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Peter, I agree with what you are saying re the large funds – they are looking in Spain – although some of them do not what to know at all!!
However, having just spent 2 months with one with a coastal block of 164 units at 59% of bank val – they were still turned down as the figures did not match up.
Reason being is they still need to do something with them, they have to present some kind of yield and even if they look to capital growth only, at the moment its too dodgy.
They will go for them around 45-50% of bank val and its far more likely to happen direct from the banks.
Mark – totally agree with you re timescale. This has a lot longer to run and to keep you all to speed, this week I had several calls from people who cannot any longer afford their mortgages. I worked out a price for them to shift fast and its way under the mortgage outstanding. No normal buyers, mainly due to the exchange rates so its pretty grim news.
Im considering suspending the auctions for now as most units do not stack up for the investor buyers I have and Im working on getting them driect from banks – but I reckon it will take me 18 months or so to bash the sense into them of auctioning without reserves!! (like UK did early 90’s)