DJ 3 penthouse a good buy?

Hi everyone. 

I am currently on vacation in Benalmadena and while here, I have seen some different apartments for investment purposes. I loved the DJ 3 and are considering buying the penthouse. 

Is there anything, I need to be aware of? I will hire a lawyer before doing anything. 

It needs a couple of things to be complete. The main thing are the a/c. It has been prepared for it but needs the system itself. The broker says, it could be done for 2.000 EUR? 

As I will rent the apartment out, he recommended installing a "coin-machine" to run the a/c, - anyone has experience with this?

Thanks in advance. 

Regards

Chris, Denmark

Hi Chris,

The Developer is in Receivership and the apartments are effectively being sold on behalf of the bank. This should not cause you undue concern but it does mean you can make them an offer.

The penthouses have been slow to sell. This is because they have been priced at a premium over the lower floors. Normally this is because you get a much larger terrace with a penthouse but in DJ3 the penthouse terraces are quite small. At that height you are also exposed to the elements so the terrace will be unusable when it is windy. 

You should also be aware that there is oversupply of apartments to rent. Owners who rent in other parts of DJ have seen a decline in bookings over the last couple of years.

I am not trying to put you off - just give you some information to help you make an informed decision.

Hi David. 

Thank you for the reply. 

It sounded like, the prices are pretty fixed, - they want 139.800 EUR and will include the furniture for another 1.000 EUR. 

I asked, if a parking space could be included, but it did'nt sound like, there where much to bargain for. 

I looked at 5 different apartments in that price range and found this most interesting. 

Do you know of others, which could be attractive?

Regards

Chris

Hi again. 

Do you know of anyone in DJ wanting to sell their apartment?

If so, they are welcome to contact me. 

Regards

Chris

Hi Chris,

They sold the ground floor apartments for 99,000 then the next floor 109,000 then 119,000 so 139,000 is the highest price being asked since the developer went into receivership. The garages are huge double garages - not like the single spaces the rest of us have. There is no on street car parking so I think they have to include a garage. I have heard of offers being made, the agent contacting the bank and the offer being accepted.

There are a few apartments for sale in DJ1 & 2 - they have signs on them but you would be doing well to get a 2 bed apartment for 139,000€ - those that have sold in the last year went for quite a bit more than that.