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"Arthur Daley" Estate Agent practices


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11 hours ago, GreyWolf said:

As someone whose been active in property on and of in the last few years I can honestly say, I quite often don’t believe a word some E.A say. The worry is not all our youngsters work for Brewster wages and if there parents can’t help they will never get on the property ladder or for that matter afford huge rents, It’s also completely understandable that investors put savings into property as banks give you diddly squat, so it comes down the government to release land for starter homes going up to 3 beds built at cost and not another cash cow for developers it really shouldn’t be that hard for a proactive Iom gov to achieve.

In terms of being a cash cow, developers are building their "starter homes" because they are forced to, they are not really starter homes at 270k as I have often said, and built merely as a planning tool to build all the rest on site !

Until the Government grow a pair and stop genuflecting to developers, sites which are cheaper in land terms will not be developed and green fields will continue to disappear under concrete whilst town centres look like a war zone. Of course developers are in the game for developers, and not for any philanthropic reasons, so much more the necessity to view their lip service to "starter homes" with scepticism.

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57 minutes ago, asitis said:

In terms of being a cash cow, developers are building their "starter homes" because they are forced to, they are not really starter homes at 270k as I have often said, and built merely as a planning tool to build all the rest on site !

Until the Government grow a pair and stop genuflecting to developers, sites which are cheaper in land terms will not be developed and green fields will continue to disappear under concrete whilst town centres look like a war zone. Of course developers are in the game for developers, and not for any philanthropic reasons, so much more the necessity to view their lip service to "starter homes" with scepticism.

You make it sound like an Isle of Man specific problem.  Which of course it isn't.

 

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50 minutes ago, The Dog's Dangly Bits said:

You make it sound like an Isle of Man specific problem.  Which of course it isn't.

 

Agreed, but maybe the opportunity to deal with it is easier here !

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1 hour ago, asitis said:

In terms of being a cash cow, developers are building their "starter homes" because they are forced to, they are not really starter homes at 270k as I have often said, and built merely as a planning tool to build all the rest on site !

Until the Government grow a pair and stop genuflecting to developers, sites which are cheaper in land terms will not be developed and green fields will continue to disappear under concrete whilst town centres look like a war zone. Of course developers are in the game for developers, and not for any philanthropic reasons, so much more the necessity to view their lip service to "starter homes" with scepticism.

Developers are producing a product, which they will want to be as attractive as possible in order to be sold quickly and at the highest price. It is not surprising that they will seek greenfield locations rather than brownfield sites in already unattractive urban environments. It needs a strong political will with no vested interest to promote brownfield development. As a consequence, the Island's green and pleasant land looks set to diminish further..

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Posted (edited)
4 hours ago, The Duck of Atholl said:

Plenty of nails being hit on the head here. The idea of cheap housing being built is great but who does stuff like that for little or no profit? and also what about the NIMBY squad.

There remains a proportion of social housing on the Island that is being occupied by people who could afford to move on but like a house at a cheap rent or whose kids have flown the nest and are occupying a property that should have a current family in it.

Suggest or try to get these people to make way for others and it's MHK and local press battle stations. 

It was supposed to move to means testing & fixed term tenancies but think that’s only for new tenants .

Plus some long term tenants & I know some take the view that over 30 years + they have probably paid the original cost of building back so why should they move out 

Edited by Banker
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Randomly met a guy at the weekend who moved over here about 6 months ago to specifically do property development. 

He did a comparison of the IOM market versus several others in the UK as part of a Masters/Investment Qualification.  Turned out that for the development and sale of older building the Isle was significantly undervalued.  It seems very few people have any interest in doing this over here and just want new(er) builds and move straight in.  He was so convinced that him and his brothers all chipped in for a property and he moved over here to get on with it.   

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Posted (edited)
8 hours ago, The Phantom said:

Randomly met a guy at the weekend who moved over here about 6 months ago to specifically do property development. 

He did a comparison of the IOM market versus several others in the UK as part of a Masters/Investment Qualification.  Turned out that for the development and sale of older building the Isle was significantly undervalued.  It seems very few people have any interest in doing this over here and just want new(er) builds and move straight in.  He was so convinced that him and his brothers all chipped in for a property and he moved over here to get on with it.   

Wishing him all the luck. I know lots about this through my experiences over alot of years. He will be in for a shock over rates of pay and material costs which just recenty have ballooned again . Shortage of tradesmen means he wil have to pay top dollar if he can even get labour. Lots of tradesmen are not keen on refurb work as its more hassle compared to new build or working on newer properties.      

Edited by Numbnuts
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3 minutes ago, Numbnuts said:

Wishing him all the luck. I know lots about this through my experiences over alot of years. He will be in for a shock over rates of pay and material costs which just recenty have ballooned again . Shortage of tradesmen means he wil have to pay top dollar if he can even get labour. Lots of tradesmen are not keenon refurb work as its more hassle compared to new build or working on newer properties.      

A chap did one on Bowring Rd a number of years ago. Got totally spanked and he knew what he was doing!

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44 minutes ago, Derek Flint said:

A chap did one on Bowring Rd a number of years ago. Got totally spanked and he knew what he was doing!

If you buy at the right price your in with a chance but its a fine line. Also another factor is the lack of materials which causes delay's big time. Thats mainly because of Brexit though . Also affecting labour as not easy for eastern europeans to travel and work in UK now .

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On 6/6/2021 at 7:48 PM, The Dog's Dangly Bits said:

That's stupid and makes no sense.  Why would any private enterprise enter into building a large housing estate for nothing?  It's got fuck all to do with the "right " people.

What Grey Wolf is effectively advocating is the government create a department that is basically a not for profit housing development company.

 

Tbf. I think that's what the first time buyer thing does already. I keep reading, PAG Facebook mainly, about housing associations like that is the fix for everything. My reading is that developers are getting paid a maximum of £160K for a first time buyer home (I would think little more than cost in present conditions) and when taking into consideration buying land, design team, contractors, I don't see how a government entity can undercut a developer. So that can only mean the proportion of cheap houses might be too low (why would a developer go for building more at cost?) or the location is wrong, in which case why is the developer selling them off plan maybe even build to rent and filling them so quickly?

Google's link to govt https://www.gov.im/firsttimebuyers

 

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17 minutes ago, Numbnuts said:

If you buy at the right price your in with a chance but its a fine line. Also another factor is the lack of materials which causes delay's big time. Thats mainly because of Brexit though . Also affecting labour as not easy for eastern europeans to travel and work in UK now .

covid influence is huge as factories have been shut/social distanced. Increases of 15-20% are due for even basic materials apparently 

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2 minutes ago, english zloty said:

covid influence is huge as factories have been shut/social distanced. Increases of 15-20% are due for even basic materials apparently 

No thats correct. But so much comes from outside UK now and with big issues with container costs also its not good ! Local suppliers have had to bump up there prices big time . And range of items is minimal . 

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18 minutes ago, english zloty said:

Tbf. I think that's what the first time buyer thing does already. I keep reading, PAG Facebook mainly, about housing associations like that is the fix for everything. My reading is that developers are getting paid a maximum of £160K for a first time buyer home (I would think little more than cost in present conditions) and when taking into consideration buying land, design team, contractors, I don't see how a government entity can undercut a developer. So that can only mean the proportion of cheap houses might be too low (why would a developer go for building more at cost?) or the location is wrong, in which case why is the developer selling them off plan maybe even build to rent and filling them so quickly?

Google's link to govt https://www.gov.im/firsttimebuyers

 

The one I found a bit weird recently is the cost of the DBC new build flats on Lord Street that Dandara are building.

On the face of it, it's costing them more than if Dandara built it themselves and sold all the apartments off piecemeal.  It's bizarre.

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17 minutes ago, Numbnuts said:

No thats correct. But so much comes from outside UK now and with big issues with container costs also its not good ! Local suppliers have had to bump up there prices big time . And range of items is minimal . 

I read China, Canada and the likes in going green, are buying up huge stockpiles of raw materials. Ready to sell back at a premium

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