Katy, you are quite wrong, on several fronts.
The focus of this forum is Spanish property and I’m not trying to change that. But I would like to see more balance. This forum has become narrow minded and one sided. It is relentlessly negative, which is the main reason why it now offers little insight (and puts off many people with something positive to contribute who can’t be bothered because of the aggro they will get).
You pontificate about ‘the market’ and ‘hard facts’ but how much do you really know beyond your street? What continuous research and property visits around Spain do you base your sweeping statements on? What about upmarket sea-view homes in Ibiza? Top end plots in Mallorca? Masias in the Costa Brava? Flats in the Born in Barcelona? Luxury villas in La Moraleja and designer flats in Chueca? Traditional stone houses in Galicia, Cantabria and Asturias? Detached properties in La Peña in Tarifa? Fincas in Extremadura? Hunting estates in Cadiz? Do you know for a fact that nobody is buying these things today? I’ve been doing a lot of market research all over Spain recently, and there’s a lot more going on than you think. Of course the heat has gone out of the market, and prices and transactions are down, but there are plenty of buyers getting great deals today.
And if you are right that now is just sell, sell, then smart investors should be looking to buy, buy. When it’s all buy, buy, that’s when you want sell, sell. Isn’t that what you’ve done in the past, and didn’t it work for you? Be fearful when others are greedy and greedy when others are fearful advises Warren Buffett, and I’d go with his advice. In this buyer’s market I’m starting to see really good opportunities all over Spain, from Lanzarote to Ibiza, that I wouldn’t hesitate to recommend.
Of course there are also large segments of the subprime market all over the country that are dead and doomed. That stuff should never have been built in the first place. But I bet most people who come here aren’t interested in that anyway. They want to know about the market for attractive properties in great locations for good prices, outstanding property, interesting property.
None of which is to deny the terrible injustices that have gone on and are going on, nor the problems and risks. They have been given full and abundant coverage in this forum and my blog. But this forum is not only about them.
Just to clarify, ‘child’s play’ in my original post referred to the sums of money involved. I should have made that clearer. I should have said something like ‘peanuts in financial terms’. I hoped to draw discussion on the bank bonus issues – I was just curious what people in this forum thought . An inappropriate discussion for a Spanish property forum perhaps, and I admit that the way I tried to link it to Spanish property (to make it relevant to the forum) was rather feeble, but the last thing I expected was to be patronised and berated for talking up Spain.
Goodstich, I know your case, and I know you have every reason to be furious about the way you have been treated and denied justice. I genuinely sympathise with you, and if it was up to me you would have your money back with interest tomorrow. But it’s not up to me, and sorry, but you don’t have the right to turn every post in this forum into a rant about your problem.