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Having just checked some properties on Alhaurin Golf I’ve noticed one property that was on the market for 285k euros nearly 10 years ago, it is still on the market today but at 140k euros and still not moving. Another bought by someone I know 5 years ago thought to be a ‘bargain’ at 165k euros but with noise issues bad neighbours etc placed straight back on the market at the same price, and on at 2 different prices with 2 different agents but still no signs of moving. There are many more examples.
This makes a mockery of Spanish property if properties are on at different prices, makes it a lottery for buyers who may still pay over the odds with one agent, why no uniformity as in the UK with multiple agents?
But, this also shows how many properties on many developments in less well-heeled parts of Spain off the coastal strip just languish for years and years even though they’ve more than halved in value.
The 1st property marketed above could have been sold for 230k, 7 years ago, but vendors wouldn’t sell, so now 140k years later and having picked up community fees during that time. Now, I guess it might sell for 100k.
This development is poorly built, high community fees, high robbery rates there and other issues, prices should reflect this.
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I can’t believe how lazy most sellers are – they don’t know (and often don’t care) what price the agent has the house up for, nor do they seem to care what description they have or the quality of photos.
Sellers need to be much more aware of what the agent is doing for them and if they aren’t happy bin them.
Or use Mark’s private sale section and see if they can save money as well!
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Couldn’t agree more Aunty Val about vendor laziness etc in many cases, not only that but poor presentation too, fancy not being able to sell a property that’s been marketed for 10 years?
I cannot understand for the life of me why some vendors in Spain market their properties with different agents and all at different prices, either the vendor may miss out, or the naive buyer pays too much.
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at 140k i’m not suprised. assuming its one of the 110m2 properties there. How can it be valued at just over 1200€ per square metre. You can find cheaper nearer town, beach or other golf courses.
Problem is how many of those agents are actively trying to sell the property instead of just having as filler? is the agency anything more than a website? Are the vendors informing the agencies? etc…..
Interstingly quite a bit or money in that area. I think the issue is the product. IF you go inland, you have a certain idea of what you want from a property. Independent property, maybe a finca with land, or you buy in a town for the whole ‘authentic’ experience. Why would you buy in an isolated urbanisation on a golf course where all the properties are on top of each other? Not knocking the idea, just why in alhaurin instead of Mijas Golf (for example). There only reason they sold in the first place was because the other golf course were alot more expensive at the time. I don’t think many thought out the long term.
Yes price should reflect it.
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Good post Andrew. I think many of the properties advertised at Alhaurin Golf must be ‘fillers’ as you say, because most of them have been marketed for ages without success even by large agents. This particular agent is not prepared to match the lower prices other agents have with the same properties on their books. This must be to do with them charging more commission IMO, but it makes a nonsense of Spanish property, and a nightmare for anyone thinking of buying. They could end up paying way over the odds if they don’t spot the smaller agents’ lower prices.
When investors etc bought into this site during the boom they certainly did not think long term, the only constant there is the golf course which is expensive to play on. It’s been a very poor investment for many.
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