Seat Ibiza Low KMS FOR SALE

Hi All

Just in the process of arranging funding, at 1st glance the developers mortgage does not appear competetive on rate (c. 5.9%) although there is a saving on costs. Have a quote from Lloyds TSB for 25 years interest only at Euribor +0.75 (c. 5.34%). Any better offers out there?

Re valuation, my agent has indicated EUR 140K for a south facing 1st floor apartment, with which I would be delighted, however I do not share his optimism given the current economic climate. Has anyone had their plots valued yet for mortgage lenders?

Thanks to all regular contributors to the forum, your posts and pictures are always gratefully received!.

Regards,

Roy

Hi

BBC ran an article on the news this week, suggesting that spanish house prices are down by 30%. Many new developments are standing idle and builders are now not committing to new schemes.

Appears just as gloomy as over here. Maybe thats why Rudina can't shift the last 10-12 units on this site. Look out for offers!

Perhaps this is also why the second phase has not progressed.

Woody

Hi Woody,

Prices are falling in Spain, but not in all areas. Granada has been a hotspot due to the new motorway link and cheap flights from the UK.

I would suggest that prices are the same, if not a little less, than the original off-plan prices at this development

If you had bought elsewhere then you would be looking at 30 - 50%. However, properties are not selling at the development now, so late buyers may get a bargain.

 

Chris

Chris

Are you an optimistic purchaser or do you speak with some authority in the spanish property market?.

Woody

Hi Woody,

We've sent you a private message.

Regards

Cath and Phil

Hi Woody,

The Granada area has experienced a 'mini boom' and the demand for property high, resulting in prices holding out compared to the coast. 

If you look at Spanish House Price Index at Kyero dot com, you can get a true and fair view of valuations.  However, don't forget that Balcones resales will appeal to UK purchasers and not Spanish buyers, so the credit crunch will be felt more. At the end of the day, the property is only worth what others are prepared to pay as a luxury item (holiday home) and not as somewhere to live.

Chris

Personally, I feel the current asking prices are an accurate reflection. The developers know the market as good as anyone.

My agent says he expects to value higher given that it will be a finished development of a very good standard and given prices seen elsewhere in the region, but as previously mentioned I don't share his optimism.

Hence I wondered if anyone had instructed a valuation yet? Am i the only person buying with a mortgage, or I am just ahead of everyone else?

Please comment all, always good to share info!

Many thanks
Roy

will be interesing to see what the bank valuations come in at, anyone going for euro mortgage, might be best option I hope valuations from bank  are ok