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MONEY COMMENT
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A sure sign that a market is about to hit trouble is when low quality assets get bid up to ridiculous heights. So property buyers beware. Following these five mad housing deals, this batch of crazy south-west England properties have also come onto the market. 1. A Tin Shack: £40,000 Last used as a holiday chalet in the 1950s, desperate first-time buyers may wish to investigate what is now a 20ft by 15ft dilapidated tin shack in Witcombe, Gloucestershire. The property does come with one acre of land, though the details suggest a lot of gardening is required. Nevertheless, the agent has claimed: "It is a really lovely spot with good views and surrounded by trees." Development opportunities would appear limited, as planning permission on the site has been refused before. 2) A Second World War Bunker: £70,000 With coastal properties in the valuation stratosphere, those wanting a sea view could opt for a concrete gun tower on Burgh Island, Devon. Constructed in 1940, the one-room pillbox measures 12ft by 7ft and has gun slits for windows. The bunker should not provide any structural issues though, as it boasts walls that are 17 inches thick. The selling agent advised the site was "ideal for barbecues" and said he'd had many enquiries from "simple lovers of the outdoors". 3. A Bit of Beach: OIEO £75,000 Beach lovers can currently buy what is described as 'a rocky piece of land with a terrace and boat store at the bottom' on Salcombe beach, Devon. Exact details are hazy, but the agent has admitted the plot "would allow someone to own an ideal spot for family picnicking, swimming, and possibly camping." Buyers should not expect too much for their money. Earlier this year, an unnamed television presenter spent £30,000 on a neighbouring slice of Salcombe sands. This plot -- part of a popular walking route and washed over by the tide twice a day -- measured just 19 square feet! 4. A Garage: £100,000 Not only has Salcombe have a housing shortage, it suffers from parking problems too. So much so, a double garage in the Devon hotspot is up for auction at offers over £50,000. Though at first glance it seems a better deal than the £40,000 lock-up in Weybridge, the agents involved say interest in the site is "strong and serious" and suggest a final price of about £100,000 is likely. Located in the centre of town, the garage should be more practical than a similar one built just feet from Salcombe Estuary. It was marketed two years ago for… £135,000. 5. A Railway Carriage: Guide £135,000-£175,000 All aboard for a one-bedroom railway carriage in Dawlish, Devon! The restored rolling stock is said to have a kitchen, dressing room, en-suite shower room, veranda and -- wait for it -- a conservatory. It is set in one acre of grounds and its vendor alleges the site is "a little piece of heaven". The carriage was originally purchased for £60 in 1930 and, should it go for the lower estimate, would signal a very nice 11% compound return. Note that the sale was initially derailed when a previous tender with a £215,000 guide price hit the buffers. More: Top Five Mad House Deals
Maynard would again like to thank calcaria for his exceptional work on the Property – Market and Trends discussion board and for highlighting the above properties from stories within the BBC website, the Daily Telegraph and the Guardian.