeah?
PT1*/56**/F - Demolition of existing dwelling and industrial buildings and erection of 3no. dwellings and 1no. detached garage with access and associated works – withdrawn (12/2016)
PT1*/31**/F – Demolition of existing bungalow and erection of 1 no detached dwelling with associated works – withdrawn (14/11/2012)
PT0*/16**/F – Erection of first floor and two storey extensions to facilitate conversion from bungalow to house. Erection of side conservatory. – permitted (23/06/2006
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star dust
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Post by star dust on Feb 18, 2020 13:23:25 GMT
auction link ]
<link removed again! as it breaches forum rules in identifying a secured asset>
FS said in the loan it had planning but it didn't as indicated in the valuation document. The security increased from 550k to 700k between feb 2017 and jun 2018 before this security was split from another large house in bristol and before the loan was renewed.
I don't know if it will make 450k to repay our capital but it will certainly go for a lot more than 160k unless a bombshell has been discovered since the last valuation.
Somebody removed my original longer post, if you're going to act like god at least have the balls to notify why ?
Mod Hat On/
You did not get advised about this because the mod who did it was in a hurry and left a note for the rest of the team saying they would PM you later when they had more time. We are volunteers here, if you wish to continue your forum membership perhaps you'd like to show a little more respect.
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taffy
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Post by taffy on Feb 18, 2020 13:29:13 GMT
Its only a guide price - it could go for a lot more - or a lot less depending on the reserve level. It hopefully will go for more, a lot more. But bear in mind the ruling made by the ASA in 2014 that states the Reserve Price can be no more than 10% higher than the Guide Price - a max reserve of £176,000.
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iRobot
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Post by iRobot on Feb 18, 2020 19:01:29 GMT
this one seems to be related to people with interesting backgrounds and find the planning situation nothing if but confusing - will be interesting to see what it sells for but I would not even offer £30K for it... Is that because you don't want it? Or because you don't think it's worth £30k?
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iRobot
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Post by iRobot on Feb 18, 2020 19:11:25 GMT
I don't know what that means. This is a seperate security , might not matter for planning, but this is the current state of planning for the property and what I'd be using if purchasing, no meaningful planning for this site, yeah?
Disagree that the planning isn't meaningful - it shows that the LA does have an appetite to permit residential development of a commercial plot. Importantly, the available plot still has access options - notably the access that formed part of the 2017 approved PP and which was signed off by the Development Control for Transport.
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adrian77
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Post by adrian77 on Feb 18, 2020 19:51:08 GMT
both - to be perfectly honest the locals really don't the chap selling this one and to be me as a developer it screams smutty stick!
I hope this does actually sell but I am not convinced it will unless there is no reserve...
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iRobot
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Post by iRobot on Feb 18, 2020 21:35:34 GMT
both - to be perfectly honest the locals really don't the chap selling this one and to be as a developer it screams - smutty stick!
I hope this does actually sell but I am not convinced it will unless there is no reserve... Apologies, but that sentence makes no sense (to me, anyway) - can you try again, please?
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adrian77
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Post by adrian77 on Feb 19, 2020 7:22:27 GMT
slight typing error - locals aren't happy about a possible travellers' site - can't think why!
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