Penthouse Valuations

Just had our Penthouses in block 13 valued by the bank and they have come in 25,000 Euro more than the purchase values.  I was really surprised in the current financial climate that any increase would be acheived but I'm not complaining.

There seems to be a demand for anything between blocks 10 to 16 especially second or top floor due to excellent views of the course. When out last week we spoke with Polaris and they confirmed everything 10 to 16 has sold and are still getting requests for this location. We also spoke with an agent who confirmed he could move the apartments on for profit just now if we were interested but advised that we would maximize investment after 5 years. 

Has anyone else had good news from their survey report recently?

Hi McGill

Certainly nice to hear this news as we haven't needed a valuation due to not having a mortgage.  We're in Block 10 on the second floor and are extremely happy with the views we've got.  Looking forward to spending many a happy days at Condado.  Good to know that they've all sold out between Block 10 and 16 so hopefully they'll always be people around when we're out.  Nothing worse than loads of empty properties.

I see from your Avatar, like us, another Caledonian Condadian, also not far from us in Hamilton.  Hope to see you out there sometime.

Cheers

Simon

Wow thats an amazing and wonderful valuation, Interesting to hear just how much they can differ between lenders !!

Our block 16 - 1st floor was valued 4 weeks ago and came in a few hundred Euros only over the purchase price of 137400 - my next door neighbour came in at 4K over !

It is great that the valuations are coming in over the asking price. I would be interested to speak with the agent who can move the apartments on at a profit. Can you provide their details please.

Can anyone tell us who these valuations were done by?

Our mortgage lender - Lloyds TSB es went to our property in Block 10, ground floor to complete the survey valuation report.  We then received a letter from them saying that the amount they were to lend us was to be reduced due to the decreased valuation of the property.

This unfortunately has left us in the position where we have had to decline the mortgage and looks like we'll have to pull out of the completion altogether and walk away from the money we have already spent

Any advice greatly appreciated

Jen & Alan

Hi Jen and Alan,

The same thing happened to us with Lloyds TSB. Our penthouse (Block 2) was valued at 12,000 euros less than the original price, so we have to find that extra 12,000. Our mortgage offer lasts until 31st Jan, so unless the habitiation cert comes through before then, we don't know what will happen. It may mean applying for another mortgage and having to have it valued again!!

Cherrie

The valuation was done by Bancaja for the purpose of the mortgage.

Has anyone heard when the hab certs are going to be ready for blocks 12 to 16?

Cheers

Steven

if you cant raise extra funds in spain then you have 3 options at least .raise extra funds through a remortgage or release of extra funds on your uk mortgage.take out a secured or p loan.if you are over 55 you can get equity release on your uk house with either rolled up interest with a gtee against negative equity or pay interest on capital borrowed monthly.pm me for more info.

HI FOLKS

IT,S GREAT THAT THEY HAVE BEEN VALUED AT A BETTER PRICE, BUT YOU WOULD NEVER SELL THEM AT THE MOMENT,LUCKY TO GET WHAT YOU PAID FOR THEM

JILL