£2.5m for a knockdown which you can’t knockdown

[Propertypornographer]

Feast your eyes on this: £2.5m for a 1920s house in need of modernisation. Not too many period features unlike a grand Victorian home with bay windows and fireplaces and high ceilings. Yes it’s a posh postcode and it backs onto
a park but it’s very near the noisy end of the south circular and a huge estate. The garden looks an odd shape. It’s not in catchment for great state schools and it’s a 15 minute walk - not 5 - to posh shops and far from a train line etc. It says detached but it looks like the garage is right next to the neighbour’s one. It’s in a conservation area so you would struggle to get planning permission to knock it down. You’d have to remodel probably at a cost of at least 500k to make it a four bed house with decent living space.

What am I missing?

www.rightmove.co.uk/properties/152274461#/?channel=RES_BUY

That house would suit me and DH really well. Obviously lived in by someone not up to gardening, but it’s a good plot. If the kitchen was re doored, and the house redecorated it would be great.

Dont want to live in Dulwich, though.

Dulwich is an expensive postcode - I think it near a private school. It wouldn't be for me though.

The garden backs on to Dulwich Park. A highly desirable property. The list price is a snip. It will sell for more than that I reckon.

Jeez that's absolutely soulless.

So municipal.

Every square inch of that house is ugly AF. I was expecting to see a period property when I clicked on the link. And only 3 bedrooms so it's not even huge. WTF.

It would be a crime to insure it to the hilt, accidentally burn it down, claim on the insurance and then build something gorgeous in its place, right?

But that garden would also be ruined by noise from the south circular! Yes it’s an expensive postcode and it’s a nice road but this is the wrong end and it’s £2.5m! Sure the house has a few (not many) charms but is it £2.5m nice? Other derelict ones have gone for around £2m. And yes it is derelict as it says ‘in need of modernisation’ rather than ‘could benefit from updating’.

Surely the point of paying over the odds to live near certain schools is that they're excellent state schools though? Why pay more to live near a school that you then have to pay for?

Yeah I think a lot of people aren’t familiar with the area we are discussing. The agents will see that house as a bargain… as would locals.

If you live on Court Lane your kids won’t go to a state school, @Propertypornographer, it’d be Dulwich College, Alleyns or JAGS, all of which are close by. The park is lovely and very close too, plus Dulwich Village for your morning Gail’s ☺️ It’s not at all noisy either, even that end. Although I admit that is the ‘less good’ end. Although yes, crazy prices for sure. Having said that Court Lane is very desirable and they’ll sell it pretty easily I’d imagine.

No one is forcing you to make an offer. Find another that suits you better. Anything not backing onto Dulwich park will be vastly cheaper.

A derelict house is one which is uninhabitable. Although the house is dated it is certainly habitable. Uninhabitable houses have to be sold for cash if I remember correctly?

If you consider that studio bedsits in good areas of London go for minimum 500k it puts things in perspective.

I actually think some of the decor is lovely, but the outside needs a complete revamp.

I think for under 2m it would be worth it (to me) for the area even though i hate the lack of easy access reliable transport.

People love dulwich and its very very pretty

I do know the area. It seems about 500k out price wise. But even then if you step back and consider what you’re getting architecturally, it seems a lot. And yes I know London is expensive.

I know right! I think the local area to that house is being misunderstood. Dulwich college, JAGS and Alleyns are very popular schools in SE London.

I know right! I think the local area to that house is being misunderstood. Dulwich college, JAGS and Alleyns are very popular schools in SE London.

£2.5m and they could only be arsed with 12 photos, most of which are exterior shots and one is a close up of the bloody staircase.

If this sells, it's the easiest money that agent ever made.

Properties like these will be holding up that 2.5 million asking: www.harveywheeler.com/property-for-sale-court-lane-gardens-dulwich-london-pi-hwhe836.htm

The plot is large so you could easily renovate into an amazing home. It's pretty similar to the one I renovated elsewhere in the country for £100k including extension and kitchen so even doubling for London and inflation it's doable based on selling prices around there

New kitchen, extension, windows, bathrooms and will look great

That will be seen as an attractive property to buy as the "done thing" is to redo whatever house you buy so you aren't wasting your money buying a done up house and then pulling all the posh fittings etc out. Also I imagine it would be feasible to reconfigure that with a loft conversion master suite and 4 family beds on the first floor and then re-layout the back of the ground floor to the big kitchen dining family room bifold extension everyone in that area wants. Garage could be converted too if they aren't too precious about the car. Also room in the garden for a home office/party/games room or two. My guess is it is an estate or carehome sale and will go to sealed bids.

I reckon if you had trade connections there's profit in that, either in a 300K refurb and extension or a 1 million quid massive makeover and extension to make it look like that mad 10 million quid job on the other side of the park. I can't believe the 10 million quid one will sell at that price though.

Not if you're wealthy, which you would be to live there. That was my first thought - why would a buyer bother about state schools? There's plenty of private schools around there which would be more in line with what the Dulwich rich folk want. They aren't making that trade-off between house and state schools. Although the Charter Schools are nearby and are very good, so they do have state options if desired.

Beyond that, I don't really see the problem unless I'm missing something structural that means the house can't be lived in as is? It's not to everyone's taste but I think it's quite cool in its way, and can be modernised anyway. It's not where I want to live, but I live in a grottier but buzzier area nearby and can see that the folk who frequent Dulwich Park might like to get their hands on this. They'd pay someone to do it up and they'd send their kids to Ducks or Dulwich Prep or Alleyns, and live happily ever after. No knocking down required!

I’ve had a quick check on land registry and a property sold on court lane in 2020 for 2.4 million and another in 2018 for 2.025 million, I’d say that house is a bargain and a done version may go for 3.something million, possibly closer to 4 million in the right market.
https://landregistry.data.gov.uk/app/ppd/search

Location, location, location.....amazing huge plot - large open south facing garden directly overlooking Dulwich Park - lots of nature and greenery.

As others have said you can do anything to extend and upgrade the property - but the decor makes me feel quite nostalgic - it tells me that someone built a beautiful warm home here and stayed for so many decades because the plot/environment/community was wonderful.

Lucky them to have had a forever home.

However, would think 500k unless you have impossibly affordable tastes - will not cut the mustard to renovate.