has anyone purchased at Lomas, Vera Playa, 2 bed 1 bath from €59k

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21 Jan 2012 12:00 AM by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 we are considering to buy an apartment here and wondered if anyone has experience or have bought or abou to?

thank you for your advise

http://www.almeriahomes.com/almeria-property-2315.htm



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21 Jan 2012 12:51 PM by Gophie Star rating in Villaricos, Almeria. 7 posts Send private message

 We had a look at them with a rep from Cam Bank, look good value but not really for us for full time living. Not much within easy walking distance as yet, I am not sure if more in the way of commercials is planned for the area, but with the present climate that is liable to be a long way off.



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21 Jan 2012 7:52 PM by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 thank you for your feedback



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21 Jan 2012 8:12 PM by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 i just heard that 50 were released and only 34 now remain, two weeks 16 were sold, we looking at rental and growth investment with smaller outlay, max £500/month should do it



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21 Jan 2012 8:16 PM by Gophie Star rating in Villaricos, Almeria. 7 posts Send private message

 For investment it may be a good deal. May take quite a few years to really make on it, but if you are prepared to wait, why not.



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21 Jan 2012 8:20 PM by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 thanks why do you think quite a few years? we are looking at 5 to 7 years and would hope its worth €100k



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21 Jan 2012 8:30 PM by Gophie Star rating in Villaricos, Almeria. 7 posts Send private message

 You could well be right, in 5 -7 years you could be looking in terms of those figures. 

I think that the apartments on sale are the first release for Lomas del Mar 5, not sure how many more there are but its a fair size site. The are numerous similar apartments up for sale in close proximity and as I understand it, not many are shifting, I think it will take some time for prices to pick up. Also, depending on which report you read, we have not reached the bottom yet regarding the housing market and prices could well fall this year again.

Having said all that, the price of these apartments is good and they are a good quality. If I had 60k sitting around I may have been tempted for investment purposes myself. Oh for a crystal ball...



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22 Jan 2012 12:03 PM by Bri Star rating in North. 591 posts Send private message

 Well in THEORY - the beauty of these repos is that they are already worth more than the asking price.  BUT and it is a very big BUT, you will not see any growth while people can get properties in the area for the money you (and I) are looking to pay.  And there are a lot of them around!!!   I would not be bounced into anything just because you are told they are selling fast.  There are plenty to look at and at the moment Vera Playa has big problems with many many apartments and not enough people using them.  In my opinion, it does have potential, and I like it a lot, but anything like a 10% growth per annum on your moderate investment would be entirely dependant on the completion of the high speed train and the station in Vera.  While work is continuing and we hope it will be completed, you cannot count on it.  If you want a property to enjoy for yourself and your family then go for it.  If you want rental income, I would suggest you need to be along the coast at Mojacar.  But if you want to double your money in seven years and move on and sell, I would say forget it.  At these prices, I don't think you can really lose (see the thread I started Why Not to Buy in Spain at the moment), but that does not mean you will definitely get a capital gain.   It is quite possible that these repos go down even more in the coming year.  You are not in a normal house price cycle and you should not be behaving as though you are.   Have you looked at how much rental you will get for these properties?   I would be surprised if they were lettable at all during most of the year.  SO you might get a good rental income for the 6 weeks July and August -  but after that you are probs looking at 300 a month.     



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22 Jan 2012 12:11 PM by Bri Star rating in North. 591 posts Send private message

 And I forgot to add - all of that income is taxable!!



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22 Jan 2012 12:19 PM by Gophie Star rating in Villaricos, Almeria. 7 posts Send private message

 Good post Bri.

We have been looking at a long term rental around the area over the past few weeks and there are loads to choose from so the chances of renting out a property may be pretty slim. Last summer I understand was reasonbly quiet so the prospect of making decent money then may be limited as well. I reckon the properties mentioned may be a good bet but more for the long term, but if the area grows like it looks like it may in years to come there are going to be thousands of apartments which may put people off.

Oh for the crystal ball



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22 Jan 2012 12:31 PM by Bri Star rating in North. 591 posts Send private message

 Agree re the crystal ball - I would pay 50K for one of those!!!!   I still think property is a good investment if you have the money and the patience.  But there is an issue with overbuild in places like Vera - and you would have to take a punt on there not being too many in 7 years time reducing the attractiveness to purchasers.  I also should have said that demand for long term rental in the region is being inflated because of the demand by rail workers - but that will not last, nor will they pay a lot while it does last.  But Gophie - you are in Villaricos!!!  One of the jewels in the crown of the region.  Why do you want to be elsewhere??????????   



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22 Jan 2012 12:40 PM by Gophie Star rating in Villaricos, Almeria. 7 posts Send private message

 Long story Bri.

We have a house in Lucainena de las Torres but, as I work just outside Villaricos, it is better for us to rent here as I work long hours and the 50 minute drive to and from work was a bit of a pain, let alone the cost. We had found a place in Villaricos to rent short term but were not really happy here so we decided to have a look around. We had the attitude of don't discount anything until you have seen it so had a look at places on Lomas del Mar, Thalassa etc but found that area wasn't for us.

We have now found a beautiful apartment overlooking the sea as you approach Villaricos and move there on Feb 1st.



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22 Jan 2012 8:28 PM by colin & gayle Star rating. 34 posts Send private message

be very careful km owe lots of com fees havnt paid com on veranda since april 2011 & still own roughly 50% of the apartments do the maths yourself.hope this of some to you chris & anyone looking km prop.c





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23 Jan 2012 12:35 AM by newworld Star rating. 940 posts Send private message

Hi can anybody give me the web site link for these properties at 59k ? thanks





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23 Jan 2012 12:37 AM by newworld Star rating. 940 posts Send private message

Hi can anybody give me the web site link for these properties at 59k ? thanks





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23 Jan 2012 10:53 AM by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 here you go

 

http://www.youtube.com/watch?v=_zYnM0y3g_g

Lomas del Mar IV, Vera Playa,  
Costa Almeria, Spain
 



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23 Jan 2012 11:31 PM by newworld Star rating. 940 posts Send private message

Thanks for that.





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24 Jan 2012 8:43 AM by chrisboulton Star rating in Newport, South Wales.... 34 posts Send private message

 good morning, what do you think of them? thanks, Chris



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24 Jan 2012 11:34 AM by Bri Star rating in North. 591 posts Send private message

 Very very small - lack of green spaces, lack of privacy - ideal for holidays but not for permanent living.  For rentals the stairs means that you are limiting your market.   What is the actual size?   On the plus, lovely views, and seems peaceful - but I am not a fan of these urbanisations which are isolated from pueblos.  There are quite a lot of facilities - good for holiday makers, but that might put community fees up.  Lack of green areas might lower community fees.  Not for me, even at that price.  



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