Title: Arsenal flats go unsold as the credit crunch bites
Description: Todays Guardian
Arshavinslittlelegs - September 11, 2009 02:42 PM (GMT)
| QUOTE |
Arsenal have sold only two flats at their Highbury Square development in the past 13 months, according to documents lodged at the Land Registry.
Having previously received deposits on 235 units in the first 12 months of their release in June 2006, and another 282 the following year, booming sales figures led the Arsenal chairman, Peter Hill-Wood, to announce in the club's interim accounts in February 2008 that the project would turn over £350m.
That sum would have ensured their spending power would be second only to their hosts tomorrow, the Abu Dhabi‑owned Manchester City. But credit-crunch restrictions to mortgage lending have slowed the club's property sales to a trickle since August 2008. Around 60 units remain for sale.
Arsenal will have money troubles if there are similar restrictions on their £133m loan on the Highbury Square development due for repayment in April 2010, although there is confidence about the progress of refinancing negotiations. Indeed, although the club's football and property operations are separate, their ability to raise a net £29m through player sales will not have displeased lenders.
The key to Arsenal's position lies in how many of the sales for which they have received deposits have been completed. That will become clear when the club's interim results are released in the coming weeks, but the picture has much improved since February, when doubts emerged about the commitment of the Malaysian firm Fraser & Neave, which has its name on more than 100 units with a total value of £47m.
Fraser's Highbury has since committed to completing on the sales, with the Gunners' chief executive, Ivan Gazidis, making clear the worst-case scenario at Highbury Square is for the club to break even on its investment. |
Jens' Face - September 11, 2009 04:57 PM (GMT)
thanks a lot for posting that piece, it's so important to get news about the flats
two things
| QUOTE |
the project would turn over £350m.
That sum would have ensured their spending power would be second only to their hosts tomorrow, the Abu Dhabi‑owned Manchester City. |
surely that's hyperbole -- more than manyoo, I can credit, I guess, what with their debt. But more than Chel$ki?
but if there's even a grain of truth in that statement, then you can certainly understand the temptation to develop the properties on their own, rather than sell the land to a developer (however much that appears in hindsight to have been the better move)
This is a really important part for the discussions we tend to have on GW (and I'm looking at you, Stamford Bridge)
| QUOTE |
| there is confidence about the progress of refinancing negotiations. Indeed, although the club's football and property operations are separate, their ability to raise a net £29m through player sales will not have displeased lenders. |
it gives one (just one) example of how, despite a technical or official separation between football and development, the development situation can't help but influence footballistic decisions.
It also suggests what some posters have been saying for years now -- that once the situation with the flats is resolved, Arsenal's transfer finances stand to be dramatically different
Grebbo - September 11, 2009 05:09 PM (GMT)
It's pointless speculating about the flats until Highbury Square is finished. Most people buy a flat to live in. They're not going to buy a flat to live in until the place is finished and they've sold their primary residence.
99% of the buyers so far will have been investors and rich fans.
We've done bloody well to sell as much as we have done off-plan. Developers would kill for our sales figures.
When is the damn place scheduled to be completed? Seems to have taken forever!
Grebbo - September 11, 2009 05:21 PM (GMT)
A quick Google search brought up this rather nice slideshow of one of the apartments. It looks like the place is finished as the garden is in place (which I would have thought would be the last thing to be finished)
http://www.foxtons.co.uk/search?property_i...mit_type=searchArsenal really are commercially shit. Compare the above slideshow with the official Highbury Square web site:
http://www.thestadium-highbury.com/stadium_main.htmThe latest photos are from March and the place still looks like a building site. Why don't they invite season ticket holders to come and have a look round etc etc?
You wouldn't think they're struggling to sell them with the lazy marketing they're doing.
Jens' Face - September 11, 2009 08:17 PM (GMT)
| QUOTE (Grebbo @ Sep 11 2009, 12:09 PM) |
It's pointless speculating about the flats until Highbury Square is finished. Most people buy a flat to live in. They're not going to buy a flat to live in until the place is finished and they've sold their primary residence.
[b]99% of the buyers so far will have been investors and rich fans.
We've done bloody well to sell as much as we have done off-plan. Developers would kill for our sales figures.
When is the damn place scheduled to be completed? Seems to have taken forever! |
I think the first paragraph of the bolded bit is, in our case, incorrect. I think it actually contradicts the second part.
A lot of investors -- or speculators -- have bought flats with the intention of selling them on. Our biggest customer has been "the Malaysian firm Fraser & Neave, which has its name on more than 100 units."
The worrying thing about investors is that, if the property market has tanked sufficiently, it may actually save them money to default on the agreement to buy the property even if that means they lose their deposit. This is why it is good news to hear that Fraser & Neave has reaffirmed its intentions to honor the agreement.
As for when they're supposed to be completed --- about 2 years ago, I read that they would be finished this past summer. But then last season sometime I believe I read that they'd be finished around January 2010. We'll see, I guess.
Grebbo - September 11, 2009 08:27 PM (GMT)
I just think it's scaremongering and sensationalist journalism. No-one will know how many flats we've sold until the development is completed. So why not wait until then?
Plus the Singapore (who are out of recession and experiencing house price inflation) company has confirmed it's going ahead with their bulk purchase. Surely that's great news? But it was glossed over in the article.
Grebbo - September 11, 2009 08:33 PM (GMT)
| QUOTE (Jens' Face @ Sep 11 2009, 08:17 PM) |
| The worrying thing about investors is that, if the property market has tanked sufficiently, it may actually save them money to default on the agreement to buy the property even if that means they lose their deposit. |
I don't know whether you can just walk away. You could be liable for the full amount. You'd then have the interesting scenario of Arsenal having to sue Arsenal fans for the balance.
Injury Time - September 11, 2009 08:48 PM (GMT)
| QUOTE (Grebbo @ Sep 11 2009, 08:33 PM) |
| QUOTE (Jens' Face @ Sep 11 2009, 08:17 PM) | | The worrying thing about investors is that, if the property market has tanked sufficiently, it may actually save them money to default on the agreement to buy the property even if that means they lose their deposit. |
I don't know whether you can just walk away. You could be liable for the full amount. You'd then have the interesting scenario of Arsenal having to sue Arsenal fans for the balance.
|
..and taking away the complementary season tickets that came with the flats...
Jack Will Score - September 11, 2009 10:01 PM (GMT)
I don't think many gooners would mind arsenal fans being sued for breaking their contractual obligations.
StamfordBridge - September 16, 2009 03:12 PM (GMT)
| QUOTE (Arshavinslittlelegs @ Sep 11 2009, 02:42 PM) |
| QUOTE | Arsenal have sold only two flats at their Highbury Square development in the past 13 months, according to documents lodged at the Land Registry.
Having previously received deposits on 235 units in the first 12 months of their release in June 2006, and another 282 the following year, booming sales figures led the Arsenal chairman, Peter Hill-Wood, to announce in the club's interim accounts in February 2008 that the project would turn over £350m.
That sum would have ensured their spending power would be second only to their hosts tomorrow, the Abu Dhabi‑owned Manchester City. But credit-crunch restrictions to mortgage lending have slowed the club's property sales to a trickle since August 2008. Around 60 units remain for sale.
Arsenal will have money troubles if there are similar restrictions on their £133m loan on the Highbury Square development due for repayment in April 2010, although there is confidence about the progress of refinancing negotiations. Indeed, although the club's football and property operations are separate, their ability to raise a net £29m through player sales will not have displeased lenders.
The key to Arsenal's position lies in how many of the sales for which they have received deposits have been completed. That will become clear when the club's interim results are released in the coming weeks, but the picture has much improved since February, when doubts emerged about the commitment of the Malaysian firm Fraser & Neave, which has its name on more than 100 units with a total value of £47m.
Fraser's Highbury has since committed to completing on the sales, with the Gunners' chief executive, Ivan Gazidis, making clear the worst-case scenario at Highbury Square is for the club to break even on its investment. |
|
Such stupid lazy fucking journalism makes me not even give any thought to the rest of the article.
Its the full year results not interim results. dude couldn't even get that right.
Nayan - September 16, 2009 03:32 PM (GMT)
| QUOTE (Jens' Face @ Sep 11 2009, 04:57 PM) |
thanks a lot for posting that piece, it's so important to get news about the flats
two things
| QUOTE | the project would turn over £350m.
That sum would have ensured their spending power would be second only to their hosts tomorrow, the Abu Dhabi‑owned Manchester City. |
surely that's hyperbole -- more than manyoo, I can credit, I guess, what with their debt. But more than Chel$ki?
but if there's even a grain of truth in that statement, then you can certainly understand the temptation to develop the properties on their own, rather than sell the land to a developer (however much that appears in hindsight to have been the better move)
This is a really important part for the discussions we tend to have on GW (and I'm looking at you, Stamford Bridge)
| QUOTE | | there is confidence about the progress of refinancing negotiations. Indeed, although the club's football and property operations are separate, their ability to raise a net £29m through player sales will not have displeased lenders. |
it gives one (just one) example of how, despite a technical or official separation between football and development, the development situation can't help but influence footballistic decisions.
It also suggests what some posters have been saying for years now -- that once the situation with the flats is resolved, Arsenal's transfer finances stand to be dramatically different
|
chelsea have shot their bolt - Roman dont want to sink any more money in, and even if he did, they have that transfer ban.
Why do you think Kenyon just did a runner?
Nayan - September 16, 2009 03:35 PM (GMT)
| QUOTE (Grebbo @ Sep 11 2009, 05:21 PM) |
A quick Google search brought up this rather nice slideshow of one of the apartments. It looks like the place is finished as the garden is in place (which I would have thought would be the last thing to be finished)
http://www.foxtons.co.uk/search?property_i...mit_type=search
Arsenal really are commercially shit. Compare the above slideshow with the official Highbury Square web site:
http://www.thestadium-highbury.com/stadium_main.htm
The latest photos are from March and the place still looks like a building site. Why don't they invite season ticket holders to come and have a look round etc etc?
You wouldn't think they're struggling to sell them with the lazy marketing they're doing. |
I think thats one of the things gazidis has addressed with his hiring.
Milla - September 16, 2009 03:41 PM (GMT)
| QUOTE (Arshavinslittlelegs @ Sep 11 2009, 03:42 PM) |
| QUOTE | Arsenal have sold only two flats at their Highbury Square development in the past 13 months, according to documents lodged at the Land Registry.
Having previously received deposits on 235 units in the first 12 months of their release in June 2006, and another 282 the following year, booming sales figures led the Arsenal chairman, Peter Hill-Wood, to announce in the club's interim accounts in February 2008 that the project would turn over £350m.
That sum would have ensured their spending power would be second only to their hosts tomorrow, the Abu Dhabi‑owned Manchester City. But credit-crunch restrictions to mortgage lending have slowed the club's property sales to a trickle since August 2008. Around 60 units remain for sale.
Arsenal will have money troubles if there are similar restrictions on their £133m loan on the Highbury Square development due for repayment in April 2010, although there is confidence about the progress of refinancing negotiations. Indeed, although the club's football and property operations are separate, their ability to raise a net £29m through player sales will not have displeased lenders.
The key to Arsenal's position lies in how many of the sales for which they have received deposits have been completed. That will become clear when the club's interim results are released in the coming weeks, but the picture has much improved since February, when doubts emerged about the commitment of the Malaysian firm Fraser & Neave, which has its name on more than 100 units with a total value of £47m.
Fraser's Highbury has since committed to completing on the sales, with the Gunners' chief executive, Ivan Gazidis, making clear the worst-case scenario at Highbury Square is for the club to break even on its investment. |
|
Never trust Malaysian investor.. If they do take the flats, they would probably use my parents pension savings :banghead:
Grebbo - September 16, 2009 03:43 PM (GMT)
| QUOTE (Nayan @ Sep 16 2009, 03:35 PM) |
| QUOTE (Grebbo @ Sep 11 2009, 05:21 PM) | A quick Google search brought up this rather nice slideshow of one of the apartments. It looks like the place is finished as the garden is in place (which I would have thought would be the last thing to be finished)
http://www.foxtons.co.uk/search?property_i...mit_type=search
Arsenal really are commercially shit. Compare the above slideshow with the official Highbury Square web site:
http://www.thestadium-highbury.com/stadium_main.htm
The latest photos are from March and the place still looks like a building site. Why don't they invite season ticket holders to come and have a look round etc etc?
You wouldn't think they're struggling to sell them with the lazy marketing they're doing. |
I think thats one of the things gazidis has addressed with his hiring.
|
Well he hasn't addressed it yet.
Latest build photos are from March 09.
:sulk:
Grebbo - September 16, 2009 03:44 PM (GMT)
| QUOTE (Milla @ Sep 16 2009, 03:41 PM) |
| QUOTE (Arshavinslittlelegs @ Sep 11 2009, 03:42 PM) | | QUOTE | Arsenal have sold only two flats at their Highbury Square development in the past 13 months, according to documents lodged at the Land Registry.
Having previously received deposits on 235 units in the first 12 months of their release in June 2006, and another 282 the following year, booming sales figures led the Arsenal chairman, Peter Hill-Wood, to announce in the club's interim accounts in February 2008 that the project would turn over £350m.
That sum would have ensured their spending power would be second only to their hosts tomorrow, the Abu Dhabi‑owned Manchester City. But credit-crunch restrictions to mortgage lending have slowed the club's property sales to a trickle since August 2008. Around 60 units remain for sale.
Arsenal will have money troubles if there are similar restrictions on their £133m loan on the Highbury Square development due for repayment in April 2010, although there is confidence about the progress of refinancing negotiations. Indeed, although the club's football and property operations are separate, their ability to raise a net £29m through player sales will not have displeased lenders.
The key to Arsenal's position lies in how many of the sales for which they have received deposits have been completed. That will become clear when the club's interim results are released in the coming weeks, but the picture has much improved since February, when doubts emerged about the commitment of the Malaysian firm Fraser & Neave, which has its name on more than 100 units with a total value of £47m.
Fraser's Highbury has since committed to completing on the sales, with the Gunners' chief executive, Ivan Gazidis, making clear the worst-case scenario at Highbury Square is for the club to break even on its investment. |
|
Never trust Malaysian investor.. If they do take the flats, they would probably use my parents pension savings :banghead:
|
The investor is Singaporean.
Shit artical from a shit paper.
Milla - September 16, 2009 04:16 PM (GMT)
| QUOTE (Grebbo @ Sep 16 2009, 04:44 PM) |
| QUOTE (Milla @ Sep 16 2009, 03:41 PM) | | QUOTE (Arshavinslittlelegs @ Sep 11 2009, 03:42 PM) | | QUOTE | Arsenal have sold only two flats at their Highbury Square development in the past 13 months, according to documents lodged at the Land Registry.
Having previously received deposits on 235 units in the first 12 months of their release in June 2006, and another 282 the following year, booming sales figures led the Arsenal chairman, Peter Hill-Wood, to announce in the club's interim accounts in February 2008 that the project would turn over £350m.
That sum would have ensured their spending power would be second only to their hosts tomorrow, the Abu Dhabi‑owned Manchester City. But credit-crunch restrictions to mortgage lending have slowed the club's property sales to a trickle since August 2008. Around 60 units remain for sale.
Arsenal will have money troubles if there are similar restrictions on their £133m loan on the Highbury Square development due for repayment in April 2010, although there is confidence about the progress of refinancing negotiations. Indeed, although the club's football and property operations are separate, their ability to raise a net £29m through player sales will not have displeased lenders.
The key to Arsenal's position lies in how many of the sales for which they have received deposits have been completed. That will become clear when the club's interim results are released in the coming weeks, but the picture has much improved since February, when doubts emerged about the commitment of the Malaysian firm Fraser & Neave, which has its name on more than 100 units with a total value of £47m.
Fraser's Highbury has since committed to completing on the sales, with the Gunners' chief executive, Ivan Gazidis, making clear the worst-case scenario at Highbury Square is for the club to break even on its investment. |
|
Never trust Malaysian investor.. If they do take the flats, they would probably use my parents pension savings :banghead:
|
The investor is Singaporean.
Shit artical from a shit paper.
|
Different country same attitude.. there are many Malaysian investors base in Singapore, most of them are money thieving bastards. :coffee:
Der_Kaiser - September 19, 2009 10:47 AM (GMT)
The club is promoting the opening of Highbury square (24th September)with a few Arsenal legends doing interviews there and looking back at their memories of Highbury.
Liam Brady - Daily Mail
Ray Parlour - The Sun
Alan Smith - The Daily Telegraph.
Arshavinslittlelegs - September 19, 2009 01:22 PM (GMT)
| QUOTE |
Arsenal receive financial boost over Highbury redevelopment
20.09.09 | tribalfootball.com
Arsenal have received a boost over their long-term future.
The Telegraph says Arsenal are poised to ease some of their immediate financial pressures by successfully renegotiating the £133 million loan for the redevelopment of Highbury.
While the final amount to be repaid is likely to be higher, the willingness of the banks to change the loan conditions indicates confidence in the club’s long-term fiscal health. |
It is Tribal football. Couldn't find any articles in The Torygraph.
Jack Will Score - September 19, 2009 02:13 PM (GMT)
http://www.telegraph.co.uk/sport/football/...e-pressure.htmlPHW points out if we had thought about a possible property downturn we would have sold highbury for cash rather than redeveloped ourselves.
Grebbo - September 19, 2009 11:00 PM (GMT)
PHW
| QUOTE |
“Sitting here today if we had sold the whole thing three or four years ago and taken a one-off payment of X million that would look very clever. When we decided not to do that we looked at all the downsides other than the current downside.”
|
So they looked at all the downsides other than a decline in house prices.
Alrighty then
Whatever - September 20, 2009 05:01 AM (GMT)
I think our board is bit of a joke..without Wenger we would be playing in the sunday cup nowadays...what a bunch of self - righteous c***s.. I hope they die live a long happy life away from arsenal
Grebbo - September 20, 2009 10:37 AM (GMT)
Wenger officially opens Highbury Square on Thursday.
Lets hope some dumb fuckers buy these god damn flats.
Arshavinslittlelegs - September 20, 2009 06:38 PM (GMT)
| QUOTE (Grebbo @ Sep 20 2009, 11:37 AM) |
Wenger officially opens Highbury Square on Thursday.
Lets hope some dumb fuckers buy these god damn flats. |
Pires has already bought one :unsure:
Grebbo - September 20, 2009 07:17 PM (GMT)
| QUOTE (Arshavinslittlelegs @ Sep 20 2009, 06:38 PM) |
| QUOTE (Grebbo @ Sep 20 2009, 11:37 AM) | Wenger officially opens Highbury Square on Thursday.
Lets hope some dumb fuckers buy these god damn flats. |
Pires has already bought one :unsure:
|
Well he was with us for 6 years and still couldn't speak a word of english so I stand by my statement :sulk:
I do love Bobby though
:bow:
bergstar - September 20, 2009 09:00 PM (GMT)
| QUOTE (Grebbo @ Sep 20 2009, 08:17 PM) |
| QUOTE (Arshavinslittlelegs @ Sep 20 2009, 06:38 PM) | | QUOTE (Grebbo @ Sep 20 2009, 11:37 AM) | Wenger officially opens Highbury Square on Thursday.
Lets hope some dumb fuckers buy these god damn flats. |
Pires has already bought one :unsure:
|
Well he was with us for 6 years and still couldn't speak a word of english so I stand by my statement :sulk:
I do love Bobby though
:bow:
|
Really ? Actually He could speak pretty good english, he just would never do an interview in English.
Whatever - September 21, 2009 02:01 AM (GMT)
isn't there a spoilt rich kid here that wants to buy some of those fuckers? Milla? Letters? Syn?
Grebbo - September 21, 2009 08:47 AM (GMT)
| QUOTE (bergstar @ Sep 20 2009, 09:00 PM) |
| QUOTE (Grebbo @ Sep 20 2009, 08:17 PM) | | QUOTE (Arshavinslittlelegs @ Sep 20 2009, 06:38 PM) | | QUOTE (Grebbo @ Sep 20 2009, 11:37 AM) | Wenger officially opens Highbury Square on Thursday.
Lets hope some dumb fuckers buy these god damn flats. |
Pires has already bought one :unsure:
|
Well he was with us for 6 years and still couldn't speak a word of english so I stand by my statement :sulk:
I do love Bobby though
:bow:
|
Really ? Actually He could speak pretty good english, he just would never do an interview in English.
|
Couldn't speak a word. Well maybe a word but not much more.
Nayan - September 21, 2009 05:59 PM (GMT)
yeah but 4-5 years ago everyone thought property was a one-way bet. they werent the only ones looking for a fast track to megabucks
Grebbo - September 21, 2009 06:23 PM (GMT)
| QUOTE (Nayan @ Sep 21 2009, 05:59 PM) |
|
yeah but 4-5 years ago everyone thought property was a one-way bet. they werent the only ones looking for a fast track to megabucks
|
Not sure about that. Joe public maybe but not the professionals.
Lots of the big boys sold off their portfolios in 05/6.
Nayan - September 21, 2009 07:06 PM (GMT)
| QUOTE (Grebbo @ Sep 21 2009, 06:23 PM) |
| QUOTE (Nayan @ Sep 21 2009, 05:59 PM) | |
yeah but 4-5 years ago everyone thought property was a one-way bet. they werent the only ones looking for a fast track to megabucks
|
Not sure about that. Joe public maybe but not the professionals.
Lots of the big boys sold off their portfolios in 05/6.
|
some of them did. most did not. And the banks financing them didnt see it coming either. hence credit crunch, subprime collapse etc etc.
bergstar - September 22, 2009 07:19 AM (GMT)
| QUOTE (Grebbo @ Sep 21 2009, 09:47 AM) |
| QUOTE (bergstar @ Sep 20 2009, 09:00 PM) | | QUOTE (Grebbo @ Sep 20 2009, 08:17 PM) | | QUOTE (Arshavinslittlelegs @ Sep 20 2009, 06:38 PM) | | QUOTE (Grebbo @ Sep 20 2009, 11:37 AM) | Wenger officially opens Highbury Square on Thursday.
Lets hope some dumb fuckers buy these god damn flats. |
Pires has already bought one :unsure:
|
Well he was with us for 6 years and still couldn't speak a word of english so I stand by my statement :sulk:
I do love Bobby though
:bow:
|
Really ? Actually He could speak pretty good english, he just would never do an interview in English.
|
Couldn't speak a word. Well maybe a word but not much more.
|
Sorry mate, thats nonsense, I heard him speaking it extremely well on a couple of occasions. No press or media in sight though.
Grebbo - September 22, 2009 09:01 AM (GMT)
I still don't get why we're having to extend the loan. The development opens on Thursday and according to Arsenal figures 80% (520 of the 650 apartments) should exchange at this point.
Were Arsenal expecting to sell 100% of the apartments off-plan? If so that was a crazy prediction even in a boom market.
Most developers would kill for 80% sold off-plan.
I still can't see how we can't make a profit, a big profit, from developing Highbury.
StamfordBridge - September 22, 2009 10:53 AM (GMT)
| QUOTE (Nayan @ Sep 21 2009, 05:59 PM) |
|
yeah but 4-5 years ago everyone thought property was a one-way bet. they werent the only ones looking for a fast track to megabucks
|
Not everyone.
I didn't. Quite a few people didnt. The media for the most part kept yapping on like it was never going to end. Stupid twats. People acted like sheep and didnt bother to do their own research.
StamfordBridge - September 22, 2009 10:56 AM (GMT)
| QUOTE (Grebbo @ Sep 22 2009, 09:01 AM) |
I still don't get why we're having to extend the loan. The development opens on Thursday and according to Arsenal figures 80% (520 of the 650 apartments) should exchange at this point.
Were Arsenal expecting to sell 100% of the apartments off-plan? If so that was a crazy prediction even in a boom market.
Most developers would kill for 80% sold off-plan.
I still can't see how we can't make a profit, a big profit, from developing Highbury. |
They should extend the loan repayment term.
It was hugely daft to take out the loan on the terms that they did. Quite why you'd elect to pay back quite a substantial sum in a handful of years is beyond me.
Very bad planning by the board on that occassion.
They should have spread the repayment over a decent term of at least 5+ years. If they sold off all the property and had loads of cash they could have repaid it back early (slight fee perhaps but no problem).
Nayan - September 22, 2009 11:11 AM (GMT)
| QUOTE (StamfordBridge @ Sep 22 2009, 10:53 AM) |
| QUOTE (Nayan @ Sep 21 2009, 05:59 PM) | |
yeah but 4-5 years ago everyone thought property was a one-way bet. they werent the only ones looking for a fast track to megabucks
|
Not everyone.
I didn't. Quite a few people didnt. The media for the most part kept yapping on like it was never going to end. Stupid twats. People acted like sheep and didnt bother to do their own research.
|
well done. nice medal you got for it too.
StamfordBridge - September 22, 2009 11:26 AM (GMT)
| QUOTE (Nayan @ Sep 22 2009, 11:11 AM) |
| QUOTE (StamfordBridge @ Sep 22 2009, 10:53 AM) | | QUOTE (Nayan @ Sep 21 2009, 05:59 PM) | |
yeah but 4-5 years ago everyone thought property was a one-way bet. they werent the only ones looking for a fast track to megabucks
|
Not everyone.
I didn't. Quite a few people didnt. The media for the most part kept yapping on like it was never going to end. Stupid twats. People acted like sheep and didnt bother to do their own research.
|
well done. nice medal you got for it too.
|
Smarmy remarks FTW. Nice.
Just calling you on your thingy that no one thought it'd crash. Quite a lot of people did. Hell all it would have taken to see it was going to come down hard was a bit of research.
Not sure what the fuck medals have to do with anything.
Letters (TPFKA WWTL@WHL) - September 22, 2009 11:51 AM (GMT)
| QUOTE (StamfordBridge @ Sep 22 2009, 12:26 PM) |
| QUOTE (Nayan @ Sep 22 2009, 11:11 AM) | | QUOTE (StamfordBridge @ Sep 22 2009, 10:53 AM) | | QUOTE (Nayan @ Sep 21 2009, 05:59 PM) | |
yeah but 4-5 years ago everyone thought property was a one-way bet. they werent the only ones looking for a fast track to megabucks
|
Not everyone.
I didn't. Quite a few people didnt. The media for the most part kept yapping on like it was never going to end. Stupid twats. People acted like sheep and didnt bother to do their own research.
|
well done. nice medal you got for it too.
|
Smarmy remarks FTW. Nice.
Just calling you on your thingy that no one thought it'd crash. Quite a lot of people did. Hell all it would have taken to see it was going to come down hard was a bit of research.
Not sure what the fuck medals have to do with anything.
|
It hasn't crashed.
Little Miss Gooner - September 22, 2009 12:15 PM (GMT)
What I assume to be the affordable flats look pretty erm... crap
Letters (TPFKA WWTL@WHL) - September 22, 2009 12:17 PM (GMT)
| QUOTE (Little Miss Gooner @ Sep 22 2009, 01:15 PM) |
| What I assume to be the affordable flats look pretty erm... crap |
Do you mean the ones along Drayton Park? I thought they looked quite nice :unsure:
Grebbo - September 22, 2009 12:17 PM (GMT)
| QUOTE (Little Miss Gooner @ Sep 22 2009, 12:15 PM) |
| What I assume to be the affordable flats look pretty erm... crap |
Yeah I notice all of the flats left are the ones on the end not overlooking the pitch. Kinda pointless. They'll do well to shift these.