September 7, 2010 at 12:51 pm #55842
Save 6-10% by buying private. We have this up with estate agents but why not cut the middle man out and buy private (through solicitors of course). Save €€€€’s.
Brilliant Rental Investement!!! – great rental return!!
REDUCED TO 95,000€ (originally 145.000, then 115.000€!!) due to the economic climate and quick sale
***only 95.000€ FULLY FURNISHED*** or nearest offer for quick sale we wish to buy a family house in England as we have another baby on the way!
This is NOT a dodgy resale, nor is it a dodgy build that is falling down. It is a genuine apartment at a bargain price. The community it is on is great, the people are very friendly and it is well looked after. The rental potential is great, this will be the 3rd year that we will be renting it. The location is great. It has been well maintained and easy to keep. We have keyholder contact who lookes after the property for us. You may think you can get a bargain elsewhere such as a reposession but what if the other properties on the community are also repossessed? Who will be paying towards the community charges and upkeep. This apartment is geunuinly a great buy. The only reason we are selling is that we have our second child on the way and can no longer go to Spain. We have stayed there alot over the last few years and it is in a great location, surrounded by a lot of nice people on the community. Whether you are buying for a rental business or for your second home this property is perfect! Dont beleive me well try it for yourself.
San Pedro Del Pinatar, Costa Calida, Murcia, Spain
This is a great Rental Investment opportunity, it is in a great location, comes fully furnished and ready to rent or live in. New Built January 2007. We have owned this property for 2 years and due to starting a family we are having to sell this beautiful apartment to bring the money back to England to buy a family house.
It rents really well and for the last 2 years has been fully booked from June – Spetember with other bookings during half term weeks and people wanting winter breaks out of season. We spend hardly any money on marketing, just around £100 per year on 6 months advetising on a holiday website and a few business cards, leaflets. Very easy to run and a good return on your investement. We have a contact for a reliable keyholder and cleaner that lives on site. It is the perfect rental investment – just not the right time for us as we are concentrating on our 3yr old and have baby on the way! It comes comeplete with free easy to maintain website: http://www.apartmentrentalcostacalida.co.uk
We welcome viewings and anyone that is seriously interested in buying is welcome to try before they buy (conditions apply). There is no catch, it really is a good investement we just need a bigger family house plus it isnt as easy as it used to be, to just jump on a plane now we have a 3 year old and a baby on the way.
Modern 2 bedroom apartment overlooking the private swimming pool (locked and gated for private use of residents). Sold FULLY Furnished. 2 beds, 1 bath, kitchen, lounge/dinning room, outside laundry room, patio. All windows are double glazed with security grills on all windows and doors. New build, completed in January 2007. Located within walking distance to shops, pubs, restaurants, New Thelasia Health Spa, nature reserve, beaches. Great investment opportunty – good rental opportunity. Easy and economical to run. Only selling due to starting a family. We have been renting it for the last 2 years.
For more information visit:
Viewings welcome anytime (providing it is not being rented for holidays) = keyholder lives on site.
September 8, 2010 at 6:00 am #100534
You reduced this to €95k in December 2009 and have since posted the same listing another couple of times:
In that time property prices, particularly on the Costas, have continued to fall. If you really want to shift this place I think you are going to have to shave even more off your asking price. Whatever, at your current asking price, the words ‘Dead horse’ and ‘Flogging’ spring to my mind.
September 8, 2010 at 4:04 pm #100536
Thanks for the comments. I am not desperate to sell, hence why I will not drop the price anymore. It would just be nice and make life a little easier if I could sell, as now my second child has been born and my first is now at school it is a lot harder for us to go to Spain (however it is renting well). I have posted it a few times as sometimes people just look at the first page. You may think of it a flogging a dead horse but to me floggin a dead horse would be trying to sell something that has faults, this apartment however does not, it is a genuine good investment. Its always good to be pro-active. It is a great property and I am sure that once the property market picks up I will have no problems selling (I will just need to wait for a bigger house in England a bit longer). If it wasnt for the kids (of which we didnt have when we purchased) I wouldnt even be selling.
September 8, 2010 at 9:47 pm #100538
Good luck with the sale.
Since your advert is not the normal type(!!) it got my attention as well, I looked on fotocasa and only after about 2 minutes of searching on the internet I have found 2 identical apartments in the same complex for around 5% cheaper than your price.
I was in a similar situation 18 months ago and decided that the only way to sell was to reduce the price so that is was significantly less than all of the other properties in the complex, it worked as I sold the apartment in around 4 weeks, but of course I lost a lot of money, which is a hard pill to swallow!
Have you considered this approach.
Work out how much your apartment is going to cost you over the next 5 years. So that is mortgage interest, community bills, standing charges for electricty/water, IBI, rubbish, property insurance, income tax based on valor catastral (when you don’t get any income!!!).
As an estimate if you have a £80,000 mortgage then those total bills are going to be around:-
(based on 4% average interest rate over next 5 years and what my current charges were for a similar property that I sold):-
Of course you may have no mortgage, but still you could probably get 4% on £80000 invested somewhere, so it really dosen’t matter if you have a mortage or not as the true cost is still the same to you.
You have to ask yourself the question where will property prices be in 5 years. My opinion is probably less than today, (maybe the same?), but either way inflation (except house price of course !) and/or further falls will mean Spanish house values are in real terms a lot loss than today.
So stripping off those 5 year costs makes your apartment really attractive to a buyer today, but of course you lose a substantial amount. The other scenario is that its doesn’t sell and 5 years passes by and you need to add £23,000 to the price to cover the costs of 5 years, when house prices have been static or even fallen.
You also need to add in the equation the utility of the property to you, if you can’t use it then it’s not much. If you really are renting then those losses are mitigated somewhat, but most rental only covers the extra costs incurred (water, elec, cleaning damage, tax) and the hassle involved so there is no real gain at the end of the day.
Apologies for the long post, but I wanted to highlight what it costs to sit there empty while an upturn is hoped for. Yes knocking off £23k is hard to do, but it will probably bring a sale and if 5 years is the timespan to see the market start to turn then you have not lost out relatively speaking.
September 9, 2010 at 9:40 am #100541
Jp1 makes a lot of sense.
I too had a similar issue with a property in Ireland a few year ago. It had been ‘sold’ at the peak of the market for 450k. That sale fell through just as the market turned. A couple of subsequent ‘sales’, at 435k and 400k also fell through as the market was by then dropping. In order to get rid of it quickly I sold at 360k. This despite the fact that the EAs were telling me at the time that it was ‘worth’ 400. The place would now probably fetch 260k.
The bottom line here is that if you really want to sell in what is a falling market you’ll have to drop your price to one more competitive than similar properties. Had you first dropped the asking price of the property to the current one rather than 115k you would almost certainly have sold it then. With the strategy you are currently following you are very very unlikely to sell the place. You should therefore consider taking it off the market.
Sorry if this is not what you want to hear but it is a very tough market out there. Both Jp1 and I have had to take hits on our sales. Both of us are glad we did so. It is from that perspective that we are giving this advice.
September 9, 2010 at 4:22 pm #100548
Yup, they are hard pills to swallow. But JP1 does put a perfect perspective on things. When I worked for an EA I consistently had people who overpriced their property with the “I’m in no rush” sentence following it up. It was as if they believed I wanted to buy it!
The truth of the matter is that if your product does not have a Unique Selling Point (not it has A/A or I put up shelves and recently painted it…) you are going to have a tough time selling it at a price close to those of an identical or similar property. It’s like car insurance, nobody appreciates the service so everybody goes for the price and we scour the internet for the cheapest quote, because they have no USP.
Anyway, honestly, good luck and why not try Idealista, Loquo, Mundoanuncio, Globaliza, Fotocasa…
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