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02 May 2007 12:00 AM by gtcstudio Star rating in Berkshire. 4 posts Send private message

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Hi all, I am new to the board, and I have got the Jitters - please let me explain

I have just left a deposit in a key ready Town House in Algorfa. I am not an inverstment buyer looking to flip it, or for that matter to rent it to any Tom DIck or Harry.
It is a purchse because I love the area. Its for me and my family to holiday and prehaps one day live in.
Having said that who wants to buy a house now, when it could be 30% less in a few years.

I have read all the views on the property price speculation and the so called crash. Now I have the Jitters, I could forfit my deposit an loose a few grand now. But my heart is saying no and my head is saying yes.

Is there anyone in a similar situation as me. If you have bought a property in the last few months are you suffering with buyers remorse, or am I just over reacting to the Newspaper reports.

Darren




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02 May 2007 5:18 PM by alanwspencer Star rating in Hertfordshire/Duques.... 340 posts Send private message

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Darren welcome. I am not an expert and others more qualified than me will give you their opinion. However, I am waiting to move into an apartment in Duquesa and I believe I have made a good investment. Yes prices have levelled and depending on location some properties may take longer to move on than others but the market will come back in time. We may not see the increases that have taken place over the last few years but they were inflated anyway. What we are seeing is a return to normality and you should over 5-10 years have seen a steady increase in the value of your property. Just my opinion but I believe you shouldn't panic.

Alan



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02 May 2007 5:23 PM by FibbyUK Star rating in UK, Surrey & Playa F.... 2349 posts Send private message

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Hi gtcstudio,

We all get the gitters, even when we bought in 2002 and the market was on the up.

We had panic attacks at the airport coming home, thinking the same as you!

This property thing in Spain at the moment will level out.

Look, it's happened here in the UK crikey knows how manay times!

Look at all those people who ended up with negative equity...........

Don't read too much of the papers, go with your heart, if you are looking for a long term holiday home, who cares if it devalues then rises within the next 10 years even?!

You won't be selling it, just enjoying it!

Kind regards and welcome to EOS!



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02 May 2007 5:26 PM by JeansSis Star rating. 2376 posts Send private message

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This message was last edited by JeansSis on 5/18/2007.



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02 May 2007 5:59 PM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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I recommend reading this excellent article which appeared on EOS today: http://www.eyeonspain.com/spain-magazine/death-spanish-property.aspx Various professionals involved in the real estate sector on the CDS give their opinions of the so called Spanish property crash, which personally I believe to be almost entirely unfounded fantasism created by a bored British press, who will move onto some other fabricated scandal as soon as they get a whiff of anything suitably murky.

Many people (myself included) saw disastrous drops in value of various investments (shares etc) after 9/11 and were tempted to get out at all costs, but stuck it out, and 6 years on those same investments are performing satisfactorily and the events of a few years back seem fairly insignificant now. The property market here, as in the UK, has traditionally been one of the safest investments available, and will continue to be so in the long run.

Don't worry, be happy, and enjoy your new place in the sun!



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02 May 2007 6:11 PM by tinto. Star rating in Scotland & Nr Estepo.... 243 posts Send private message

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I don't entirely agree with you Roberto because I do think the property in CDS is overpriced at the moment, but having said that I have just bought because it is what we want and where we want to be and do not anticipate selling in the near future. If we were to wait until we thought the price was right I might be dead and not be able to enjoy it



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02 May 2007 6:33 PM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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It depends on what property you're looking at. I do believe the off-plan bubble may have burst, because greedy developers are asking ridiculous prices. They realised the buy now pay later scheme that attracted investors in the first place meant investors could make profits as well, and they wanted it all for themselves, so now their philosophy seems to be pay now buy later, i.e. pay 2009 prices (or what they think they can pretend 2009 prices will be) now for a property that hasn't even had foundations laid yet. Why? Why would anyone do that? Where's the advantage? And for that reason, there are a lot of unsold new properties around. Good. let the greedy b*stards figure it out.

Unfortunately there are also a lot of greedy, or just stupid, private owners who think that because the developer down the road is advertising a similar property to theirs at X amount, that means their proprety is worth at least as much, and put it up for sale at X plus 5%. Spanish owners in particular are prone to this, especially those who don't really need to sell anyway. It's a case of "I'd sell my property if someone came along & offered me X plus 10%" but otherwise they're not actually bothered about selling.

All this makes it somewhat bewildering and difficult to fathom out what a sensible price for a property is, which is why I get irritated at people who constantly inist it's a buyers market. It is certainly not easy to find a good property at a good price, (but then again, I never find the "bargains", just like it's always someone else who gets the £20 return flight with easyJet) so I do agree with you Tinto in that respect. I just don't buy into this doom & gloom business about a property crash. As far as I'm concerned, it's business as usual. (I'm not an agent BTW!)



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02 May 2007 7:57 PM by Pitby Star rating in Andalucía. 1904 posts Send private message

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Roberto!!  I'm impressed!!  Cynical and idealistic at the same time!!  I agree with you fully.

Darren, I don't think your property is going to reduce in value by 30% in the next few years!!  There was a report that "property in Spain is  about 30% overpriced".  That may well be so, in certain areas, but at the end of the day,  a property is only worth what someone is willing to pay for it.  Unfortunately, there are lots of investors down there who bought off-plan in order to sell at a profit before completion and make a mint - and it just isn't happening, mainly due to over-supply and in other cases the usual red tape/corruption/no planning permission, etc.!!  Again, in some areas more than others, I believe.

Those who have bought to enjoy their investment and keep long term, personally, I don't think have a problem (unless it's in one of those with no permit/LFO, etc.!)    And if you're buying to use it yourselves, or let friends/family use, and not to let out to cover expenses or produce income, where is the problem?!?

Your townhouse sounds like it's exactly what you want, as you've said yourself - so go with it!!   At the end of the day, if it's what you want, in the area you love, that you are just going to use for yourselves and maybe live in it one day - don't worry!

All the best - and enjoy!!







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02 May 2007 11:28 PM by kayem Star rating. 163 posts Send private message

Hi Darren.

I sympathise with you and know exactly how you feel because i am also going through the same roller coaster of emotions. I have reserved a property off plan on a complex which i am really exited about and i need to decide whether to commit or not by the end of May. The more research i do the more confused i get. But i do agree with comments stating as in my case it is not an investment but initially a holiday home and who knows possibley a retirement home so looking 20 years into the future who cares if things take a slight downturn for a short while.

hoping this helps, at least you know you are not on your own.

Cheers Ken





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02 May 2007 11:53 PM by Candyfloss Star rating in Cardiff / Mar Menor. 1605 posts Send private message

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Hi Darren

Have just posted a reply to similar question to yours so would have answered you the same. Getting confused now so have a look in general chat and spanish property crash thread. can't cut and paste for some reason.

Anyway as Roberto says ENJOY.  We are.

Regards Gina





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03 May 2007 1:13 AM by RG Star rating. 299 posts Send private message

Didn't they say the same about the UK property market i.e. that it is some 30% overpriced....still don't see a crash coming any time soon! The only way a crash can occur is if there is a lot of panic selling or should interest rates rise dramatically, so if no one takes any notice of the negative press then things should be ok! hopefully!



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03 May 2007 8:11 AM by smccartney Star rating in Jerez. 84 posts Send private message

Hi Darren

I have similar thoughts as you only I don't think prices will fall but maybe remain static for several years until the building for new property cools off a bit.
This leaves me in the position of, the longer I wait, my UK property increases in value whilst Spainish property stands still meaning I can be in a better position.



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03 May 2007 10:12 AM by sunbelt Star rating. 63 posts Send private message

I have had it said that I am in denial by some and have my head in the sand (Ostrich head comes to mind) Very Happy when I try to put forward views that at try to balance out many of the negative postings regarding Spanish Property..
The majority on this forum are a lot more intelligent than I am with the in depth knowledge of history and facts and figures but I try to keep life as simple as possible. Smile
It’s very interesting at times to how many view their situation and how bad the forecasts are with reports on property crashes and evidence? Going back to 1921 looking at everyway to look try to forecast the future.
Many view the future as very bad however as far as my situation with say my property on La Reseverva, I ask my self the following.

Money invested 70,000 euros
Interest paid or interest I could have received over
3 years at say 5% 10,500 euros = approx £7,500

I choose to view this as my loss? to date so no matter what is supposed to be the on coming property crash this is my situation, and think many others.
Now what did I pay for the property? I haven’t paid for the property; I have only paid the above however the value of the property back then was supposed to be the contract price of 207,000 euros .
Now I for one was fully aware and I am sure many were more than happy to accept capital growth on the contract of 207,000 euros but can’t accept the loss of interest on the deposit. ( capital growth on 207,000 compound, bring it on!)
At the moment I am £7,500 down in the game if you want to look at it this way so what next.
1 Court action in place and may win and with interest may get the money back?
2 I loose the court case and then I complete or loose my deposit and that’s a fact.
3 I complete on an 80% interest only mortgage and rent the property out so covering a large percentage of my repayments.
4 I use it for holidays and family and friends.
5 I then wait until the double digit gains that even the most pessimistic forecast in say 5 years times.
6 I could attempt to avoid completion for as long as it takes to get an L.F.O if I can get away with it and it could be years ie towards the 5 years.
What’s my alternative? Worry myself sick and look for every possible negative Sad posting and then make myself worry more.
Took the same view when the stock market went from around 6,900 to 4,500 several years ago and on paper? I lost around £150K and watched as many cashed in at that point because of warnings that the markets would fall further so they lost.
However in a few short years that loss that I was supposed to have made is now back to and above the figures before the crash.
Now back to the Spanish Property situation?
If a similar property to the one that I don’t own yet fell by say 30% as forecast by some of the guys here do I assume that I can by an 83m2 apartment with terrace, parking storage and swimming pools in Marbella for 144,900 if that is the case I will have 4..( interest only of course) Smile
Lesson I have learnt, sometimes you have to stick it out while others around you panic and employ people far more intelligent that you.


Regards
Jim



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03 May 2007 2:42 PM by Rixxy Star rating in San Pedro. 2010 posts Send private message

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Well done Janice - saved me bothering to answer this one - even if I have got time on my hands..

'Sunbelt' - your figures at the end dont work out - an 83 sqm apartment in Marbella would value at a minimum 249,000 euros - one would assume a terrace as well. 70% of that price is 179,000 euros. However, most agents would have it on the books at around 280,000 euros, so a 30% drop would be 196,000 selling price.

Seeing as Marbella area stretches from Calahonda to Estepona so yes I would have quite a few hitting that criteria you can buy!



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03 May 2007 6:22 PM by sunbelt Star rating. 63 posts Send private message

 

Jeans Sis

On the other forum I am Sunbelt as I was banned from that forum for amonst other thngs sticking up for this forum and not allowing for some rude people having their way

I came yo this forum as it seemed a lot more freindly and far better balanced views, it appears from your reply I may have been mistaken.

Rixxy

If you are and estate agent and think you can sell on La Reserva or simlar  and those prices then you must be one hell of a sales person.

Regards

Jim  (sameone thats on Glassman)




This message was last edited by sunbelt on 5/3/2007.



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03 May 2007 6:32 PM by Rixxy Star rating in San Pedro. 2010 posts Send private message

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Sunbelt, the most expensive property I managed to get rid of for a client desperate to get away from that mess in La Reserva was 185,000 euros. Inclusive.

 



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03 May 2007 6:58 PM by Candyfloss Star rating in Cardiff / Mar Menor. 1605 posts Send private message

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Hi Sunbelt

Welcome to the forum. You will find the majority of us are friendly and welcome views from new members. I don't think it matters what has gone on in other forums, just keep posting as you are welcome here.

Gina





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03 May 2007 7:13 PM by sunbelt Star rating. 63 posts Send private message

 

Candyfloss/Gina

Thanks so much thats very appreciated.

Rixy

Think by the look of it my figures were far nearer your revised comments than your first so who was wrong?

That why I tend to work things out my way.

 

I couldnt help but wonder why my posting was received in the way it was I looking through the threads it appears I have been the subject of  much converstion for simply offering some advice as follows

"Sara

There is much doom and gloom by reading part facts.

If you would like the full run down please p/m me and i will give the facts as they are."

I take it back,this forum appears  to have as many if not more rude people .

You guys carry on ?

Regards

Jim

 

 




This message was last edited by sunbelt on 5/3/2007.



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03 May 2007 7:33 PM by JeansSis Star rating. 2376 posts Send private message

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This message was last edited by JeansSis on 5/18/2007.



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03 May 2007 9:25 PM by tinto. Star rating in Scotland & Nr Estepo.... 243 posts Send private message

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I tend to agree Jeans Sis  seems to have taken over the roll of moderator



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DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


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