Is that all it is worth

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This topic contains 19 replies, has 10 voices, and was last updated by Profile photo of Melosine Melosine 6 years, 5 months ago.

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  • #55704
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello my name is alan. We own a villa in Arboleas, Almeria Spain. It is a 3 bed 2 bath , no pool but has a 6 seater spa. We got within 3 days of selling it for 240,000 euros 18 months ago, and now according to the estate agents it is over-priced at 150,000. Do you think they are correct or are they trying to pull a fast one, they get the same amount of commission no matter what it is sold for?
    We are not too efficient on the computor, how difficult is it to advertise on the forum. My problem is getting photo,s transferred to the forum? Can any body help. It would be appreciated as we need to sell.
    Yours Sincerely Alan & Margaret 🙁

  • #99244
    Profile photo of Anonymous
    Anonymous
    Participant

    Prices have generally fallen 30% from their peak so the figure the EA is quoting doesn’t seem out of that ballpark.

    The only way of actually ascertaining the value is to look at what similar properties in the same area are fetching (n.b. Fetching, not the asking price which are often, as yours currently appears to be, ridiculous.)

    Have a look at the ‘Sell your property in Spain’ forum on here. At the top there is an explanation of how to insert photos. If you can’t manage with that then why not get someone a bit more computer literate to help you.

  • #99247
    Profile photo of Anonymous
    Anonymous
    Participant

    i came out to look in arboleas in 08 i stayed in el rincon, properties i looked at then for 220k are still for sale advertised at 165 down to 145 so what you have been told is about right and they had proper pools aswell,people who are buying don’t need to come that far inland now to find a bargin.

  • #99249
    Profile photo of angie
    angie
    Spectator

    Alan, don’t forget Sterling dropped 25% or more since 18 months ago so this could help compensate for the lesser valuation, that’s if you need Sterling! So you would gain when converting back.

  • #99250
    Profile photo of Anonymous
    Anonymous
    Participant
  • #99251
    Profile photo of Anonymous
    Anonymous
    Participant

    this is what i was looking at

    http://www.kyero.com/property/1191440-villa-for-sale-arboleas

    this is what you are putting your property up against

    http://www.kyero.com/property/1185269-villa-for-sale-arboleas

    there are a lot of villas for sale in the area aswell so yours would need to have something special to make it stand out

  • #99252
    Profile photo of Anonymous
    Anonymous
    Participant

    @dartboy wrote:

    …… so yours would need to have something special to make it stand out

    And something special means reducing the price by 10~15% below the cheapest in the area so that it will sell, assuming there are some buyers out there. Otherwise you fall into the classic trap of chasing the market down, because in another 18 months All properties will be 10~15% down on today’s prices and then your property does not seem so appealing at its current price.

    Not good news to read but the market is absolutely devastated, not only are the Spanish not going to buy for a long time, but also other North Europeans are struggling with their own austerity measure.

  • #99260
    Profile photo of adiep
    adiep
    Participant

    If you can avoid selling, avoid it, and continue to enjoy the property with friends and family. In 5 years you’ll of had a great time and will get a better price.

  • #99268
    Profile photo of Anonymous
    Anonymous
    Participant

    In 5 years you’ll of had a great time and will get a better price.

    Don’t bank on it. Prices on the Costas look set to continue falling for at least another year, perhaps two. After then they will at best be static for a few years until the glut of unsold properties is absorbed.

    Enjoy the property by all means but don’t expect an early recovery in prices in this market.

  • #80646
    Profile photo of Anonymous
    Anonymous
    Participant

    Thank you all for your brutal but honest replies, it has give us a reality check, as we are back in england and do not have our finger on the pulse, we will have to swallow the medecine and think again about what to do next. I enjoyed this means of corrosponding and will do it again. by the way I cannot live in Spain as we found I get a strong reaction to the sun? Hasta Luego Almar

  • #80814
    Profile photo of Anonymous
    Anonymous
    Participant

    Thank you all for your brutal but honest replies, it has give us a reality check, as we are back in england and do not have our finger on the pulse, we will have to swallow the medecine and think again about what to do next. I enjoyed this means of corrosponding and will do it again. by the way I cannot live in Spain as we found I get a strong reaction to the sun? Hasta Luego Almar

  • #80647
    Profile photo of adiep
    adiep
    Participant

    Live here in winter, rent the place in summer, perfect if you can do that.

  • #80816
    Profile photo of adiep
    adiep
    Participant

    Live here in winter, rent the place in summer, perfect if you can do that.

  • #80648
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @alanthetiler wrote:

    Hello my name is alan. We own a villa in Arboleas, Almeria Spain. It is a 3 bed 2 bath , no pool but has a 6 seater spa. We got within 3 days of selling it for 240,000 euros 18 months ago, and now according to the estate agents it is over-priced at 150,000. Do you think they are correct or are they trying to pull a fast one, they get the same amount of commission no matter what it is sold for?

    Maybe the agency does not market to the right buyers?
    Are they advertising your property?
    Do they have a website?
    Is their agency in a busy area?
    Except for dropping the price has the agent suggested anything else?

    Yes the market is bad in many areas, but there are still buyers out there.

  • #80818
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @alanthetiler wrote:

    Hello my name is alan. We own a villa in Arboleas, Almeria Spain. It is a 3 bed 2 bath , no pool but has a 6 seater spa. We got within 3 days of selling it for 240,000 euros 18 months ago, and now according to the estate agents it is over-priced at 150,000. Do you think they are correct or are they trying to pull a fast one, they get the same amount of commission no matter what it is sold for?

    Maybe the agency does not market to the right buyers?
    Are they advertising your property?
    Do they have a website?
    Is their agency in a busy area?
    Except for dropping the price has the agent suggested anything else?

    Yes the market is bad in many areas, but there are still buyers out there.

  • #99282
    Profile photo of Melosine
    Melosine
    Participant

    Yes, buyers are out there BUT they are only interested in rock bottom bargains unfortunately.
    A spanish friend who owns a stunning achitect designed 5/5 modern house in Lorca complete with pool and landscaped 5,000 plot recently received an offer of 50% less than it cost to initially build !!
    And a friend of mine bought in an Arboleas urbanisation 6/7 years ago before prices rose dramatically and ridiculously for what they are and where it is…out in the sticks .
    Including pool property cost less than 130,000 euros. Based on that 150 sounds about correct now.

  • #99283
    Profile photo of Anonymous
    Anonymous
    Participant

    @melosine wrote:

    Yes, buyers are out there BUT they are only interested in rock bottom bargains unfortunately.
    .

    Melosine, sorry to ask, if you were to buy now wouldn’t you make rock bottom offers?
    The prices still have a long way to fall in Spain before becoming real bargains.

  • #99284
    Profile photo of katy
    katy
    Spectator

    The problem is that anyone who bought after cerca 2002 and especially after 2004 paid vastly over-inflated prices. Prices were mainly developer led and because of demand buyers, were paying crazy prices. Close to where I lived a gardener had a super villa with great views. Some were bemused that he could afford a million euro place…easy, he bought from a Brit during the 1995 recession 🙂

  • #99285
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    The problem is that anyone who bought after cerca 2002 and especially after 2004 paid vastly over-inflated prices. Prices were mainly developer led and because of demand buyers, were paying crazy prices.

    Exactly. So it is not the fault of the current potential buyers if they want 1995 prices plus inflation…

    I keep on saying: un-desirable apartments but by all means liveable in Miami or Las Vegas sell for $10K, I do not see any reason why Spanish inhabitable apartmnents in undesired areas would cost more than 10 thousands Euros. That is my definition of cheap as chips not the current prices.

    Of course, I do not think that many would actually want to buy holiday property in un-desirable areas but
    then people bought over-priced property in many dusty village all around Mediterranean Sea…

  • #99289
    Profile photo of Melosine
    Melosine
    Participant

    Definately flosmichael although I wouldn’t be baying for blood like many of the presumably ‘potential buyers’ who are on the road right now.

    I would equate each property as to it’s value for money before I ever went house hunting thereby neither wasting peoples’ time or seeking out the desperate to insult with a low offer.

    Vendors and estate agents must start getting real. Start pricing correctly, give more info of property and area et al and the latter inquiring more of the ‘actual’ budget of these presumed buyers.

    Local ones in Lorca bring out potential buyers of holiday homes to view properties with 20,000 + sq.m of land 3 km up a tricky dirt tracks and 40 mins from the coast which is ridiculous. But they are desparate for income.

    Although most of us bought on a rising market we also had the high £ to E equation. 1.45 in my case .So if reduced my property, which is not for sale, by 1/3 then I would still be about evens and the money spent on extras I would have to dismiss as a loss.

    Problem is most Brits are comparing like for like what they could buy back in UK ,which in my case, should be double the value.
    But that’s not the real world unfortunately.

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