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my wife and i have purchased a two bed apartment which is for completion in may'09. just wondering what is the general feeling of everyone in relation to selling the properties prior to completion. has anyone been given a recent valuation estimate of a two bed ground floor apt. we are quite unsure what to do next.
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Hi Nollaig, personally I think, unless you have financial reasons not to continue with the purchase, I would complete. With the Credit Crunch etc., I think you would be hard pushed to sell your Contract before Completion. If you can, hold on to your purchase, complete and sell on when things improve. You may not want to when you see the finished article 
Only my point of view, I'm sure others will have their say.
Anita.
This message was last edited by Anita on 7/25/2008.
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Hi all
Just to say. I've put my two apartments up for sale with the intention of seeling one of them. They have been on the market for around a month, I've been told that there is little interest in them so far ( I have them on for 10,000 euros over purchase price, with commision I would be left with the same amount that I paid for them). I have been told that to realistically sell them I would have to go at least 20,000 E under asking price, I've also been told that Polaris are selling well as they are being heavily discounted. Although things might pick up closer to completion.
kev
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Just remember that you probably purchased when the exchange rate was high and now it is near rock bottom, so a 25K drop in euro price will balance out if you are cashing back to GBPs. The probability of this being one of the premier residential complexes in the Murcia region would put me off selling until I had experienced the finished artical at least five years on. You may however have bought for different reasons and want to move on but to where?
_______________________
 Steve (Lifestyler)
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Hi, Nollaig, I recently got an updated price for my two bed ground floor apt. It's not front view but has direct golf view and is an end of block, (phase 2). I was told it's value is €245.000, but in the real world, Id think you could knock off €20.000. Similar properties with less view of the golf course, mid block etc, I think are about €228.000. I think selling on is very difficult, I'm personally going to try ride out the storm and I definitly not going to take a loss.
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Hi, a friend of mine is wondering whether to hold on or sell his contract for a phase one two bed Front line Tilo. He bought in and then sadly his partner died suddenly so he can't really afford to keep it.
Any ideas on the best way to see how much it's worth, the sites I have been to seem to vary massively in price?
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i have a 2bed 2 bath for sale in phase one - with garden - it has been on at 170k euros for a several months with ZERO interest (and its advertised everywhere!)- if you have any other ideas I would love to know
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CRG
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Nothing is selling in Spain nor will it for the next 12 to 18 months unless you want to give it away.
The problems are two fold.
The pound has weakened against the Euro making it much less attractive to UK buyers and the Euribor rate, which Spanish mortgage are linked to is at an all time high.
So UK buyers are scarce and the Spanish are not buying at all because they
a) can't afford to
and
b) are waiting for property prices to fall/stabilise.
If you can afford not to sell, ride it out.
_______________________
Arranging mortgages in worldwide
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Some properties are selling in Polaris World. They are discounting cancellations to 30% less than original price and I have seen a list in one resort reduce from half a dozen apartments to just one in a matter of a week or so. Someone's buying if the price is right! Or is just their marketing clout!
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No, you are correct. Properties which are discounted by 30% are being snapped up by investors.
Unfortunately most people will not drop their price by 10% let alone 30%.
_______________________
Arranging mortgages in worldwide
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In relation to Vantage's point about riding it out - unfortunately even if you can afford to buy, it may well be worth considering walking away from this purchase. I agree that in the long-term this will be a good investment but you can forget about any reasonable rental income in the short term. The combination of mortgage fees and repayments, management fees, IBI taxes, income taxes, furnishing expenses etc is frightening and very costly.
My understanding of Spanish law is that legally the developer is only entitled to 50% of the deposits paid if you walk away. By doing this you could actually pick up a better bargain somewhere else (if exchange rate is in your favour).
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I think it depends on the individual contract. Legal advice would be needed on this one but I understand that a private contact superceeds the default law.
For example, if buying a resale in Spain, you can buy 'under the law' which stipulates which side pays which costs and establishes how any refund of a deposit takes place if either party pulls out.
Those protections can be waived when you sign you initial purchase contract when handing over your deposit.
Another thing. The special Flash Offers that Polaris release every now and then are the houses on which buyers have not been able to complete. Typically they are 30% + discounted. Do you think that Polaris are giving 50% of the deposit back? I don't.
_______________________
Arranging mortgages in worldwide
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I'm not disputing that, but I would be interested to know if anyone has received any money back. I know of 3 people that have taken the decision that they want to go down the legal route, but they were totally misled by their Estate Agent, and probably do have a case against him.
If I hear of any news, I'll be sure to post it.
I do know of people who have had full deposits back due to late completion on behalf of builders, and in other instances where the contract has stipulated that a percentage of the deposit will be kept and the rest retained. These are obviously different issues.
_______________________
Arranging mortgages in worldwide
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Oh Dear! After a bright period where we were all positive , we are now going all doom & gloom again!!
Nobody knows what will happen in the future - we did not know when we purchased off-plan & we don't know now - this is part of the off-plan route. There is nothing at that site to say things are not going to plan. Ok , it has been delayed but i should have thought by now we all appreciate the work done & Roda has proved this can be an excellent place when completed.
Polaris world and other sites are not of the same quality as this and consequently by process of elimination in the end - whenever the world economy upturns - will not give the same gains that our investment will.
Let's stay positive , folks , we are in danger of talking ourselves out of the real reason we bought on this site - the chance to experience breathtaking scenery in the beautiful Murcia contryside with good quality accomodation and the chance to gain in the end
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