What offer to make

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This topic contains 16 replies, has 7 voices, and was last updated by Profile photo of johnez johnez 3 weeks, 1 day ago.

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  • #194051
    Profile photo of treetops
    treetops
    Participant

    Hi,

    Going to spain in New year to view some properties with hopefully intention of  buying one.  We previously owned a property in relatively same area but sold in 2012.  Some prices I am looking at are a little overpriced, on average what percentage below asking price should I offer if I see something suitable.  Or alternatively what is the average price per sq meter or square foot in south costa blanca.  Any advice would be grateful

     

     

  • #194133
    Profile photo of Chris Nation
    Chris Nation
    Participant

    As I recall from my own property search, the main portals, fotocasa and idealista, give the price of a property in sq metres and the average price for the district and the % + or –

     

     

  • #194134
    Profile photo of treetops
    treetops
    Participant

    Thanks for reply Chris.  I have been looking on Kyero and that info does not seem to be available on there will have a look on your suggested to see if properties are listed there.  Happy New year.

  • #194140
    Profile photo of BeeLazy
    BeeLazy
    Participant

    The average price per sq mtr in Alicante Region is now around €1300.  Of course location location location will also add a premium.

    Bee

  • #194141
    Profile photo of treetops
    treetops
    Participant

    Thanks for that reply Bee, so say a property is 90 sq meter and plot is 100 sq meter, do you calculate on the build rather than the plot.

  • #194143
    Profile photo of BeeLazy
    BeeLazy
    Participant

    The €1300 sq mtrs is build price.  I am not familiar with how they price plot size the normal quoted sale  price is house sq mtr price.  I presume within that asking price they build in the price of the plot plus the house which will account for the different prices quoted per sq mtr for an apartment and a  house on its own plot.  Again it will depend on the location of the property.  You will find that any property within a desirable area close to the sea and with a sea view will be a smaller sq mtr property with a higher price than say a larger apartment farther away from the sea.

    Bee

     

  • #194144
    Profile photo of treetops
    treetops
    Participant

    Thanks Bee for your input.  I used to own a property and sold in 2012 now looking to return to buy an investment property to rent out.  Some properties are well priced but some properties are way over priced.  The MLS system used in america is great you get all the information you need.

  • #194145
    Profile photo of BeeLazy
    BeeLazy
    Participant

    Treetops I am not familiar with MLS.  Is that a type of property register.   We have a property register in Ireland where you can check what price a property sold for.  Unfortunately nothing like it in Spain which is a pity.

    Bee

  • #194212
    Profile photo of treetops
    treetops
    Participant

    Just to follow up on this discussion.  Have been over to spain (costa Blanca) during the last week.  Seems to be a lot of building going on lots of cubes being built, estate agents on every corner and some operating out of cars!  Looked at some very over priced properties in not very good locations, other in good locations but needed a bit of TLC.  Viewed property which was in good location and in pristine condition and lived in, viewed it twice and checked out area several times we know the area very well, we put an offer in, the first offer was very low ball which was rejected put in a decent offer but which was still 13% below asking price, intially it was rejected but then it was accepted, fingers crossed all will go well with regard to closing.  There are not many good properties in good locations left.

    • #194253
      Profile photo of drpetyag
      drpetyag
      Participant

      Hello,

      I am going there in April . Could you suggest based on what you’ve seen where in Costa Blanca are the best rental potentials ? I think I can afford a property in Denia, but I hear Javea is better for rental income, yet properties there are on times 2000 + EU/sq meter ,way overpriced .

      Good job on your offer and best of luck !

      petya

  • #194256
    Profile photo of treetops
    treetops
    Participant

    Hi Petya,

    I focused on south costa blanca as i know the area having previously owned an apartment there which I sold in 2012.  I went out with an open mind, my husband wanted to invest in spain, I was more pro investing in florida but when Trump became president and having researched the overheads of owing a property in florida it wasn’t a runner.  We went on a three day trip organised by ourselves so we had a busy two days looking a properties which we organised via email to various agents.  One piece of advice and one thing we learned some “agents” actually don’t have an office but rather operate out of the back of their car so having met some I would be wary what agent you buy from – go with a long established practice that have a physical office not to say they can’t go belly up overnight either.  So on to property search we looked at a lot of properties which were in my opinion way over priced not good locations.  Your location is everything for us our criteria not far from sea, walk to shop, restaurant, bar etc. – you have to think form potential renters point of view.  From researching a 3 bed 2 bath with pool is what people look for.  The area we looked at was Orihuela Costa, Punta Prima, Playa Flamenca all around that area,  there is a lot of building going on and a lot of cube like villas being built up around Campoamor.   The La Zenia Boulevard is a big success story in that area and apart from the lovely beaches the area has to offer this shopping center has brought in a lot of tourism and employment, there seems to be a shortage of rentals in the area particularly for long term rentals.  We couldn’t believe the difference in 5 years since we sold our property.  Some of the bars that used to be there that were tacky have got a make over and are now more upmarket, area seems more established and overall upeat which we were happy about.  Even the hotel we stayed in brilliant location on the beach but it got a complete makeover and we were very impressed.  The villa we put a deposit on was our favourite even before we went to view and fingers crossed all will go according to plan for closing.  Some of the estate agents I won’t mention name but were telling us what to offer if we were interested in a particular property – they would not pass on an offer if they deemed it too low ball.  Lastly research the area yourself, make sure you would be happy to buy there, see what area has to offer, inform yourself of average price per sq met in area and view properties with an established agent.  I can pm you the name of agent we viewed with and feel happy dealing with.  We were cash buyers so I feel that helped in getting a discount, banks can mess around with finances.

     

    Good luck on your quest.

  • #194264
    Profile photo of Mark Stücklin
    Mark Stücklin
    Keymaster

    Hi Treetops,

    Would you mind letting me know by PM you opinion of the agents you dealt with?

    Thanks in advance.

  • #194354
    Profile photo of BeeLazy
    BeeLazy
    Participant

    Treetops do you mind saying what you paid per sq mtr.  I had no sooner posted the €1300 when I read that  sought after properties are now edging up to €1600 per sq mtr in both Torrevieja and Orihuela Costa

     

    Bee

  • #194356
    Profile photo of treetops
    treetops
    Participant

    Hi Bee

     

    I will PM you.

  • #194394
    Profile photo of BeeLazy
    BeeLazy
    Participant

    Thanks Angela.

     

    Bee

  • #194449
    Profile photo of Capo1
    Capo1
    Participant

    Buying at the right price in Spain is easy providing you are prepared to be hard (not ridiculous) when you make an offer. We bought in Mijas (Malaga) in 2010. The agent showing us the house was at pains to explain that the owners had paid 730K Euros in 2003 and were now offering it for sale at 550K and that was rock bottom for them. To be fair, compared to everything else we had seen it looked good value. 800 sq mts site, three bedrooms, 3 bathrooms and a large heated pool. We eventually sealed a deal at 470K and have loved it for 6 summers. In September last year (2016) we sold at 600K. Our asking price was 695K and the 600 we accepted included the furniture. We had several offers around 550K which we rejected. The house was on the market for 12 months and the buyer interest increased dramatically in the last 6 months, especially from the Scandinavian countries. Since then we have bought again in Mijas. The new (not new) house is much larger, has a even bigger pool and is on 5000 sq mts with amazing views. We offered 23% below the asking price and despite the agent assuring us we had no chance of success, he presented the offer, and it was reluctantly accepted. We are fortunate in that we were cash buyers but that is not really the secret to success. Once you have found the right house you need to be nosey and prod the agent to find out why the vendor is selling and any other info that may help you.  The more you know the greater the power in your hands when you negotiate a buy price. Never listen to an agents opinion of what the property is worth. We bought both houses from the same agent. He is honest, trustworthy and runs a tight ship but in the end he just wants to make a sale. For both transactions we used a small law firm based in Marbella. He was happy to come to come and meet with us. Frankly, he has been a gem, speaks good English and I could sincerely recommend him.

  • #194817
    Profile photo of johnez
    johnez
    Participant

    Hi

    I have started to look at apartment in the surround areas at Torrevieja and in central Torrevieja.

    The intention is to have the apartment for vacation but I also want to be able to rent out the apartment.

    Is the prices seemed to hit the bottom now in Torrevieja?

    (The only statistic i have is for 2014 and then the prices was still declining in Torrevieja.)

    What areas in Torrevieja is best to buy if you want to rent out, central Torrevieja?

    How many days per year can you calculate to rent out the apartment?

    (When looking at airbnb is seems that apartments in Torrevieja is not booked at all during the vinter period)

    A lot of questions I had, but I would be very happy if I get answer from someone with experience about Spain/Costa blanca.

    Thanks

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