Eye-watering sum derelict bungalows sold for after going to auction at 50p
A pair of rundown bungalows that went up for auction with a reserve price of just 50p each have been sold for tens of thousands of pounds after there was a frenzy of bids.
The bungalows went under the virtual hammer with Paul Fosh Auctions, and had all three elements – price, potential and place – that made it the perfect storm to catch the attention of prospective buyers, with 649 people registered to watch the proceedings. In the end just 11 people submitted bids.
The bidding ran for two days with 52 bids being put in and near the end two people were left to slug it out, sending the price from £33,000 to the eventual winning offer of £40,500 for the the twin, scruffy terraced buildings near Blackwood, called 1-2 Bank Bungalows. In fact, the site was so derelict that no internal inspections by members of the public were allowed.
The interiors of the bungalows need a complete overhaul (Rob Browne /Walesonline)But that didn't stop the site being a popular lot for people to take a chance on, with it perched on the side of a valley in what used to be an industrial setting. It offered incredible views of the valley and a plot of land that has the potential to become a site for a new build, subject to planning.
According to WalesOnline, the eventual winner said: "I have bought the cottages with the intention of restoring them and living there. I love them. These are examples of the original prefabs, sold as kits and often shipped to the colonies or often erected in areas of rapid population expansion due to industry.
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"There are still a good handful of these in the valleys, still lived in and loved, not to mention the tin tabernacles dotted around the place. I am sure some would disagree, but I think the cottages I've bought in Crumlin is a beautiful, heritage property in need of rescuing. I do not know the history of this individual property but would be very interested to find out.
"After initially noticing them in the auction catalogue I went to inspect them, as I live locally. I was expecting a rickety shack with a tree growing through the roof but was pleasantly surprised at their condition. After a lot of consideration as to the amount and extent of work that would need to be done, the work required is not inconsiderable, I was able to set a limit on the amount I would be willing and able to pay for the lot before the project would become unviable.
"And yes, I was a bit perturbed by the amount of interest the auction drew but I was very definite about what they were worth to me and the limit of what I could pay. All I could do then was wait and see what happened. It was my first time of buying at auction and the process has been quite straightforward."
At the time of the auction, Sean Roper from Paul Fosh Auctions, said: "The two tin bungalows are currently in a poor state of repair. However they do occupy an elevated position with views across the valley and do offer scope for improvement. The bungalows in their current state need some work but they may well be able to be renovated for Airbnb-type use or to be refurbished and rented out."
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