Penthouse valuation

Hi does anyone have any experiences regarding valuations for mortgage purposes for the penthouses? I am hearing bad vibes about some valuations being given well below purchase prices at Los Naranjos, but from other threads I was under the impression this may just be affecting jardins. I would be interested to hear of anyone's valuation experiences for penthouses. Thanks.

Morning

Our valuation was done on our Block 16, 1st floor, 2 bed just over a 10 days ago and it came a few hundred euros only over the 137400 we paid for, my mate Midge who is next door to me had an earlier valuation that was a few thousand over the purchase price - we are with Bancaja so I guess it depends bank to bank and more importantly in the current climate WHEN the valuation is actually done !!

We only needed 60% so the valuation was fine for us, but might be a problem if you anyone was banking on getting more cash to complete with.  I remember when we brought in May 06 we were told that it would value up at 160/180K and we could have our initial cash back to buy another one - Ho Ho !!!

Mark

Snorkey,

The key point though is that it is still OVER  what you paid.    If you consider the current climate, the fact the banks do really want to loan any money & the mid term forecast for property growth - I think you still got a result.  Could be a lot worse Snorkey - & what value do you put on the view??

Skell

Nick

Dont get me wrong -  I agree totally and I have enough for the mortage which was all I wanted !

It's taken us 3 bank applications to even get 60% confirmed so we are very happy all round !

We cant wait to get back out over Xmas and look at the view (even though the blasted COH fiasco means we probably wont complete this year !!)

Pip Pip

Mark

Snorkey,

When are you actually out in Condado over Christmas.  Please PM with your contact details.  Would be nice to meet up for a pint or 3.

C U Then

Skell