May 5, 2005 at 10:36 am #51080
Does anyone know anything about the Los Naranjos de Marbella development?
Is it a good proposition? – anything we should look out for?
May 7, 2005 at 11:21 am #58234
Hi Gareth & Carol,
From what I hear there are no major problems with this development – a big plus nowadays – although you would always need to have a lawyer do the full due diligence before buying there, or anywhere for that matter.
It’s also quite good value for money considering its location just 10-15 minutes walk from Puerto Banus. When I say ‘good value’ I mean in comparison to the comparables in the wider market.
There will be a fair number of resales from investors on this development so a good opportunity to go in hard on the price. We are at the dawn of a great buyers’ market so be really pushy in the knowledge that there are lots of investors very keen to sell, and then of course the developer has units for sale too. You will not be spoilt for choice and there is likely to be a significant spread in prices for very similar properties so make sure you get lots of comparisons.
Another important aspect which it is high time more people became aware of is the agency commission (I’ll do a full briefing on this as soon as get a moment). For years now many Costa del Sol agents have been gouging clients on the commission, charging of 7.5% or more (the highest I’ve heard is a 35% commission). In this increasingly competitive market only a fool will allow an estate agent to earn a commission of more than 5%. There are hundreds of agents out there all clamouring for your business and all selling much the same property so time to get tough on commission. Insist that the agent tells you their commission, and don’t accept anything more than 5%.
May 10, 2005 at 1:32 pm #58246
Dear Gareth and Carol,
The main advantage of Los Naranjos de Marbella is the position.
Like Mark already indicated it is situated at walking distance from Puerto Banus. In the case you want to rent out the property it might be a good option especially for long term lets since there are coming more and more people starting up businesses on the Costa del Sol and for those people it is situated in a good area in the middle of the Costa del Sol.
Besides you might like the area yourself for your own holiday/living.
The average price for a high quality apartment in Puerto Banus is obviously higher, so the qualities in Los Naranjos are accordingly (average quality) and please keep in mind that it is a big development so not everybody is attracted to it (that’s why the prices are reasonable). It is therefore not a very “special” development.
It depends what you want to use the property for. If you let me know what is the reason of your future purchase, your budget and property criteria, I might suggest several alternatives.
Passepartout Andaluz (Spanish Property Insight approved)
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