[Anonymous]

Since Paul’s two links showing prices of Los Lagos and Green Hills on another thread, I have been astounded how prices at both seem to be tumbling.
Am posting this purely as an observation on perhaps what is happening in the market generally?

The particular web page for http://www.golf-online.biz.com that Paul gave the link for is obviously relatively old (their website currently no longer carries Green Hills ❓ ), showing original prices as they still talk about 11 blocks and ten swimming pools (the original number if the upper blocks had been built….which they weren’t).

I compared those prices to another website (http://www.cloudninemarbella.com) that is still showing both developments on their website so it’s interesting to compare the ‘then’ with ‘now’ re. 2-bed apts.

GREEN HILLS:
golf-online.biz – starting from €308,700
cloudninemarbella – starting from €268,000
http://www.cloudninemarbella.com/marbella-property-investments/santa-maria-green-hills.asp

LOS LAGOS:
golf-online.biz – starting from €401,700
cloudninemarbella – starting from €333,000 (edited)
http://www.cloudninemarbella.com/marbella-property-investments/los-lagos-de-santa-maria-golf.asp

Seems Los Lagos has taken the biggest drop – maybe they realised that you can’t charge top dollar if you install plastic wardrobe doors (something we were aghast to see when viewing an apt. there).
But both development’s prices have definitely tumbled and wonder if this is being repeated on other developments.

[Anonymous]

Hi charlie

The prices shown are for two and three bed, Los Lagos had one bed apartments so that will account for some of the difference

Regards

Paul

[Anonymous]

I believe Eralia had to pay compensation to purchasers of Los Lagos because they built apartments too close to one another. The finish on them is dreadful, especially the brickwork/plastering , so I was told. I doubt in today’s market that Los Lagos would demand a higher price than GH. If I had to make a choice GH would win hands down!
Apparently, the illegalities surrounding Los Lagos are more serious than those with GH.

[Inez]

Really Im suprised they are being offered at all under the current conditions!

Yes prices are coming down – eg an apartment La Reserva the OLD phase all legal, amatista was selling at its peak at 260k, now on with others at 230k, I just got it at 185k!!! and others are dropping

Its now much easier to talk to owners to get the prices back than it was even 6 months ago and its these delicate nuances I am experiencing which clearly shows price drops

Of course not everyone has to drop and also not everyone can afford to drop if they have mortgages to pay, but if there is a cash buffer, then people are getting out rather fast!

[Anonymous]

Inez, are people buying/selling when there is no LFO in place? I know you said the OLD phase. By that do you mean the first phase?

[Anonymous]

Hi Paul –

You’re absolutely right.
The original figure of 211,000 I wrote for Los Lagos (cloudninemarbella.com) was indeed for a 1 bedroom

Have just found an end-2005 price list for Los Lagos in my file (?didn’t realise I had one?) and can see one-beds for 211,000.
The cheapest 2-bed starts at 333,000 euros so have edited my original post above accordingly.
Wonder how an end-2007 price-list will read.

Thanks for pointing that out – still quite a drop though.

Regards
Charlie

[Anonymous]

Yep
The prices that Paul posted were the original prices at launch when they were marketed at the same time.
With regards to Green Hills that appears to be correct depending on finished position.(same price as 3 years ago)same everywhere really.
The last block completed have poor light at the rear and poor views to the front so if your above the garage doors then 308,00 is about it at best.
Most were in better positions which reflected a higher price.
Los Lagos starting from 423,00 for a two bed and taking everything into account it would be very difficult to sell at this price now.( one beds a real problem)
Some have a good claim due to under sized measurements and finish not up the the price paid.
Contacted Cloud 9 about a year ago as at that price depending on position on Green Hills then worth a look.
Said the site was all legal etc etc and when I asked for further details ,suprise suprise they couldnt give them to me.
La Reserva at best at the moment I would say 210,00 and as has been confirmed if the developer is pushing for completion and they cant get a mortgage then take what you can.
In any event perhaps these three developments alongside similar others without the paperwork are hard to value as they are very difficult to sell.
As and when or if they get legalized then the market will then find the real value.

Frank 8)

[Anonymous]

No Problem Charlie

I am also aware that significant discounts have been given to those owners who have been waiting for Power, Water etc and have now completed.

Regards

Paul

[Anonymous]

CLOUD 9
Take a look how out of touch these lot are and attach my correspondance.
Note the dates and some clearly didnt let the know that the development had already been completed.
I trust estate agents as much as I trust newspapers.

From: Sue Kemp [mailto:sue@cloudninemarbella.com]

Sent: 02 January 2007 16:17
To: frank—-@btconnect.com
Subject: FW: Apartamentos en ELVIRIA / Apartments in ELVIRIA
Importance: High

Dear Frank,

Excellent choice of apartments available, some resale some offplan completion early next year at the Santa Maria golf – I think this will give you the best indication as to prices. I am awaiting a call from Sta Maria re GreenHills and status/availability Regards,
Sue Kemp

SUE KEMP WHO INFORMED ME THAT ALL WAS LEGAL ON ALL THE DEVELOPMENTS SHE SELLS

Frank 8)

[Inez]

OK cat amongst pidgeon time – just dont shoot the messenger!

Charlie yes la reserva phase 1 at the bottom of the hill opposite Andersons – all ok (as far as we can all tell) and banks will lend no worries. Top of hill hmmmmmmmmmmmmm! The developers have been saying this is all ok and its not true!

A colleague and I went to the PGOU meetings in Marbella – basically for La Reserva (as an example) there are only 3 banks lending. The 2 original ones who backed the development ad one other who will go to 100% of purchase price but I beleive only for residents, not non-residents. Now, Penarroyya (the developers) have been requested same as the other illegal developers, that they have to contribute to buying land in the Marbella region as dictard by the town hall as compensation adn in return for the licences being made legal.

All sounds good – HOWEVER – if the developer refuses OR goes into liquidation OR dissolves their society (most SLs only have liability of 3006€ as is the legal minimum) then the home owners will be held responsible for buying this land! This could take 2 or 3 years for this to be defined and then only through a court case can it be enforced. I would guess that any ensuing debt will be palced upon the urbanization itself!

So all floating. Interestingly enough and yes we do have some of these questionable properties for sale BUT with full knowledge for buyers (and mainly to the spanish) I have a spanish guy who is looking to buy one in the complex in full knowledge of what could happen as he just knows that this is Spain and thats that!

This covers Aifos and their developments and will also be the same for Green Hills and Santa Maria, Los Lagos etc.

Oasis de Marbella on the golden mile recently had its license revoked and owners are unable to buy and sell in there as well

So anyone telling you differently is talking from where the sun doesnt shine!

Also another factor is the local tonw hall relations with Seville – it remains to be seen but I am sure this will be a saga running on and on.

Oh and to cap it all, a seller yesterday agreed to buy originally in La Reserva. Then decided he wanted a penthouse and bought that to live in whilst being told the other would sell before completion (sound familiar???) Of course it didnt and he is trying to sell the other. Came to me and his lawyer (dont know who it is) promised him it is legal. Thats in Manzana 3!!

OK thats it for now folks – bullet proof vest on now ! 😀

[Anonymous]

Inez, why would anyone shoot you down for telling it as it is?? It’s good to hear ( from the shop floor so to speak 😉 ) what the situation REALLY is. Well done for speaking out!

[Inez]

Coz other agents hate it!

Havent had too much hate mail lately (joke), but I still regularly check under the car……. 😆

I just wish the issues would get settled once and for all, bad or good as then you can get on with it!

Hey ho – back to work!

[Author]

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