Reply To: Spanish Negative Equity – The Easy Way

Fuengi (Andrew)

@katy wrote:

Fuengi said this is blatantly racist statement

Don’t be so ridiculous, that is outrageous to bring in the race card 😈 Who else should we blame for Spain’s downfall…a handful of crooked British Estate Agents. They played a very small part in the scheme of things. You say the Junta isn’t corrupt 🙄 I know you haven’t been in the country very long but I think you need to follow the news a little more.

just to go off topic briefly. Katy of course the statement was racist. You might not have meant it as such, but you refers to a group of people that are catergorised as a race, and made a prejudicial remark.

I’m not blaming english estate agents or spanish for that matter. Several of the local municipalities were corrupt and this has been proven in a court of law. and this corruption attracted the corrupt. Regardless of nationality/ethnicity.

@katy wrote:

Chaves is often accused of corruption in the Spanish media. He employs at least 9 members of his family in high positions, not to mention his cronies. There have been rumours in the press that he has huge amounts in personal bank accounts.

accusations do not equal fact. also employing family and ‘cronies’ is not corruption, its is nepotism. I’m not saying there might not be corruption, but until proven its just hearsay.

@paul wrote:

Obviously those with a vested interest such as some agents, just don’t like the truth to out and so will try and take the topic way off-course.

I assume this refers to Just Frank and probably myself. Unfortuntately most threads seem to go off-topic, will try not to be the cause of it promise!
I have no vested interest in off-plans, and think it was generally a foolish proposition. If anything I’d like to see most of them knocked down (not going to happen i know) as they were solely bought to flip and not as homes or even holiday homes. the people should of boughts shares instead….or maybe not….

@just frank wrote:

In short in the last 6 years very few if anyone has made money from Off-Plan so BIG advice is to not risk it.

I disagree. Many people have made alot of money. BUT I’m not refering to properties that certain agents done they’re whole flyby inspections visits, etc… with all the wonderful graphs showing how much money we are all going to make.

The only developments that offered astronomical commissions were the ones that could not sell the stoke themselves due to lack of interest. I’ve known a few developments that offered 3% commissions because they were in locations that there was real (not artificial) demand for and knew that they would be able to sell them themselves.

a think a good example would be some of these developments that are being pushed now more inland. Before certain agencies got involved they were sellign at 120.000 and they are on for 160.000 and above. What do you think the agency is making??
And to the uniformed the properties look like bargains compared to many costal areas, but when/they attempt to re-sell them they are going o lose ALOT of money.
The only off-plan properties that i’ve seen where there is deamnd and can be worthwhile at the moment are VPOs (subsidized housing) as the mortgages are very low and are affordable to a large demographic. And in the long term can/might be declassified and sold at market prices.