Importing car from outside Europe

Hi,

We have been offered an apartment on Coto Real or Rio Real  developments and an exceptionally cheaper price than you would expect for Marbella. Also agents are only asking for 6,000 euros deposit. Can anyone enlighten us please as to what has been going on with these developments and what the current situation is. We are looking to buy two apartments to live in one and rent the other. What advice can anyone give please.

Thanks

jon

Dear Jon 48

My wife & I have just returned (last night) from Duquesa Village which is on the opposite side of the stream from Coto Real.

According to the locals the developer is slowing down and suspending further work on Coto Real due to very few sales.

As a guide (having looked in numerous agents windows) the AVERAGE going rate for decent 2 bed 2 bath apartments is between 195,000€ and 225,000€ depending on the exact location and amenities.

Regards

Michael

Just feel really really sick after reading Micheal52's message,  we paid 286,000 euros last year Feb 05 for a two bed two bath on phase two Coto Real which is supposed to be ready in Dec 2007.

Can anyone else give me some positive feed back on this development.

Thanks

Maureen & Dennis

Hi Leema,

I totally agree with you Leema, michael52 is talking nonsence, the apartments are definately not the price he quoted, I bought an apartment in the early early days even before building license and it still far more than the price he's quoting, I guess he's talking about a totally different developement.

Jon48 its totally up to you and how you feel comfortable about the whole purchase and developer, you need to do your own research and dueligence, be careful don't go by everyword that comes out of the estate agent ......... they mostly after thier own interest (i.e comission).

the only problem I think this developerment had from my point of view is that its been delayed for too long, but seems to be coming along (note I purchase in the early stage).

hope this helps

Dear Sarahazama,

With all due respect I would suggest that you visit Duquesa and look in the estate agents windows at the current asking prices for 2 bed 2 bath apartments.

We visited 8 agents  in and around Duquesa two weeks ago, and the message was the same from all, the new properties are overvalued by anything between 10 and 40%

The price the developers are asking now, and have been asking for the past few years, are well above the resale values that are actually being obtained.

Regards

Michael

This message was last edited by michael52 on 3/18/2007.

If you go on Ocean Estates web site www.oceanestates.com/real-estate/housing-developments. Go in to new developments.

Duquesa

Cota Real Duquesa.

Apartment from 264,700 Euro to 599500 Euro.

Unless this is a very old site which i doubt because this is a large estate agent

Before i got my mortgage 1 month ago the building society demanded they value my property so they would be happy for me to borrow from them.

I was told by my agent  it was valued over 300,000 Euros now.. I paid 265,000 Euros for it and got in in the 1st phase a few years ago.

I am in Khios in Coto Real Duquesa and i have a 2 bed and 2 bath apartment.(ground floor)

I will be going over soon

from Derek

Dronk you should read the comments about Ocean Estates under the thread about agents.

Don't  forget that agents prices include their commission which can be anything up to 25% on top of the developers price.

The original phase 1 prices that were quoted for Duquesa Village were  €178 to €210K, but by the time Coto Real was released similar specification departments had risen to over € 275K.

As I have pointed out, the estate agents windows in the port are full of resales in the Duquesa are at around the € 200 to € 225 mark for 2 bedroom 2 bathroom apartments.

Michael

I have soken to friends who live near Duquesa. They have confirmed that you can purchase a two bedroom appartment in Duquesa Village for around E200k, where I think Michael has purchased his appartment. However, the cheapest Coto Real appartment the could find was E263k (poor view). I would question Michaels motive for posting messages on the Coto Real site!
JB

I have had it confirmed by my lawyer that the cheapest price for a two bed two bath on 2nd phase of Coto Real is 274000 euros and that is an apartment with no view,  with the messages on this board (which I love) I am up one day and down the next, I think I am going to have to come out myself and have another look and talk to the developer.

Can anyone on the first phase confirm they are still builders working on the 2nd phase, as Micheal seems to think it has stopped, but my lawyer has assured us that it is the 3rd phase which is no longer going ahead and this should be good news for investors of phase 1 and 2.

This message was last edited by michael52 on 3/19/2007.

This message was last edited by michael52 on 3/19/2007.

Not wanting to interfere (!) but already in correspondence with a Coto Real purchaser, just want to say that, as most people already know, a property is only worth as much as somebody else is willing to pay for it!  Nothing new there.  Bank valuations are completely different things!  If there are investors there who purchased to sell short-term then, you are well aware of the market.  Those of you who invested long-term are pretty secure, in my layman opinion!   From a very reliable agent, who posts here, the "market value of a property in the area (extended) is around 2300-2500 psqm, adjustable re parking, storage, terrace,"  etc., etc.  So everything has to be taken into account.

Personally, I believe, long term you will have no problem with Coto Real apartments.  We looked at the same development when bought ours in Duquesa Village, but decided on DV because it was financially better for us!!  ie, it was cheaper in DV than it was in Coto Real!!

If you invested long term, personally, I think, long term, you have a good investment!!

Just my opinion!!




This message was last edited by Pitby on 3/20/2007.

Just back from Duquesa

Dont worry about the value of the apartments in Coto Real. They will be similar or a bit higher to what you paid. People are getting a bit confused because there are so many developments. I know we have the best quality apartments of them all,  that is why ours is more expensive. Just ask for Coto Real not Duquesa when you are trying to get a value

 

from dronk

Michael I am so sorry for the flack you have received for your very helpful advice. We investigated further and found that this development went ahead without any habitation licence and very nearly became the subject of a demolition order. This I believe has something to do with phase 3 being stopped. All licences have now been granted for 1 & 2 but things are very much in the balance, We were offered these apartments by associates in real estate. They offered us another development which surprise surprise has in fact had a demolition order placed on it. It is now subject to appeal. We have sucessfully purchased in Spain before but this was definetlyy something we have decided to pass. A simple check as we have now found out with all new developments at the local town hall will reveal all. This will also tell you if the land is safe. Once again Michael thank you

Hi Jon48

Pity you pulled out

We have been over to our apartment in Khios twice now and we go out again later this week and we will be out again in 3 weeks time. The resort is looking great and we are now all up and running with all our furniture in place. We know the maintainence company and the proceduures we need to go through to get things fixed or maintained.

Hope you find something that you like

All the best Derek.