buying bank repos in Murcia

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10 Jan 2012 00:00 by sharky7007 Star rating. 24 posts Send private message

 Hi, seems as in Murcia there are some real bargains, but looking into that you find still huge issues going on (i.e. Mosa trajectum ).

 

I have seen very low prices for Mosa trajectum, Polaris World, and readt about Las lomas good offers (all deals for more than 1 bedroom and prices lower than 70K).

what's (within the above mentioned  or further ones you would suggest) the best bargain  (price/issues/etc) in your opinion??





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10 Jan 2012 22:37 by ojosazul88 Star rating. 171 posts Send private message

 I really wouldnt consider an "investment" on these so called "resorts" if i were you. Knowing this region extremely well, you say "bargains" and "low prices" but relative to what? These were all overpriced by as much as 70% or more in the first place with false bank valuations so the prices now are just a lower reflection of the real value which in a lot of cases hasnt been reached yet.

Mosa had a lot of problems from day one, a lot of the time is a ghost town and like Polaris the promise of  top class facilities was just an illusion , shoddy build quality, half built resorts, lack of good facilities make most of these "resorts" a no no for investment purposes in my opinion. At least Mar Menor golf has a hotel and facilities and a reasonable location close to the coast.

Roda Golf, again empty promises of top end facilities all be it there is a beach resort, right at the end of the La manga strip, however i do like Roda although apartments were massively overpriced when first released for sale.

Just had an updated look at Playa Macenas Golf near Mojacar, now this was billed as a super luxury resort with stunning location.

Reality, half built, ghost town, empty shells of properties awaiting completion, great location but worth the offplan initial prices? hell no!!

When you see the quality of the golf resorts with properties and facilities in the US for example ie Palm Springs etc, its staggering the difference in these and the so called luxury built in the Murcia region.

Murcia is a beautiful region but locate a property with a good location ie sea view and this will be a better investment than the majority of the overcrowded golf "resorts"





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10 Jan 2012 23:17 by bri Star rating in North. 653 posts Send private message

And the size of the build is a good starting point. I would dismiss any two bed apartment less than say 65 square metres. Agree absolutely re overpricing. The properties got smaller and smaller as they got more expensive. The wonder was people continued to buy!!

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10 Jan 2012 23:23 by georgeh Star rating in condado de alhama sp.... 1288 posts Send private message

 Alot depends on whether or not paramount studios gets built and whether planes start flying into corvera airport when it finally opens. What i would say is that its interesting that aeroflot are starting a daily service to alicante from moscow and the russians are buying.The best value i have seen is a 3 bed apartment  for 67k euros on the jack nicklaus designed golf course at the  condado de alhama resort which imho and in the opinion of many including alot of pros is the best golf course on the costa blanca/costa calida.



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11 Jan 2012 01:13 by ojosazul88 Star rating. 171 posts Send private message

 Some interesting points Georgeh, no bias then from someone who is selling property at Condado?!!!!!

Best golf course in Costa Blanca/Calida?, Im no pro but to compare the likes of Condado with La Manga Golf, La Sella Golf and Spa, Denia, Oliva Nova Golf, La Finca Golf, Las Colinas Golf Campoamor, Corvera Golf, etc seems incredible, the land at Condado is very flat and unappealing and more importantly metre per square prices are much lower here than on the coast for example so 67,000 euros for a 3bed appt built amongst hundreds and hundreds of similar ones which isnt that big is not a great bargain, compared to a 3 bed appartment in London, yes its incredible value but thats where so many people made the mistake in forming their perceptions on valuations.

The Russians have been buying for a while in Spain, not en masse on golf "resorts" though, Paramount, all be it a licenced version of their theme park will be great when built, but theme parks alone do not force prices up , Port Aventura near Tarragona and Warner Madrid both never delivered on projected numbers but Paramount will learn from those mistakes, the climate for sure is better in Murcia. Just hope they secure the outside funds from investors to get things moving!

 



This message was last edited by ojosazul88 on 11/01/2012.



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11 Jan 2012 02:07 by golfaddict Star rating. 2 posts Send private message

 Im guessing you havent played the course at condado. The only 2 that can touch it are La Manga and las colinas but they arent as good for 1 simple reason.The wind changes every time you play condado so no 2 days are ever the same.





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11 Jan 2012 08:12 by TheGuru Star rating. 39 posts Send private message

Hey My Bruther from another Muther

You obviously do not understand the game of golf

Thats all part of the challenge

G


 



This message was last edited by TheGuru on 11/01/2012.



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11 Jan 2012 08:15 by georgeh Star rating in condado de alhama sp.... 1288 posts Send private message

 Thats exactly my point, nicklaus designed the course without trees so that every day the feel is different, thats why its unique.ive also never played on tougher greens, not only are they extremely hard the burrows are exceptionally difficult to read.



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11 Jan 2012 10:07 by sharky7007 Star rating. 24 posts Send private message

 @to All.   A part from not playing golf (will I start do it buying in a golf property?), I would not buy that just as investment, because sincerely even if prices went so down from the bubblish top, I see Spain as too massive and with coastal beauty destroyed because of these massive buying /building from abroad (I lived in marbella in 2003/2004) and saw the day to day destruction of beautiful places substitute by not convincing building.

I was already polemic with the spanish situatiuon about these so high tendency to corruption and let people building anywhere (as you may know in Marbella the municipality went in prison becuase they let building in not allowed area as green or school ones), also I do feel that when you massively build and destroy beauty you also destroy value for the existing properties, as happened time ago in TorreMolinos and the value moved to marbella, until they started building all marbella around it became froma  sort of VIP place to a massive ones with value destruction for the same properties.

 That's why I did not even thought to buy in Spain until now, waiting for the disaster, that happened as we know.  The point is that I would buy something, cheap (not relatively but in absolute terms) to be used from me and my family to stay there from april/may to september/october, until my sons (a triplet!) will start school (they are 2 years old at the mom, so I would have 4 years for using like that).

 

This would mean for  me saving at least 10 to 15K per year of renting unknown apartments, so should I find a good 2rooms or 3 rooms with a cost within 70K, would means to have it almost for free, considering saving an alternative rent for that period.  If at the end of the 3 to 4 years the apartment should value even still the same price around 70K I would have got it "for free" (apart from monthly costs).

 

What I'm looking for, then, is something that staying in that price range, would not create problems and that would have basic services (cleaning, roads, swimming pool, gardens, rubbish collect, etc,etc) properly working and the property not needing any further work within next 5 years (means that is quite properly built), to have it used without big issues, and nothing more than that as I'm not interested in further services as golf , markets, amenities, as I would bring my car from italy and move to the narest cities to buy things and use services as I do not like living always in the urbanizacion.

Just looking for a something in the above mentioned price, with no big issues standing and basic services properly running. 

 

what's your  advice? where you would buy it ??  thanks everyone!!! ;)





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11 Jan 2012 10:23 by Bri Star rating in North. 653 posts Send private message

 I think what you want is fine and you have the whole of Spain at your disposal!!   The basic idea of somewhere to have family holidays is excellent.  When my boys were babies, we bought in Normandy, France.  A lovely farmhouse, on the coast, very traditional, very French, and we loved it and used it for many family holidays with friends and relatives visiting regularly.  Idylic really - so I would say just go for the area you like.  With a young family, I would not go for a golf develpment I don't think.  I would go with Andalucia, and the Almeria region still has a lot of unspoilt places.  Have a look around Mojacar - just slightly in land you will be able to find 3 bed properties for 70000, and the developments tend to be very small.  Try to imagine it as the kids grow up - how will it seem to them when they are a bit older?  Will you have room to take a friend along?  Basically, I think your instint, based on what you want for your family, is right so I would say just take some time to look around.  You will know when you find the right place.  Look at the floor area rather than the number of bedrooms.  I agree with you re prices - at the kind of prices you are looking at, you cannot really go far wrong (I believe - others might disagree).   



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11 Jan 2012 10:34 by Ojosazul88 Star rating. 171 posts Send private message

Well Sharky, i think you have the right attitude, just buy a nice holiday home for long term use. Where you buy is really down to personal choice etc but Aguadulce,Almeria is a very nice attractive resort, very close to the city of Almeria and in summer has a lovely atmosphere. You could probably find a resale for your budget here. Mojacar Playa i was very disappointed in on a recent trip, place looks run down, graffiti on walls, a far cry from the place i remember 4-5 years ago.


 



This message was last edited by Ojosazul88 on 11/01/2012.



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11 Jan 2012 10:35 by sharky7007 Star rating. 24 posts Send private message

 hi Bri, yes I agree with your view.

 

I do not care when they will be growth, as my plan is to build in the meantime, something in Puglia, spouth east of Italy, where you can build with 150K a real villa having also agriculture  land with (even 1 hectar of) cherry, olive and almond trees, real life, no only tourism, good services, nice beach, sea, landscapes;

but time is needed and I would spend these years in Spain, having so my children learning spanish too (I do speak spanish and learnt just living there, no school,etc, and for children this become easy when so young).

 

should you know something  detailed fitting , please do not exitate  ... let me know :)  





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11 Jan 2012 10:46 by sharky7007 Star rating. 24 posts Send private message

 I'm focussing to Murcia because they have  natural gas for automobile (if I'm right) and I have a touran TSI using natural gas and because it's near Alicante airport (direct flight from bologna to alicante and valencia) that are both relatively near.





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11 Jan 2012 10:52 by georgia Star rating in Algorfa (As seen on .... 1918 posts Send private message

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One of the best deals i have seen so far is two front line apartments on Polaris through a private vendor (not bank) that must be sold together for 127,000€.

Not for me but if you are looking for something large and cheap on a golf course seems pretty good and a long way from the original purchase price!



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11 Jan 2012 11:08 by sharky7007 Star rating. 24 posts Send private message

 127K is too much, would not spend like that for Murcia.  I do sincerely think that  60K  for a 2 to 3 bedrooms is the right place for a normal apartment/urbanizacion (nothing luxury but also clean and nice place), and looking for that.





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11 Jan 2012 13:00 by georgia Star rating in Algorfa (As seen on .... 1918 posts Send private message

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63,500€ each apartment.

It caught my eye because the possibilty of knocking through to make one big property and the fact they are front line golf.

in saying that you could get a decent apartment for that on the costa blanca,in my opinion,a better buy.



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11 Jan 2012 13:30 by sharky7007 Star rating. 24 posts Send private message

 well, for me, best buy would be baleares, but still high priced !  are we talking about 1bed or 2 bed room 8each of both mentioned apartments)? do you have any link , brochure, presentation to share ?   





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11 Jan 2012 13:57 by georgia Star rating in Algorfa (As seen on .... 1918 posts Send private message

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they are both 2 bed apartments,i will see if i can find the info and post it here........



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11 Jan 2012 14:02 by georgia Star rating in Algorfa (As seen on .... 1918 posts Send private message

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Not my wording copied from the email........
 
 
 
 
 
 
TRUE INVESTMENT BUY TWO FRONT LINE GOLF APARTMENTS FOR THE PRICE OF ONE.
 
For sale 2 first floor apartments next door to each other.
Front line golf.
Off road parking.
5 Star resort living.
Large terrace over looking golf course.
Living area 68 sq mtrs.
Terrace 18 sq mtrs.
 
 
Original price 140.000€ each
Buy the two for only 127.000€ ( ONLY SOLD TOGETHER NOT SEPARATELY).
 
 
Terrazas de la Torre: is the most recent of Polaris World’s projects, and a project which combines all the experience gained by Polaris World during the creation of their five previous resorts. It is guaranteed to provide a unique experience of total enjoyment and quality of life.

As with the rest of the Polaris World resorts, Terrazas de La Torre will offer its residents and visitors top quality services in a town centre featuring everything needed to make life much more comfortable: bars, restaurants, supermarket, etc.

Plus, with La Torre Golf Resort (one of Polaris World’s pioneer projects) only a couple of kilometres away, the services in Terrazas de La Torre are complemented by all those available in this resort: a 5-star hotel, bars, restaurants, bank, etc.


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11 Jan 2012 14:09 by georgia Star rating in Algorfa (As seen on .... 1918 posts Send private message

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