Bought Or Buying A Buy To Let Dandara Apartment And Feel It Was Over Valued?

[pongo]

I've no idea about the specifics of any particular story but, according to a TV report which I saw earlier this year (CNBC I think), some of the sales which are being questioned in the UK relate to agents, valuers and developers who are accused by some of fraudulently acting in concert to present a bogus impression of likely rental returns. The same report talked about a less than impartial relationship between developers and newspaper investment journalists. I have no idea about the rights and wrongs of this but I think it might be more complicated than people just being " muppets ".

 

I am certain that no companies were specifically named in the report I saw however.

[gazza]

I've no idea about the specifics of any particular story but, according to a TV report which I saw earlier this year (CNBC I think), some of the sales which are being questioned in the UK relate to agents, valuers and developers who are accused by some of fraudulently acting in concert to present a bogus impression of likely rental returns. The same report talked about a less than impartial relationship between developers and newspaper investment journalists. I have no idea about the rights and wrongs of this but I think it might be more complicated than people just being " muppets ".

 

I am certain that no companies were specifically named in the report I saw however.

 

fair point,

but if your shelling out 200k + for something to try and make cash on, woulden you as a buyer go and find out how much rentel income it would be worth on your own back.

of course there going to inflate the price u can get back from rentel income, its up to you to go and find out the true value.

 

Never trust the people who stand

 

to profit, plain and simple.

 

- They're the bad guys.

[Phyllis]

Dandara don't want to play ball - they have our deposit and have been offered our entire savings but they are taking us to High Court in November anyway. Other builders such as Barretts are reported to be handing back deposits and tearing up contracts rather than damage public relations.

My advise to anyone is NEVER EVER BUY OF PLAN - the nice sales people and 'safe investment' is actually a toxic open ended option that is likely to ruin your life.

 

Haven't we had this thread before?

 

 

similar, sausage linked to it.

[queenie]

I didn't think those no win/no fee firms could operate in the Isle of Man, wouldn't you need to use a local advocate?

[gazza]

My advise to anyone is NEVER EVER BUY OF PLAN - the nice sales people and 'safe investment' is actually a toxic open ended option that is likely to ruin your life.

 

I dont think it is.

 

i Know a few ppl well 2-3 that allways buy of plan, and make a killing.

the diffreince is u brought off plan and the ass dropped out of the market at the wrong time,

 

and while i do know some of your pain as i lost about 35 grand (well i say lost. on paper its lost so in time it might come back) but i knew the risks 7 months b4 it all went pete tong and had an idea that the ass was going to drop out of everything, but i took the gamble and while on paper its lost its not a complete shit storm as your stiuation,

 

but and the big but, i have only myself to blame for it, and i knew what i was getting into, only in a few years will i be able to go well that was a bad call or a good one, but what ever happins only you and i can blame

ourselfs for the mistakes we make in life.

 

 

next time buy gold

[spermann]

Shock! horror! some one is saying developers on this island are selling overpriced minumum building spec places (note I did not refer to them as homes), who would have believed it?

 

 

I like the fact that they are currently in the advertising for the flats being built on the Quay that they were the winners of "Best Apartment and Best Development in the Isle of Man at Daily Mail Property Awards 2009". Now apart from wondering if that were actually many or other entries what strikes me is how something can be given an award for best apartment or best development when it has not even been built yet.

It was the fact that it was a Daily mail award that made me laugh

[AWBerry]

When professional valuers value flats or any other landed property they use comparable evidence based on knowledge of sales of similar properties. Therefore if twenty similar flats have each sold for £200,000 to individual buyers the market price on the day of valuation is established.

 

As with any investment future oversupply is a possibility, the sustainability of value depends on the continuing strength of the market and any financial gain is a reward for the risk taken.

 

I suspect that the traditional legal practices operating on the Isle of Man will have the common sense to realise this.

 

Andrew Berry

 

Chairman Isle of Man Chartered Surveyors

[Roger Smelly]

I think if you buy a house as a home rather than an investment you would not feel as ripped off.

 

I would like to see an end to the first time buyers scheme.

 

All that is doing is giving the developers money

[BigDave]

I would like to see an end to the first time buyers scheme.

 

All that is doing is giving the developers money

Actually what it's doing is putting families in their own homes where they may not be able to afford a mortgage otherwise according to the banks, and with banks being a lot more careful with their money nowadays it's important that the scheme continues. It's not about giving money to developers at all - they make considerably less on "approved dwellings" than they do on their open market properties. If they want to develop a site it's a condition of planning that they build them, it's not a cash generating idea on the part of the developers.

[Addie]

We bought our first house via an IOM government mortgage.

 

Could that system be useful again today for today's first time buyers?

[Ramseygal]

Well said!