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Property in Hackney - £2.25m purchased for £0.75m in 2019

www.rightmove.co.uk/properties/134827817#/?channel=RES_BUY
 

what do you reckon happened? It’s x3 in value in just over 4 years? Was it likely purchased cheaply or was it rotten shell. 
Even if it was a shell the seller has probably made £1m profit???

total refurb, plus side return extension on gf plus roof extension would b my guess

plus some house price inflation since 2019

plus ambitious sale price 

probably spent £750k-£1m refurbing cos if held 4 that length of time i reckon it’s not a developer

healthy profit (if they sell 4 £2.25m), but high risk

actually if u look on streetview u can c that they have also dug out the basement, which must have set them back big time

and it was originally 1300sqft so it’s been doubled in size

Lol@ living in Hackney. IIRC the ex-MP of Macfarlanes had a massive house in Canonbury that cost circa £2m in 2000ish. Now retards are paying it for a shitty terraced house on the way to Enfield. 

Love the downstairs prison though - very Belgian. 

The 2,000 sq ft one that last sold on that road for £1.6m seems about the market price for a hipster area 30 mins cycle from the City near a decent state school.  You would need all daughters though.

You'd pay that in North/East Dulwich for 2,000 sq ft to be on the doorstep for Charter for example.

It's just the market price.  Maybe ridiculous but it's not stupid if that's what you want.  I imagine the MacFarlanes MP house is worth quite a bit more than £2m now.

The area is changing pretty fast but there still aren’t that many people with 2 million to spend looking to buy there. As someone said above the build cost will have been GBP750k at least.  I reckon it will go for closer to 2 million. 

It doesn't have enough bathrooms. It will be quite a small target market land out like that. 

Like families only who are prepared to give their live in nanny a two bed flat or who have older kids that won't leave the nest. 

The only bedroom with an en suite also has an office in it.

It's not great tbh.

Agreed AMi. It still remains a very british thing, where people are obsessed about how many bedrooms are there first, without looking at the square footage. So many properties old and new just cram as many bedrooms as possible in, with many no more than a size of a shoe box.

I have in the past looked at a number of 3 bed flats, the second double is questionable, and the third is usually a broom cupboard.

In canada and the US, peoples foremost concern is square footage, and rightly so.

Just had a proper look and I agree it's really not great. It's the sort of renovation that gets done a lot in West London but a lot of the space is compromised and this is ultimately still Hackney and two million quid plus is still a lot for a house in Hackney proper 

The lack of a proper en suite Master Bedroom is nuts as is not using the only proper natural light in the basement as reception space. 

I think they are going to struggle to shift it to be honest. 

2600sqft is ok for a family home - but that includes the apartment - so presumably the house is actually 1900 which is ok but not spacious.

 

one big open plan family space isn’t for everyone 

The apartment is shoved in so you can claim multiple dwellings relief and reduce the stamp duty but that claim is liable to fail as there appears to be no lockable door between house and apartment so it's not actually capable of occupation by a third party.  However, a number of people will still encourage the claim for relief.

£2.25MM for a house in Clapton is punchy as fook, People spending that kinda cash, could get a similar sized period property, in Fulham, Putney, Richmond, Wimbledon, and Kingston.

I cannot see who this appeals to at that price point.

I wonder if the target market is perhaps an family who have grandparents live with them (either for cultural or childcare reasons) who can live in the flat part to notionally give them a bit of space of their own?

That is hideous. What a horrific refurb of what probably had a lot of character to start. See a lot of those horror show renos round our way. 

never get the whole let’s make the downstairs one massive room like a giant bed sit 

ditto en suites - the point of having a big house is getting your beloved to shit far away not right by where u sleep esp if have some half job macerater 

Never buy a basement bathroom.  Once seriously considered buying a ground floor and basement flat until the surveyor pointed out that the one bathroom was in the basement below sewer level and thus unusable if there's a power cut because of its reliance on a pump to move stuff up to sewer level.

horrible, horrible cabinetry throughout and the black paint / flouro highlights mean that 80% of buyers will also need to factor in redecoration costs. Complete unbalance between living space and excessive number of bedrooms / too few bathrooms. It's a horror. That weird / inaccessible & high up window behind the ugly built in cupboards in one of the bedrooms is just a pain in the arse - can't reach to curtain it. DUST all over the top of the ugly cupboard. 

 

rightmove throws up a stunning number of nice 5 bed houses in eg W6 with proper light and living space for half a mill less 

and that long row of boxing in the kitchen  /diner actually means that, with the island where it is, there isn't enough space to put a freaking table in. Please don't tell me that for £2.25m they expect you to sit on an MDF bench in order to have the space to eat at a table? cos there's no separate dining room... horrid and a whole catalogue of poor decisions.

Sails, I had the same experience. Was looking to add an ensuite to the second bedroom, in what was a stunning period lower ground floor flat. Got an Architecht round, he said it can be done, but because all the walls are structrual , and " they don't build walls like this anymore" it would involve digging up the solid concrete floors, laying in part new waste pipes, and having to have an macerator , which would sound like Heathrow, everytime you flush

What escaped said.

No utility room either and the ground floor is a dark tunnel 

as Bobby said. You could get a much nicer 5 bed house for £1.5-£2 which wouldn’t mean ripping out all the shit cabinetry and painting over the black living room. 

I don't think they have thought of the SDLT point Sails or as you say, they would have put a lockable door in. 

There are so many odd choices that I wonder if someone started doing it to live in themselves and then changed their mind/got divorced/spent so much they couldn't really afford to. 

 

 

by glazing over the side return to create the awkwardly unusable space behind the island, there's nowhere to store a mower to mow the tiny garden. Do they have to do it with nail scissors? there's no shed / storage in the tiny garden

Friends of ours have done a similar shit job for £500k they nearly died when they got a new cleaner and the first thing she said was : this house has potential 😳🫣😱🤣

Robot mower I think, Escaped. There is a dining table in the middle room but that will end up covered in toys and clutter because there is no storage in that open plan area. 

 

When I was much younger I lived in a very similar house (in terms of external architecture and site footprint) and that was a 2.5 bedder so feck knows how pokey this place is when you get inside.

Plus, you know, Hackney.

Donny there seem to be a lot of people who provide poor advice and will tell the client that the fact the basement has a kitchen, a bathroom and a bedroom makes it a second dwelling.  I've even had a client who was contacted by a stamp duty refund firm telling him that the static caravan in the garden counted as an additional dwelling so they could get him a refund.

It’s designed as a cool family home - where are they doing and hanging the laundry ?

the garden is also a total horror show. All that money to have a cartoon garden rather than at least spend some money on a decent courtyard garden that’s pretty, usable and low maintenance 

oh man I love judging houses like this. There are a few great walks near me where I have a handful of friends who are EXCELLENT (relevant professional skills to add to general SNARK) for a bit of "let's go judge some houses". Pillar'd porticoes and UPVC lanterns combined with 5 car garages sited across the entire front of the house type of thing. 

here you go: thick end of £6m and you have to take a taxi from kitchen to dining room, plus no proper laundry or hoover & ironing board storage in the place. But plenty of *space* for lots of sofas. Bonus points for the rental furniture in the photos that gets shunted around every house in the area. https://www.rightmove.co.uk/properties/132795218#/?channel=RES_NEW 

 

Gorgeous views of the side of the garage to the front, and directly onto fence everywhere else, for the garden has been entirely built upon

I assume they are working on telling someone that they can spend the SDLT saving on tweaking it afterwards so the basement no longer forms a separate dwelling so the kitchen can be turned into a utility room.

there's another one by same developer on same road. Similar view of fence right up against the windows all the way around. Best part is they've left the tags on the rental furniture (at least you can tell they're fire retardant).

Is that the kind of thing that partners at Kirkland live in? there are streets and streets of £6m+ houses - VAST acres of marble and column and maseratis in the garage but they can't *all* have sold companies in the dot com boom etc. WHO ARE THESE TASTE FREE PPL WITH ENDLESS CASH? there's not a premier league club in the vicinity.

Bankers?

I had an interesting chat with a consultant surg last night who’s just made the switch from state to private and he had a lot to say about the banker dads at the school 

I think round that part of the world is a lot of wealthy Asians/British Asians isn't it Escaped? Some British Asian friends of ours are in the process of building something along those lines from scratch not far away I am having to bite my tongue very hard indeed when looking at the plans (although to be fair, theirs will be nicer (and smaller) than that monstrosity). 

Good ones dont make much more noise than a flushing bog.  

Reliability is not an issue.  

The only real problem with them is when fvcking morons put stuff that wont flush in - in our case, a teenage son who used half a roll of kitchen paper becasue he was too lazy to get the bog roll from upstairs. 

It is all kind of cramped and squashed in and been done up beyond its natural price range. House next door to me is for sale for £2.5m (over priced however so not likely to go for that).

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