Downturn in price

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19 Jan 2008 00:00 by ads Star rating. 2391 posts Send private message

Could anyone advise what is the general downturn in price (in percentage terms) on property in Duquesa, Costa Del Sol at the moment?



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21 Jan 2008 10:33 by Rixxy Star rating in San Pedro. 2011 posts Send private message

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Depends on the price you are starting from really - if your or someone is asking 300k for a 2 bed apartment, then its around 120k overpriced at best, but this will depend on location, views and mainly sqm size.

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21 Jan 2008 11:04 by ads Star rating. 2391 posts Send private message

Thanks Rixxy I've sent you a pm.
Anne



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21 Jan 2008 13:49 by Acapulco Star rating in Costa Blanca South.. 341 posts Send private message

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I heard last week that someone who had their 2 bed property for sale at 125 ,000 Euros  accepted an offer of 85,00 !



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21 Jan 2008 14:54 by EOS Team Star rating in In Spain of course!. 4018 posts Send private message

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We're always sniffing around for a good deal and there are quite a few around Duquesa area.  Ususal problem, too many properties and not enough buyers so you can get some good deals.

Like Rixxy says, it depends on the starting price as there are many over priced apartments in the area.

Justin


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21 Jan 2008 15:00 by ads Star rating. 2391 posts Send private message

Thanks to all....this is very enlightening!
Cheers
Anne



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21 Jan 2008 18:18 by Roberto Star rating in Torremolinos. 3871 posts Send private message

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Acapulco: "I heard last week that someone who had their 2 bed property for sale at 125 ,000 Euros  accepted an offer of 85,00 !"

WHERE??!! Even assuming it's 85,000 and not realy 85 euros, sounds like a steal to me. If it's in Acapulco, I'll be checking to see if Ryanair go there!



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21 Jan 2008 18:27 by morerosado Star rating in Guardamar del Segura.... 6942 posts Send private message

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ThomsonFly have  flights direct from Glasgow to Acapulco  Book us all onto one, Rob. Get those moths out of your wallets.

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21 Jan 2008 18:47 by Roberto Star rating in Torremolinos. 3871 posts Send private message

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Moths? I thought they use pesos there?

Just checking Ryanair Malaga to Glasgow - will get back to you.......



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19 Feb 2008 12:52 by TT Star rating. 3 posts Send private message

There is one portal that keeps track on the asking price/label price. http://www.expocasa.com/preciometro/ It is in Spanish, but you only need to click where it says "click aqui", choose Andalucia - Malaga - County to see the developments in the asking price per county. In Estepona the asking prices have dropped 11,68% since 1.1.2008. Not as bad as Mijas, where the asking prices have dropped 18,55% since 1.1.2008. Obviously it does not mean that the properties are sold even at the current asking prices.



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19 Feb 2008 13:07 by morerosado Star rating in Guardamar del Segura.... 6942 posts Send private message

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19 Feb 2008 13:10 by Gillespie Star rating in Costa Calida Area. 608 posts Send private message

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It´s important to check how many properties make up the average price. For example, I did a sample test on one area and there were 2 properties on the database, the drop was 38.5% probably because both properties were owned by the same investor who has dropped their price for a quick exit from Spain. The Mijas example is spread over 405 properties for sale giving a fairer estimate.

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19 Feb 2008 17:53 by Rixxy Star rating in San Pedro. 2011 posts Send private message

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Based on what information??? Asking prices which are way over anyway, or declared value prices, or bank valueation prices or actual accepted prices

The stats here are a joke!



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19 Feb 2008 18:41 by Roberto Star rating in Torremolinos. 3871 posts Send private message

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All stats are dubious. Period.

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20 Feb 2008 10:54 by TT Star rating. 3 posts Send private message

I agree that is rather dubious how those stats correspond to the actual selling price, as it is with the valuations and official statistics. But changes in asking price are more up to date indicator than other statitistics. Prices in the CDS have been declining since 2006 and what the drop in the asking price indicates is panic, meaning that the downturn has accelerated without an end in sight.



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20 Feb 2008 15:32 by Rixxy Star rating in San Pedro. 2011 posts Send private message

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Prices have been declining sice 2003 if truth be told and earlier than that I knew of a multiple investor who could not shoft his units before completion!

Asking prices tend to be picked out of the sky and based on nothing, just what someone would like to get and the agent adding their usually 7% commission and vat on, plus a bit for negotiating. Thats the general rule of thumb.

A proeprty is only worth what someone else is prepared to pay for it. Same as any other commodity.

Developers are dropping like stones and their prices are below when they originally sold them off plan in some cases. or selling for the finance outstanding, in cases this works out to 59% of the actual bank valuation.

Main problem Im finding is lack of stock at the right price where the figures stack up - and thats actually because while the banks were more than happy to lend to anyone in the past, no problems black money, underdeclarations et al, now they want so much paperwork and only give 70% of valuation or purcahse price depending on which is lower. Therefore owners have to sell at about 60% of bank val.

Trouble is, bank vals have come down, meaning many highly geared owners are in negative equity now. Therefore unsaleable and going to repossession. Banks are then sitting on them in many cases at higher prices than I have similar ones for! Total madness.

No shortage of buyers though!!



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20 Feb 2008 19:09 by Roberto Star rating in Torremolinos. 3871 posts Send private message

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Shouldn't this thread be merger with the "Bargain Property Experiment"? I propose a hostile takeover bid!

Rixxy, no shortage of buyers? Do you mean, no shortage of dreamers and lookers? At what point does a propspect become a buyer? Surely not until they buy? Nobody is buying though, right? Therefore, BIG shortage of buyers.

Property is only worth what someone is willing to pay for it. Agree. Normaly, but if that's the case, ALL property is apparently now worthless! Someone forgot to tell sellers this. Is it just possible that nothing is selling because at the moment, nobody is willing to pay what it's worth?

Whilst I won't deny that some prices have come down, declining since 2006, or 2003 even? Again, someone forgot to tell anyone around here. Certainly, they are not shooting up like before, and OK, some new builds around here are now offering to throw in a fitted kitchen, or even a garage place for free (therefore reducing the price in real terms whilst not affecting valuations) I still haven't noticed the wholesale slashing of asking prices that some seem to have. Perhaps this is only happening on the sprawling new urbanisations on imaginary golf courses in the middle of nowhere without a street lamp in sight, but with lots of glossy brochures in English sitting in an office collecting dust. I've always been critical of this type of development and never understood fully the attraction of them to anybody, and have always stuck to my opinion that buying in a long established, mature area with full infrastructure (even if the drainage is crap and the garage floods at the first hint of heavy rain!) is a safer bet. The fact that prices in such areas have not dropped noticeably suggests that sellers in the same such areas think the same. Again, pity nobody remembered to tell the propspective buyers that! Long live Torremolinos!



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20 Feb 2008 20:56 by TJ222 Star rating. 317 posts Send private message

I wouldn't worry about current prices, be more concerned about future prices. Check the credit crunch thread - 50% min reductions coming.

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21 Feb 2008 14:45 by Roberto Star rating in Torremolinos. 3871 posts Send private message

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Shed on market for £150,000

A "dilapidated" wooden shed in a seaside resort is up for sale with an asking price of more than £150,000.

The wooden structure which measures just 18ft by 15ft in Abersoch, on the Llyn Peninsula in north Wales, is understood to have already attracted three offers above the minimum asking price.

The single-storey shed, sandwiched between two homes, has electricity and water supplies but needs planning permission before anyone can use it as a home. It has no view of the nearby coastline or countryside and part of the damaged roof of the structure is covered by plastic sheeting. Nevertheless, estate agents Beresford Adams is asking for offers over £150,000.

I think I'll just hang on for a bit, and wait to snap one up at around 75K! Bit worried about the LFO, though.



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21 Feb 2008 19:02 by Candyfloss Star rating in Cardiff / Mar Menor. 1599 posts Send private message

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Hi Roberto

Just goes to show us Welsh Estate Agents could sell sand to the Arabs  .





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