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Today, first time in a few months,I have been looking at property listings. This time I have noticed quite a sizeable drop in asking prices. I’m not saying that the market has hit bottom yet, indeed I don’t believe it has, only that prices are inexorably and quickly moving towards a more realistic level.
Connells, who seem to be charged with the job of shifting CAM bank reposessions in the UK, strike me as now being particularly aggressive with their pricing.
http://www.connellsoverseas.com/
Can it be long before others follow suit?
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That is a very useful website because it shows the percentage discount and the before price the property was originally on sale for although I am not sure if the before price can be relied upon as being genuine but at least it is a good indication as to where the property market is heading. You can sort the list of properties based on the ascending/decending percentage discount which is a great feature. Wait until you get at least a 90% discount on a property then it will be on sale at what I reckon will be a sensible price.
Better still, wait until Spain drops out of the Euro and reverts back to the Peseta which will take place in three to four years time, then there really will be blood on the streets and total carnage on the property market with property price discounts of 99%.
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I think Connells only handle CAM. http://www.solvia.es/ handles CAM as well along with Sabadell and maybe other banks as well. http://www.altamirasantander.com/ handles Santander, https://www.bbvavivienda.com/ handles BBVA, and you can find links to most other Spanish bank property listings from their respective web pages.
I think it is generally better to deal directly with the bank if you can, as that allows you to cut out a middle man.
Pretty much all these repossessions will be listed on http://www.idealista.com/pagina/portada anyway, which is an excellent site that also indicates price changes, and allows you to filter specifically for repossessions (“de bancos y cajas”).
If you use Rightmove then you must use the http://www.property-bee.com/ add-on for Firefox. It will magically display the price history of listed properties and give you a good idea of how long a property has been on the market (essential information)
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