Why would a property be priced completely wrongly - like millions of pounds out?!

[Tenpintonpin]

Property in question is a (fairly plain looking) 3 bed barn conversion, with 3 acres of agricultural land and another barn. It's in an expensive part of the country - I reckon house alone would go for maybe 900k. It was originally marketed for nearly 4 million!! Price has been dropped today to 3.75 million. Has it been priced as if planning permission could be granted on the 3 acres (even though change of use seems unlikely)? I can imagine you could get planning to convert the other barn, but even so, I'm mystified.

I did wonder whether there might be a ransom strip involved (but it doesn't look like it).

The positioning/style of the building is so unremarkable that I wonder whether the original plan was to pop some glamping pods or shepherds huts there.

Fishy

That is lovely, and ,be still my beating heart, it has a pantry and a good sized utility/boot room!!!! And somewhere that could be made into a library…….

Could the barn be used as business premises?

Plenty of room to park. But still seems to be a huge price.

Old Alresford is lovely, prime location but this is an odd property and from the aerial shots it doesn’t even look like it’s anywhere near the village. We have family who live there… I shall do some digging and see if they know any more….

Has the land been identified in the local plan as being suitable for development?

This is very nice

The one in the op is odd, it’s awful maybe the price is an error

But still they dropped it so maybe not

That’s weird. I was staying with a friend who lives opposite that just last week. She said the owner was a bit dodge and has tried to get PP but been refused. I don’t think she even realised that they’d got proper permission to live there. I’m sure the trees around the site are now much taller and it’s completely screened off now. Looks like those pics are older. Maybe he just thinks someone with more money than sense will view it as an opportunity without doing much research? I know some people like that.

I live near Old Alresford - it's beautiful!

In my neighbouring village land sells for 1 million per acre to developers

I agree that it looks unlikely for a developer though...

You'd need to fit quite a few Exec style 4 bed houses on to make it worth it and can't see them signing that off as it would be bizarre to see a square of fairly tightly packed houses in the middle of nothing!

Hilarious that some of us clearly live in the village. 🧐🧐

The permission for the house was granted in 2017, the replacement barn in 2018. It would never get planning for houses, and it looks awful currently.

Showstopper 😂 dear me, what a plain and strangely laid out little house. It doesn’t match the description at all.

Put it out of your mind. This stuff will only drive you mad if you let it reside there.

My assumption is always crazy, greedy vendors.

They probably think the land will be granted planning permission in the future. Long term investment type thing. I agree, I can’t put my finger on what it is, but it’s got a traveller vibe about it.

It's very flat. Somewhat industrial- lots of hard standing.

What @GiantSpaceHamster said 🤣 That's one of the furthest properties from a 'showstopper' (and certainly in that price bracket) I've ever seen!

It's small (the bedrooms in our small 400 year old cottage are larger), the living area is like a looong corridor and there's no standout features....

Hideous inside and out imho.

The only redeeming feature is the location.