Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › The New York Times: A Building Hangover for Spain’s Economy › Reply To: The New York Times: A Building Hangover for Spain’s Economy
This is a first post on this site, so please forgive me if I fail to pick up the vibes immediately, but I have read a lot of what’s already here.
I’ve picked up on this thread, but it could have been several of the last few, really.
Let me just do a bit of disclosure first. I nearly bought on the Costa Brava last year – only a low valuation from a surveyor I should probably thank stopped me. The property in question is still sitting on the agent’s website – and here’s the point, still at the original asking price.
Now, I know the vendor would have sold at 15% under that – that’s what we’d agreed – the surveyor thought it should have been 22%.
So, could you old hands, who know this market, explain to me why this happens? Personally I can’t be bothered to try and buy now, because asking prices so obviously bear zero relationship to what anyone is actually prepared to pay.
Nor, presumably, can anyone else – as evidenced by the stagnant market.
So, will there come a point where vendors will recognise what’s actually happened in their asking prices, or is it an aspect of Spanish culture which I will need to understand that offers will have to be made, maybe a third or more under the asking price?
This is all very odd. Unlike one’s main home, nobody has to buy a holiday home. And whilst most sensible folk are happy to negotiate a price when we’re talking about a bracket of 10% or so, this sort of discrepancy unsettles most people. So how will this market unlock?
I don’t expect to call the bottom in this or any other market, that’s a mug’s game, but how on earth does anyone know what anything is “worth” in Spain right now?
Just thought I’d ask!
Thoughts on a postcard to the Costa Somerset.