Agents Required

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This topic contains 9 replies, has 5 voices, and was last updated by Profile photo of Fuengi (Andrew) Fuengi (Andrew) 8 years, 6 months ago.

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  • #53954
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi,

    I am considering selling my 2 bed apartment in Almerimar, I have no idea of the current market in this resort but I am prepared to sell below the market value (marginally) whatever that may be!!

    Is it worth putting the apartment up for sale??? What are peoples opinions. Especially the agents.

    For example I think a similar apartment in Phase 3 of the development are marketed around 230k. Whether the developer is shifting them then that is another question. I would consider selling around 195k.

    So what do the Spanish experts think. Yes I know you don’t know what the apartment is based on that limited info but what chances do I have of selling it in todays market.

    I can describe it further, but I don’t want to break any rules of the forum, this in not and advert, just an opinion of the area and the likelihood of any interest at such a price.

    Thanks

  • #82630
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    I am not familiar with the the area, but i hope some of the information below helps.

    Is it finished or is this an off-plan? If it is an off-plan and you can complete, i’d recommend you wait. Who ever wants to buy of you, will have to pay the 30% or so that you paid in plus any additional. Not that much liquid cash at the moment and the ones that do have it are looking at buying at 150.000€ and want to take advantage of the property straight away
    fForget what the develpoer is selling for. Those prices probably don’t take into account the current market.
    Anyone else currently selling? at how much? how has it been on the market?
    Personally i might pay to have an official valuation done. whatever figure it values at maked usre its priced so someone can get a mortgage (80%) values at 200.000 put on the market for 160.000€
    what sort of person buys in the Urb. what sort of mortgage can they afford?
    How much did you buy for? are you willing to take offers? If you going to price it at one price now, then drop it in 6month if it has’nt sold, don’t bother. Putting at the lower price now.

    no great insights, but this information will give you a clearer idea of what to sell at and how likely it is.

  • #82632
    Profile photo of katy
    katy
    Spectator

    Sounds really useful advice Fuengi 🙂

    “If you going to price it at one price now, then drop it in 6month if it has’nt sold, don’t bother. Putting at the lower price now”

    Why do you think this? Just asking as many agents are recommending sellers to ask more than the bottom line so they can reduce.

  • #82633
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks Fuengi,

    The apartment is complete and has been for over a year. The developer is one of Spain’s more reputable developers hence everything is in order with regard to licences etc.

    I don’t have to sell, but since my original intention for buying has changed, it’s doesn’t make financial sense to just sit on it and hold.

    Obvioulsy each area is specific and fortunately my impression of Almerimar is that building has been more tightly controlled and in general the resort and its development plan has been generally well thought out. Almerimar’s closest neighbour is Roquetas de Mar and Almerimar is definitely more upmarket and exclusive. That’s reflected in the propery prices.

    But I have no real idea of the local market. If properties in Almerimar are moving I will place it with an agent. But if buyers are looking for 30%+ reductions I won’t, since I believe longer term (3 to 4 years) when some confidence returns the property will offer a moderate investment.

    Hence why I originally posted about what agents/individuals think of the area and the local market.

  • #82634
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @katy wrote:

    Sounds really useful advice Fuengi 🙂

    “If you going to price it at one price now, then drop it in 6month if it has’nt sold, don’t bother. Putting at the lower price now”

    Why do you think this? Just asking as many agents are recommending sellers to ask more than the bottom line so they can reduce.

    simple really.
    today i’m selling for 430.000€
    in 3 month for 410.000€
    in 6 months for 390.000€
    etc…

    we’re not talking ‘off-plan’ investment where if you don’t buy now i have 3 other investors looking to buy this great bargain, blah ,blah, blah.

    the average time it takes to sell a property now is 18/24 months. NOT because there are no buyers, but vendors are asking too much.
    So buyers are shopping around. Because unless something unforseen happens their max budget is not going to change. But vendors are lowering, so better to keep on renting for another six months and see what properties are on the market for your budget.
    That’s why bargain properties rarely get advertised. As soon as we get one of the market, we make a few phone calls to existing clients waiting to buy and sell it in a few weeks.

  • #82638
    Profile photo of Anonymous
    Anonymous
    Participant
    katy wrote:
    “If you going to price it at one price now, then drop it in 6month if it has’nt sold, don’t bother. Putting at the lower price now”

    Why do you think this?

    Because only the cheapest property on one block has the chance to get sold in current conditions, nobody is going to pay for the more expensive ones.

    During the race to the bottom, only the realistic sellers win. The cheapest on the block 6 month from now can be 10% lower than the one of today.

  • #82639
    Profile photo of Anonymous
    Anonymous
    Participant
    jp1 wrote:
    For example I think a similar apartment in Phase 3 of the development are marketed around 230k. Whether the developer is shifting them then that is another question. I would consider selling around 195k.

    Have you looked at kyero asking prices?

    There seem to be many new 2 bedroom apts. for about 150K-160K in Almerimar.

  • #82644
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Ralita,

    2 bed apartments at 150~160 in Almerimar are at the bottom end of the market and in general are 20+ years old. They are set back from the beach near the cliff that delimits the resort. (of course there are exceptions).

    My property is new, second line and front line to the lakes.

    I know the resort very well, having my main holiday home there as well. What I don’t know are the market conditions, for this locality at present. I can obviously see apartments that have been on the market for some time.

    So it was a genuine post.

    Should I advertise it or not bother…

    Sitting here in the UK and reading this forum, and other sources, my feeling is don’t bother. But of course agents can give me a better insight.

  • #82653
    Profile photo of Anonymous
    Anonymous
    Participant

    I have heard that Almerimar has some major problems that may become worse than Marbella in that a lot of the properties that have been sold as residential are, infact, tourist accommodation. That, as I understand it, renders the property as unusable apart from one month per year by it’s owner. It also leads to a 16% IVA rate being payable as opposed to 7% on a new build.

    As I understand it, some of the bigger developers have been involved in this with the Town Hall and that there is quite a bit more to be uncovered. Worse still, I believe the private sale contracts have given the truth about their licence status but it is hidden and it has been missed by quite a few buyers and their solicitors.

    As a result, I hear that prices are well distressed in the area, pending the oucome of fraud inverstigations by Almeria judges working on teh case at the moment and pending the investigations being made public, prices are well distressed on properties up to 5 or 6 years old.?

  • #82692
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant
    “ralita wrote:
    Because only the cheapest property on one block has the chance to get sold in current conditions, nobody is going to pay for the more expensive ones.

    During the race to the bottom, only the realistic sellers win. The cheapest on the block 6 month from now can be 10% lower than the one of today.

    mmmm. true more or less.
    Most competitive properties sell.
    There will always be a cheaper property than yours. But is your better value?

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