Massively overpriced Property

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This topic contains 30 replies, has 6 voices, and was last updated by Profile photo of angie angie 4 years, 6 months ago.

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  • #56572
    Profile photo of angie
    angie
    Spectator

    Have just seen an email from Viva with latest Hot Properties/reductions and the 2nd one shows a villa in Coin for 1.8 million euros πŸ˜† It’s new on as well, so all rush to view 8)

    Bog standard exterior, 5 bed 4 bath, really dated kitchen and bathrooms, very little style or quality, naff looking statues around garden and pool, those awful looking cheap balustrades you see in Spain everywhere, but the two worst things about it, it’s views are looking over the busy main road just below, it’s in Coin (not an attractive town IMO), as well as this ridiculous price.

    If it was on for 800k it would be overpriced, but to get it wrong by a million, someone needs a new valuer methinks πŸ™„

    Come on Viva, pleeeeease tell me it’s a mistake πŸ˜†

  • #108196
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    I thought oh dear, this must be pretty awful if you commented on it Angie.

    But just took a look and with 4,000 sq mtrs of grounds it looks pretty nice to me, but then hey you are as entitled to your view as the private vendor is to price it for sale at whatever price they wish to really.

    That’s the way the world is and lets see over the next few months what happens with the property.

    Did you check out the rest of the HOT Properties magazine? See any interesting new listings, price reductions or bank repossessions, surely not all bad in your view?

    I was thinking it was fairly well balanced and a pretty good outlet for those who want, or need to sell. And at least a helpful resource for those who are interested to buy. Or should VIVA just give up and roll over altogether?

  • #108198
    Profile photo of katy
    katy
    Spectator

    Agree Angie, completely OTT and I agree that Coin is not my fav place either! I know someone who has something similar out there for sale for 495,000 and has been on sale for years. Because of the view/area i wouldn’t buy it at any price. Just one other thing, I thought around that area minimum build was 5000M2 or even 10000 πŸ˜• Was also suprised when I searched for the property that there were 267 properties for sale in that area 😯

    perhaps the statues are included and are valuable πŸ˜†

  • #108200
    Profile photo of angie
    angie
    Spectator

    Yes Chris, there are plenty of reductions with Viva, however because this one stood out being the 2nd one in the email, I thought I would mention it, and it does look like crazy pricing, in this case by the vendor it seems. It was you who ask if ‘Viva should give up and rollover’ not me and I wasn’t suggesting that πŸ™„ There’s far better value and quality and views for less than half that price almost anywhere else too.

    Katy’s thoughts on Coin seem to concur with mine though, it’s not particularly attractive as a town, too industrial around as well. This is just my opinion, but I think both Alhaurins which are fairly near to Coin are more attractive especially in their old towns.

  • #108203
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @angie wrote:

    Yes Chris, there are plenty of reductions with Viva… It was you who ask if ‘Viva should give up and rollover’ not me and I wasn’t suggesting that πŸ™„

    True, I don’t even know why I said that, I didn’t mean it like it now looks or sounds, sorry.

    And yes it is all subjective, there are some great priced properties in the region and at or around the price Katy is talking about, and I am amazed how some sell almost instantly and others take forever, it can all be very strange.

    But, hey what’s normal anymore?

    And we very conscious that we have to change, improve, learn and basically become a very different entity in the future, cos we know you are out there Angie, and we are listening and accepting what you say. But then, it is the Vendors right to price at their price, but will keep you abreast of what if anything happens and we all see.

    And sorry, again I didn’t meant to put words in your mouth at all, or give that impression. I wasn’t even being sensitive cos you have given us a much worse rap over the knuckles than this before!

  • #108216
    Profile photo of angie
    angie
    Spectator

    Hooray, we’re back on track again Chris πŸ˜›

    Regarding towns like Coin, Alahaurin etc, many of them have pretty ugly outskirts, industrial areas (similar to any country there),unfinished buildings and cranes still, then they have their main shopping streets, but, and I do think that many visitors do miss their old towns in the heart of the buildings. We always seek these out for little shops and restaurants/bars, and often there is a small square or two to sit in, very attractive too.

    We know people who live in these areas and have never visited the old towns which seems a waste. We find that prices are better value where the locals shop generally. πŸ˜‰

  • #109057
    Profile photo of angie
    angie
    Spectator

    Hello Hello what ave we ere?

    Just been emailed by Viva and that massively overpriced bog standard villa in Coin that I reported on March 29th not 2 months ago and which Chris defended it’s pricing, has now been reduced to 985k for a quick sale πŸ˜†

    A leg lift if ever I saw one, and just one example as to why buyers should really beware when viewing properties in Spain. This villa looks to already have had a reduction of over 300k since it’s 1st marketing, and now this. 😑

    It’s still way overpriced and is clear evidence of vendor greed or agent over-valuation or both, what were they thinking of ? πŸ™„

  • #109213
    Profile photo of angie
    angie
    Spectator

    Hello Hello what ave we ere?

    Just been emailed by Viva and that massively overpriced bog standard villa in Coin that I reported on March 29th not 2 months ago and which Chris defended it’s pricing, has now been reduced to 985k for a quick sale πŸ˜†

    A leg lift if ever I saw one, and just one example as to why buyers should really beware when viewing properties in Spain. This villa looks to already have had a reduction of over 300k since it’s 1st marketing, and now this. 😑

    It’s still way overpriced and is clear evidence of vendor greed or agent over-valuation or both, what were they thinking of ? πŸ™„

  • #109063
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @angie wrote:

    Hello Hello what ave we ere?

    I think its a free market and as previously stated the perfectly reasonable option of the Vendor to ask whatever they wish for their property Angie. It is their property after all.

  • #109216
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @angie wrote:

    Hello Hello what ave we ere?

    I think its a free market and as previously stated the perfectly reasonable option of the Vendor to ask whatever they wish for their property Angie. It is their property after all.

  • #109065
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    Hahaaa… Oh, I just got sent this, and well you gonna love this one Angie…

    http://www.internationaleat.com/news_features/vendors-should-pay-agents-more-says-donald-trump

    Please, please don’t shoot the messenger and take it in good humour!

  • #109217
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    Hahaaa… Oh, I just got sent this, and well you gonna love this one Angie…

    http://www.internationaleat.com/news_features/vendors-should-pay-agents-more-says-donald-trump

    Please, please don’t shoot the messenger and take it in good humour!

  • #109067
    Profile photo of katy
    katy
    Spectator

    They still won’t get that in coΓ­n :mrgreen:

  • #109218
    Profile photo of katy
    katy
    Spectator

    They still won’t get that in coΓ­n :mrgreen:

  • #109222
    Profile photo of angie
    angie
    Spectator

    Chris, I appreciate it’s a free market but surely the agent should advise in such cases where a property is priced at a likely double it’s value! Most reputable agents in the UK will clearly not take a property on their books if a vendor is being greedy, it wastes everyone’s money including the agent’s and could have serious implications for some poor (or rich) soul who trusted the agent but ended up massively overpaying, so why don’t agents in Spain adopt the same standards? Suppose it was your relative that walked into an agent and ended up paying twice what they should?

    I knew it was overpriced and suspect most people could see it too but there’s always someone who will believe anything they see or hear, it’s not acceptable! πŸ™„ You did reply to me that ‘we will see what happens with the property in a few months’ and less than 2 months on it’s almost halved in price, as I said, it was a ‘leg lift’ by someone 😑

    After all, it would go a long way towards instilling some trust in the Spanish property market. πŸ™„

    As for Trump a known c—k, he can afford to pay high commissions, did you see that programme on him a while ago , nasty piece of sh-te whilst at the same time destroy the Scottish landscape to boot πŸ˜†

  • #109223
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @angie wrote:

    Chris, I appreciate it’s a free market but surely the agent should advise in such cases where a property is priced at a likely double it’s value! Most reputable agents in the UK will clearly not take a property on their books if a vendor is being greedy, it wastes everyone’s money including the agent’s and could have serious implications for some poor (or rich) soul who trusted the agent but ended up massively overpaying, so why don’t agents in Spain adopt the same standards? Suppose it was your relative that walked into an agent and ended up paying twice what they should?

    I knew it was overpriced and suspect most people could see it too but there’s always someone who will believe anything they see or hear, it’s not acceptable! πŸ™„ You did reply to me that ‘we will see what happens with the property in a few months’ and less than 2 months on it’s almost halved in price, as I said, it was a ‘leg lift’ by someone 😑

    After all, it would go a long way towards instilling some trust in the Spanish property market. πŸ™„

    Fair point, and believe me Angie we do try, but it is not always as clear as it seems it should be really.

  • #109224
    Profile photo of angie
    angie
    Spectator

    I liked katy’s reply which made me laugh a it was so ‘succinct’ but true about Coin, I can’t even answer that so briefly katy, you have a gift, you make the point in a nutshell πŸ˜†

  • #109226
    Profile photo of peterhun
    peterhun
    Participant

    60% off, one way of getting interest.

    I think there is a valid argument to increase commission during falling prices and sales and a valid argument in the opposite situation.

  • #109254
    Profile photo of angie
    angie
    Spectator

    This sort of blatant overpricing for all to see does rather sour any vestige of hope that agents in Spain are becoming more transparent and cleaning up their act after all their previous bad Press for mis-selling!

    It would make me think twice nay thrice before placing any trust in an agent in Spain again, I would always think ‘am I paying through the nose’?

    It shouldn’t be happening again, full stop 😑

  • #109255
    Profile photo of Anonymous
    Anonymous
    Participant

    @angie wrote:

    This sort of blatant overpricing for all to see does rather sour any vestige of hope that agents in Spain are becoming more transparent and cleaning up their act after all their previous bad Press for mis-selling!

    It would make me think twice nay thrice before placing any trust in an agent in Spain again, I would always think ‘am I paying through the nose’?

    It shouldn’t be happening again, full stop 😑

    Angie, why would Chris care what price do people ask for their properties? The price is just a number, one can add any number to a website.
    The amount of Gigabytes available is almost infinite so one can add anything to their websites… Of course nobody was supposed to pay 1.8 million for that property, of course nobody will pay 895K for that property.

  • #109256
    Profile photo of katy
    katy
    Spectator

    Yes, I wouldn’t blame the agent, it’s buyer beware in any country.

  • #109257
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    I think I will have to default to the Disraeli position here, never complain, never explain.

    Funny though, on Monday we sold a house in Alhuarin for I think it was €575,000 we do actually sell homes for people guys.

  • #109258
    Profile photo of angie
    angie
    Spectator

    flosmichael. when you say ‘why would Chris care’? sort of staggers me, as I said previously most reputable agents in the UK would not take an overpriced property on their books, it makes the agent look bad and unprofessional too. Surely it’s about scruples, surely the agent is there to advise both seller and buyer. πŸ™„

    If Chris is head of Viva then he has some responsibility to both vendor and buyer as potential new clients.

    Yes, most people won’t pay that price even halved, but what if some sharp sales person tells some naive buyer ‘it’s new on, well worth the money, you cannot lose etc’ where have we heard that before, then finds out they are truly shafted, turn the clock back a few years, they were almost all at it then and that’s why so many on here have their own experiences of being shafted? 😑

    Scruples, you can’t beat them πŸ˜‰

  • #109259
    Profile photo of Anonymous
    Anonymous
    Participant

    @angie wrote:

    flosmichael. when you say ‘why would Chris care’? sort of staggers me, as I said previously most reputable agents in the UK would not take an overpriced property on their books, it makes the agent look bad and unprofessional too. Surely it’s about scruples, surely the agent is there to advise both seller and buyer. πŸ™„

    If Chris is head of Viva then he has some responsibility to both vendor and buyer as potential new clients.

    Yes, most people won’t pay that price even halved, but what if some sharp sales person tells some naive buyer ‘it’s new on, well worth the money, you cannot lose etc’ where have we heard that before, then finds out they are truly shafted, turn the clock back a few years, they were almost all at it then and that’s why so many on here have their own experiences of being shafted? 😑

    Scruples, you can’t beat them πŸ˜‰

    There are plenty of overpriced properties around where I live in Wirral. Of course nothing of that sort sells.But there are always stuipid people with more money than sense.

    My feeling is that actively looking for properties in Spain now is a complete waste of time and nobody knows what the future will hold. Of course armchair looking at fotocasa and idealista and even VIVA could be a pleasant activity.

  • #109260
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @angie wrote:

    If Chris is head of Viva then he has some responsibility to both vendor and buyer as potential new clients.
    :

    Am not the head of VIVA, far from it, don’t forget I live in the UK for the past couple of years and seem to get to Spain less and less at the minute.

    In addition to some of my earlier answers though, I would say that you know very well that the CDS is not comparable to the UK in terms of agents setting pricing, in Spain it is wholly vendor driven and I would remind you that almost no properties are listed exclusively with a single agent but are indeed mostly are listed with many.

    I also don’t think you have the right to denounce what an individual values – their property at – given that you have simply no idea what the criteria may be upon which they may have come to that valuation.

    If you don’t think it is value for money – that is fine, but I rather think that is the vendors problem not yours.

    You can bang your drum all you like on this one, but if I had been involved in selling over priced properties in the more than 11,500 sales I have been involved in, I think you might have heard about it by now, one way or the other don’t you?

    And that’s it now, I will certainly default to Disraeli.

  • #109261
    Profile photo of Anonymous
    Anonymous
    Participant

    angie I don’t agree with you there. Chris will ofcourse try and be positive about the market and I can notice that some on here takes offence to that. If anyone wants to try and offload “to” highly priced properties as an agent it’s only their problem and no one else because they will be working for free since no one will buy it. What makes the situation different from The UK could be that agents have more direct costs like news magazine advertisements etc. Agents using exclusive contracts etc. Most advertisements in Spain is done solely on the internet so it doesn’t cost the agent anything. When I worked in Spain I used to tell the sellers “if they didn’t agree with my valuation” that we could give it shot for a few months at that level just to proove my point and then lower the asking price. To be honest I regret this way of doing business because in the end their property never sold and gave me a bigger work load and the sellers a false sense of hope. In 99,9% the buyers won’t even want to view these kinds of properties because the expect the sellers to be in Lalaland.

  • #109262
    Profile photo of angie
    angie
    Spectator

    Quote:

    ‘I am no saint here, I bear my own share of guilt for what happened in the market between 2002-05 particularly, but some things you just can’t stop and you have to ride the wave in, so let’s be sure I am not without fault’

    Confession of an estate agent in Spain, guess who? πŸ˜†

    So ‘Spain is not comparable to the UK in terms of agents setting the prices’ so when some of the large agents in Spain were buying up or reserving whole blocks of flats and town houses and sticking as much as 30% on top as their commission (fact), it wasn’t the agents setting the prices then??? Oh, and suckering in unfortunate gullible buyers en-masse 😑

    No wonder Spain got in such a mess, unregulated agents and still not addressed by the Spanish Gov’t This may make me ‘bang my drum even more to warn newbies about buying in Spain, Cyprus, Turkey and the rest. πŸ˜†

  • #109263
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    Quote:
    ‘I am no saint here, I bear my own share of guilt for what happened in the market between 2002-05 particularly, but some things you just can’t stop and you have to ride the wave in, so let’s be sure I am not without fault’

    I don’t think you should take that out of context really, this wasn’t meant in relation to ‘overpriced’ property, it was a general market context.

    So ‘Spain is not comparable to the UK in terms of agents setting the prices’ so when some of the large agents in Spain were buying up or reserving whole blocks of flats and town houses and sticking as much as 30% on top as their commission (fact), it wasn’t the agents setting the prices then??? Oh, and suckering in unfortunate gullible buyers en-masse 😑

    I am not aware of anyone having done as you say, but am sure you must have your reasons for saying it, but it certainly wasn’t me!

    And I support entirely you banging your drum, I think you do a very good job at it. But as someone who visits the coast and seemingly has a good time when you are there. You have to sometimes accept maybe that some people have the nous and wherewithal to make their own decisions and join the hundreds of thousands who are not on this forum, because they are busy enjoying their homes and themselves already.

    You have some great arguments Angie, and I support 9/10 of your positions on most, but it doesn’t make you right all of the time. I think you have to remember that as I say literally hundreds of thousands of people live and are entirely happy living in Spain, couple of links to a few sad stories in the Daily Mail or Telegraph doesn’t change that one iota.

  • #109264
    Profile photo of angie
    angie
    Spectator

    Thank goodness you posted that reply because I really didn’t want to post some comments from amongst those 11500 clients if you know what I mean, I know you were rattled because you tend to overstate when you are but please don’t try and tell me not to get involved with either vendor or agent massively overpriced property, (I’m trying to stop this practice and will continue to do so) I always do my homework on topics:roll:

    Back to this property, you did say ‘wait and see what happens to it’ well it virtually halved in less than 2 months, had it sold no doubt you would have told me ‘there you are Angie, we’ve sold it at that price,’ (overvalued by whoever) and a rather large commission would have been gratefully received no doubt πŸ˜‰

  • #109265
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @angie wrote:

    Thank goodness you posted that reply because I really didn’t want to post some comments from amongst those 11500 clients if you know what I mean, I know you were rattled because you tend to overstate when you are but please don’t try and tell me not to get involved with either vendor or agent massively overpriced property, (I’m trying to stop this practice and will continue to do so) I always do my homework on topics:roll:

    Back to this property, you did say ‘wait and see what happens to it’ well it virtually halved in less than 2 months, had it sold no doubt you would have told me ‘there you are Angie, we’ve sold it at that price,’ (overvalued by whoever) and a rather large commission would have been gratefully received no doubt πŸ˜‰

    Perhaps discombobulated rather than rattled, I think that is that right word.

    And you go right ahead with your campaign, I am 90% behind you also, and wouldn’t dream of telling you what not to do!

    Presume you would rather have me contribute to the forum than not though?

  • #109268
    Profile photo of angie
    angie
    Spectator

    Yes I would because it leads to healthy debate most of the time and everyone is entitled to their opinion, I’m not trying to fall out with those with other opinions just pointing out other aspects sometimes. It may seem I’m against Spain which is not so, just those as in Gov’t who do nothing to make things better in reasonable timescales. Spain could do so much to rectify it’s tattered image with property matters, hey Rajoy listen here! πŸ˜›

    I really like the Pil Pil too which I’m a dab hand at in Blighty now πŸ˜†

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