Property prices

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This topic contains 36 replies, has 11 voices, and was last updated by Profile photo of Anonymous Anonymous 5 years, 7 months ago.

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  • #56208
    Profile photo of Tinnat
    Tinnat
    Participant

    Is there a way one can find out what individual properties in a particular area sold for in recent months, or at least the price they were advertised for before they were sold?

    I seem to remember having come across a website which identified the properties which had been on sale in a particular street and their price – I assume it was the price they were advertised at. This would be good enough, but I don’t remember which website that was anymore!

  • #104327
    Profile photo of Anonymous
    Anonymous
    Participant

    I’m afraid I don’t know of any such site in Spain. Indeed, one of the great problems with the Spanish property market is its lack of transparency.

  • #104127
    Profile photo of Anonymous
    Anonymous
    Participant

    I’m afraid I don’t know of any such site in Spain. Indeed, one of the great problems with the Spanish property market is its lack of transparency.

  • #104330
    Profile photo of Anonymous
    Anonymous
    Participant

    “Spanish property market is its lack of transparency “
    Understatement of the year !!!!!!!! Most aspects of Spanish life is on those lines. Forum users only refer to the property market as that what they have come stuck with.

  • #104130
    Profile photo of Anonymous
    Anonymous
    Participant

    “Spanish property market is its lack of transparency “
    Understatement of the year !!!!!!!! Most aspects of Spanish life is on those lines. Forum users only refer to the property market as that what they have come stuck with.

  • #104332
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello

    let me share my experience.

    I purchased 4 apartments in Costa Del Sol, in the past year or so. I always offered 40% less, and settled for about 35% of asking price.
    Thus far everything worked out for me, however I have to stop for a while as the $ Dollar has taken a dive. it may be work about 60 cents. Not good for business.

    @tinnat wrote:

    Is there a way one can find out what individual properties in a particular area sold for in recent months, or at least the price they were advertised for before they were sold?

    I seem to remember having come across a website which identified the properties which had been on sale in a particular street and their price – I assume it was the price they were advertised at. This would be good enough, but I don’t remember which website that was anymore!

  • #104132
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello

    let me share my experience.

    I purchased 4 apartments in Costa Del Sol, in the past year or so. I always offered 40% less, and settled for about 35% of asking price.
    Thus far everything worked out for me, however I have to stop for a while as the $ Dollar has taken a dive. it may be work about 60 cents. Not good for business.

    @tinnat wrote:

    Is there a way one can find out what individual properties in a particular area sold for in recent months, or at least the price they were advertised for before they were sold?

    I seem to remember having come across a website which identified the properties which had been on sale in a particular street and their price – I assume it was the price they were advertised at. This would be good enough, but I don’t remember which website that was anymore!

  • #104350
    Profile photo of logan
    logan
    Participant

    @bentdavi wrote:

    .
    I purchased 4 apartments in Costa Del Sol, in the past year or so. I always offered 40% less, and settled for about 35% of asking price.

    Mmmm, 35% off asking price on the CDS right now for 4 apartments looks a poor deal to me. Especially if you take a hit on the dollar/Euro rate.
    I would seek at least 50% reduction for a multiple purchase.

  • #104150
    Profile photo of logan
    logan
    Participant

    @bentdavi wrote:

    .
    I purchased 4 apartments in Costa Del Sol, in the past year or so. I always offered 40% less, and settled for about 35% of asking price.

    Mmmm, 35% off asking price on the CDS right now for 4 apartments looks a poor deal to me. Especially if you take a hit on the dollar/Euro rate.
    I would seek at least 50% reduction for a multiple purchase.

  • #104351
    Profile photo of Anonymous
    Anonymous
    Participant

    @logan wrote:

    Mmmm, 35% off asking price on the CDS right now for 4 apartments looks a poor deal to me. Especially if you take a hit on the dollar/Euro rate.
    I would seek at least 50% reduction for a multiple purchase.

    Has anyone on here ever actually managed to knock a seller down by 50% off the asking price??? I mean who in their right mind would put an asking price on a property with a view to selling it for half the price.

    I mean that sounds way too low to me, if someone offered me that off the price I have my property listed I wouldn’t even bother replying to them, I would see them as trying it on and to be honest I would tell them where to stick their ridiculous offer.

    I would love to hear from anyone who has actually managed to knock of 50% off an asking price. 30% maybe, but even that is high off an asking price.

    You might as well just put it through an auction or hand the keys back.

  • #104151
    Profile photo of Anonymous
    Anonymous
    Participant

    @logan wrote:

    Mmmm, 35% off asking price on the CDS right now for 4 apartments looks a poor deal to me. Especially if you take a hit on the dollar/Euro rate.
    I would seek at least 50% reduction for a multiple purchase.

    Has anyone on here ever actually managed to knock a seller down by 50% off the asking price??? I mean who in their right mind would put an asking price on a property with a view to selling it for half the price.

    I mean that sounds way too low to me, if someone offered me that off the price I have my property listed I wouldn’t even bother replying to them, I would see them as trying it on and to be honest I would tell them where to stick their ridiculous offer.

    I would love to hear from anyone who has actually managed to knock of 50% off an asking price. 30% maybe, but even that is high off an asking price.

    You might as well just put it through an auction or hand the keys back.

  • #104354
    Profile photo of Inez
    Inez
    Participant

    Its not that impossible. The answer is yes.

    Many owners put their properties on at too high prices when they first come onto the market, however over time, circumstances change and they end up accepting a lot less – if you catch them on the right day.

  • #104154
    Profile photo of Inez
    Inez
    Participant

    Its not that impossible. The answer is yes.

    Many owners put their properties on at too high prices when they first come onto the market, however over time, circumstances change and they end up accepting a lot less – if you catch them on the right day.

  • #104356
    Profile photo of logan
    logan
    Participant

    Jonas. If you are seeking a multiple number of apartments, usually from a developer or bank the final selling price is very negotiable to the level I have suggested and even further. Remember developers and banks for that matter have to service their own borrowings on their unsold stock.
    As interest rates rise in Europe shifting stock will become more pressing.
    Individuals who are very keen to relocate for financial reasons will also be prepared to compromise, especially if you are in a position to move quickly. It depends largely on the amount of equity they have.
    Of course these days there are many properties for sale at the mortgage loan figure. I would not expect a reduction in these cases.
    It’s a question of doing some careful subtle questioning of the vendor. If they have owned the property for years or pre boom then their equity will be up for severe negotiation.
    50% reduction of asking price in today’s buyers market is very doable.
    It’s very simple if its not just walk away and on to the next. The choice is huge.

  • #104156
    Profile photo of logan
    logan
    Participant

    Jonas. If you are seeking a multiple number of apartments, usually from a developer or bank the final selling price is very negotiable to the level I have suggested and even further. Remember developers and banks for that matter have to service their own borrowings on their unsold stock.
    As interest rates rise in Europe shifting stock will become more pressing.
    Individuals who are very keen to relocate for financial reasons will also be prepared to compromise, especially if you are in a position to move quickly. It depends largely on the amount of equity they have.
    Of course these days there are many properties for sale at the mortgage loan figure. I would not expect a reduction in these cases.
    It’s a question of doing some careful subtle questioning of the vendor. If they have owned the property for years or pre boom then their equity will be up for severe negotiation.
    50% reduction of asking price in today’s buyers market is very doable.
    It’s very simple if its not just walk away and on to the next. The choice is huge.

  • #104358
    Profile photo of katy
    katy
    Spectator

    There are so few properties being sold on the CDS to get any information on actual selling prices. There are thousands of properties where you could get 50% off….if you don’t mind buying an illegal one 😆

  • #104158
    Profile photo of katy
    katy
    Spectator

    There are so few properties being sold on the CDS to get any information on actual selling prices. There are thousands of properties where you could get 50% off….if you don’t mind buying an illegal one 😆

  • #104366
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello Logan

    Those apartments were not purchased at one time, and were from separate sellers.
    I did try on occasions and offered 50% off, I was told by the agents that they will not even present the offers.
    As for taking a dive on the exchange, I did not do too bad, I traded some dollars a while back using HSBC which did not charge a commission to exchange. (Bought the Euros when it was at $1.25).
    Have a great day

    @logan wrote:

    @bentdavi wrote:
    .
    I purchased 4 apartments in Costa Del Sol, in the past year or so. I always offered 40% less, and settled for about 35% of asking price.

    Mmmm, 35% off asking price on the CDS right now for 4 apartments looks a poor deal to me. Especially if you take a hit on the dollar/Euro rate.
    I would seek at least 50% reduction for a multiple purchase.

  • #104166
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello Logan

    Those apartments were not purchased at one time, and were from separate sellers.
    I did try on occasions and offered 50% off, I was told by the agents that they will not even present the offers.
    As for taking a dive on the exchange, I did not do too bad, I traded some dollars a while back using HSBC which did not charge a commission to exchange. (Bought the Euros when it was at $1.25).
    Have a great day

    @logan wrote:

    @bentdavi wrote:
    .
    I purchased 4 apartments in Costa Del Sol, in the past year or so. I always offered 40% less, and settled for about 35% of asking price.

    Mmmm, 35% off asking price on the CDS right now for 4 apartments looks a poor deal to me. Especially if you take a hit on the dollar/Euro rate.
    I would seek at least 50% reduction for a multiple purchase.

  • #104367
    Profile photo of Anonymous
    Anonymous
    Participant

    @logan wrote:

    Jonas. If you are seeking a multiple number of apartments, usually from a developer or bank the final selling price is very negotiable to the level I have suggested and even further. Remember developers and banks for that matter have to service their own borrowings on their unsold stock.
    As interest rates rise in Europe shifting stock will become more pressing.
    Individuals who are very keen to relocate for financial reasons will also be prepared to compromise, especially if you are in a position to move quickly. It depends largely on the amount of equity they have.
    Of course these days there are many properties for sale at the mortgage loan figure. I would not expect a reduction in these cases.
    It’s a question of doing some careful subtle questioning of the vendor. If they have owned the property for years or pre boom then their equity will be up for severe negotiation.
    50% reduction of asking price in today’s buyers market is very doable.
    It’s very simple if its not just walk away and on to the next. The choice is huge.

    Wow sounds like a great time to buy in Spain! I suppose you are right it depends on the sellers circumstances, if they own it outright then they could accept a huge reduction in the selling price. Although I would be a bit worried if someone accepted a property at an offer of half the listed price, I would think there is something wrong with it and the seller is trying to sell me a dodgy illegal build as katy has said!

    But I think bentdavi has confirmed my suspicions that the agents would not even put the offer forward. It is alright to assume people would sell at half the listed price but when push comes to shove and you actually try to purchase one at this huge drop, the offers don’t get accepted as in bentdavi’s case.

  • #104167
    Profile photo of Anonymous
    Anonymous
    Participant

    @logan wrote:

    Jonas. If you are seeking a multiple number of apartments, usually from a developer or bank the final selling price is very negotiable to the level I have suggested and even further. Remember developers and banks for that matter have to service their own borrowings on their unsold stock.
    As interest rates rise in Europe shifting stock will become more pressing.
    Individuals who are very keen to relocate for financial reasons will also be prepared to compromise, especially if you are in a position to move quickly. It depends largely on the amount of equity they have.
    Of course these days there are many properties for sale at the mortgage loan figure. I would not expect a reduction in these cases.
    It’s a question of doing some careful subtle questioning of the vendor. If they have owned the property for years or pre boom then their equity will be up for severe negotiation.
    50% reduction of asking price in today’s buyers market is very doable.
    It’s very simple if its not just walk away and on to the next. The choice is huge.

    Wow sounds like a great time to buy in Spain! I suppose you are right it depends on the sellers circumstances, if they own it outright then they could accept a huge reduction in the selling price. Although I would be a bit worried if someone accepted a property at an offer of half the listed price, I would think there is something wrong with it and the seller is trying to sell me a dodgy illegal build as katy has said!

    But I think bentdavi has confirmed my suspicions that the agents would not even put the offer forward. It is alright to assume people would sell at half the listed price but when push comes to shove and you actually try to purchase one at this huge drop, the offers don’t get accepted as in bentdavi’s case.

  • #104368
    Profile photo of logan
    logan
    Participant

    Then if that happens just walk away and on to the next. In France agents are legally obliged to present any offer a buyer may make.
    If agents in Spain don’t present an offer it’s likely they know the level of mortgage the vendor has so it’s a give away.
    Remember their prime concern is their own commission not your welfare.
    Is it a great time to buy in Spain right now? In my opinion no.
    The market is too much in a state of turmoil and uncertainty. Never buy into a market of any kind until it stabilises relatively and you can leave it at a time of your own choosing. Right now neither of those factors apply.
    You may think that’s way too cautious. Perhaps. 😉
    However I have been in and out of property markets in Spain and France for years and never once lost money, despite heavy taxation.

  • #104168
    Profile photo of logan
    logan
    Participant

    Then if that happens just walk away and on to the next. In France agents are legally obliged to present any offer a buyer may make.
    If agents in Spain don’t present an offer it’s likely they know the level of mortgage the vendor has so it’s a give away.
    Remember their prime concern is their own commission not your welfare.
    Is it a great time to buy in Spain right now? In my opinion no.
    The market is too much in a state of turmoil and uncertainty. Never buy into a market of any kind until it stabilises relatively and you can leave it at a time of your own choosing. Right now neither of those factors apply.
    You may think that’s way too cautious. Perhaps. 😉
    However I have been in and out of property markets in Spain and France for years and never once lost money, despite heavy taxation.

  • #104371
    Profile photo of katy
    katy
    Spectator

    The people most likely to accept a low offer are those who bought before the boom. Also if they are converting back to sterling they cut their losses right now. The spanish have unreasonable expectations what their property is worth and rarely reduce. I cannot understand why they ask such stupid prices if they are prepared to reduce by 30%+. One of the problems is that agents are so desperate to sign up the sellers they don’t advise them they are asking too much.

  • #104171
    Profile photo of katy
    katy
    Spectator

    The people most likely to accept a low offer are those who bought before the boom. Also if they are converting back to sterling they cut their losses right now. The spanish have unreasonable expectations what their property is worth and rarely reduce. I cannot understand why they ask such stupid prices if they are prepared to reduce by 30%+. One of the problems is that agents are so desperate to sign up the sellers they don’t advise them they are asking too much.

  • #104374
    Profile photo of Anonymous
    Anonymous
    Participant

    It totally depens on what the asking price is. In one case I sold a property last year that the sellers took a price cut of 70% but that is because the price was wrong from the beginning and the sellers knew it. In some cases I sold some properties last year that the buyers didn’t haggle a cent on because they knew the price was right from the start. But the norm is around 20-30% down from the asking price.

    What most sellers doesn’t get is that the higher the asking price the lower the interest will be. The buyers can’t guess how much the sellers actually want to sell the property.

  • #104174
    Profile photo of Anonymous
    Anonymous
    Participant

    It totally depens on what the asking price is. In one case I sold a property last year that the sellers took a price cut of 70% but that is because the price was wrong from the beginning and the sellers knew it. In some cases I sold some properties last year that the buyers didn’t haggle a cent on because they knew the price was right from the start. But the norm is around 20-30% down from the asking price.

    What most sellers doesn’t get is that the higher the asking price the lower the interest will be. The buyers can’t guess how much the sellers actually want to sell the property.

  • #104377
    Profile photo of Anonymous
    Anonymous
    Participant

    What the agents should do by law what they do is for another day. The buyer is pefectly entitled to offer what ever he or she likes. The vendor should not take it personally. Remember it is market i.e. what is one willing to pay & one is willing to accept.

  • #104177
    Profile photo of Anonymous
    Anonymous
    Participant

    What the agents should do by law what they do is for another day. The buyer is pefectly entitled to offer what ever he or she likes. The vendor should not take it personally. Remember it is market i.e. what is one willing to pay & one is willing to accept.

  • #104380
    Profile photo of logan
    logan
    Participant

    @shakeel wrote:

    The vendor should not take it personally. Remember it is market i.e. what is one willing to pay & one is willing to accept.

    Spot on common sense shakeel. I have never in all my experience had any upset from a vendor when I offered very low. They usually understand the game. It’s agents that muddy the waters. Never use ’em. 🙂

  • #104180
    Profile photo of logan
    logan
    Participant

    @shakeel wrote:

    The vendor should not take it personally. Remember it is market i.e. what is one willing to pay & one is willing to accept.

    Spot on common sense shakeel. I have never in all my experience had any upset from a vendor when I offered very low. They usually understand the game. It’s agents that muddy the waters. Never use ’em. 🙂

  • #104386
    Profile photo of Anonymous
    Anonymous
    Participant

    Agents have to shoulder the blame for 50%+ offers being submitted. I’m aware of such deals been done at that sort of “discount” for villas in east Marbella…but the “valuations” were irritatingly daft in the first place. Crazy “valuations” by agents purely to get market exposure or dominance can only result in potential purchasers either bypassing the property altogether or treating the agent and vendor with equal contempt as they have shown would-be buyers. Natural human instinct, I guess. Trouble is, there is the definite feeling following the boom debacle that many agents are still out out to simply screw purchasers and use the lack of market transparancy to their advantage. Purchasers don’t know what really represents value for money (thanks to agents taking on instructions at obscenely inflated prices). That’s why the talk of “discounts” is meaningless, and for agents to peddle that notion can often be just an exercise in deception.

  • #104186
    Profile photo of Anonymous
    Anonymous
    Participant

    Agents have to shoulder the blame for 50%+ offers being submitted. I’m aware of such deals been done at that sort of “discount” for villas in east Marbella…but the “valuations” were irritatingly daft in the first place. Crazy “valuations” by agents purely to get market exposure or dominance can only result in potential purchasers either bypassing the property altogether or treating the agent and vendor with equal contempt as they have shown would-be buyers. Natural human instinct, I guess. Trouble is, there is the definite feeling following the boom debacle that many agents are still out out to simply screw purchasers and use the lack of market transparancy to their advantage. Purchasers don’t know what really represents value for money (thanks to agents taking on instructions at obscenely inflated prices). That’s why the talk of “discounts” is meaningless, and for agents to peddle that notion can often be just an exercise in deception.

  • #104387
    Profile photo of Chopera
    Chopera
    Participant

    I remember viewing a flat in Madrid last year that seemed to be priced lower than similar properties. The agent told me that the lady selling it would not negotiate on price – she wanted it to be priced so that it would sell without any negotiation, i.e. at the current market value. The agent said she told her that it would be difficult to price it like that because no matter what price she places on it, buyers will always expect to knock a bit more off in the current market. Anyway I think she priced it at between 10% and 15% lower than the other asking values and over a year later the property is still on the market.

    To me this just highlights how ridiculous the situation has become. I don’t understand why the agent hasn’t either demanded a further reduction in asking price or taken it off her books since she is wasting time and money marketing it. Having said that, agents in Madrid hardly “market” their properties anyway – they just meet you outside and unlock the door. They never provide any details and just make up answers to even the most standard questions. Other agents in Madrid tried to offload property by saying they knew a few tasadores who would “generously” value the property so obtaining finance would be easier. I guess that might have worked in the days when property prices “only ever went up” but these days nobody is buying it.

  • #104187
    Profile photo of Chopera
    Chopera
    Participant

    I remember viewing a flat in Madrid last year that seemed to be priced lower than similar properties. The agent told me that the lady selling it would not negotiate on price – she wanted it to be priced so that it would sell without any negotiation, i.e. at the current market value. The agent said she told her that it would be difficult to price it like that because no matter what price she places on it, buyers will always expect to knock a bit more off in the current market. Anyway I think she priced it at between 10% and 15% lower than the other asking values and over a year later the property is still on the market.

    To me this just highlights how ridiculous the situation has become. I don’t understand why the agent hasn’t either demanded a further reduction in asking price or taken it off her books since she is wasting time and money marketing it. Having said that, agents in Madrid hardly “market” their properties anyway – they just meet you outside and unlock the door. They never provide any details and just make up answers to even the most standard questions. Other agents in Madrid tried to offload property by saying they knew a few tasadores who would “generously” value the property so obtaining finance would be easier. I guess that might have worked in the days when property prices “only ever went up” but these days nobody is buying it.

  • #104200
    Profile photo of Anonymous
    Anonymous
    Participant

    Chopera. I have read your postings. You seam to have a very grip of Spain & the life there. This is the way Spain works & had worked. There no point of applying any common sense, commercial logic, pragmatism, legality.

    Its not only the Spanish estate agents who work in a manner you suguested. All sectors work in this manner as a result people coming from Northern Europe find it diffcult to accept or understand.

  • #104396
    Profile photo of Anonymous
    Anonymous
    Participant

    Chopera. I have read your postings. You seam to have a very grip of Spain & the life there. This is the way Spain works & had worked. There no point of applying any common sense, commercial logic, pragmatism, legality.

    Its not only the Spanish estate agents who work in a manner you suguested. All sectors work in this manner as a result people coming from Northern Europe find it diffcult to accept or understand.

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