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I recently wrote in my blog that banks are reportedly starting to dump repossessed holiday-homes on the coast for up to 70pc less than peak asking prices (Banks dumping repossessed holiday-homes with discounts of up to 70pc.) . That is what I read in the Spanish press, but haven’t had time to investigate myself, though over the last few months I have seen several examples of at least 50pc off, on quite attractive properties too.
The comments to the article quite understandably ask where are all the bargains? Can anyone find examples of 70pc off? This is the place to put them, then I’ll link here from the blog, if any good examples can be found.
If not, then perhaps I’ll have to say that no evidence can be found to back up this story.
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What about Banesto? http://www.casaktua.com/inicio/378_1_ap.html
I guess having a chat with the bank manager of the branch close to the place you are interested in would get up more of a discount. I introduced some Brits to the Banesto manager in Cuevas regarding a flat in our block which was advertised at 32k but that she said they’d do for 25k. The Brits wanted to pay 20k so the bank said no. I bet they’d take it now?
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try here around 70% off in some instances
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I am reliably informed that Prime Invest are selling bank-owned promotions with discounts of up to 70pc, and selling well.
http://www.primeinvest.es/en/promotions/ -
@mark wrote:
I am reliably informed that Prime Invest are selling bank-owned promotions with discounts of up to 70pc, and selling well.
http://www.primeinvest.es/en/promotions/that made me laugh looked on the front page apartments from 89’000 press expose and bang it exposes the fact they are 99’000
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Specifically what do people think of this development Bahia de Plata in Estepona, and the price?
http://www.primeinvest.es/wp-content/uploads/2012/08/Presentation_Bahia_de_la_Plata_ENG.pdf
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starting from about 110/120m2. for a 2 bed. i believe those meters include the terrace. at 164/170,000€
i believe you can get a 3 bedroom from about 220/230,000€. about 200m2 with terrace.more info: huge complex from A-7 all the way to beach. new complex, still being built in 2009. I would curious to see which units are for sale. I notice in the advertising it specifies front line beach complex, no mention of the properties for sale currently are located on the front.
because of the area, would be worth checking out the situation in regard to the ley the costas.
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The worrying thing with some of these offers on developments is ‘what is the true worth’, aren’t these inflated prices still in order to offer 100% finance?
How can they guarantee 100% finance, isn’t that a large part of what caused the property crashes around the world in the 1st place?If I was interested I’d offer maybe 50-60% of their advertised prices and give them cash, no mortgage please senor! 😆
Then I noticed on the Bahia del Plata site, only 257 units, ludicrous overbuild again and a poor investment because if you wanted to sell one day you’d be competing with dozens more at the same time, house trapped in Spain all over again 😥
The two last developments saying ‘only one left’ and ‘all sold’ reminds me of the sales spiel of the old crazy days and mass duping by the larger agents, hoped that would never return, sort it out Spain!! 👿
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@angie wrote:
The worrying thing with some of these offers on developments is ‘what is the true worth’, aren’t these inflated prices still in order to offer 100% finance?
How can they guarantee 100% finance, isn’t that a large part of what caused the property crashes around the world in the 1st place?If I was interested I’d offer maybe 50-60% of their advertised prices and give them cash, no mortgage please senor! 😛
up to 100% for fiscal residents. non residents up to 80%
the 100% amount probably equates to the same amount as the developers mortgage.
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I wonder what the community fees/service charges will be on this ‘unbeatable buying and investment opportunity’ as they advertise it?
164k for a 1 bed apartment still looks way too expensive, same old stuff but with up to date look which will be dated in a few years.
Guaranteed mortgages? Are these the old non status ones or is proof of income and ability to repay required now in Spain?
Sounds decidedly dodgy again as before 🙄 Will I get a discount if I buy 20 and are their Directors and staff all rushing to buy in disorderly queues as they used to tell naive purchasers? 😆
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Well you did ask Mark. 8)
Really I think these developers need to wait for a entirely new generation who are gullible enough to believe the hyperbole and believe it’s something new and a “great opportunity”. Not
The current one is done. I’m three generations past and I’m amazed how nothing ever changes. It’s like a giant washing machine fueled by greed and phony, unrealistic ideas of a lifestyle punted by ad men and TV program’s.
No lessons learned because there’s always another batch of fair game sucker punters waiting in the wings with more money than sense.
Property people need an honorable profession like banking and lawing or maybe even politics. Same thing really. 😈
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I don’t know what the discount is but I bet it’s quite hefty.
Apartments in the middle of Calpe a short walk from the beach from €65,555
http://www.altamirasantander.com/buscador/ficha_promo.jsp?c_promo=1695&c_inmueble= -
Looks like a steep trudge back up hill with your shopping bags and where’s the green quiet space around this block, wouldn’t touch it, will need painting again at cost in a couple of years time 🙄
We’ve had The Golden Mile (a little jaded now) we’ve got The New Golden Mile (loads for sale) can’t wait for the New New Golden Mile and the next Spanish property boom hyped by those larger unregulated estate agents and their in-house lawyers 😆 Quick buy now, our Directors are buying them too, had a lot of new mugs this week and we’re orf to swill unlimited bubbly chaps 😆
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I personally don’t like Calpe but many Brits do. So an apartment with pool in the centre seems cheap at £52000(at today’s exchange rate).
Parking is very difficult in high season, so the garage as an extra is a problem.
However for a holiday home for a family(sleeps 4) with no intention of driving and requiring everything within walking distance this seems OK.
I guess the maintenance is low as there is limited on site facilities which reduces the running costs.
I have said I personally would not buy a property in Spain, but I think just rubbishing all ” possible ” bargains without too much thought or knowledge is less than helpful to the forum users looking for sensible advice.
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@mark wrote:
Specifically what do people think of this development Bahia de Plata in Estepona, and the price?
http://www.primeinvest.es/wp-content/uploads/2012/08/Presentation_Bahia_de_la_Plata_ENG.pdfPlus points
Beach side of the A7 (demands premium price)
Luxury apartment
Luxury site and facilities
Storage and garage with 24 hour security included
Wanted location by many now San Pedro has tunnel.Minus points
High maintenance fees because of facilities
Possible problems of high number of vacant apartments and looking unloved in future.
Only for the well off because of running costs.
Must have use of car for this location. -
Mark, I think that bahia de Plata is pretty good at €164,000.
There are 70% off bargains all over Spain; from Eixample in Barcelona, Ibiza and the costas. The banks are not going to offload properties quickly; they are slowly selling massive blocks to “overseas” investors; ie major funds, who are taking a five to seven year view – they (investment co) are paying nearly nothing basically, and the banks write off some major amounts of debt. The rest of the unsold property will be DRIP fed into the market (via banks own agents) over the next five years.
I reckon that we will look back to 2012 as the turning point in the “depression” and a missed opportunity not buying into stock markets and more specifically prime real estate in Spain at 1999 prices. Bargains abound; you just need to look and be nice to your local estate agent 🙂 😉 😉
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@UBEDA wrote:
Mark,
I reckon that we will look back to 2012 as the turning point in the “depression” and a missed opportunity not buying into stock markets and more specifically prime real estate in Spain at 1999 prices. Bargains abound; you just need to look and be nice to your local estate agent 🙂 😉 😉………and I notice you provide no evidence or reasoning for that statement. All the predictions I have read is the Spanish market will continue to decline until at least 2014.
Now you may have some incisive insight the highly paid market analysts don’t possess. Why not share it with us?
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Agree with you there Logan, with all the uncertainty around in Spain and the Eurozone, why would 2012 be regarded as the turning point especially for Spanish property unless you had inside knowledge of something the World doesn’t know yet? God only knows 😉
‘Bargains’ in Spain could only be applied to heavily discounted properties in the very best locations, not the run of the mill mass urbanisations that have been discounted 🙄
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@angie wrote:
Agree with you there Logan, with all the uncertainty around in Spain and the Eurozone, why would 2012 be regarded as the turning point especially for Spanish property unless you had inside knowledge of something the World doesn’t know yet? God only knows 😉
‘Bargains’ in Spain could only be applied to heavily discounted properties in the very best locations, not the run of the mill mass urbanisations that have been discounted 🙄
I don’t think anyone, UBEDO or highly paid analysts, will be able to predict when the turning point will be. Some day it will just happen and then after it has happened people will then begin to notice the tell tale signs of a recovery.
Richard
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There was a case I heard of. A bank (let’s just say Caja spanish word for Sea) repossessed a whole urbanisation and sold the whole thing for 1 million euros. Less than a month later that guy sold it to another developer for 2 million. Now an estate agent has started advertising the place from scratch.
The problem is that people have already paid deposits on these as yet unfinished properties. This investor ‘friend of the bank manager?’ sold it on to another developer but what about all those people who had basically paid for the first phrase of building?? They have started a court case I believe against the first developer, the bank and the new developer who’s selling their properties to other people.
If this is becoming ‘the norm’ then the Spanish property market is still in the xxxxx ? Which investors wish to wade into such murky waters?
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Itsme, Cajamar are selling like crazy in Almeria!!!! – no legal problems either; the French are queuing up for their bargain basement properties – excellent retirement properties at 50% off
Logan, it’s gut feel which if you were an emprendedor you’d understand !!! it’s happening everywhere – green shoots and Spain will be the happening place again soon !!!!! -
@UBEDA wrote:
Itsme, Cajamar are selling like crazy in Almeria!!!! – no legal problems either; the French are queuing up for their bargain basement properties – excellent retirement properties at 50% off
Logan, it’s gut feel which if you were an emprendedor you’d understand !!! it’s happening everywhere – green shoots and Spain will be the happening place again soon !!!!!There may be a few local stirrings (and linked evidence of higher sales in Almeria would be helpful) but I don’t think there will be a national turnaround until we see steady falls in unemployment and confidence return nationally. As remarked previously, it could take some time before that happens.
As it happens the July figures are out. Sales for the month are actually down 2.5% compared with the previous year (although they are up on the disastrous June figures).
http://www.eleconomista.es/vivienda/noticias/4238868/09/12/Espana-la-compraventa-de-vivienda-cayo-un-25-interanual-en-julio.htmlLa compraventa de viviendas se redujo un 2,5% en julio respecto a igual mes de 2011, hasta un total de 27.388 operaciones, de las que el 51,5% se realizaron sobre viviendas de segunda mano y el 48,5% sobre inmuebles nuevos, según informó este martes el Instituto Nacional de Estadística (INE).
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@UBEDA wrote:
Itsme, Cajamar are selling like crazy in Almeria!!!! – no legal problems either; the French are queuing up for their bargain basement properties – excellent retirement properties at 50% off
The French are struggling as much as the Spanish. I find that statement difficult to understand. French people rarely buy properties outside France in large numbers. Odd few maybe, unless they are hiding cash from the clutches of M Hollande’s new fiscal tax regime.
I cannot find any evidence to support these claims and I have many bussiness contacts in Almeria who would find it laughable.
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@logan wrote:
Calpe,ugh 😥
Another of those lovely places ruined by over developement.My family had a place there till 98 and it was clear then they should stop building.
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Agree. The French, Dutch and to some extent the Scandinavians have never bought property to the extent of the British and they never will. The boom was British led and I doubt it will happen again. Too many got their fingers burnt.
Those with vested interests make it up as they go along. Right now they can’t make up their minds…one week they are pushing the line that property is dirt cheap and the week after they are saying things are improving. Does anyone ever listen to them anymore…talker-uppers are a dying breed now there is lots of stuff on the web.
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I would be surprised to see any turning point in the market during what is a very difficult economic situation in both Spain and Europe.
My own views are that “real” house prices in the spanish market have been dragged down by the economic woes in the Western World. There is also a good case to be put that the market has also self corrected in the face of a surplus supply of houses and also by the bad publicity surrounding the housing scandals. However, personally I feel it has more to do with the former than the latter
When the economic situation in Europe improves then “real” house prices in Spain will rise but not to the dizzy heights that they were before.
Richard
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The main problem for the Spanish property market in the coastal areas is the market had crashed before the economic crisis. On the CDS the market started to dip in 2004. At first only slowly, by 2006 it was worse although no-one in the business was admitting it. Asking prices were still unrealistically high but properties weren’t selling and many Agents were closing down. It suits Spain to blame everyone else in the world for their woes when it ruined it all by themselves.
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Honestly I don’t see any bargains, there is too much hoopla from some sectors trying to make us all believe that it is the end of the down market, but there is so much uncertainty in the European countries/markets for this to happen suddenly, it will take a long time for the economy/real-estate to revert to positive numbers.
The “bargains” that I have seen are in very bad areas, or the actual property looks more like a ghetto in which life could be very challenging, people should be very careful if buying anything, lots of people got into trouble before!!!!
I wish that people will stop trying to make us believe that things are reverting now into a great buying opportunity, when Spain is going for yet another Rescue soft or hard, it just doesn’t make sense, also people should remember that “if it sounds to good to be truth, it usually is”
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Well said Jaime. Looking on websites is no indicator to a property either unless you know the area very well. As I have pointed out before some of the “bargains” don’t even exist. When you meet the Agent to view them they either don’t have the keys or it’s suddenly been sold 🙄 They will then trail you around some completely hopeless properties!
If they do exist a 40,000 bargain may need around 30,000 more for reforms. Spanish properties rarely just need cosmetic work…change the kitchen units and the next thing you know the floor is being dug up and a full rewire needed 😆
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I have actually tried to buy an apartment myself in Bahia de Plata for an investment. My view is that it’s location right on the beach, high qualities and just about walking distance to Estepona old town makes it a great investment. I’m not looking for an argument as to whether I am right to invest in Spain right now but I can offer some facts on my attempt to buy.
I contacted a few agents to try and get “an appointment to view”. I finally got one about 5 days after it was launched. When I went there the place was packed with people looking around and making deposits. I came away with plans for 2 apartments I had selected as the best available and in the 24 hours I took to decide on which one, both had sold. In fact as of today they only have 3 x 1 bed apartments left.
Now the developer, bank or agent I went through maybe using a load of hype and sales tactics and making the whole thing up as to how quickly it’s selling but quite why they would do that when they have me ready with my credit card wanting to buy is beyond me. -
M.I.M., long time no post from you, I remember you made worthwhile comments in the past re an agent who tried to mislead on here which was helpful then 😉
Your experience with Bahia de Plata is very interesting and rather flies in the face of things currently experienced by me and others. Being cynical though, is there any chance that any rigging is going on despite your willingness to buy, I mean like the old days when the agents’ Directors and Managers would either be reserving certain plots or just trying to create a buzz so as to hike the prices a little later, or flip them on to new buyers like you?
Were those viewing Brits or Eurozone residents without exchange rate worries too?
I think you might get a call from either the developer, bank or agent later inviting you to buy, did you use all 3 of them to go through as you mentioned? Perhaps expect the price to rise to you 🙄
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@angie wrote:
M.I.M., long time no post from you, I remember you made worthwhile comments in the past re an agent who tried to mislead on here which was helpful then 😉
Your experience with Bahia de Plata is very interesting and rather flies in the face of things currently experienced by me and others. Being cynical though, is there any chance that any rigging is going on despite your willingness to buy, I mean like the old days when the agents’ Directors and Managers would either be reserving certain plots or just trying to create a buzz so as to hike the prices a little later, or flip them on to new buyers like you?
Were those viewing Brits or Eurozone residents without exchange rate worries too?
I think you might get a call from either the developer, bank or agent later inviting you to buy, did you use all 3 of them to go through as you mentioned? Perhaps expect the price to rise to you 🙄
Angie, I’m not really sure what you mean by any rigging going on. I went there with an agent and we were shown around by a Spanish girl who I assumed was a representative from the Bank although I cant be sure on that. There were 2 units I liked but because I delayed for 24 hours I am now told both have been sold and there are now (as of Monday) only 3 x 1 bed units lefts.
The place was full of people buying – mostly English being spoken although certainly two of the couples I saw buy sounded Scandinavian. Definitely a lot of Brits though.
We shall see. Maybe I will get a call. I hope so because at 230k I would really like to buy one of these apartments and if the developer, bank or agent is playing some sort of game by telling me, a willing buyer with credit card at the ready, that everything has sold well, that’s very odd. -
it helps talk the market up as people like yourself then come on to forums and tell of your experiance and next time you go to view will you be more likely to buy on the spot so you don’t lose out, i wonder how many of those there buying had already been to look and told sold but we have some others you can look at which maybe are not as desirable and in a couple of months all the block you looked at comes back on foresale and all those brits were struggling estate agents.
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M.I.M., yes it does seem odd then considering your financial position, it must be a better development than many others then. Will they try and switch you to another development? Have you or are you considering other developments and do they match up to this one?
Time will tell so hope you get it, I’m sure you’ve done your homework and are knowledgeable enough to know of how things were previously hyped in order to create panic amongst potential buyers and therefore won’t be misled 😉
Sorry to sound so cynical 🙄
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Angie, we know you hate good news 😥 😥 😥 ; but the truth there are many bright spots on the Spanish costas with buyers queuing up. The fact is that there is a huge amount of cash out there (not pobres like jakesure) and they are all fed up with earning 0% on their deposits. When good locations come up at discount prices they buy. 😮 😮 😮
there is a wall of cash out there and snapping up prime locations at 50% off is a good move – unless of course the world stops spinning!! 🙂 🙂 🙂 🙂
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but the truth there are many bright spots on the Spanish costas with buyers queuing up.
I’d like to see the official sales figures show a definite increase before believing a claim like this. Ok, we’ve some anecdotal evidence that a couple of resorts may be experiencing buyer interest, but sales nationally have not reflected any rise in numbers.
Even when the turning point does come, there must surely be a couple of years (at least) before the glut of unsold properties is used up? Lower prices must surely be around for some time to come. I’d be very interested in anyone providing firm evidence to the contrary. -
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I don’t think they were particularly cheap for Estepona and I find it difficult to believe that people are falling over themselves to buy. Long, long way from an airport, overdeveloped faceless area.
Does seem to be the lates hype though these endless stories of whole blocks selling out within a week….we shall see one day 😆
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UBEDA, off you go again with one of your SAD comments 😆
My post to M.I.M. was supportive of him and sure he’s done his homework and hoping he gets his apartment, read it again you wally 😆
Read others’ views too, not dissimilar to mine. Look back at my recent posts, where I’ve said buy but in discounted prime locations which this might be, but not in the heavily discounted mass urbanisations everywhere. It’s you who hate news if it’s not what you want to hear in Spain 🙄
I still have every right though to feel cynical.
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Ubeda wrote
there is a wall of cash out there and snapping up prime locations at 50% off is a good move – unless of course the world stops spinning!!
Katy wrote
I don’t think they were particularly cheap for Estepona and I find it difficult to believe that people are falling over themselves to buy. Long, long way from an airport, overdeveloped faceless area.
Both these statements are utter tosh and go to prove my statement on this thread about a lack of knowledge or thought spoiling what could be a decent thread based on Marks original question.
The location in Estapona is BEACH SIDE and has quality facilities and luxury apartments. It is probably 70% down from peak prices. At least 50% down is unarguable.
Are people falling over themselves to buy DONT BE SO SILLY.
I am going to show an interest in this development to try to see what is the case re being close to sold out.
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@Man in Marbella wrote:
I have actually tried to buy an apartment myself in Bahia de Plata for an investment. My view is that it’s location right on the beach, high qualities and just about walking distance to Estepona old town makes it a great investment. I’m not looking for an argument as to whether I am right to invest in Spain right now but I can offer some facts on my attempt to buy.
I contacted a few agents to try and get “an appointment to view”. I finally got one about 5 days after it was launched. When I went there the place was packed with people looking around and making deposits. I came away with plans for 2 apartments I had selected as the best available and in the 24 hours I took to decide on which one, both had sold. In fact as of today they only have 3 x 1 bed apartments left.
Now the developer, bank or agent I went through maybe using a load of hype and sales tactics and making the whole thing up as to how quickly it’s selling but quite why they would do that when they have me ready with my credit card wanting to buy is beyond me.This confirms what I have heard from other sources I trust. This project has sold quickly because the price is right and it ticks lots of other boxes. I know of another project in Ibiza launched this Spring that has also sold very well (The White Angel for the same reasons.
Which is not to say that the Spanish holiday-home market is roaring back to life, it isn’t. Demand is a fraction of what it was (though I believe we are now closer to the true level of demand than we were during the boom) and there is a massive glut to be dealt with. But it does show that there is demand for the right product at the right price, and anyone who wishes Spain well should be pleased about that. It’s a little bit of good economic news in a sea of gloom.
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Well I suppose it depends on a persons view of Estepona! It is not tosh to say the area is overdeveloped, the last time I went there I got lost amongst the block after block of apartments, most with swimming pools more apt for about 8 residents. As for the “luxury” tag…every block built in Spain over the last ten years has been advertised as “luxury” when they are all fitted with the same cheapy kitchen units etc. Oh, and the beaches around there are rubbish.
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Each to their own I suppose. Personally I prefer Marbella but I consider Estepona to be a lovely town and the New Golden Mile is a good area. Sure, some overbuilding on the mountainside during the boom years a lot of which is unsold and will probably remain unsold for a while. However, beachside there are some great developments. Friend of mine lives in Torre Bermejo and if anybody says that is not luxurious then they must have very high standards. The apartment next door to him was sold last month for, he thinks, €950,000.
I recently went to a wedding reception at Tikitano restaurant which is 5 star as is Laguna Beach club and several of the hotels on that stretch of coast. As I say, each to their own but I would consider it an excellent area.
I was looking to buy in Bahia de Plata because at 230k for a 2 bed of that standard and location I think it’s an excellent deal. I know for a fact that I can rent that out and get a very good return.
2 beds in the complex next door which I would say is 20% nicer are going for three times the price. -
A quick google shows that every agent and his Mother are advertising the bahia properties with the 60 sold in a week slogan. Statistically they should be sold now. I have stayed in the Kempinski, nice hotel but walk a few yards away from their beach and it is a s/hole. Everything is close to the road and a car is essential. It is each to his own but they aren’t a bargain 😀
Anyone remember Taylor Wimpy advertising only 4 left over about 2 years
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@Man in Marbella wrote:
I have actually tried to buy an apartment myself in Bahia de Plata for an investment. My view is that it’s location right on the beach, high qualities and just about walking distance to Estepona old town makes it a great investment. I’m not looking for an argument as to whether I am right to invest in Spain right now but I can offer some facts on my attempt to buy.
I contacted a few agents to try and get “an appointment to view”. I finally got one about 5 days after it was launched. When I went there the place was packed with people looking around and making deposits. I came away with plans for 2 apartments I had selected as the best available and in the 24 hours I took to decide on which one, both had sold. In fact as of today they only have 3 x 1 bed apartments left.
Now the developer, bank or agent I went through maybe using a load of hype and sales tactics and making the whole thing up as to how quickly it’s selling but quite why they would do that when they have me ready with my credit card wanting to buy is beyond me.on the units you saw, where were they in the urbanisation, as it seems quite large.
Also what was the orientation, views, etc…? -
fuengi – the two I saw had views out from the side of the complex and to the sea beyond. Ideally I wanted something with a better sea view but they had all gone.
katy – you obviously don’t believe that the complex is sold out but that’s what they are telling me. yes lots of agents are advertising it and I have contacted several to try and buy an apartment but they all say it’s sold out. I really don’t understand why they would say that if it wasn’t.
tell you what – if you can help me buy one in there – a 2 bed for 230k then I will pay you a finders fee.
Let me give you another example of something that sold – an apartment beachfront in Marbella next door to one that I already own came on the market at what i thought was a low price. the Spanish owner died and left it to his daughters who put it on the market. I made an offer. I was actually prepared to go to the asking price but my offer was rejected and the agent I went though explained that they had received 5 offers in 2 days and decided that they had undervalued it and were taking it off the market. It then went back on the market a month later at 50k more and sold. I understand from the Concierge of the building that the buyer is English.
I am afraid Katy that some properties are selling in Spain or at least here in the Marbella area. -
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Just watching this…..
More expensive than London’s Mayfair he says… I’m a bit old school so i’d probably forgo the sun to have a place in Mayfair if I had a choice. Everyone is different though.
eeekkkk, who are the couple at minute 20 ? Classic.
Just watched the whole programme. Probably what I had expected. I think that it’d be great fun for a holiday. Living there I don’t know. I’ve got great friends with plenty of old money who sit around in old crumbling houses who seem to have a great time without the need to show it off other than with a lovely watch and great pair of shoes. I wonder if those with a few euros feel a constant need to prove themselves whilst there? So many very wealthy people end up having serious depression because of the pressure on them. Most of the rest of us would wonder at what they have to be depressed about but I guess that everyone has their own level of worry. You’ve all read the problems i’m suffering from at a much, much lower level but that’s just life. You take a turn and end up with a problem or a solution.
I can see therefore that a place in Marbella would be a way of feeling good about yourself. I just hope that it also comes with a real sense of happiness not a case of one upmanship?
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I think the saying ‘buy the smallest property in the best location is better than buying the largest property in the worst location’ is very apt whether it’s in London or somewhere in Spain, hence a truly discounted prime location and well specified property will attract buyers, in the case of Spain more likely Eurozone buyers. The overbuilt dross you see everywhere is unlikely to sell for years.
Played golf this afternoon in Blighty, it was sunny but a little windy, but we two golfers have a mutual friend who moved to Spain some years ago but her husband died and she’s been anxious to get back to UK. She has had her look-a-like modern detached house on the market in the Murcia region for a few years now. It was dropped to 280k euros in January, then down to 250K, but at last she has almost sold for 230k and to Norwegians.
However, there are hundreds for sale near hers for higher prices which don’t get any offers.
She has tried her new life in the sun couldn’t get work, now a widow and can’t wait to get back to friends and family in UK.
Each to their own 🙄
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Very entertaining looking at that Marbella video. I can now see how Brits (and other foreigners) who live there, have no exposure to Spain – the same way you can walk around central parts of London and never hear a local voice speak English.
Interesting to hear the journalist talk about the hidden crime background – I fear this happens in all cities that attract wealth. You’d be surprised by the drug trade, brothels and people trafficking that crop up in supposedly nice areas like Marylebone and Pimlico.
As for choosing Mayfair or Marbella – well I’ve never gone to Marbella, and have no intention of going either since there are so many beautiful areas of Spain that aren’t like that. But there are far better places to live in London than Mayfair imo, which aren’t so congested, noisy and polluted. Somewhere like St Johns Wood, Richmond, or even parts of Islington offer a far better lifestyle. -
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@katy wrote:
Well I suppose it depends on a persons view of Estepona! It is not tosh to say the area is overdeveloped, the last time I went there I got lost amongst the block after block of apartments, most with swimming pools more apt for about 8 residents. As for the “luxury” tag…every block built in Spain over the last ten years has been advertised as “luxury” when they are all fitted with the same cheapy kitchen units etc. Oh, and the beaches around there are rubbish.
What you are saying comparing the beach side location of Bahia de la Plata to the locations you are talking about the other side of the old N340 is like comparing apartments located around the Marriott in Elviria to Reserva de Marbella.
As for luxury
• Air conditioning
• Under floor heating throughout the apartments
• Home intelligent system
• Automated blinds
• Preinstalled alarm systemThe access to the privileged urbanization is controlled at all times by a security booth. The illuminated
exterior pools and the children’s pool together with leisure areas where you can find a heated pool,
covered paddle courts with glass walls and indoor space for social activities make the apartments an ideal
solution for first residence as well as to enjoy a second residence with unique landscape.You may not personally like them but to say they are not a better than average product and comparing them to apartments around Selwo is disingenuous and misleading.
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Marbella isn’t like videos on the web. It’s manufactured media hype where Z list celebs fly our for a few days photo shoots. Yes lots of crime around Banus and lots of criminals living there but in 15 years we felt completely safe. There was once a dead body found in a burnt out car a couple of streets away but it was one of those frequent “settling of accounts” incidents as the spanish police like to call them. One of our neighbours, an Italian, perfect helpful neighbour and a charming man was arrested one day. He was implicated in 40 murders back in Italy and was a leading mafia member
Certain beach bars attract some crappy Essex loads of money types like the Towie stuff but normal people stay away from them. There are lots of nice upmarket genteel places 😀
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GJ. Most of the facilities described for those apartments have been pretty much standard in sales bumf for years. Paddle tennis 😆 Anyone know how much the community fees are? Wait until the bills arrive for the underfloor heating…we had it. The “intelligent” systems aren’t so intelligent when installed by idiots…seen it all
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My main concerns with this sort of development would be the high number of units (257) and the likely high maintenance charges. A smart looking development will have high costs associated with it. We know someone who pays around 5-7000 euros per year on a so called luxury development near Marbella and it’s getting too expensive for him now. So many agents selling these too which is strange for a high quality development 🙄
Imagine at peak times several hundred, maybe 500+ people including children. 🙁
We once bought off-plan 2 apartments in what we thought then was a smart development, but the total of units in 4 blocks was only 20 and that was too many in our opinion. Still difficult to re-sell with that small number.
At any one time once all sold at Bahia de Plata in a few years time there could be a lot on the market for re-sale all competing for price and possibly holding back prices 🙄
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As usual on this forum everything has gone completely off topic and everything is doom and gloom from the doom and gloom merchants that post on here.
Mark started the thread by asking for info on developments where prices have been slashed by 70%.
Bahia de Plata is one such development – fact!
The one half of the development that has gone on sale has sold out – not sure if this is fact but I want to buy one and everyone is telling me there are none left so I am going to treat it as fact.By the way – I am told service charges are about €160 a month for a 2 bed. It is quite high density which is not ideal but it keeps the charges down. The complex next door is much lower density and nicer but 3x more expensive.
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M.I.M., If it’s fine for you then go for it, it looks pretty smart but my main concerns were the numbers and service charges, but the charge you mention doesn’t seem too bad. You’ve probably been around for a while in the area from earlier posts so you will go in with yours eyes wide open and will scrutinise documents etc which many people don’t properly. Anything with 70% off, whether a TV, Car or Property seems a pretty good discount if a quality product in anyone’s book.
I still think you might get one sometime, I can’t believe they’re not biting your hand off holding your credit card, that does seem strange 😉
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I fired off an email to this company, as I said I would, to check out whether they were sold out.
After a number of days with no response from them I checked their site again.http://www.primeinvest.es/en/record-sales-and-visits-in-bahia-de-la-plata-05-09-2012/
No wonder they have 10 left. 😮
Shrewd marketing ?????
No
TOTAL INCOMPETENCE 😆 😆 -
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@UBEDA wrote:
too busy selling to real punters; not dealing with time wasters 🙄 🙄 🙄
They employ psychic staff.
Now that’s SPOOKY 😆 😆 😆
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back on topic, on this site they say discounts of 72% !
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@dartboy wrote:
just been having a browse on the keyro website and according to them in the area of moraira where i want to buy in Q2 of 2008 (peak) the average price was 425,000 euro’s and in Q2 of 2012 the average is now 394,000 euro’s less than a 10% fall where do these people get there figures
Try Idealista or fotocasa. I suspect Kyero is seen as the “guiri” portal, so not only will it hold fewer properties, it may well be full of folk hoping to sell at a higher price to the foreigner. Just my opinion, there may be another cause.
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Just received this
From: alexandra at primeinvest.es
Date: 18/09/2012 10:31:56
To:
Subject: Bahia de la PlataDear
We are so sorry for the late reply regarding your request.
As we received your email we were sold out already.
We have got up to 80 clients a day but all with appointments arranged days before.
If you go to our web page http://www.primeinvest.es you can download brochure with specifications and details on the promotion.
If you are still interested we can take note of your details and put you on the waiting list in case there is something coming back from a
reservation for example because the finance is not working for a client who reserved.
We apologize again for non-replying
Have a good day
With best regards
Alexandra Nickl
Tel: +34 951 100 077
Fax: +34 951 239 131
Mob: +34 656 371 747
Email: alexandra at primeinvest.es
Web: http://www.primeinvest.es
I guess that they are in fact sold out. It is normal practice to offer a waiting list as there is always some fall out before completion.
Seems Mark is right when he says
This confirms what I have heard from other sources I trust. This project has sold quickly because the price is right and it ticks lots of other boxes.
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@dartboy wrote:
just been having a browse on the keyro website and according to them in the area of moraira where i want to buy in Q2 of 2008 (peak) the average price was 425,000 euro’s and in Q2 of 2012 the average is now 394,000 euro’s less than a 10% fall where do these people get there figures
They get their figures from asking prices, since it’s the only data they (and we) have available. The difference is that in the years leading up to the peak asking prices were only slightly above market prices. These days they are at least 20% above market prices. To give a better idea for that area I have a friend trying to sell an apartment just up the coast from Moraira in Denia. He has cut 30% off the asking price and it’s still on the market. I guess he might accept an offer of 20% below his current asking price, so about 50% off peak. However he says he can rent it out in summer and easily cover his mortgage payments, so he is in no hurry. I think this is typical of that area – there aren’t so many “motivated sellers” and also many believe that even if they did drop the price further, they might have more viewings but still no acceptable offers, so it’ll just mean a load of extra work for nothing.
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These next few months are going to be very interesting, a window of opportunity for bargain hunters in a way.
At year-end banks will have to hand over a lot of holiday/resort property to the so-called Bad Bank being set up by the Government. They will have to take a big loss at that stage, though nobody yet knows how much. Likely it will be between 30pc (good for banks, bad for tax payers) and 60pc (good for tax payers, bad for banks). Then the bad bank will be the vendor, but who knows if they will offer financing?
So between now and then banks have a big incentive to dump as much property as they can with discounts and financing to avoid the big write-offs at year-end.
Expect to see bigger discounts than ever.
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@angie wrote:
So, has Bahia de la Plata all sold now, that is all 257 units? 🙄
Now, how many more blocks of flats are there to sell in Spain, and townhouse developments, and single villas, anyone know and how many resales are on the market, then the Spanish property recovery will become clearer,? 😉
If they are all sold then there are a lot of property websites need updating 😆 None of it sounds true does it, total bullshit 🙄
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@Chopera wrote:
@dartboy wrote:
just been having a browse on the keyro website and according to them in the area of moraira where i want to buy in Q2 of 2008 (peak) the average price was 425,000 euro’s and in Q2 of 2012 the average is now 394,000 euro’s less than a 10% fall where do these people get there figures
They get their figures from asking prices, since it’s the only data they (and we) have available. The difference is that in the years leading up to the peak asking prices were only slightly above market prices. These days they are at least 20% above market prices. To give a better idea for that area I have a friend trying to sell an apartment just up the coast from Moraira in Denia. He has cut 30% off the asking price and it’s still on the market. I guess he might accept an offer of 20% below his current asking price, so about 50% off peak. However he says he can rent it out in summer and easily cover his mortgage payments, so he is in no hurry. I think this is typical of that area – there aren’t so many “motivated sellers” and also many believe that even if they did drop the price further, they might have more viewings but still no acceptable offers, so it’ll just mean a load of extra work for nothing.
Sounds about right the market for rental property in the area during the summer is very high and thats why rental prices have not fallen
and if you have a modest mortgage you can easily cover it,2 bed villas with pools still going for £750 a week with booking from june till october -
And you could rent them out long term for probably 400 euros per month…… why don’t families get together and pay for a long term rental and each have a few weeks each? Much cheaper than the crazy holiday week prices? Are people still ‘buying’ into the idea of a place in the sun to earn holiday rental?
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i think its more likely that people purchased when they had money free and intended it to be for their sole use but with the crunch they are finding it tough so are now renting them out in this area,i think the long term rental idea would be good but families often prefer different holidays and different places.
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@itsme wrote:
And you could rent them out long term for probably 400 euros per month…… why don’t families get together and pay for a long term rental and each have a few weeks each? Much cheaper than the crazy holiday week prices? Are people still ‘buying’ into the idea of a place in the sun to earn holiday rental?
Contractual issues – I suspect there can only be one family’s name on the rental agreement and they wouldn’t be allowed to sub-let to other families. Besides, in that area most long term rental agreements are for the low season only. As you say, owners make about the same (if not more) yearly income from renting out for 10 weeks during the peak season than they do from renting out on a long term contract. And by renting out to holidaymakers they don’t run the risk of non-payments, evictions, etc. So you’ll be hard pushed to find someone willing to rent their property on a long term contract than runs through the peak season (although I have met owners who do do that).
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Katy, I’m really surprised at how many agents etc are advertising Bahia de la Plata when I did a search on Google, is it all ‘smoke and mirrors’ again? If they really sold 60 in a week as they said, surely they’d all have been sold by now, I’m very sceptical unless someone can prove otherwise 🙄 😉 😕 😆
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@angie wrote:
Katy, I’m really surprised at how many agents etc are advertising Bahia de la Plata when I did a search on Google, is it all ‘smoke and mirrors’ again? If they really sold 60 in a week as they said, surely they’d all have been sold by now, I’m very sceptical unless someone can prove otherwise 🙄 😉 😕 😆
Angie – the posters here who made enquiries, have stated they were told all were sold and to go away. I hardly think, even in good years, that agents would turn away prospective buyers in the hope they’d create desperate buyers on a forum they probably have never read…
as for google, it can be a bad place to find up-to-date information. Much of the stuff the bots find is stored away on Google data banks and regurgitated in the millions of rows you retrieve when you do a search. However if you go into advanced settings you can ask google to only bring back records from the last day, or week (and even that isn’t fail safe as aggregation sites can update daily with old data). Also for the agents concerned I imagine that putting up new marketing data in the hope of getting sales is regarded as priority work, but not so the old stuff . If by chance (as in this case) the properties all get sold, what’s the incentive in cleaning up the old pages? They may still be able to “convert” an interested buyer in properties elsewhere. -
Here we go, Prime Invest have even announced on their web site that all the properties have gone.
http://www.primeinvest.es/bahia-de-la-plata-vendido-en-tiempo-record-17-09-2012/
Tras solo 12 días de comercialización por Prime Invest, todos los apartamentos que teníamos en mandato de venta por Banco Sabadell en Bahía de la Plata, han sido vendidos. Nos gustaría agradecer a todos nuestros colaboradores su continuo apoyo en este proceso y el gran éxito comercial que nos han ayudado a conseguir.
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Wait and see…it’s all bullshit. Spanish banks can’t/won’t process like that. I know enough people there (some of them agents) to know sales aren’t happening and anyway getting past the hype, those prices weren’t “bargains” seeing as they were in Estepona and not a great location either. No-one has “snapped anything up for over 6 years in that area. Suppose it could be believable to someone making a quick visit on an easyjet flight though or reading forums 😆 😆
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Angie & Katy
Prime Invest are a developer and any agent registered with them can introduce new customers to them and claim commission .
If you go to the website agents have an area where they can log in and see information not available to the public.
That is why they appear to being sold by so many unconnected companies.
If the developer (Prime Invest ) says sold out then they are sold out regardless of what any agent has on there websites
Just checked Prime Invest have a double page spread in Viva·s latest magazine. No mention of Bahia de la Plata.
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In the interests of Transparency, and out of interest, Prime Invest is a ‘company dedicated to advising and managing real estate assets’ and their ‘focus is on marketing clients’ assets’. They say ‘sold out’ but this applies to their sales mandate number of units given them by Banco Sabadell.
Nowhere can I find that they call themselves a Developer. 😕
There is another Prime Invest named company in the States which is nothing to do with this one I believe.
They sound like what was termed during the boom days as a ‘Promoter’ where agents could approach them to sell their properties.
Also, were these units originally for sale at 70% more than now being advertised for sale and where were they advertised? 🙄
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@angie wrote:
In the interests of Transparency, and out of interest, Prime Invest is a ‘company dedicated to advising and managing real estate assets’ and their ‘focus is on marketing clients’ assets’. They say ‘sold out’ but this applies to their sales mandate number of units given them by Banco Sabadell.
Nowhere can I find that they call themselves a Developer. 😕
There is another Prime Invest named company in the States which is nothing to do with this one I believe.
They sound like what was termed during the boom days as a ‘Promoter’ where agents could approach them to sell their properties.
Also, were these units originally for sale at 70% more than now being advertised for sale and where were they advertised? 🙄
Dont get hung up on the word developer you are right it is a simple way of describing the main selling agent appointed by the builder or in this case bank.
I guess the original builder went under and the bank then asked Prime Invest to act for them in recovering as much money as possible.
In Spain MLS operates and agents work together and share commissionsIn the” boom days ” as you put it Viva Estates was acting as the developer in a number of developments on the Costa del Sol and all other selling agents clients were directed through them.
As for discounts these properties are true bank repossessions.
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That’s fine GJ, I remember well all those ‘Promoters/Developers’ as they were termed then, often handing over to another one when they couldn’t complete projects.
If there’s a plot here, it certainly ‘thickens’ as they say.
Banco Sabadell needs to sell 1300 properties in 2 months, and they, like most Spanish banks have 1000’s of repossessed homes and building plots they cannot get rid of in the current economic crisis.
They’ve started an aggressive campaign intended to last until the end of this year, and they will impose fines on the managers of their offices where no properties are sold. (Heaven help those poor mugs that walk into their offices 🙄 🙄 )
This last paragraph has shades of the old days where ‘aggressive marketing’ was done at all costs, so expect a lot of ‘duping’ and likely mis-selling to take place again. Something that Spain should have outlawed by now 👿
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Hmmm, sounds like they are just another estate agent then
Those mass of apartments aren’t bargains…they maybe beach front but it’s a rubbish area. too far from the airport and the beach is dirty. They are not residential and the Spanish are too canny to buy places that have high community fees. Someone somewhere is getting tangled up in their own lies or they are just having a larf. Another wait and see next year story 😆 Even in the good times and when property prices were reasonable nothing was selling at that rate of 70 in a week or whatever 🙄 -
Banco Sabadell also have their own real estate division named Soria which is linked closely to other marketing organisations in Spain.
All will out in due course (and I mean that), but now we can see why Prime Invest sold their allocation so quickly as they say, it’s part of Sabadell’s directive to shift so many properties by end December, (or be fined!)
‘Oh what a tangled web they weave for those who practice to deceive’ 🙄
Am still waiting to see when these properties were being fully marketed for the 70% more than current advertised prices 🙄
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To Angie Katy and some other posters
It is obvious from your recent posts that you do not have the best interests in Spain getting back on its feet ever.
Its hard to know what your agenda is as its not offering useful advise to members or guests on this forum.It seems you are saying that any property sale in Spain is a scam or fraud which is blatantly untrue.
You are not helping in any way any vendors to sell their property or buyers to buy it with your posts.So we can only assume you will be happy if the country collapses completely.
This would not be good news for all the Brits/Irish owners would it ?
Katy you recently sold your villa in El Rosario if you could not sell it at any price how would you feel. -
Bless you GJ for those kind words but I thought we were discussing Bahia de la Plata in this instance 😉
BTW All the units have not been sold (Fact), another Bank holds unsold stock which have not been released yet nor have prices been announced. The builder is Grupo Prasa and the community fees still to be agreed are 120-250 euros per month (big difference there, maybe dependent on sq footage)
Prime Invest were tasked with marketing 136 of the total of 258 units.
As for my own agenda, well I’ve no vested interest other than to point out any pitfalls if I should spot them as possibly in this case. Were you not surprised by the revelation of Banco Sabadells’ aggressive marketing and fining of Managers who are unable to sell the required overall units within 2 months? I’m sure you will agree that you wouldn’t wish the bad luck that happened to you to befall any newbie unsuspecting client, and you appeared to welcome initiatives I thought for more transparency. Didn’t you once say you worked for V— and miss that boom time?
Banco Sabadell have 30,000 defaulting clients, please do the maths, even at only 100k a time, they’re in the poo poo 😉
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@dartboy wrote:
Don’t mess with angie she has cold hard facts and a fair amount of experiance of what goes on
I hope that is said with Irony 😆 😆 😆
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You’re too kind dartboy, we North Kenters are a street wise lot, not easily hounded out, ah Dartford, Mick Jagger, The Troggs, the Bull Inn, Bluewater, however others with equal if not better experience and facts than I possess are katy and logan, and your dear self too if I may say so.
I grew to like GJ when he disclosed his terrible experiences and ending up back in ‘Walesland’ and I genuinely hoped he would recover from those woes, even taking on board what he posted, I don’t blame him for thinking that, however we really do want to help buyers and sellers and not hinder them however it may seem. At present I’m helping some people sell their Spanish properties but would equally help buyers choose certain locations if necessary.
Good news though for M.I.M. and others who feel they’ve missed out, there are still plenty to be released at Bahia de la Plata and I’m sure he will get a call when the next phase is released. 🙄
GJ, I never touch the Iron 😆
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I am actually from westkingsdown so i know about villians lol
I also like to give advice on things i know about i have advised in a thread just the other day llorett isn’t as bad as it use to be and i have a friend who lives just outside in a lovely little hamlet.
My prefered place to buy in spain will be moraira or there abouts as the costa del sol is too warm for my other half.I won’t advise others to buy there thou as they might go after the property i want lol -
Home to one of Britain’s most notorious gangsters dartboy, none other than Kenneth Noye, makes some of the naughty Bankers and Agents in Spain look like pussycats, I know the area well and I know the full inside story of what happened in his garden involving the poor copper, forgot to mention the other poor guy in car park at Sainsbury’s Ashford 😉
But, what good news about the Estepona flats, more to come on the market later, and service charges not too drastic to start with if you say the figure quickly, 250permonth 😛 🙄 😛
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A source of mine has now told me that there may be some cancellations to come on this so called ‘sold out’ phase of Bahia de la Plata flats at Estepona. Good news for those who were desperate to buy there, and then there’s another 128 units to come later, clever marketing methinks so far but plenty still to go round. 😛
Back to the Old Golden Mile, did a quick shufty at some websites and found a lot of resale flats for sale in the luxury but somewhat dated Torre Bermeja where ol Macdonald resided. Amazing number of wealthy individuals appear to be trying to sell, what’s the story there I wonder? 🙄
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There may be some cancellations but it sold well (I confirmed it with the bank) and there’s nothing wrong with that.
Turning to another “opportunity”, here is a planned auction with big discounts on the reserve prices:
https://www.bidkw.com/auctions/view/168 -
@mark wrote:
Turning to another “opportunity”, here is a planned auction with big discounts on the reserve prices:
https://www.bidkw.com/auctions/view/168more info here
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However, it (Bahia de la Plata) hasn’t all sold out as was being portrayed on here, they released just over half which have sold, this fact was not made clear on this site either, and there may be some cancellations I’m told. Another Bank holds the rest for sale later, as I said some clever marketing went on!
Also, no-one on here has so far been able to show these being marketed for the 72% over what they were supposed to have been discounted, I’d be pleased to see that in order to know it is really a genuine 72% discount 🙄
Full transparency is needed still with Spanish property matters which is still not the case, and boy, do the Banks need to shift loads? 🙄
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@angie wrote:
However, it (Bahia de la Plata) hasn’t all sold out as was being portrayed on here, they released just over half which have sold, this fact was not made clear on this site either, and there may be some cancellations I’m told. Another Bank holds the rest for sale later, as I said some clever marketing went on!
Also, no-one on here has so far been able to show these being marketed for the 72% over what they were supposed to have been discounted, I’d be pleased to see that in order to know it is really a genuine 72% discount 🙄
Full transparency is needed still with Spanish property matters which is still not the case, and boy, do the Banks need to shift loads? 🙄
It’s entertaining to see that you and Katy are so bothered by this one development selling well (even if the release was not all of the site). Why? There is an enormous oversupply of unsold property in the rest of the country. Why get flustered by this one site? It’s not going to stop anyone looking for and expecting price cuts elsewhere.
Mark says he’s looked into it, and perhaps we can leave it at that?There may be some cancellations but it sold well (I confirmed it with the bank) and there’s nothing wrong with that.
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‘M’ not obsessed with this one site, but following several recent posts on the subject and just to clarify the facts about it which could be misleading, so if you or poor Ubeda (who really appears furious and so angry) have got the answer to the original pricing that should put the matter to bed so to speak then we can move on to the next marketing exercise 🙄 BTW I also mentioned the numerous re-sales on Torre Bermeja which is rather surprising.
In the interests of transparency only, for newbies to see 🙄
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@mark wrote:
Turning to another “opportunity”, here is a planned auction with big discounts on the reserve prices:
https://www.bidkw.com/auctions/view/168Thats only 10km from my dads place, I’ll be there in 3 weeks. Think I’ll go take a look out of interest. When I look it up on google map it doesn’t exist, both in map and satellite view. The map data is 2012 so maybe being sold off plan?
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@angie wrote:
‘M’ not obsessed with this one site, but following several recent posts on the subject and just to clarify the facts about it which could be misleading, so if you or poor Ubeda (who really appears furious and so angry) have got the answer to the original pricing that should put the matter to bed so to speak then we can move on to the next marketing exercise 🙄 BTW I also mentioned the numerous re-sales on Torre Bermeja which is rather surprising.
In the interests of transparency only, for newbies to see 🙄
YAWN 🙁 🙁 🙁
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Gary, stop banging your brains in and chill out, I know it’s a bit grimbo in Swansea now compared to your high life selling property in Spain, ‘ooh what a life’, what a great song by the Gibson Brothers, do you know it?
BTW Which agent did you work for there, are they still operating or did they go bust? 😕
If you tell me, I’ll post something that will make you laugh, you know it makes sense 😉
One day things will improve but maybe Spain will need to exit the Euro first methinks 🙄
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This Spanish article is very interesting. Apparently the banks believe a lot of the block reductions (up to 80%) are going to be bought up by American firms that specialize in auctioned-off real estate – the banks are in a position where they now to sell smartish. The American firms will then sell off either in auctions or at leisure at (they hope) higher prices (but still a lot cheaper than say a year ago).
The first such operation will be carried out in Murcia in October by Kennedy Wilson – who have opened up a new centre in Spain.La primera operación de Kennedy Wilson en España se iniciará este mes de octubre, con la subasta de 50 viviendas en un campo de golf de alto nivel en Murcia. La promoción perteneció a Caixa Catalunya. El precio más bajo de uno de esos pisos tiene una cifra de salida de 33.000 euros.
A press release in English here on that Murcia sale. I wonder if it’s the best time to be selling such properties after the Autumn floods? 😕
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Famous quote by Harold Macmillan ‘Events dear boy’ which he feared most when asked.
Unfortunately no-one can legislate for events out of our control and weather is one and the timing of the current flooding in Spain does nothing to help sales there. We know someone who is supposedly selling her house there but don’t know whether this affects her sale although we think it was fairly advanced. I wonder what her buyers might think if they’re now committed to the purchase? 🙄 She will buy in the UK when she returns but there’s been flooding and gales here too.
Methinks igloo or pyramid shaped one piece structures are the way forward, to withstand hurricanes, tornadoes, rains, maybe not earthquakes though 🙄 For instance why does America build blow down properties in the Prairie States and Florida apart from cheapness? 🙄
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All over the world people seem to live in vulnerable places – Japan, California etc where earthquakes and the like can occur tomorrow. Even in the UK people live in places that have flooding from time to time, like Gloucester, York and Cumbria. One advantage of living in a flat is you’re unlikely to be flooded out. I suppose the unluckiest place in Spain must be Lorca – first those earthquakes, and now floods. It must be very hard to get over this type of occurence.
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The World’s weather is very Biblical at present, ‘Earthquakes, Fire and Floods’.
The region around Malaga was just a couple of weeks ago suffering from raging wild fires and now areas are flooded 🙄
You’re right about Florida properties having to be built to hurricane standards katy, but what we often see on those Prairie States and some parts of Florida is complete roofs being ripped off and flying away, hence my suggestions regarding igloo/pyramid one piece structures if the weather continues to be more unpredictable. 🙄
We know some people living around Guadalhorce valley on the slopes though looking towards Malaga and every Winter following rains there are landslips undermining properties, cracking then occurs later, one neighbour had his swimming pool terrace slipping down the hill after breaking away from the pool. Then, all their gardens on slopes are soft and it must be like walking on jelly, very spongy for months after Winter. Pipework around property then starts leaking, and when you look in depth at a lot of these problems it shows the properties are built on shallow footings or worse just on a slab of concrete 🙄
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Around the Guadalhorce valley they have built on traditional flood plains. There are old archive photos of serious flooding throughout the 20th siglo. I think the last really bad one was in 1989 (also during a recession!) It is a regular pattern, now of course there are lots more houses built where they shouldn’t have been built.
Before anyone steps in with the usual “what about the UK” 🙄 Yes, I know it has been done there too. However, we are discussing Spanish floods 😐
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Yes, there are lots of illegal builds on and around Guadalhorce, many built by Brits and Scandinavians/Germans etc where building has been stopped by the authorities so they look awful now, also lots of barking dogs are a nuisance factor there. Most of the slopes there are unstable and on light loam/volcanic ash so rains cause mayhem.
I remember looking at a new luxury villa and cortijo development called San Jorge near A. Le Grande, looked good in early stages, Scandinavian builders went bust, took over by another German builder, ran out of money, now only a quarter have been built, it looks like a derelict bomb-site, dusty and rubbish blowing, the only good thing about it was the original builders put in proper drains to cope with what’s washed of the mountains behind. I was nearly talked into buying there by Majestic, thank God I didn’t, some paid over 700k euros for houses hoping to ‘flip them’ and the rest is history, not even the security on the gates anymore, nightmare now 🙄
The UK will have to deal with it’s own and different property problems like demand exceeding supply etc, plus it’s own weather 😉
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FROM THE NEW YORK TIMES
In Spain’s Housing Bust, Sell-Off Brings Bargains
Banks, which have been sitting on a pile of real estate assets or listing them at only slight discounts, are beginning to slash prices, eager to get out of the business of being landlords. Some experts worry that they are simply repeating mistakes of the past by handing out 100 percent mortgages again. But giddy Spaniards — those who still have jobs — are lining up to get in on the bargains.
Pic from article of happy Spanish family that have bagged a bargain and now enjoying it….
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Some of the price reductions are so big that the properties will sell in any market especially with 100 % mortgages.
This is very BAD news for existing owners.
Even with these STUPIDLY LOW prices some posters still believe they are not selling 😕 😕
Will it be good for Spain in the long run Who knows but they are selling. -
Another bank offering “discounts”
http://www.diariosur.es/rc/20121017/economia/bankia-inicia-subasta-viviendas-201210171342.html
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The banks have slashed prices a further 25% today on two resorts. The very last units are being sold off at under one quarter their original price at Hacienda Riquelme. At Condado de Alhama you can pick up one of the last remaining two beds at 40,425 Euros (£32,340) This offer expires as soon as the stock is sold or 30th November latest. This further reduction is for cash buyers or those needing a maximum 50% mortgage. Higher mortgages are available but the discount is less. Please email hotline@polarisworld.info. Serious enquiries only.
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The banks have slashed prices a further 25% today on two resorts. The very last units are being sold off at under one quarter their original price at Hacienda Riquelme. At Condado de Alhama you can pick up one of the last remaining two beds at 40,425 Euros (£32,340) This offer expires as soon as the stock is sold or 30th November latest. This further reduction is for cash buyers or those needing a maximum 50% mortgage. Higher mortgages are available but the discount is less. Please email hotline@polarisworld.info. Serious enquiries only.
More that 75% off. A two bed apartment (with a 50m2 roof terrace) for £32k.
The google streetview of this resort shows a desolate piece of land next to a roundabout.
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To be devils advocate to that photo…..
What about a photo of the poor family who were evicted from the property by the bank who will now hound them for evermore to pay the rest of the high mortgage debt whilst that family paid a quarter for the same property.
Or
The smiling/laughing faces of the immigrant group who got a 130% mortgage on that property, sent their cash ‘for furniture’ back home and handed the keys to the place to the bank after a year and have now settled nicely in their farmstead in their own country paid for by the Spanish banking system.
?
We’ve got to be positive to help the Spanish market (as in the interest of most still there) but until there is regulation and fairness then it’s so very difficult.
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@itsme wrote:
To be devils advocate to that photo…..
What about a photo of the poor family who were evicted from the property by the bank who will now hound them for evermore to pay the rest of the high mortgage debt whilst that family paid a quarter for the same property.
I could be wrong, but I think in this case we are talking about a new development that was never sold or occupied before.
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I cant say I know this place at all but it is a 83% discount
Anyone know this place?
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@peterhun wrote:
Ardun, is it worth buying there at any price? I can’t see why, maybe its a lovely, lively commune..
Really depends on if you enjoy living out in a ghost town and the community fees doesn’t go sky high. Around 15-20k would be an ok lottery ticket.
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@peterhun wrote:
Maybe I’m blind, all I can see is ridiculously over priced junk in your links.
No not blind just posting on something “you have no interest in” and I suspect little knowledge of.
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@GJ wrote:
@peterhun wrote:
Maybe I’m blind, all I can see is ridiculously over priced junk in your links.
No not blind just posting on something “you have no interest in” and I suspect little knowledge of.
Occupation: Ex real estate agent
Oh dear, now I understand.
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One must be careful, I have been looking at some of the bank sites full of so called bargains with several% discounts and some of them are not bargains at all, I think they are trying to create a feeling of bargain fire sales that ii is not so, to see how they can get some unaware clients that think that it is now or never!!!!! that they may miss the “train”
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http://www.idealista.com/inmueble/25291032/
I have no idea about the area….so it could be dire, but….it’s near the sea and a very cheap price.
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@itsme wrote:
http://www.idealista.com/inmueble/25291032/
I have no idea about the area….so it could be dire, but….it’s near the sea and a very cheap price.
Hi Itsme, what about these apartments in your city:
I know that they are reserved, but just for my curiosity I would like to know how would you compare them to other prices in your city.
I guess this was a good price, I love Cabo di Gata area:
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Hi, I know the blocks. They are in a good area. I taught the little girl one is named after actually.
Plus side: newly built so modern style
near to nice bars/restaurants
near to the newly built Mercadona supermarket and the town itself
near to the schools/college
easy access to the motorway and to the nearby beaches at Vera/Palomares and Desert Springs GolfDown side: if it’s a repo maybe the kitchen/bathroom/doors/sockets were ripped out?
might not have great neighbours if the same lot are still there……the community were putting up security cameras and unfortunately someone I know was mugged by people from that block recently. If lots bought at the end of the boom there are probably a lot more repos to come out of these blocks? The whole roadside part seems to have a ‘se vende’.
Personally I would say that it’s not the worst you could buy in the town, but personally I wouldn’t. The mortgage monthly amount looks inviting though, 79 euros.
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I think that BBVA were a bank who gave out rather too many cash handouts with their mortgages during the boom, now it’s coming back to bite them…..?
ooh, if you check out just ‘pisos en Almeria’ there are loads for 10k and 15k near the beach. Blimey. A mortgage for 38 euros per month, it makes me weep!
My sister in law goes to Uni in Almeria and pays about 250 euros per month rental to share a 3 bedroom flat. I wonder what are the ‘good/bad’ areas for student rentals??
My Spanish husband has just had a go at me for what he says is ‘slating his town’… so, please nice people, buy to encourage growth in his town. Or more likely please nice people buy in our block so we can one day sell our flat 😀
It’s not ‘slagging’ off the area, it’s highlighting the price drops. It shows how the boom prices were ‘la la’ and prices should drop way lower for lucky buyers and the sobs of sellers (not the banks) will be heard for years and years to come.
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@Ardun wrote:
I had two clients that bought against my recomendation at Condado de Alhama three years ago. Around 90k I think they paid for the two bedroom apartments. But from what I remember they where downstairs with a patio with no solarium or whatever you call it.
From another forum
Re : your question on Polaris whats the catch.. none really ( Thread.. is now the time to buy or sell ?). We looked into buying at Polaris World Resort at Condado. stayed on holiday twice in Rented apartments… thats how you get all the “real story” about living on this type of Resort. Property now available with mortgages at just 40,000 euros when plans were launched same ones were over 100,000 ! .
“The upside” is that they are well built to a specification that you could expect for 100k. Many have never been lived in so you are buying from BANK STOCK and so “take it as seen” and you might not get the best area at this stage i.e near pool, near shops etc etc. If your looking for a bolthole quiet place in the sun thats easy to lock up and go away knowing it will be looked after , dont need lots of nightlife but prefer to join into community events. If you are a golfer a big plus, Condado is getting better every year the more properties are sold the more the facilites are improving. Many have a roof terraces but if you look at “Polaris world” web site it has been showing “Last few” for 2 years.Now “Last few ” is just about right and i cantreally see prices going any lower. £32k in Sterling has to be a good bargain. for 2 bedroomed with sun terrace
“The downside” probably not much happening in the winter if you want to use all year Lots of rentals available with very little uptake for now. If you like quiet , sunbathing, place for family and friends to share, good community spirit and security in nice gardens with miles of roads to walk or cycle without leaving the complex , this place will suit your needs, Google Polaris World Resorts Condado de Alhama
How do you think your 2 clients and ALL the other owners feel Ardun?
And how will they ever move on without taking massive losses -
@itsme wrote:
I think that BBVA were a bank who gave out rather too many cash handouts with their mortgages during the boom, now it’s coming back to bite them…..?
ooh, if you check out just ‘pisos en Almeria’ there are loads for 10k and 15k near the beach. Blimey. A mortgage for 38 euros per month, it makes me weep!
My sister in law goes to Uni in Almeria and pays about 250 euros per month rental to share a 3 bedroom flat. I wonder what are the ‘good/bad’ areas for student rentals??
My Spanish husband has just had a go at me for what he says is ‘slating his town’… so, please nice people, buy to encourage growth in his town. Or more likely please nice people buy in our block so we can one day sell our flat 😀
It’s not ‘slagging’ off the area, it’s highlighting the price drops. It shows how the boom prices were ‘la la’ and prices should drop way lower for lucky buyers and the sobs of sellers (not the banks) will be heard for years and years to come.
Hi Itsme,
most of the cheapest BBVA properties are already reserved.
There are some cheap prices in Roquetas and El Ejido. Unfortunately, I really can’t stand the plastic sea around that area so it is a no go for me. Otherwise, prices are very attractive.
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@GJ wrote:
@Ardun wrote:
I had two clients that bought against my recomendation at Condado de Alhama three years ago. Around 90k I think they paid for the two bedroom apartments. But from what I remember they where downstairs with a patio with no solarium or whatever you call it.
From another forum
Re : your question on Polaris whats the catch.. none really ( Thread.. is now the time to buy or sell ?). We looked into buying at Polaris World Resort at Condado. stayed on holiday twice in Rented apartments… thats how you get all the “real story” about living on this type of Resort. Property now available with mortgages at just 40,000 euros when plans were launched same ones were over 100,000 ! .
“The upside” is that they are well built to a specification that you could expect for 100k. Many have never been lived in so you are buying from BANK STOCK and so “take it as seen” and you might not get the best area at this stage i.e near pool, near shops etc etc. If your looking for a bolthole quiet place in the sun thats easy to lock up and go away knowing it will be looked after , dont need lots of nightlife but prefer to join into community events. If you are a golfer a big plus, Condado is getting better every year the more properties are sold the more the facilites are improving. Many have a roof terraces but if you look at “Polaris world” web site it has been showing “Last few” for 2 years.Now “Last few ” is just about right and i cantreally see prices going any lower. £32k in Sterling has to be a good bargain. for 2 bedroomed with sun terrace
“The downside” probably not much happening in the winter if you want to use all year Lots of rentals available with very little uptake for now. If you like quiet , sunbathing, place for family and friends to share, good community spirit and security in nice gardens with miles of roads to walk or cycle without leaving the complex , this place will suit your needs, Google Polaris World Resorts Condado de Alhama
How do you think your 2 clients and ALL the other owners feel Ardun?
And how will they ever move on without taking massive lossesDon’t know how they feel but I hope they have enjoyed it. They bought mostly in speculation.
I agree though they are fairly well built at least looking at the price 40k euros. What scares me most in these urbanisations is what will happen with the fees.
I hardly even saw people there in the summer so I hope it has changed.
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This villa in Javea is a bank repo. Now for sale for €260,000 (1,470 €/m2). Any opinions as to whether that is a good deal or not?
More info http://www.pisosembargadosdebancos.com/83793/comprar-casa-embargado-en-j%C3%A1vea/x%C3%A0bia/
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you’d have to see the exact location, area, street, neighbors etc, !! – also, it probably needs €100,000 min to upgrade it so not really a bargain:(
down here in Marbella the banks are selling loads at bargain prices 😉 😉 😉 😉 ; SOLVIA have sold twenty in the last few days – local agents are all buzzing around with customers and even Taylor Woodrow have now sold 38 new units ❗ ❗ ❗ ❗ ( san pedro beach) off plan; they have 2 or 3 left!!! still life left in Spain after all. Lots of money pouring into commercial property as well!!!……. Buyers are taking advantage of 50% off prices in good areas and are also nervous of insidious inflation eating away at their savings. The Cyprus story makes one even more unsure i guess.
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Ubeda you seem to know Taylor Woodrow very well 😉 They always have 3 or 4 left…have done for years 😆
I saw the Solvia properties in marbella. Didn’t seem like bargains to me! All the properties selling like hotcakes in Torrevieja area and now Marbella suprised you and Rocker haven’t set up an agency
Very hard to tell what’s a bargain from a website unless you know the area well. The shell of the Javea house looks very old, perhaps a lot of refurbishment needed beneath the surface!
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Here’s something real for you, Katy, not from a website or faded memories of years ago.
I was sitting in one of my favourite cafes this morning when a harassed guy from a nearby estate agents office asked me to translate for him, the Spanish speakers being out of the office to show prospective clients around.
It was an elderly Spanish couple enquiring about a house the agents had on their books. I translated for them and made an appointment for them to view the property tomorrow. The sellers were Spanish too and I wasn’t doing the estate agent any favours because when they get together tomorrow they’re sure to agree on a private deal to save themselves the commission and agree the amount of black money to be paid.
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now now Katy, TW have sold nearly everything OFFPLAN before putting in foundations!!!; give them a call and check?? – and now they are building like crazy up in Los Arqueros – six large buildings !!!! – cranes swinging like mad – don’t know if they’ve sold up there but sure are building like there is no tomorrow ?? you just hate the fact punters are pouring in again buying half price bargains!!! – Zagaleta (they don’t do LMC there) have sold 12 mansions in the last six months!!!…..
re, the house in Javea?, it looks like your old house in Elviria a little bit? no underfloor heating, old windows and low ceilings 😆 😆 😆 😆 😆 😆 😆 😆
ps luxury new cafes opening up on the paseo doing record business !! russians just bought Marisa’s on the sea and spending €6,000,000 on turning it into a Miami bling cafe!!!!!!!!
grab the bag of lemons again 😆 😆 😆 😆 😆
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Oh dear, someones pinched the sour lemons 😆 Zagaleta…come off it, it’s nearly all on sale. Not suprising since they built all those urbanisations infront! If TW sold all they said they had they would have run out of land to build 🙄 I don’t need to call them, I have relatives and friends on the coast….some of them in property!
Desperation kicking in or what 😆 😆 😆 😆 😆
PS. My house had everything, including crappy, costly underfloor heating. That’s why it sold 😀
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Back to this post….
I’ve just been doing my every now and again check up online regarding the repos in our block. Just to see if they have gone from the sites and therefore sold etc.
A flat to be refurbished which was advertised at 27,000 euros for about a year is now advertised at 51,482 euros.
What’s happened?? They couldn’t sell it for the lower price so they up the price??!! Do they know something that we all don’t?
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itsme, it’s not unusual in Spain to up prices when trade drops, it happens with golf, I remember several golf courses which put their prices up because their trade was down, whereas in the UK and generally, businesses tend to drop prices or have sales. Same goes for some Spanish property, you could find the same property often advertised at several different prices on various websites, that’s why potential new buyers can get caught out if they don’t do their homework 🙄
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” Bahia del Plata site”
I have knowledge from a local agent & well respected even in my eyes & I am hard person to please.The first phase was sold by the developers son & his Scandinavians mate as normal all good units were handed to their mates. On my last visit the work is being done to hand the 1st phase.
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I’m sure the 1st phase of Bahia Del Plata was sold by the Bank with a blaze of mis-selling glory saying the whole site was sold, it wasn’t, (most agents selling on behalf of Bank saying all had sold) about half was allegedly sold and ‘mates’ no doubt got the best plots. 2nd phase owned by another bank still yet to be marketed 🙄 😉 Form an orderly queue please 😛
They also did not release the supposed original prices, so who knows their true worth? 🙄
Smoke and Mirrors 😆
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Hi!!
Know the spanish market is full of webpages that offer really nice prices in flatas and houses comming from banks.
For example here: http://www.pisosdebancos.com/casas-de-bancos/ you can find houses with nice discounts.
Or here you can find flats in Barcelona comming from banks: http://www.pisosdebancos.com/pisos-de-bancos-barcelona/
Also there are a lot of articles speaking about the growth of flats comming from banks, like tis article:
Los pisos de bancos y sus consecuencias
Hope that it helps!!!
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