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I am seriously considering buying a holiday property in the Fuengirola area because I’ve been advised there are bargains to be had and now is the time.Hmmm? I’m hoping to visit the area soon to view potential properties and get a feel for the place. Before I do, I’m looking for basic advice about the process and any property companies who should be avoided or indeed recommended.
Many thanks
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The general consensus is that the market still has some way to fall. Take your time, do your own reseach. You will not miss out on anything.
I started looking to buy over two years ago. Back then I was told my many that the market had bottomed. It didn’t take me long to realise that ‘advice’ was rubbish. Just as it was then, it is now.
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That depends on what price you pay.
I sold my place 2 years ago, the young couple got a bargain (at the time, hence how I managed to sell it so quickly). Today the lowest prices in the same complex are at my sale value. However most properties are still 20~30k above it.
So if you find a quality, reasonably priced place and can get the owner to drop 10~15% (there are 1000’s of desperate sellers) then I think you could be buying pretty much near the bottom.
But waiting another year won’t do you any harm either!!!
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Buy from a bank. You can get a reasonable buy without agents commissions and the bull s..t. You will also get a built in mortgage which may be difficult to obtain on a private sale. However even that will not guarantee you any deflationary risk. http://www.oportunidadescam.es/Viviendas/Malaga/Fuengirola/Oportunidad_En_alquiler_En_subasta_/Oportunidad_En_alquiler_En_subasta_/oportunidades/p1-10.html or http://www.servihabitat.com/svhPortal?action=find&method=doFind&idTipoOperacion=1&tipoInmueble=1&provincia=29&poblacion=29054000101,null&segundaMano=on&obraNueva=on#
Professional investors are waiting for the market to bottom out. My best guess when that will be is when the banks start selling off their huge stocks. Its easy to see that happening they love to mark them reservado. I suggest you do the same.
At the moment they are repossessing more than they are selling. -
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@UBEDA wrote:
and will not go down more !!!!!!
Well you must have either a clear crystal ball or a hot line to the prophets.
How can you make a statement like that and be taken seriously? What reasoning is it based upon? All markets indications point to continuing falls, not least of those is the lack of available finance, market confidence and the negtive state of the Spanish economy.
Perhaps Fuengirola has a secret which makes it immune from market economics. I would love to hear it. 🙂 -
@logan wrote:
Buy from a bank. You can get a reasonable buy without agents commissions and the bull s..t..
Oh dear me….
Buy from a bank hey…?
Yep go ahead, then when you have bought it, go ask Fuengi whether or not it was worth it or what you could have got for your money.
Buy from a bank my rather large backside. What a lot of twaddle.
Do as advised, followed the advice of the several here, go seek out Fuengi who has been doling out far more sense, practical help and service on this forum than you will ever get from a bank…
A bank indeed, oh dear.
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I don´t want to take over the post….
but I´m at the moment in a similar situation.
Looking to buy a holiday home for more than three years, maybe we have found it now ?
New detached home, built 2006, never occupied, 115sqm living +terraces, 3beds, 2 bath, kitchen, living, garage, pool on a 650sqm plot, no sea view, 2km to the sandy beaches,
location northern costa blanca.
Found it on the internet orig. asking price 380k in 2006, then reduced to 360k, to 310k and i finaly can get it now for 275k.What do you think is this the kind of reduction someone should look for in these days – or do you think it´s still overpriced?
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@Chris McCarthy wrote:
@logan wrote:
Buy from a bank. You can get a reasonable buy without agents commissions and the bull s..t..
Oh dear me….
Buy from a bank hey…?
Yep go ahead, then when you have bought it, go ask Fuengi whether or not it was worth it or what you could have got for your money.
Buy from a bank my rather large backside. What a lot of twaddle.
Do as advised, followed the advice of the several here, go seek out Fuengi who has been doling out far more sense, practical help and service on this forum than you will ever get from a bank…
A bank indeed, oh dear.
Gotta go with Chris on this forget the banks right now.
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@katy wrote:
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A bank indeed, oh dear.
It would be helpful if you outlined your objections and not simply post ‘don’t do it’. Explain please.
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Banks – because its a false expectation they put out. They say the price is ‘good’ and you will get 100% finance (I am reliably informed this is a special dispensation from the bank of Spain allowing this) BUT when you compare what you get and the prices in some ads (usually via estate agents and I qualify this by saying that most agents still around either were good to begin with or have had to improve just by the current market forces) you will see that cheap does not equate to quality. Most state court auctions are fixed by the ring of subasteros and any good genuine deal is snapped up well before it gets onto a banks open books for the public.
Their lists and supposed valuations and prices are still ludicrous as they try to squeeze every penny back for themselves, including their huge ‘legal fees’ and interest rates.
Deal with a genuine agent and they will cut the deal for you and as an independent (by which description I mean not the buyer or the seller) emotions wont come into it.
Find a good agent, and Fuengi is good, you should at least get a reasonable deal – ultimately, the property is worth what the buyer is willing to pay for it.
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The banks are mainly selling apartments which have been repossesed from the Developers. Many are in crap locations and have unfinished facilities. They were vastly overpriced and even with large “reductions” are still not good value.
If I were to be buying a property and knew the location(s) I wanted to buy I would talk to a good agent in the area. I would be very clear about the specifications I wanted and the price range. A decent agent should have a vague idea as to the background of the seller and how low they will go. If they don’t find another one.
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I would not be so quick to pooh pooh the avenues others have highlighted – the more options the better.
Logan – it would be good to be able to access all the bank properties and then compare.
I would never rely on any one person as the oracle however good they are,there are so many opportunities availabale through so many sources.
Experience still is to find the location I like then walk and find out which properties were vacant then speak with neighbours etc.
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