Roda Valuations

Has anyone received any recent valuations on Roda? Please PM me.

Mike

Google Murcia Golf properties, click on their site and then on Roda.  Makes bad reading.

Sorry but I'm not able to post a link yet.

Regards,

Mark

Hi Mark,

I ve looked at that site and I think things could be a lot worse, there are only about 7 properties that are under the 200,000 figure (not including taxes) most of which are unfurnished so would guess it is either people who bought very early to flip their investment now realising its going to take longer so jumping ship instead and can afford to sell cheaper, or people who just cannot get a mortgage at the moment so have no choice but to cut their losses.

Whichever, once these people have sold I think you will get a more real figure on the value of Roda properties, and the main point being Calidona have not reduced their prices (yet). Also there are many properties on the website you mention which are considerably dearer and although they may not be selling just yet I think they will once the economy recovers (fingers crossed).

Unfortunatley there seems to be a lot for sale under the 200k mark

Cheapest I have found is 160k at present for a phase 1 penthouse

How do those people manage who are getting a mortgage now for the later phases at Roda as a valuation undertaken today is surely going to be a lot less than the agreed sale price 3 years ago! How do the banks justify that or don't they?

Financing a 2nd home is definetly a struggle at the minute for most and the current rental prices (long and short term) give a pants return on a 200k investment once you take out wealth tax, management fees, community fees, maintenance, advertising etc.

Add to that the poorly pound and you can understand why people are desperate to offload

Batten down the hatches

You've got to take into account the exchange rate at the time of purchase.  Wealth Tax has been abolished.

Anita.

Big C,

"Financing a 2nd home is definitely a struggle at the minute for most ".  Agreed, except if you are a British MP.

Frank

Wealth Tax HAS NOT been abolished it has been CHANGED in the format and way the tax is calculated - as non resident property owners you are still obliged to pay this tax - we are just waiting for them to change the name to stop the confusion!!!!!!

For more info call 0034 965352552

Nicola

it may be worth looking at rental returns and then trying to calculate a value for these units .

a two bed penthouse on long term rent is around 500 eoros pcm plus bills , 6000 euros p/a  to achieve a 5% return you would be wantaing to pay 120000 euros !! is 5% enough taking into account wear and tear ?

i appreciate that trying to find the valuation is not an exact science however at the end of the day the market not the agents or calidona will determine the value of these units .

i also notice long term lets on roda for 395 eoros pcm !!

Nicola,

My solicitors tell me that we used to pay two taxes, wealth tax and non resident income tax, but now only one tax is payable which is non resident tax, so this would lead me to believe wealth tax has been abolished.

Or are they just mixing the two to make one ?????, and if this is the case will it mean paying more or less?

Shannon is right - 2nd homes should be for British MP's only

I have just got my non residents bill for 271 euro so it would be nice not to hear about wealth tax.

The value of the units on Roda won't just be based on rental income thankfully as the arse has definetly fallen out of Roda rentals (to make a decent return that is)

I'm sure we are all renting but its for peanuts and when you are paying management fees or rental % fees of 1000 a year, community fees of 1000 a year, taxes at 300 a year, maintenance at 500 a year (which is conservative if you're renting) thats nearly 3k off your 6k rental per year Searay so it leaves a 2.5% return presuming its let! and thats overlooking furniture costs, money tied up for 3 years etc

Only ones making owt are managers and cleaners  (cleaning on Roda is ridiculously expensive)

I reckon that if you really needed to sell within 3 months you would have to market at around 160k - 170k mark at the moment and there are a few priced at that level on the internet that are not selling.

Apparently there are some bargain hunter buyers at present but I reckon the cheaper apartments will go down to around 150k

May be of interest...

http://www.spanishpropertyinsight.com/buff/2008/05/spanish-wealth-tax-eliminated/

Anita

big c

quite agree you will always have lifestyle buyers and people taking differing views .

a lot of roda units were initially sold to investers who are simply not getting a return on there investment add to that capital values  heading south high cost of ownership etc these people will have a choice to make stick with it or try to cut and run .

the illustration i was making was if the market was initially  investor driven  then to return to an investors market in todays enviroment and the state of roda rentals the price point of two bedroomed units would have to be sub 100000 euros to make it attractive !!  will this happen ? i have no idea 

we can only hope that there are enough lifestyle buyers around to help support rodas premium prices and willing to take a long term  view on the developer actually finishing the resort .

In previous years the Non Resident tax was divided into two parts Wealth (Impuesto sobre el Patrimonio) and Income (Impuesto sobre la Renta) from January 1^st 2009 the “Impuesto sobre el Patrimonio” was abolished but the “Impuesto sobre la Renta” still remains. Previously it was presented on the 214 form this has now changed to the form 210, and the last date for payment is 30th June, previously 31^st December.  I do think that the name of the tax will change during this year because the name "Income" is very misleading.  By abolishing this part of the tax yes it has made taxes cheaper.

Nicola

The website below, spanish property insight, is very misleading and does not explain the sitiuation properly - hence all of the comments made, please read throughly!!!!!