Spot on Jim Jim.This thing stinks to high heaven.Any mug knows...

Spot on Jim Jim.
This thing stinks to high heaven.Any mug knows that 990 - 1mill wouldn't even buy an unrenovated one in that area-hence my question about the original purchase price.
It is totally misleading and dishonest to try and make the public believe that they all achieved approx 50% above a realistic reserve.(against the backdrop of 55-60% clearance rates)
The whole episode is disgraceful really.
For some reason I thought they were purchased 2 years ago at a million each approx.(I know I will be corrected if I am wrong)So based on that the returns are minimal even though they had saturated nationwide coverage.
Assuming 7% interest,the cost base base would be say 1.14 million each plus reno costs.Who really knows what these renos cost but I can safely estimate that they wouldn't be less than 250k minimum.
Throw in agents selling costs say another 20k then you have a rough cost of 1.41 mill.Over 2 years it would be a roughly break-even proposition.
Imagine if it were just your ordinary everyday Joe without the huge exposure and you might find that that the whole thing would be a real loss.
Just making a realistic observation.
Did anyone notice that intense lndian looking woman at the front.Wasn't it the same woman in the last series.Rent a bidder maybe? LOL