Auction

 Oh, I'm surprised that nobody has mentioned the upcoming Auction that is being held on 20th October, 50 Spanish Village apartments going under the hammer. Starting bids from 33.000€. 'Auction or Fire Sale' still not decided as yet! Bad news for all of the current owners who paid top wack some years ago, but could this be the start of something big!.....Want more info, contact your local Property Management Company or Estate Agent, if they haven't yet been in touch with you!

Anyone who gets these will be getting such a bargain. it is better than seeing them empty,and it could kick start the resort.

All of us that paid top price all those years ago took a gamble and it went so wrong but who could have predicted the way the way the world downturn suddenly went. We have to live with it, and hope for better days.

The starting bids are €33k for a one bedroom apartment, 64 sq metres, in the village square with empty shops underneath. The 2 bed properties, otriginally listing at €194k, have starting bids at €66k

Links to the auction websites:

http://www.subastamurciagolf.com/en/

http://www.lumsdenauctions.com/

Does anybody know how the auction went today as the technology didn't work and I was not able to check online, bit of a farce really

Did anybody try to buy or bid on anything as they seem a little reluctant to provide any information, only chasing me on the phone form the US to see if I wanted to make an offer on anything

American bull shit & and a Spanish bank, Doomed. 3 phone calls this week from the sales girls begging me to turn up.. did not fancy wasting half a day in a hotel. Timing for them was not good for them CDA 40K FOR 2 BED, HRGR 45K A 2BED. .HDA TO MANY IFS BUTS & MAY BE.

I attended the auction of the 50 Spanish Village properties on Saturday at the Thalasia Hotel in San Pedro del Pinatar, of the 1500 people that registered during the build up to the event there were only approximately 40 registered and qualified bidders.

About 80 people turned up on the day (therefore at least 50% who had come out of curiosity) with about another 4 or 5 people opting to bid on line, the on line bidding system malfunctioned and the on line bidders were contacted by telephone!

Of the 50 properties up for grabs at exceedingly low prices only 13 secured bids, each of which were sold ‘subject to owners approval’ as the bid had not reached the ‘private reserve price’ over the next 5 days the bank will be in contact with the successful bidders to negotiate their offers, accept, refuse or place a counter offer

Most of the ‘winning’ bids were within 20% of the starting bid! For example the 2 bed apartments started at 60.000 Euro and the top ’winning’ bid was 73.000 Euro ‘subject’ to acceptance by the seller!

The run up to the event was cover by a Spanish TV crew from Antena 3, one of the National Channels here in Spain and there has been a lot of publicity in the media, both local, national and International for the event!

The feed back from the people that I have spoken to this morning is that the event was a resounding ‘flop’!

To see now if any of the bidders get to buy the property they wanted at the price they offered!

This pretty much the way that I expected it to go and I would suggest that the actual prices that they really want for the properties, is far greater than the openning bidding, and that it is unlikely that many properties will be completed on

I was a registered qualified bidder howvever I didnt get involved as the online system failed and they have been chasing me asking what properties that I was interested in so that they could then give me a price, I have asked for a detailed list and so far received nothing

In truth the pricing, compared to what you can actually buy for locally isn't that cheap, either a distressed sale or new from a builder. I had one client who went to the auction, was very unimpressed and ended up going to Condado and buying a heavily discount  property via CAM Bank, €43k for a 2 bed apartment

On Corvera they are offering 2 bed properties at less than €90k and frontline  3 bed villas for €190k,  with options for a 100% interest only mortgage, via certain banks who are really selling for the retained builders mortgages

I have seen villas advertised on HDA for €150k furnished so there is plenty around for people with money

Has anybody had word that they got a property from the auction.