The Market - Bottomed Or still more to come???

You can get something for 230 to 250,000 euros including furniture and first occupation license!

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Not complete with an FLO Rixxy? Surely not?

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Ah with an LFO. the ones without LFOs cost more due to the fun factor!

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Now is it an LFO or an FLO  but whichever it is I can't get what I want for near that price.

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Well how much you got - you can pm me with that!! 

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tinto

i'm new to this ............ but ricky sounds(reads) like a used car salesman ......... once he knows what you have to spend .... thats what you will spend.

 

it still looks like a buyers market

 keep shopping ( but through ricky??????)

good luck

irishrorio

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JUSTIN,

What's happened here?

The new replies are at the back on page three.

I thought you were copying a certain other site until I took a look at the other threads.

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Hola Rorio Rixxy is actually a young lady - while I take your point on the comment made I am aware of the company she works for who's commission rates are one of the lowest (if not the lowest) on the Costa del Sol they are a well respected company who had quite an innovative approach to property sales here about two and a half years ago which ultimately means the seller pays less commission and hence that should be reflected in the purchase price. To be fair unless she has an idea of a clients budget she doesnt know what to show to them - I assure you that I am not the estate agents best friend in the world but I do take the pragmatic view that they have to startt somewhere.

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thanks patrick

i just dropped in to see if i would get any response to my comments.......

and would you believe i was also just on my way back to another thread ............... to add your name as what "looks like another helpful link who is not afraid to declare an interest"...............

by the way can you shed any light on , i think its "roberto" who "looks like another helpful link...... but should there be a declared link!!!!!!!!"

rory

 

 

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Hi Rorio I think Roberto is just a willing participant - possibly an investor with a number of properties here but you would have to ask him - not sure if he has any involvement - never afraid to declare an interest - also helps to indicate the info that I give is with some knowledge (at least I hope I have a little knowledge - oh no they say thats a dangerous thing!)

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Some interesting posts!

As the thread originator though - would like to hear from a few more people on the ground (is anyone else thinking of buying this year, or are we all still waiting!??).

it is quite confusing when based in England - apart from the agent-speak, news here can be quite contracdictory. For example, the much vaunted Barclays bank guide to buying in Spain cites one example of a property on the market for circa 650k Euros (forget the exact figures!), seeling for 400k Euros, yet, yesterday's Sunday Times cites properties costing 60k Euros 3 years ago now worth 200k Euros!

I suppose what I am realy after is a feel for prices right now - for example - what does one offer on a 500k townhouse on the market for 3 months?? is the more realistic pricing now factored in, or do deals such as the Barclays one actually exist????

Any thoughts anyone - from agent to specualtor (or confused like me!) ;-)

 

 

 

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Thanks Rixxy I am coming out next week to view, if I am not successful I will get in touch

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Hi Dr K I will try and give an unbiased objective view. I can only speak from the point of view of the Costa del Sol as I dont know the area you are considering. I think most people agents included would concur it is currently a buyers market. There is a great deal of choice and a lot for sale. There may be "distressed" sales out there from investors not able or willing to complete. However I think the shrewd investors are viewing this as opportunity as opposed to threat. If you can hammer out a good deal for yourself that you are happy with then go for it. It is feasible that in certain parts of Spain three years ago one might have bought for 60k that is now considerably more in value - not the CDS I hasten to add - 60k might have bought a broom cupboard. The examples you quote are not area specific so it would be difficult for anyone to say that is correct or not. Yes it is possible to pay 400k for something on the market at 650k if the seller is desperate to sell. If they arent they will wait for their 650 or close to - particularly if the vendor is Spanish or German or I guess any nationality if they aint desperate - but that is not just in 2007. To illustrate I bought an apartment two years ago bank valuation 850,000€, purchase price 505,000€ - the next cheapest on the market was 775,000€. Did I get a good deal - for me yes it was - but at the end of the day so did the vendor as it was a price they were willing to trade at. Would the seller at 775k have come down - possibly but not to 505k. There are many vendors that wont budge on sale price but those that will. It really is a question of you deciding the price YOU are happy to pay. But you must also be happy with that price and not view things as a mistake or someones fault if it doesnt leap in value in the next six months. Property markets are cyclical and there is no doubt whatsoever in my mind that the CDS will start to see capital growth again when we have come through the current static period - hence my purchase above, plus a couple of others but that is the most extreme. There is great infrastructure here and we are supported by a very cosmopolitan market - the new economies are buyers here - Russians, Bulgarians, Latvians, Chinese, Indians etc - they all have new found wealth and while they have not arrived in the same numbers as the Brits they are buying here - added to the already high influx of citizens from other European countries - the Moroccans with their new found wealth are coming back across this way as well - not heavy in numbers yet but it always starts with a trickle.

Its my view and anyone who doesnt agree with me will no doubt air their views. 

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Hi Smiley - thanks for leaping to my defence with regards to Irishrorio's comments. I know people are very sceptical of any agents out here.

I would second all your comments below - it was for this reason that I also bought and in the Marbella area only last september. Also I got a good deal and am thoroughly happy with what I have.

DrK - there are many 'deals' but also a lot of distressed vendors have not very well saleable properties which is why they have trouble selling - it really is location, location,location. If you are in a strong finacial position then many vendors will dance to your tune.

What I am finding is that bank repos are on the rise, but because vendors are so highly mortgaged, they cannot sell just to clear their debt as buyers are still holding back.

Tinto - your welcome to drop in for a drink and a chat when your over if you are free and have time - have a good trip and good luck

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Thanks v much Rixxy and Smiley - I realise my query was ermmmmm, rather open-ended & generalised - your posts are helpful as I am indeed looking in the Costa Del Sol (East Estepona to be precise!).

Apart from certain (emphasise "certain") agents bull the greatest annoyance to me is that 99% won't tell you the name of the development (in case you check it out on sites such as this!), wont show you the view, and send or post on their sites properties that are literally years old (and off the market!), some even insist that when we agree to come over they will do a personal survey and have a list for us to see when we arrive! it is hard looking from England with only a week-end or two to fly over! Luckily I have a couple of good, realistic and helpful agents, so may only be a matter of time before we find our little place in the sun! If only we could find out what happens to the banks repossessd properties (as abhorrent as the concept is!).

Thanks again for your comments. ;-)

 

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By the way - anyone esle out there also thinking of taking a dip this year into the Costa Del Sol property market?? if so - please post - would be nice to hear of other's experiences / war stories! ;-)

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Bank repos get offered first to Notaries as they act as the governement liquidator - so I guess you can imagine what happens from there - there is good reason Notaries as a group are probably the wealthiest people in Spain if you exclude the politicians that have been tempted by Lucifer. Thing with repos is that you cant be choosy and forgive the pre judgement but you sound quite particular about what you want - absolutely nothing wrong with that and I commend you for knowing what floats your boat but it would not help you when looking for a repo if you could get offered one. As Rixxy says location will always sell and if you think you are going to get a sniff of front line beach in Pto Banus valued at 1,000,000 for 400k you can think again. If you want east Estepona see if you can find something at Alcazaba Beach - right on the money for road connections to head east or west on the Autopista or the 340. It is a long established urb with a lot of lawyers and judges from Madrid as owners there so the community runs very smoothly - all the wrinkles have been ironed out - frontline there for tired is probably a million or maybe more (I bow to agents better knowledge) but the ones further back will go for 400 to 600 ish I guess depending on age and where exactly they are. Lots of facilities - year round residents as well as holiday owners - anywhere on the urb is a stroll to the beach - 5 minutes by car into Estepona town - can long walk to Carrefour - wouldnt want to walk back though - if you have found an agent you trust then you need to decide that you are willing to take the risk and buy something. The deals tend to be offered to locals that can move now.- I have lost count of the num,ber of clients that have said to me if someone offers you something that represents extraordinary VFM then let me know asap - this I have done if someone has contacted me in trouble with their mortgage - the ones that hop on the`plane dont want it as its not quite their taste nor in quite the right location - despite the fact its 150k below value - the other ones will say oh brilliant I will be over in a couple of weeks to take a look - guess what its gone - if the price is that good it wont be around for a couple of weeks - its how I have ended up with three of my own - looking for others and then they were too slow and the deal too good to turn my nose up - so what the heck I will have it!   

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Yes - for this reason we dont touch bank repos - I know people who have had huge problems and years later still no clear title!

And yes I agree with regards to the good deals - most dont even get onto the website, a couple of phone calls gets shot of them - providing of course they are licensed!!!

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Smiley - Yes, I have looked at and like Alcazaba Beacha lot and have possibly two to view there when we get over! It's s shame that the Alcazaba development board has not a single post!  Also like Mar Azul (a tad pricey - but just about spot on for the location we are looking at!). You seem to know the area very, very well! If you are at the first roundabout coming out of Estepona on the east side (i.e with the side road leading to the kempinski), it is basically that little enclave to the left that we really have our eyes on! problem is, I haven't a clue what most of the developments are called as most of them seem quite small! The two new ones right next to the Kempinski seem to be priced for millionaires!!!!

Do you know the new development right next to the garage just up from Carrefour?? We had a quick look last year - but I cannot for the life of me remember the name!! It's the one with the same terrocotta / moorish external finish as the hotel???

Maybe i'll drop you and smiley a mail just before we come over (looking now to be end March / early April - you never know - you might know of something!!

Cheers for now!

Rod

 

 

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Hi Rod I am on the wifes machine so doesnt come up as Smiley but not sure where exactly you mean. The only road that I know of off the roundabout leads into Alcazabar Beach - at least it did - I think the plan is ultimately for it to link up with the slip road to the Kempinski but last time I was there it didnt go all the wy through - the urb being developed next to Kempinski I think is a Granados of some description and yes they are quite lumpy - mate of mine has sold a few in there to an Irish consortium for 900k ish I think. Will try and double check the name next time I go down there which will be next week sometime - mate of mine was selling some of the brand new Alcazabar ones at the back of the urb - close to the 340 - well equipped and look well built -  has an investor on his books who is a friend of the developer (arent they all) who was looking to offload four or five - dont know if still available or prices but think they were in the region of 450 for a two bedder - slight sea view. I was concerned about noise from the 340 but if you are at the front of the apartment there seems to be no road noise at all. Funnily enough there are a fair few agents who own there (genuinely) I know of three `personally so I guess that says something bout the quality and saleability - bearing in mind proximity to the beach they should be good renters - think long term they will prove to be good investment considering new attitude to building on the beach 

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