Spanish Property Information

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This topic contains 21 replies, has 10 voices, and was last updated by Profile photo of angie angie 5 years, 11 months ago.

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  • #56054
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    I read through the thread about Spain being the best place to buy in 2011 with some interest, and with some sympathy for Ethantkev battling away on the positive side of things, and dodging the “investment” types bullets, and all the usual stuff being trotted out about how prices have got to fall, how Spain has so much to answer for, how the market won’t return for 10 years and so on.

    And am not going to argue with Logan and Adiep, the points they make about ‘investment’ are often entirely correct and insightful. as are Brian_li’s Tinsa updates and other posters reports from Idealista / Fotocasa etc, it is all good stuff and often very interesting, but I was just reading a report on my desk of our sales in November (I am officially working full time again now, which is one reason why I don’t reallly post here anymore) anyway I was thinking to myself, not for the first time, that I and other agents are the ONLY reliable source of Spanish Property Information that you or anyone else can find as to what is happening in the market.

    Now, I fully appreciate that at this point, if Angie is reading this while drinking a cuppa, that half the cuppa has probably been spluttered over the screen, but hey in for a penny – why not.

    I was involved in the sale of over 11,000 homes in Spain as a real estate agent over a 10 year period. I have actually been selling property in Spain for now more than 20 years. I have seen two booms and two busts and now into my second lull so I know all about bubbles and bursts. I also know about prices, I know about market levels of interest, I know about my area (CDS) of the property market in Spain – full stop – it is actually me and others like me that the banks, the government, the media, and others get all their data and information from.

    Because I am the one who goes out and promotes Spanish Property For Sale, I am the one who gives out Property Information to buyers and vendors, and who then progresses a sale or not as the individual case may be.

    I know what the average price is in our area, I know how many people are buying, I know whether the market is on an upturn or a downturn, and I know this long before anyone else does really, because if you are relying on data from Tinsa, the Hacienda, the Banks, well that is usually all based on old stuff and is often largely inaccurate for many oft stated reasons.

    So… who you gonna call?

    Your problem with information from me of course, is that I am an ESTATE AGENT, jeeze not only that, I am a SPANISH ESTATE AGENT and well, lets not even go there with the names we have been called in the past, or the moutainous abuse that we have had heaped upon us (not unfairly on most occasions I freely admit) but it doesn’t change anything, if I tell you the truth, then I am without doubt your best source of information.

    Of course, I will be representing only one entity, it could be that my company performs much better than the average or much worse than the average, but at least I am able to compare year on year, and go back a loooong way to any one of 10 year, with a like for like scenario.

    For example I can tell you that in November our team completed 24 sales and add a further 13 for December and 4 added at just the back end of October on the report I am looking at, and these 41 sales total €13,424,000 in sales with an average sale price of €327,000 (which I was gobsmacked at actually) which actually stands up now, to what was our average sale value at the end of the boom being 2006-07.

    I stripped out 5 high peforming sales that were over €500,000 and the average sale price fell to €248,000 which is much more like it really, and this would have been our average sale value back in 2001-02 and is 25% down on the peak periods, but there are many sales in there for between 125k – 180k being prices that we don’t think we ever sold for in 2006-07.

    So what do you make of those onions guys? The 24 sales for November was an increase of I think 9 sales on November last year, the December sales are up 5 on the previous year, the percentages are pretty big increases but I don’t like looking at that on such low numbers.

    The guys have consistently – never Dec it is always half – been seeing over 110 new clients a month now throughout the year, and have set a budget for the one office to write some 250+ sales this coming year.

    What does that tell you about the market? When in the peak, the team had 12 fully operational offices selling over 100 properties a month, it may this year write 25% or more of the peak business but from a single office, when at peak the team used to see some 500 clients a month it is now seeing again 110.

    Commissions to the company however are massively down, the much vaunted fee that agents recieve has come in at just on 3.3%. And with then a lot of external marketer and other payments to make from there. So not quite the rapacious wolverine fest much alluded to by some.

    What’s it say about the market when one company is seeing siginficantly increased transactions, a fairly healthy average spend, and a solid consistent number of clients? What’s that information worth?

    And for goodness sake please try to refrain from accusing me of talking the market up. I accept the view of others who only talk about investment here, I am just giving you a quick insight into some real and genuine property information. Well unless I am lying, conniving, and thoroughly disreputable git, and have been accused of that before on here, so lets see if we can keep it real.

    Question is can you trust my information and does it help? Does it change your view? Does it prove your case or disprove others? The thing is, if I am telling the truth, then this is good stuff to know, surely.

  • #102319
    Profile photo of katy
    katy
    Spectator

    Hmm. I don’t think anyone doubts your expertise in spanish property or the ability of Viva to shift property in the past 🙂 Many find it difficult to trust an estate agent to tell the whole truth. You are going to attract every small time agent to come on here and boast how many properties they are selling a week 😉 😆

    I do still have relatives and friends around the CDS and it is not what I am hearing from the shop floor although not your shop floor. Maybe it is just that your marketing is better than the others 😉

    Interesting about commissions…how does that work, are they negotiable?

    How’s the golf? I ran into you a few times over the years. I don’t play much in the UK. Too serious and they think it’s pretentious to have a buggy 🙄

  • #102323
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @katy wrote:

    Many find it difficult to trust an estate agent to tell the whole truth. You are going to attract every small time agent to come on here and boast how many properties they are selling a week 😉 😆

    It might be interesting to hear how the many small time agents are actually doing. I think finally the back bedroom office agent is finally starting to suffer, folk are not so ‘trusting’ to believe everything they hear any longer, people do want to see a real office these days, they want some proof in the pudding that their agent knows what they are doing and talking about. Those with an established office do a good job these days I think.

    @katy wrote:

    I do still have relatives and friends around the CDS and it is not what I am hearing from the shop floor although not your shop floor. Maybe it is just that your marketing is better than the others 😉

    No, the messages are indeed mixed, but then so is our marketing, and our whole attitude, approach and model is adapting all the time, we don’t know, we barely dare to hope, but last year for the first time in four years we were able to accurately predict and hit the budget for the entire year.

    so maybe it is just that we had some ducks in a row and had an insight into how the market was going to go, but the whole world economy still scares the life out of us every time a ‘bail out’ comes around, and we worry, and this month so far is not exactly storming along as yet. But I just thought it was worth giving out some figures to see if they were valuable. We find them very encouraging if they continue.

    @katy wrote:

    Interesting about commissions…how does that work, are they negotiable?

    They are not negotiable per se, but some times there has to be give and take to make a sale work for people so – they can be reduced here and there, but it is mainly the amount of people involved who have to be paid again these days. If you have a Danish Agent bringing you a client, you sell another agents property because they have the listing, then the overall 5% doesn’t come out to that much for each, plus we reduce fees by the contribution to marketing that a vendor makes.

    Having said that, when I caused some consternation several years ago by looking to reduce fees to 2% my argument was at the time that we were only receiving 3.8% anyway at that time so not that much difference.

    @katy wrote:

    How’s the golf? I ran into you a few times over the years. I don’t play much in the UK. Too serious and they think it’s pretentious to have a buggy 🙄

    Well in the last 9 months I think I have only managed to play half a dozen times, it is way tooo cold most of the time in the UK to play, and when here I just end up being too busy and I was quite ill for several months but I have two games planned for this weekend! But, I am now fascinated, I didn’t know we had met… I knew we lived in the same area, and often wondered is Katy going to tap me on the shoulder one day and say hello…

  • #102325
    Profile photo of Anonymous
    Anonymous
    Participant

    Great post Chris.

    It dovetails with what I’m starting to hear from other reliable sources. There is a bit more positive news about.

    And I have to say, after the relentless gloom reported in my blog, I’m delighted to hear a bit of positive news for once.

    I think we need to run this in the blog and get it to a wider audience. I’ll be in touch.

  • #102328
    Profile photo of angie
    angie
    Spectator

    I don’t doubt your stats Chris, and that’s good news for Viva and Spanish property, but I think a lot of that is down to good and pro-active marketing from Viva who regularly send emails out with their latest BIG property reductions, I suspect Fuengi is keeping pretty busy too.

    Even better news though for sellers is your more realistic sales commissions as it was often seen that the agent was always the main beneficiary of property sales/purchase.

    If I was buying in Spain CDS again, I would probably go to either of you as a starter as your local knowledge would be more helpful and hopefully trustworthy than many others.

    I doubt very much that most agents in Spain are doing as well, advertising costs etc might prohibit them. I honestly think that most newbies wouldn’t know who they can trust though.

    Despite sounding as if you’re ‘talking things up’, I still think there’s a strong need for Spain to have an honest and reliable list of registered agents, developers and lawyers, regionally.

    I also think that the questions I asked above re Sovereign Debt issues would make me think twice before buying now, but that’s just my opinion.

    I refuse to spill my coffee though 😉 😆

  • #102329
    Profile photo of Anonymous
    Anonymous
    Participant

    Chris,

    Fair play to you. I have always admired the way you have stuck to your guns and kept your head above the parapet. It certainly hasn’t been the easiest few years for those in your profession or location.

    I am not one of those who has believed that property sales in the costas were stagnant. With perhaps the exception of the late 2008/early 2009 period when it seemed the world as we knew it would end, there has been and will be a market for decently priced, well located properties. Your post only serves to confirm that to me. Spain, despite all its well documented problems, holds many attractions for overseas buyers. I wouldn’t be looking otherwise.

    Having said that, I remain convinced that the outlook on prices is negative. Again, unlike some, I don’t believe there will be a collapse. Rather a slow decline circa of 5% per year for at least the next few years. Allowing for inflation of say 2.5% per year this will equate to properties falling by 25% or so in real terms over that period. If something calamitous happens, such as the Euro collapsing, then of course a severe decline could indeed be on the cards.

    Glad to hear that you are fully recovered and back in the saddle so to speak.

  • #102332
    Profile photo of kgpoc
    kgpoc
    Participant

    Interesting Post I will agree, and great you were as honest!

    I think the most important information however was left out of the numbers. Seeing as you have been at this so long you would have the best information to actually compile true analysis, for example.

    Of the sold properties
    – Dropping off the high 5 sales does not give good info if you do not drop off the bottom 5 sales too.. What’s that average now!
    – Of the sold properties; what was the financing of the deals, % deposit necessary, % of property that were bank or distressed.
    – Of the sold properties; how much Owner Equity do you think the owners still had available to drop or were they underwater.
    – Of the properties sold, what is the AVG decline in property value, how long where those properties on the market.
    – Of the properties sold, what was the $ per SQM, what was it back 2 years ago.
    – Rate the properties vs. price, how many of the deals would you use your money to finance those same deals.

    Of the 110 People per month
    – When at 500 people a month how many had immediate financing for at least the AVG Sales Price.
    – Of the 110 people how many have immediate financing for the Avg Sales Price

    Now I know this will be hard to answer because in Spain ‘Real Estate Agents’ like drug dealers are only sell side (sorry for the little dig), all the best on the sales!

  • #102335
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @brianc_li wrote:

    Having said that, I remain convinced that the outlook on prices is negative. Again, unlike some, I don’t believe there will be a collapse. Rather a slow decline circa of 5% per year for at least the next few years. Allowing for inflation of say 2.5% per year this will equate to properties falling by 25% or so in real terms over that period. If something calamitous happens, such as the Euro collapsing, then of course a severe decline could indeed be on the cards.

    I wouldn’t disagree with that either, but there will be a balance probably of stock that eventually is released to the market at a 50%+ decrease, that is the stock that it appears nobody needs or wants and is in some tragic areas, which will have an impact on bringing down prices overall into the zones you are talking about.

    Yet we haven’t really seen any of this actually appear in our market yet, and our understanding is, that regardless, it is not what people want to buy. Then there is the A grade stock, that few people are selling, because they simply refuse to do so at this time, which when it comes to the market is the stock that all we agents fight for and that only reduces say 10 -20% in value.

    Believe it or not, our pizza discussion in the office today was about how few vendors there actually are out there. The stats for vendor enquiries are at the lowest they have ever been in 12 years. People are just not selling unless they have a real imperative to do so. With such low interest rates and banks bending over backwards to convert to interest free or any scenario that stops a default, most people are just not interested in selling. If they don’t have to sell, they simply won’t sell.

    As bizarre as it sounds this creates a real problem of supply to demand for the A grade stock.

  • #102336
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @kgpoc wrote:

    Of the sold properties
    – Dropping off the high 5 sales does not give good info if you do not drop off the bottom 5 sales too.. What’s that average now!

    The average figure came out at €264,000

    @kgpoc wrote:

    – Of the sold properties; what was the financing of the deals, % deposit necessary, % of property that were bank or distressed.

    I don’t have exact data here, but let me say where we used to talk finance to almost everyone, we talk finance now to almost no one, same as back in the late 80’s early 90’s people work their own finances out and are usually good to go when they walk in the door. Which is a shame because there are some finance solutions we can get here and there.

    We sold no bank stock, we don’t have any at this time, we know of some few units but we don’t have it listed. or at least not that I know of right now.

    We did sell two units to people who had placed deposits on – direct from – bank repossesions only to decide against those for our vendor stock.

    We don’t have any distressed property per se, we don’t promote it, we actually hear a lot about it, but haven’t seen any of it, or rather to qualify as what would equate to what you would call distressed at a distressed price, there is plenty of distressed stock that is at an overly inflated price though. We don’t show it or promote it.

    @kgpoc wrote:

    Of the sold properties; how much Owner Equity do you think the owners still had available to drop or were they underwater.

    To be honest I don’t know, but remember, not everyone bought at the peak of the boom, there are plenty of people around who bought 10 years or more ago, it is a mix that I can’t say accurately off the top of my head, and we don’t have enough of a sample to really make a qualified statement on that really.

    @kgpoc wrote:

    – Of the properties sold, what is the AVG decline in property value, how long where those properties on the market.
    – Of the properties sold, what was the $ per SQM, what was it back 2 years ago.
    – Rate the properties vs. price, how many of the deals would you use your money to finance those same deals.

    That’s a bit too much information for me to get together right now, and there are lot of variables when it come to SQM analysis.

    @kgpoc wrote:

    Of the 110 People per month
    – When at 500 people a month how many had immediate financing for at least the AVG Sales Price.
    – Of the 110 people how many have immediate financing for the Avg Sales Price

    When at 500 people a month, it seemed back then that about 90% – 95% obtained some level of financing, of the 110 now, as I said above, very few look to talk to us about that aspect, if they doing finance, then they have done it before they walk in our door. And interestingly even for those few developments around that have financing available at say 70%, there is little interest in the easy availability of funds, our clients seem to know what they want and what they will pay for it, with the funds they have already available.

    @kgpoc wrote:

    Now I know this will be hard to answer because in Spain ‘Real Estate Agents’ like drug dealers are only sell side (sorry for the little dig), all the best on the sales!

    It was very hard to answer without going into some quite exhaustive research, so please take it that these are just general stabs at answers really, more thoughts than any kind of analysis, and I will live with the dig yes, it is Angies coffee am more worried about, I take one wrong step am gonna be covered in that! But have grown to realise that if I get a bashing I have often actually deserved it.

  • #102337
    Profile photo of Anonymous
    Anonymous
    Participant

    @Chris McCarthy wrote:

    @brianc_li wrote:
    Having said that, I remain convinced that the outlook on prices is negative. Again, unlike some, I don’t believe there will be a collapse. Rather a slow decline circa of 5% per year for at least the next few years. Allowing for inflation of say 2.5% per year this will equate to properties falling by 25% or so in real terms over that period. If something calamitous happens, such as the Euro collapsing, then of course a severe decline could indeed be on the cards.

    I wouldn’t disagree with that either, but there will be a balance probably of stock that eventually is released to the market at a 50%+ decrease, that is the stock that it appears nobody needs or wants and is in some tragic areas, which will have an impact on bringing down prices overall into the zones you are talking about.

    Yet we haven’t really seen any of this actually appear in our market yet, and our understanding is, that regardless, it is not what people want to buy. Then there is the A grade stock, that few people are selling, because they simply refuse to do so at this time, which when it comes to the market is the stock that all we agents fight for and that only reduces say 10 -20% in value.

    Believe it or not, our pizza discussion in the office today was about how few vendors there actually are out there. The stats for vendor enquiries are at the lowest they have ever been in 12 years. People are just not selling unless they have a real imperative to do so. With such low interest rates and banks bending over backwards to convert to interest free or any scenario that stops a default, most people are just not interested in selling. If they don’t have to sell, they simply won’t sell.

    As bizarre as it sounds this creates a real problem of supply to demand for the A grade stock.

    So this confirms what I have been saying all along, that the good stock is selling and will sell and with not so much of a drop than the unwanted stock. It is good to hear this from somone who is actually working with properties every day and appears to know what he is talking about first hand, instead of just assuming what is happening with the market. Thanks for the info.

  • #102339
    Profile photo of Anonymous
    Anonymous
    Participant

    Chris, I find myself both agreeing and disagreeing to a certain extent with your assertion on grade A stock.

    One of the particular areas I am looking at, Nerja, is most firmly in that category. When I started looking a couple of years ago I was assured by many that prices there wouldn’t fall. It was simply a too sought after location. Lo and behold, they have. Not by as much as in other areas I’ll grant but properties there can now be picked up for some 15-20% less than two years ago.

    In short, given the severity of this downturn, I don’t think any property or area is completely immune to what is happening in the rest of the market. Less impacted I’ll grant though.

  • #102340
    Profile photo of Anonymous
    Anonymous
    Participant

    @Chris McCarthy wrote:

    Then there is the A grade stock, that few people are selling, because they simply refuse to do so at this time, which when it comes to the market is the stock that all we agents fight for and that only reduces say 10 -20% in value.

    Brianc-li, this is exactly what Chris has said. The A grade stock has/will reduced but by a lot less than the less desirable stock.

  • #102359
    Profile photo of Anonymous
    Anonymous
    Participant

    I think it’s good news for the Spanish property market that both Viva and Ocean are back, and others are sure to follow. In my forecast for property prices I predicted a 30% fall in values this year, but the Eurozone is starting to look solid as well and the French prime minister is lecturing David Cameron as I write.

    And another estate agent has opened locally, the second one this year.

  • #102361
    Profile photo of katy
    katy
    Spectator

    Do you mean Ocean as in Ocean Estates…the ones who sold lots of illegal properties and others which never got built:shock: Will we be hearing that MRI are back next 😆

    What news do you read, maybe the Euro won’t crash but it’s certainly not looking good. So they have managed to borrow some money at double the interest rate of last year. Today the world bank issued warnings to the Eurozone.

  • #102363
    Profile photo of ozmunky
    ozmunky
    Participant

    @katy wrote:

    Do you mean Ocean as in Ocean Estates…the ones who sold lots of illegal properties and others which never got built:shock: Will we be hearing that MRI are back next 😆

    What news do you read, maybe the Euro won’t crash but it’s certainly not looking good. So they have managed to borrow some money at double the interest rate of last year. Today the world bank issued warnings to the Eurozone.

    Yes, Portugal and Spain have raised €4.5BN between them so far this week with healthy over subscription of about 2 times.

    Question is, can this continue for the rest of the €560BN they have to raise just in 2011 to keep the lights on ?

    People are saying that China and Japan will be buyers — except they are using their € reserves for buying and not their native cash, and their € reserves are modest.

  • #102366
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    Do you mean Ocean as in Ocean Estates…the ones who sold lots of illegal properties and others which never got built:shock: Will we be hearing that MRI are back next 😆

    What news do you read, maybe the Euro won’t crash but it’s certainly not looking good. So they have managed to borrow some money at double the interest rate of last year. Today the world bank issued warnings to the Eurozone.

    Yes, Katy, the same Ocean Estates and the same Viva. I can’t put a cigarette paper between them.

    If you look at the paper edition of today’s Times, you will find the article on the front page and the inside pages 8 and 9.

  • #102369
    Profile photo of katy
    katy
    Spectator

    So is the fragrant, well-groomed Alistdair still fronting the company? I thought they had gone off into the sunset in Thailand or somewhere after being mentioned in the Ballena Blanca corruption and money laundering case. Just hope people have the sense to read the forums and google before using this company 😈 I suppose they will have paid off all that tax they owed!

  • #102385
    Profile photo of Anonymous
    Anonymous
    Participant

    Let’s keep this thread on topic. This is not the place for a discussion of the likes of Ocean.

  • #102388
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @brianc_li wrote:

    One of the particular areas I am looking at, Nerja, is most firmly in that category. When I started looking a couple of years ago I was assured by many that prices there wouldn’t fall. It was simply a too sought after location. Lo and behold, they have. Not by as much as in other areas I’ll grant but properties there can now be picked up for some 15-20% less than two years ago.

    Several years ago, I would have been convinced that prices wouldn’t fall much further, but these past couple of years have been of a kind that nobody has ever lived through before. I have a shirt and tie on today, and am off to look at some units that were genuinely selling four years ago off plan at €360,000 now they are priced at €260,000 they tell me there is a 90% mortgage available.

    Back in the day, if I had been able to promote these units at this price, built and finished, with a 90% mortgage I would have shifted a 100 in a week, but we are not back in the day.

    Do I figure they are worth it? I don’t know I have to go and have a look. Do I think they will drop in price further? No I am told they cannot and will not. If this is a property with a 2002 price, good enough standards, a great mortgage offer, and in 2006 would have had only a 70% mortgage offer, then the initial investment would have been somewhere around €140,000 to buy, yet today, the same unit looks like people can involve themselves in for €50,000 our German, Danish, Spanish, cousins like the sound of that it seems.

    I don’t know, I don’t make the market, I respond to it, will it go down further? Let me tell you, some people are looking to push it right back higher. I was incredulous yesterday to hear that a developer, had given a project to an agency to promote, and that agency had added some 20% to the prices, yet was still claiming that there had been a 40% discount from peak. It is a terrible buy at the price they are selling for, but they going out there with some warped financial logic, and am afraid some people are going to fall for it. But if they do, it is going to make the units I am looking at today seem like an outstanding buy. And certain areas of the market will rise as a result.

    Do you think the units in Nerja are going to fall again by another 15-20%, my bet would be not – there has to be a bottom. If it is good stock, then it will come back up. So the question is, do you have other motivations that help in the buying decision other than just financial logic?

  • #102391
    Profile photo of Anonymous
    Anonymous
    Participant

    @Chris McCarthy wrote:

    Several years ago, I would have been convinced that prices wouldn’t fall much further, but these past couple of years have been of a kind that nobody has ever lived through before. I have a shirt and tie on today, and am off to look at some units that were genuinely selling four years ago off plan at €360,000 now they are priced at €260,000 they tell me there is a 90% mortgage available.

    then it will come back up. So the question is, do you have other motivations that help in the buying decision other than just financial logic?

    Sorry Chris, 2 years ago you said that you would eat your hat if prices do not start rising by October 2009 (you never sent us a picture of the hat-eating-process). Now, in January 2011, you still claim that a bottom has been reached or is near.

    We are all witness, nobody knows. There is no precedent of a building rush witnessed in Spain before 2007, except the one in USA where one can find properties like this:

    http://www.realtor.com/realestateandhomes-detail/4777-Arroyo-Seco-Drive_Las-Vegas_NV_89115_M13076-58028
    http://www.realtor.com/realestateandhomes-detail/4768-Valleyside-Avenue_Las-Vegas_NV_89115_M27221-38601

    or these apartments in super-prime areas of Miami Beach (I have a good knowledge);

    http://www.realtor.com/realestateandhomes-detail/7501-E-Treasure-Dr-Unit-2m_North-Miami-Beach_FL_33141_M69947-15401
    http://www.realtor.com/realestateandhomes-detail/7910-Harbor-Island-Dr-Unit-604_North-Bay-Village_FL_33141_M57090-12656

    Americans are at least as rich as Europeans.

    Question: why shouldn’t not-so-good-location houses in Spain go to around 30K Euros and super-prime apartments reach 90-100K Euros?

  • #102396
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @flosmichael wrote:

    @Chris McCarthy wrote:
    Sorry Chris, 2 years ago you said that you would eat your hat if prices do not start rising by October 2009 (you never sent us a picture of the hat-eating-process). Now, in January 2011, you still claim that a bottom has been reached or is near.
    Question: why shouldn’t not-so-good-location houses in Spain go to around 30K Euros and super-prime apartments reach 90-100K Euros?

    If I knew how to take a picture, and post it, I would go out buy a hat and put a picture on here of me eating it, just for you flosmichael, I am in no position to do anything other than comment as I see it today, and I could well be wrong.

    But I can’t see super prime apartments in Marbella or its surrounding areas at 90-100k.

    I have seen real people, pay a real €13 million in the past couple of months though. And I have never really understood the US real estate market, so I can’t comment on that.

    I am not calling the bottom, I am not calling an upturn, I am not saying that there won’t be a downturn, I am saying that in every month since the real crisis hit, someone has bought, and in the past couple of months there has been an increase in that. You have to make of that what you will.

    But I was just driving back from getting a haircut, and listening to Mumford & Sons singing their song After The Storm, and it put me in mind of when Mark made a comment on here in I think 2006/07 and talked of how the Spanish property market was potentially heading for the Perfect Storm, and I knew he was right, there was an endless list of indicators for this, and then what happened was actually the Mother of all Storms.

    Is it still raging? Or are we in that After the Storm period now? In future, I will try to comment only on what I see happening and see if that helps you decide, meanwhile am going to pop out again go look for a tasty hat!

  • #102407
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    angie
    Spectator

    As I previously said here, one of the main reasons for Viva’s more recent success is that they more than any agent, appear to be really going for it sending out loads of emails with their Spanish property reductions to as many as possible. Their marketing is almost back to the days of old it seems, at least other agents can’t complain if they make few sales. 😉

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