I know the press are doing their best to talk us into recession - which they appear to have done - but plummeting house prices are doing little to allay our fears.
Take for example this property on the sought after Curlew Drive in West Chalreton, just up the estuary from Salcombe.
This house started out at £2.65m about 18 months ago. The original property was bulldozed to make way for this monstrosity which was put up by the same developers that were responsible for the redevelopment of the Bolt head Hotel in Salcombe.
The land was purchased for £1.1m and the development costs for this 6 bed house must have come in at £400,000+ as they had an army of builders on site for at least 10 months.
With the price now at £1.7m (and still no takers) profit margins look pretty small for the developers!
This is a great lesson in the same kind of arrogance that has bought down some of the worlds major banks. Why would anyone pay £2.65m for this truly awful property...no thought was given to making the house fit in with the surrounding properties or what the property may look like from the estuary, the developers just jumped on the Salcombe/South Hams property gravy train by creating a property that would only be attainable to the truly rich. However, this time it appears to have been a painful lesson is pure unadulterated greed!
What a shame eh???
Saturday 1 November 2008
Property Prices Plummet in Salcombe & Surrounding Area!
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More on property prices - yawn, yawn! If you surveyed 100 people, I would suggest at least 80 would say this is a great house, modern, stylish,and good looking from the water and back. Whether it's the Salcombe and Kingsbridge estuary, London or other major cities waterfront, or other superior site, developers will always be in evidence in a free market. Although we all are smugly gloating about these entrepreneurs catching a cold with the downturn in the market,the housing trade, newbuild and renovation, employs substantial numbers in the South Hams. Things are already so bad for builders and plumbers in Salcombe they actually seem interested in quoting for work!! Good to see you blogging again - what about the hike in Winter boat storage fees from SHDC?
This is a sign of more economic woe for Salcombe and South Hams. Two clothes shops closed as well this week, although one opened recently. Hope our visitor numbers go up next year as more folks stay in the UK
Which clothes shops closed then? We'll be back to Salcombe for xmas and new year and lots next year - who needs to go abroad! sure lots of others will holiday in UK next year too.
One was "Simply Salcombe"....not sure what the other was?
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