[Anonymous]

Santander has been negotiating the sale of a discounted property portfolio for months with distress funds from the likes of Goldman Sachs and Morgan Stanley. It’s become a bit of a soap opera, which I have been reporting on in the blog: [urlhttp://www.spanishpropertyinsight.com/buff/2011/11/10/the-santander-property-disinvestment-story/comment-page-1/#comment-1577]Santander discounted property portfolio disinvestment story[/url]

The problem with the blog is updates in the comments don’t bring the news to the top of the list, so I thought I would update here too.

The latest news is that the deal has been put on hold for now. There is too much uncertainty in the air for a deal to go ahead. Who knows if we will still be in the Eurozone come Monday?

[angie]

Hi Mark, there may be a clue to the last question of yours in the link I’m posting on ‘more economic bad news for Spain’ 🙄

[GarySFBCN]

The latest news is that the deal has been put on hold for now. There is too much uncertainty in the air for a deal to go ahead. Who knows if we will still be in the Eurozone come Monday?

There’s plenty of certainty. Banks should have been forced to unload all of their vacant properties enmasse awhile back. By doing so, some would have continued to lose money. But because there is some pent-up demand to buy, we would have seen a increase in sales, and as you all know, there is a lot of secondary economic benefits when homes are sold: Banks, painters, sales of furniture, kitchen supplies, etc. Those secondary activities could also impact the need to hire new employees. The banks are getting subsidized and not being held accountable anyway, so why should they care? But if I were Rajoy, I’d also force the banks to offer reasonable mortgages, allowing people to buy and the banks to make a moderate profit.

This ridiculous bailout isn’t going to change the bad behavior by the banks. It allows them to continue doing the wrong thing until the next bailout.

So much for ‘experts’. They are all about ‘free market’ principles when people are forced to pay 6 times more for a pair of bluejeans in Spain than in the US, but they solidly socialist when it comes to continuing to bail-out nearly criminal organizations (banks) and still demand no accountability or participation in fixing the economy.

[Anonymous]

For some time now we have been thinking of a place in Spain. I have monitored this board and taken on board the many views expressed. Some would never buy, or buy again due to bad experiences. Others would rent. I supose it’s down to the individual. If I do it would not be with money I count on, or in a manner in which my life in the UK might be prejudiced. I am approaching semi retirement and would love a small place and the freedom to jump on a plane and take the grandkids away whenever.

I don’t like to drive abroad that much and have been looking at areas near an airport or with good links. We have stayed in Calahonda a few times and like the area. Having registered with Kyermo I get details of properties and this week was advised of a bank repossession at 140k which seems steep and suggests that in the area the bank thinks that prices will hold up maybe. At some point I would have thought that banks will have to offer discounts on better properties, I think the big discounts on offer are on the stuff they can’t shift.

[angie]

Beauty in the eye of the beholder I suppose, but Calahonda? It’s full of Brits, a bit tacky, overcrowded with row upon row of cheap properties, many for sale and have been for years, poor build quality, noisy, you wouldn’t want to be concerned about re-selling it then?

Is it price driving you, because you’d probably find much better areas close by like Elviria, even Cabopino and probably bag a bargain there too although the Reuters article on ‘more economic bad news for Spain’ topic suggests prices could fall another 25% still:roll:

[Anonymous]

Angie, why are you soooooooooooo angry????? 😈 😈 😈 sooooooooooo bitter??? mrpidman, Calahonda is lovely; clean, well located, packed with shops, restaurants, bars, medical centres, two mins to beach, cabopino port etc; obviously if you’re an aristocrat you might prefer Guacin or Jimena 😆 …………

With all the new developments and unsold units now has never been a better time to buy a bargain…. prices are down 50% at least and could go lower…….who knows… what we do know is that life is not eternal and waiting for the right moment, exchange rate, change in government —- well, you’d never do anything…………

if you’ve got the cash go for it in the next year……….as for full of Brits; Yes, well? do you want to surrounded by locals with their loud TV’s, pooing dogs, unpaid communities, barbecuing on the terraces etc etc……

Angie, as for the poor build quality you keep citing; where do you stay in spain?; in tenement blocks in downtown Malaga??? 😥 😥 😥 😥

[angie]

You’re talking rubbish again UBEDA, why don’t you like Spaniards then, you live in Spain but want to be surrounded by Brits? 🙄 Wondered when you’d pop up again 😆 Why should Brits not integrate in more Spanish communities, it’s a bit rich going to their country and not trying to integrate ?:roll: Sounds like you’re the ‘Angry One’ with that outburst, calm down dear, calm down 😆

Nothing angry about recommending better locations near to tacky Calahonda such as Elviria or Cabopino where we’ve lived before, and as a better investment for Mr Pidman’s money he’d would always have more chance of re-selling in these areas, less built up, better looking property, probably better quality less noise. It’s his choice, many others would use that cash and buy many holidays without the uncertainty!

What do you know about poor build quality in Spain’s overbuilt urbanisations, I could take you to loads on golf courses etc?

‘Life is not eternal’ ok then recommend buying when the economists and others are saying property could fall another 25%, you’re sounding like some of the agents now, what a wise decision ‘not’ 😆

Ubeda, why are you soooooooooooooo angry????? 😆

[Anonymous]

Thanks for the feedback. I’ll certainly take on board the differing views on the area. As I said, I am looking for a place near(ish) the airport and with good transport links as I’m not a fan of driving abroad.

Re the Brit thing, I don’t think it’s just Spain. When I was younger, is it really 40 years ago? I lived in Australia and go back still to visit. Most of the friends I had were ex Pat emigrees, although through sport I made friends with some Aussies. I know when I come back to the UK I will have that hollow feeling- I’d move there in a flash but I have children and grandchildren and I would miss them too much. so the suggestion of holidays rather than purchase is a good one. Interestingly, my favourite place in Australia is Canberra, usually described as one of the ugliest cities on earth. Maybe that explains the Canberra thing 😀 😀

I did receive details of a plave in Elviria from Nicole Beyer, given the recommendations re the area I’ll maybe have another look. Thanks again/

[Anonymous]

I mean explains the Calahonda thing. Senior moment 😳

[angie]

Mr Pidman, I think you’re making a wise decision to look at Elviria for example and to consider renting first. Elviria is comfortably smart IMO, not too overbuilt and I mean in comparison to Calahonda etc, it’s also fairly quiet, the streets seem to be looked after better there, it would be my choice on that stretch of coast.

The other thing re renting, you can rent apartments on some golf courses for example and no doubt elsewhere for 4-600 euros a month, 1-2 bedrooms, so 140k earning 4% in the UK which can be achieved, even 4.6% longer term, would bring in enough to pay rent without the risk of property prices falling further. I know capital erodes with inflation but not so severely as another sharp drop in property price.

When we lived in Spain we felt more comfortable with the Spanish people and made some good friends there and, a handful of Brits too. Yes, the Spanish can be a bit loud with voices but the Brits can be too, if one integrates it’s good fun being part of their community, so renting finds that out first. 😉

[Fuengi (Andrew)]

@mrpidman wrote:

Thanks for the feedback. I’ll certainly take on board the differing views on the area. As I said, I am looking for a place near(ish) the airport and with good transport links as I’m not a fan of driving abroad.

Re the Brit thing, I don’t think it’s just Spain. When I was younger, is it really 40 years ago? I lived in Australia and go back still to visit. Most of the friends I had were ex Pat emigrees, although through sport I made friends with some Aussies. I know when I come back to the UK I will have that hollow feeling- I’d move there in a flash but I have children and grandchildren and I would miss them too much. so the suggestion of holidays rather than purchase is a good one. Interestingly, my favourite place in Australia is Canberra, usually described as one of the ugliest cities on earth. Maybe that explains the Canberra thing 😀 😀

I did receive details of a plave in Elviria from Nicole Beyer, given the recommendations re the area I’ll maybe have another look. Thanks again/

Elviria is a lovely area, all in all. But it is overpriced and isolated. If you do not intend to drive, realistically I would look at a more central property. Also the train line stops at Fuengirola.
So either you are going to be driving or reliant on a bus/taxi for all travel.
Also take into account what you want from the property. If it is just to take a few short holidays then these locations are fine. If it may be to spend up to half a year here, then definitely look at the towns for properties

[angie]

UBEDA, just to remind you that on this topic it was you who said ‘you didn’t want to live next to Spaniards’ in Spain, are you a bigot or what 😆 You won’t live that down 😆

Come out in the open and say who you are, what is your real interest in Spain, do you own property you’re stuck with, do you work for the agent, was it Ocean, have you lost money in Spain, would you prefer more people including Brits to make mistakes in Spain, does the truth hurt, and why do you hide under a town’s name? 😆

UBEDA, why are you soooooooooo angry and bitter? 😆 😆

[Author]

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