LATEST BANK VALUATIONS FOR LA RESERVA

Hi,

I am interested in knowing the present valuations which the banks are giving on a two bed apartment on La Reserva.

If anyone has completed recently I would be very grateful if you could let me know the valuation you received.

If you prefer please email me.

Thank you

I just heard that a Penthouse in manzana 3 has been sold back to the Developer for E165,000, not sure on the details but will make enquiries.

F

That's interesting. We paid €140000 at €1.7 to £1 in 2002. At current values that is a capital gain of £65,000 or £10K per year plus approx  £4k net pa on rentals. I'm not complainig.

Mitch.

Mitch

Am I missing something here

140.000 Euros in 2002 .?  Penthouse ? £65,000 Gain . Buy and sale costs ?

The bottom line here is that until the legals are sorted then if you have to sell then its a fire sale.

Valuations will reflect the legal aspect of any property and typical of Pennaroya to screw.

Oh yeh.  If Its some parts of Manzana 3 that will always be worthless than others on the development

Just Dan

This message was last edited by Just Dan on 1/13/2009.

From speaking to some of the estate agents (what is left of them) it would appear that property prices are falling all the time all over the Costa.  Then we have La Reserva with no licence.  We all have waited and waited for this licence and were told that after last year elections things would be sorted, then it was late 2008 then it was early 2009.  It would appear that owners are selling in La Reserva  2 bedroom apartments are are netting around 135,000 approx.  Some of those apartments were bought back in 2004 for 199,000 plus vat plus expenses totalling around 215,000euro.

Then you have people saying I did not buy it for an investment, I bought it to enjoy it.  Well enjoy it but we will wait many a long year before you see the price you paid for it and as for licence nobody seems to know when exactly.  This is as I see it, tired waiting.

Hi Erin

Some paid 50,000 more than you say.

Think you may find that its desperate sellers that have to sell are really up against it with no Habitation Licences

Some investors bought 10 + and cant sell so they are taking a big hit.This is hopefully good as they rent to anyone to get some income.

Of course property prices are falling as they are falling everywhere and so is the stockmarket.

I am not trying to paint a rosey picture but the reasons people bought in that location are still there.

Marbella at those prices ? THE BOUNCE WILL START IN MARBELLA. Cant say when though but realizing that sort of money means you doing it today in guess 2/3 years it may be a very different story

Cant say that for many areas as some may never bounce back but think those on La Reserva in a good position in particular should sit tight.

Just Dan

I Agree with Dan

I bought here in LRDM  I live here and I am very Happy.

Whilst I feel for those who bought as an investment they should have been aware that any investment can go up or down.

I personally am not to worried about the valuation as I have got what I paid for.

Lots of buyers seem to have axes to grind blaming The Developer, estate agents, and lots of other reasons. I have not seen anyone on here say "Yes I was greedy " or "Yes I fell for a sales spiel" but I am sure that the majority of complainers fall into one of the above.

It is great pity that nobody posts anymore on this forum about the good things.

Jake

Jake

I do bud at every possible opportunity and boy do I get some stick for it .( As you can see they even follow me around the forums calling themselves different names)

Still that makes the resolve stronger.

Of course there are problems but there are problems everywhere and the forums used to be a good place to post ,sadly to many with their own motives are around now.

 Think John has expressed what many of us feel on the Green Hills Thread.( Trust me he is an open target now )

We should be able to share problems and the good point on a thread where we have property without those that dont even have property posting bloody doom and gloom everywhere

Just Dan

Dan

So very true

Jake

Test

hello simon the test worked

Well is the crunch here

From Spanish Propertyinsight.com

COSTA DEL SOL

• Prices are down 30% to 40% from the peak, and may have even undershot.
• Prices are down due to an increased realism taking hold amongst vendors, though there is still a lot of over-priced property on the market.
• Buyers are saying that, if the price is right, property is the best investment, better than stocks or bank accounts.
• There are still buyers, but only if the price is right. Buyers are now mainly lifestyle buyers looking for a great deal.
• There is a lot of distress in the market, especially amongst the British, who are under pressure thanks to the weak pound, amongst other things.
• British vendors are offering the best deals.
• The British aren’t buying at the moment, but other Europeans have moved in to replace some of the lost demand. The British will be back when the Pound improves, as their love of Spain has not disappeared.
• Prime location like the beach, or close to town centres, and other traditionally desirable locations, is limited and always in demand.
• What is not selling anymore is what Moon describes as “cynical projects” in terrible locations, for example up a hillside overlooking the motorway, that were built on the basis that “there is always some idiot who will buy.”
• Vendors who bought more than 7 years ago still have margin to negotiate and make a profit.
• You can now buy attractive 2-bed flats for around 120,000 Euros, down for 200,000 Euros at the peak of the market.
•  

Buy in La Reserva for EU159,00

http://www.michael-moon.com/en/property/mmm2379r

• “2008 was better than 2007, and 2009 will be better than 2008,” says Moon. “We had more enquiries and offers than we expected in January.”

There is a Garden Apartment in Block 1 manzana 3, being offered for €140,00 by the owners.

If any one is interested contact me.

John

By any standards this seems a very low price.

1  Can a mortgage be arranged without the habitation licence and is this a reflection on the valuation

Two bedroom in Marbella for that money surely has to be a better bet than many other investments at this time.

Thats getting near 50% off the top prices paid .?

Simon

But converting to pounds at almost 1 for 1 its still a little more than I paid

so if its a british seller' it might still be agood time if they can turn it around quickly while the exchange rate is favourable

if you gotta sell you gotta sell.

I agree with pacheran, check out

http://www.lareservademarbella.es/index.php

This is the developers website, see what they are asking for these apartments

still saying 8% rental return, !!!!!!! the sunday paper yesturaday was saying the uk may have a 75% drop from peak to bottom so hang on for the rollercoaster ride!!! ( according to the imf))

Whow

Were rich beyond our wildess dreams looking at those prices.

Another way to counter all of the negative press that those from the U.K are trapped due to the exchange rates is clearly demonstrated by Pacheran.

Wish I had some Euros right now as that apartment in this location is better than money in the bank. Least I think it is ?

Simon