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Saturday, October 15, 2011

Property developer delusions

I've posted before about the dangers of a property developer been over optimistic about potential values.

A fine example of this kind of 'valuation delusion' can be seen in this Daily Mail article on developer Jonathan Blain .

The property near Totnes was originally put on the market in 2008 for £3 million but has finally been sold by the banks for just £651,000 following repossession. The misguided developer spent £850,000 on renovation costs alone.

Ironically, Blain had been touting his consultancy skills as a 'house selling guru' to frustrated home sellers for a fee of £1000 a day. The mind boggles just how 'wrong' folk can be.

Please people stay real, Willie Wonker doesn't really own a chocolate factory.

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1 comment:

RAYDON said...

Easy to make profits in a property boom...self-cert mortgages...rising rents ...rising capital values..developer and media hype....who are these self syled boom gurus ...Look at all those T.V. experts who in reality have bancrupt investment business' or have bought great big country houses to publically feed their deluded egos.

Great let them get on with it, all that square footage of lead roofing to replace, dry rot lurking under the restyled drawing room

. Basically try eirgroup for all uk auction info, or just look for a property of findaproperty or rightmove.