08 Aug 2007 6:54 PM:

Thank you, noelandwilma, for your thoughts, especially, reviewing the positive sides.  

Real estate market is always at some point on it's cycle. Almeria sounds like it is at a down turn.The curve surely will go back up but calculating out what will take to endure the course will be the key to determine the exit strategy.   

It will be a great help if anyone chime in for the information as follow. I live in US. It has not been very easy to catch people in Spain to get all the info.

1. Current mortgage situation -interest rate, LTV(Loan to Value, What is the maximum amount does the bank lend?), what is your thoughts on the brokerage who works with MRI? I alreadt paid them to look for the loan when I signed to purchase but is there any better service I should look for?

2. What is practical rental rate assupmtion?  Is noelandwilma's assumption of 12~15% rental pretty conservative number? Is rental price what MRI says realistic market price?

3. Are you all going to use MRI rental service or look for alternative choice as someone (Sorry I am still not remember everyone's ID yet) posted before?

4. Does anyone know how much we will pay for the community fee in a worst scenario?

Any comment is greatly appreciated.

 

Community thread: TOWN HALL TAXES

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07 Aug 2007 12:00 AM:

Hi everyone!

I have registered in this site for a couple of months ago but never posted before. Thank you very much for all the updates, tour reports, and the pictures.

As everyone is, I am worried about the loss that we will experience when we close the loan at the completion of the property.

Would anyone help me out to calculate how much capital reserve we need to hold the property until it gets on the tract? The financial strategy from the meeting with MRI was under the assumption that the propery would appreciate.

I read from a previous posting that Portofino has not appreciated at all from 18 months ago. Although, MRI told me that my unit went up 30,000 Euros over 6 month period when I spoke to them about 4 months ago. Does it mean we will end up paying for the furniture package, some or all of the closing cost, community fees for many months to years, and/or  mortgage payment that will be short from the rental?

Would it be better idea to walk away by loosing the deposit? Am I being too passimistic?

Any comment is welcome.

     

Community thread: TOWN HALL TAXES

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