Why is this house so incredibly expensive?

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I've been looking at property in Exeter for a while, and this one is way out of line with everything else available. It's the best part of a million quid. What's going on here? Just why? And why would an estate agent let a seller put a house on the market at a massively inflated price?

https://www.zoopla.co.uk/for-sale/details/57386818/?search_identifier=6c6442577dc0cc117836ea784e0d165c050c475d612f785f24bc04c905268bed

Yes it’ll be knocked down and a bigger house with grey windows built. That mature garden will be decking and artificial grass this time next year.

First rule of Boomer Club, sell your house you’ve literally done nothing to since you bought it 30 years ago for 700% increase.

3 Grove Hill in a similar size condition etc sold for £922,500 in April 2021, so I don’t think it’s an error.

Topsham seems to be an expensive (but nice) little hotspot.

It's a true tale.

Great way to increase views on a rather unimpressive property.👏

What, sell your house for market value because....well, that's what it's worth?

Those horrible "Boomers"! Younger folk would just give theirs away to charity of course!

OP - clearly it's in an area that can command that price. Houses of that ilk go for similar near me, ones that have been renovated fetch double that amount.

Second rule of Boomer Club. Tell everyone about Boomer Club.

I expect it’s a combination of location and potential to rebuild on the plot.
that being said, sometimes people just massively overprice. In the area I’m looking, we had our eye on an immaculate big 6 bed detached with 4 acres and two massive sheds, £725,000 asking but it went for slightly over. Six months later a little 2.5 bed bungalow in need of a lot of jazzing up with 6 (wet, horrible) acres and no outbuildings, £600,000. It’s less than half a mile from the other place 😂 I’m baffled by that one!

I live in Exeter and grew up in Topsham so know it well. Topsham is very very expensive and parking is at a premium, so a detached house with driveway and good sized gardens is going to be pricey. That part of Topsham is quite an expensive area. But I am surprised at just how expensive that house is especially considering the work required.

Topsham isn't in Exeter for a start. It's a waterside town just outside. Grove Hill is a lovely area. Huge gardens, low crime, stunning views. Houses sell in the millions when refurbed.

suprised it hasn’t got a pre approved planning application and drawing attached to the listing.

A For Sale search on Rightmove for Topsham reveals that for 3 beds/ 2 bath, detached, spacious garden, lots of off road parking and garage is v expensive indeed!

Poxy Boxy new builds of same size with close neighbours at the same price.

And a buyer could probably get PP to go into the loft with a big dormer and extend the kitchen into a big modern family room under permitted development.

I mean, it's ok - I just don't get the hype that Exeter often gets

Yes I was going to say it's near a river looking on the map.

House prices are just crazy. There are 3 bed semis round here selling for anything from 300,000 to 450,000 depending on the road. But they are selling.

So I can understand why a detached there would be trying for the prices.

Yeah, it's being in central Topsham + having a garden + having parking. Rare combo!

Sold prices for that road seem to be all over the place.
https://www.rightmove.co.uk/house-prices/ex3-0eg.html
I suspect someone paid way too much for no 3 during covid in 2021 and the owners of this one therefore think they can get similar.

No 3 sold for £615k in 2019 and then £922k less than 2 years later.

Seems a bit of a hot spot maybe? Usually EA wont massively overprice a property as it will take a long while to sell.Probably a builder will appear and lo and behold a few months will be going for over a mil! My friends parents place something similar. Another one got bulldozed and 3 new properties in its place! Seems just the way it goes now.As PP above said similar properties are going above that price in the Topsham area .Many towns /cities have homes in nearby roads going well above the price as well.

Excellent point - that must be why it's so highly priced.

Fuck off with the boomer insults HTH

land looks big enough to knock down and build two houses?

Mindless Boomer insults are as annoying as repetitive Karens.

Hmmm…

Jesus. You'd get that for 90k if that was in my town 😬

The ageism on this thread is really unpleasant.