PRICES VARY ALOT WHY

Hi im looking at buying a property on on CDA  can anybody tell me why the prices on CDA vary a lot . REF this link THANKS http://www.condadoinvest.com/opportunities.htm

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Newworld, to explain the situation, as you have mentioned the link to our website, I will reply without trying to advertise on EOS.

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Andy is absolutely correct as I know from the experience as the agent selling the repossessions on Corvera for one bank the key discounted price of €55k is for cash purchases and if the buyer wants a mortgage then the price increase by around €8k, this is typically on an 80% non residents mortgage, because of the risk

The fact is that on any single resort there may be a number of different banks that have financed different areas and phases and the pricing and sales policies can be different and I recently saw 2 identical properties on different phases with a price difference of €40k

The actual purchase costs can also vary because these are classed as resale properties, not new so subject to 7% transfer tax and around 11% total charges and another 2% if there is a mortgage required

On the bank properties they are often sold as seen, no opportunity to have repairs done under the snagging terms and the building insurance will be the standard 10 years but deduct the period already since the bank completed  on the property and I have seen a few people that have been caught out by these terms

The rule is CHECK CAREFULLY if you are buying a new or resale property, ask to see the paperwork first and the transfer dates

One other way to get the defects repaired is to use building insurance which is part of the community fees paid which again has worked on Corvera for some purchases

The banks do not always immediately pay any outstanding community fees so you should check this via your lawyers, before completion getting a certificate of debt from the Administrator

The way that the banks I work with operate is that cash is still king and you make an offer and they agree to respond within 48 hours, most recently for a 2 bed frontline property being market by the bank at €72 they accepted a cash offer of €53k

With the banks doing such highly discounted unused properties, are any Condado owners able to sell on their apartments?

Are apartments that have been used with Air Con fitted & snagging done fetching a premium over these bank sales, or are all prices being dragged lower by these bank reductions.

I would hope that once the banks have off loaded all their stock then prices may start to creap up, as I cant see many people on here who paid 126,500 euros and more, being prepaired to sell for 40,000 euros.

Does anybody have any ideas how many bank repos there are left still to be sold?

The ridiculous situation is that on many sites it is the banks that are selling, through their appointed agents, at a much lower price than the actual developer is trying to sell the same properties for except they will say that they are selling as new

It is very difficult for people to sell with the volume of bank properties around, at realistic prices again on Corvera there are owners willing to sell at €100k, les than half the original cost but the same property from the bank is €55k and there isn't really €45k of premium value there, even with snagging furnishing and AC etc., especially as we are seeing more investors in the market who just want a rental offering, or they are leaving them empty

 I suppose the only good signs are the increase in property sales that we are seeing in Murcia generally