Thinking of Buying

HI im thinking of buying on Corvera can anybody tell the best web sites to look on, and what prices I should be looking to paying ,villas prices and apts.prices please.

I have direct from  the banks, a number of repossessions at Corvera at prices which are less than one third of the original prices

Please PM or mail me for more details

OUCH!!!!!!!!!

 Now that really is news that should have been pm'd before putting it on a public forum. Scary.

Why, there are already at least 10 agents publically promoting properties on Corvera at substantial discounts, it is life, in the same way that we have properties on Polaris Resorts for 30% of the original cost, on La Manga Club, Hacienda Del Alamo  and in the La Zenia area, just do a simple search on Google to see the deals now

How about a villa on Peralajec, originally €1,2m, now €300k

It is what the banks are having to do to recover their original mortgages on all of the local resorts and many people would prefer to see the resorts being used, and really only to cover this because once they have taken them over it costs them €300 per quarter per property in the community fees.

And specifically on Corvera we have a number on existing owners looking to buy a second property, at the lower rate, because of the success of the rental market, especially when the airport is operational

I personally wish I had some funding because I would buy a few as these prices as a long term investment

The way that these properties are offered is however different so you have to be careful as they are sold as seen with defects, they are sold for cash and as resale properties which means that the sales tax rate is different. so you have to be careful because we were offered properties in another area that were cheap but not legal and were without a COH

On other resorts you can get the low price and 106% mortgages, subject to status

So why shouldn't this information be put onto a forum

 Don't take everything so personally, it wasn't meant as a criticism. Like I said - scary!

Yes you are correct for people that have already bought it is scary, for me when I recently sold the property that I had in Villamartin for a fraction of what I paid for it 6 years ago it was scary, but from the opportunity perspective it is actually very interesting

It will be years before they can get back their investment but this is the same almost everywhere but now if you cam buy at very low prices, and if there is a good rental opportunity, they could be a good bet

The €44k properties on Condado were snapped up very quickly

We have a clubhouse, agreed partly opened, an open golf course and numbers on people wanting to rent in this area long-term is increasing and will certainly improve with opening of the airport but we have to be realistic, it may open in April but not be fully used for 6 months

So far a steady flow on holiday bookings this year, 80% new people to the resort but of course mainly July & August bookings

Paramount may start to be built in February but the area and resort still has a lot to offer as people that come and stay here have found

So we have to keep both feet on the ground and be realistic

Sorry what I couldn't understand was your comment that this should have been PM'd first

There are 2 bed apartments for 60K euro, 3 bed 75 K euro and villas from 120K to 170K euro.

A lot less than most expected but such is life at present. 

Actually the prices are less than that

I suppose the lenders that are still out there are nervous to lend further until it can be certain the market has bottomed out. 

The debate about the value of properties is probably one all owners think about in their sleep, but we all just have to try and ride it out.

Anyway - good luck everyone. 

roy , you mention paramount , do you have any information on the progress of the park ?

Only what is in the public domain which is the claim that they plan to commence some form of construction at the end of February however there are still no formal announcements on funding

We have recently had one enquiry from staff due to work there but again nothing confirmed

The 'value' of properties is only 'scary' for owners who want to sell or make money out of their purchase. I for one won't lose any sleep over the 'values' as to me, my particular apartment and all it gives me, is priceless for six to eight weeks of the year ! Maybe  if I need/want to sell in 20-30 yrs time it may have regained most of the purchase price, if not I'll be too old and not have long enough left to worry anyway.

I certainly have sympathy for those owners who fall victim to the economic climate in the UK, decide to cut their losses in Spain (or wherever they've bought abroad), and find themselves in negative equity or unable to sell. For them - and there are an increasing number of them -  it will be truly scary.