Mini One Convertible June 2007 For Sale 14500€ ono

Hi all buying on Veranda Agua. At this stage I am sure most of you know that KM have dropped their prices on Veranda  by at least 7% to try and sell of their remaining units. This is quite worrying to us as  does it mean we are  going to be in negative equity before we even complete? Dont know if there is anything we can do either individually or as a group, but if anyone has any ideas, or suggestions, please let us know.


This message was last edited by tricia52 on 5/24/2008.

Hi Tricia,

I just wondered where it's come from that they have dropped the price by 7%?

I'm not sure when you reserved but I got a price list from KM yesterday and the prices were still the same as when I resrved back in August 2007.

On KM website developments marked down by 7%, also from talking to other buyers. Prices have dropped on Thalassa dramatically, with one estate agent offering one apartment for 131k and other apartments for 150k and  advertising on Veranda at below market value prices.


This message was last edited by tricia52 on 5/24/2008.

Whether you should be concerned about this situation depends on why you bought Spanish property.

The attractions of Spain have not changed, so if you have moved there for a long term change in lifestyle, then even a fall in the value of your Spanish house is unlikely to affect you in the long term.

It is the speculative investor or those who have to sell soon that are going to be affected by a fall in their property values.

For those considering to buy a property in Spain, it may pay to wait a few months to see what happens to the market. There may be bargains available in the months to come.

I agree with you, but it  sure feels like a kick in the teeth that there is a price reduction and we havent even compleated yet, and the fact that we are in the process of getting a mortgage to finance the purchase and how all this will affect the banks valuation of the property is a bit worrying.

On a positive note no exchange rate loss for you and the apartments and area are very good ,with rail staion and commercial centre in the future.
Think long term and enjoy,hope your mortgage valuation does not cause difficulty.
                                                                                                                    Ken

Thanks for that Ken, we do love the area and really love our apartment, so fingers crossed that finances etc all go well. For us this is a long term plan, it is not an investment project and we really want to be there when we can (for now) with a view to moving out permantaly. But just thought it was worthwhile putting it out there to see what other buyers thought about the situation, and to get advise from others like yourself who have allready gone through the process of buying and ARE living THE Dream!!!!!!!! Take care. Tricia.

Tricia,
           Pat and I feel and as you do,please do not allow outside influences spoil your expectations,this is a huge adventure,and we love it.
                                                   Ken & Pat

Thanks Ken and Pat,
 As I said or should say 'we said,' (cause this comes from him as well, 'him indoors' dosn;t do computers!!!!!) we know how we feel and whats in our hearts, but sometimes reality and the head takes over, but our heart s really still in it, 
We do really appericate yours and others  comments, and  the plan is still to complete on veranda and be apart of the community out there at a distance at first but eventually closer up. 
Are you on Veranda or Thalassa? 
Not that it makes any difference, but just to say thanks to all those on Thalssa who have advised previouly and hopefully in the future.
 
Special thanks to noreen for all her PMs and advise on general forums from the likes of smilely and others (too many to mention) . Wow ...really what a service  and really wish I had found it before we contemplated buying in the first place...might have done things a little bit differently.  And another special thanks to Dave and Anita  Baxter who run a property management company in the area of Vera Playa, and I have to say if the service we recieved as 'rentors' is anything to go by, their services is not just a business relationship it is sooooooo much more. Looking forward to meeting up with them and their children when we go out in August.  Any way that is a point for another thread. But if anyone wants details of their services, just PM me and I can forward you the information. Thanks again Ken and Pat, and if all goes well maybe we will meet face to face at some stage. Tricia and Anto

Just to let you all  know, our solicitor was in touch yesterday and has told us that according to KM there are no price reductions on Veranda, and in fact that phase 2 will go ahead with prices higher than phase 1. And yet at least one estate agent is advertising for  a sale for 'below market value' on Veranda. Leave it with ye.

 

Hi Tricia, 

I was in Vera last week & spoke to one of the Sales guys about your concerns.  He said that only Thalassa has some price drops & they are on the apartments that aren't shifting because of their location/position/outlook.  e.g some corner apartments without a good view.

Hope that gives you comfort.

Regards
Frankie 

Thanks for that Frankie, glad to hear it.  Looking forward to compleating soon and spending a week on Veranda in August and again in October.
Tricia