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I guess many of you have seen the show on ITV yesterday.
1) People seem to still be in deepest denial. Some guy had a property which he thought was worth 170K Euros and at the action nobody offered even 90K Euros. It was in Manilva.
2) Some male agent was still talking as it was 2003-2005: buy now or the apartment will be sold tomorrow to somebody else. We are talking about a 282K Euros property at about 10km from the Sea.
Same for another hugely overpriced property where a nice young lady was talking about 250K price for a 425K so-called valuated property.
3) In contrast, Inez was extremely honest eventhough she could not really tell to some dreamer owner that a 185K offer for his property was something not to be refused. He wanted at least 220K for something he paid 300K during the
“crazy years”.4) a family rented from the bank a “dream property” and now, when the mortgage rate was about 3100 Euros/month they were sad to return it to the bank as if they were entitled to live in something they could not afford.
5) a family bought some property in Zenia and now they had to spend all their time, energy and money to take care of
the pools and non-finished properties as the developers had dissapeared leaving shells, mosquitos and floating pieces of pooh everywhere. The man had an interdiction to contact the Costa Blanca authorities as he had made too much noise.6) A lady was trying to find bargains but, after being showed lots of extremely overpriced properties, she decided to go for rental.
It was an enternaining show.
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The programme was entitled ‘Spain, Paradise Lost’ and maybe a year old, however still very relevant.
That family paid 950k eu for their villa now valued at 530k eu, it wasn’t even worth the current valuation and hence still unsold.
The lady, Mandy being shown a lurid red apartment that Jayne Williams the agent said had a Bank valuation of 450k eu ‘but you can buy it for 250k eu’, I don’t believe the Bank valuation was kosher at all. Then the old sales cliches came out. ‘on a clear day you can see Africa, even snow capped mountains’, ‘Gibralter’ etc. Actually it’s a tiny bit of Morocco, not the Congo or Kenya etc and ‘what a view’ Williams said. Yep, distant cranes on the horizon and rows of urbanization. You can see France from Kent, Mexico from California, most countries can see another if you’re near the border.
What it did show were the ghastly concrete jungles all along the Southern Costas, and many unfinished developments with sewage spouting up from roads, bare mains cables, no landscaping, empty stagnant swimming pools, and those who’d been duped saying they wish they’d never bought in or seen Spain. These people had lost their life savings due to unsrupulous selling, and another agent was gleefully waiting at the airport to ‘sell someone the Dream’.
Inez was the only one to come out with credibility as an agent.
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I never saw the programme, i just think there is a difference between a property someone bought and they really love that is looking to have for the next 30 years and soemone with no knowledge of propertybut jumped on some bandwagon and bought one, so they can flog it in 2 years thinking it was easy money, which is what some people seemed to have done.
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Some were buying for lifestyle, it was their dream in the sun and they’ve lost almost everything, others bought for investment as opposed to stocks and shares for retirement, either way they’re all struggling to sell-up to recoup as much as they can or pay off crippling mortgages.
We know a couple who bought 10 years ago for around 200k (a finca), at one point they said it was worth 700k, but now resigned to living in it full time as it would struggle to make 350k (no pool) both pensioners etc. They’d love to return to UK but are stuck.
I hear there are many like them.
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Angie – even Spain’s ex Housing Minister says she would not buy property in Spain now 😆
and she says she expects house prices to fall by a further 30-50%
Could that be construed as an example of ‘straight from the horse’s mouth’ ?
http://www.typicallyspanish.com/news/publish/article_26445.shtml
……and surprise, surprise, her successor’s view (Beatriz Corredor) has declared that “now is the best time to buy a home”.
Oh dear, but God loves a tryer I suppose. 🙁 -
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Totally agree with you both charlie and jp1, despite the new Minister and others talking things up I think the magnitude of it all : the huge surplus of unsolds, exchange rate problems, Spains financial woes, Media and press articles, and the UK’s population unable to afford 2nd or 1st homes in Spain because of our problems, It’s hard to see where or when a real uplift will come from.
Then of course Dominic Strauss Kahn from the IMF was visiting Zapatero yesterday, a very rare occurrence we’re told! 😯
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