Spanish property market in freefall

Saw this article in Blomberg today

http://www.bloomberg.com/apps/news?pid=20601109&sid=ao4F2HvP_rWo&refer=home

Spanish Property Auction Flop Brings Down Gavel on Housing Boom. It was about the first ever dutch auction where prices move down till they find a buyer. A comment at the end made me laugh.

        ``I'm a developer and I've bought these apartments to sell them,'' Sainz said. ``Not now, but perhaps in a year or a year and a half, once the crisis has past.''

I don't think so. The good news is the Spanish economy is in much better shape than the last housing bust, prices will still go down alot but economy will still go on.

 Spam post or abuse? Please let us know

Acapulco; bobaol, I am with you. My wife and I are at the age when we are working less and relaxing more. We purchased a place in Spain last year for the purpose of  long term stays and perhaps eventually, most of our time. We have the property we want, in the place we want it. We have been able to personalise it with our own furniture - without concerning ourselves as to will it fit in or match the next rental place - and most importantly, we feel 'at home'. We are making good friends from whom we will not need to move away. In other words, we have been able to establish ourselves in our second home.  I wouldn't want to have waited more years for that.
Of course, I should have preferred to have purchased at a lower price and there are still a few available on our development.. But - had we waited, we would definitely not have been able to purchase the property we have. It is in the very best position and of the best design and other owners have already told me they would have liked it.
Money is important. Very important. But for those such as us, getting on with life and ignoring the doom and gloom we read (and have, along the way,  posted) on these pages is more important. Unfortunately, the doom, gloom and complaining always outweighs the good news even when prices are not falling. Perhaps this is because most satisfied owners are unaware of forums such as these because they don't need the help.
In any case, if I was looking for a bargain, it would still have to be the perfect place for me to live; exactly the right location etc  with low mileage , no scratches and one careful owner - hence most bargains would pass me by and be snapped up by serious investors just looking at the figures. Good luck to them, I say, but my brain (such as it is) is in a different gear.

 Spam post or abuse? Please let us know

Good luck to you Plexx and you are another with sights focused on your own needs. Bad news always sells more papers, hence there are so many soap operas on UK television where a general air of negativity abounds - hope that not everyones life is like that or perhaps its simply people would rather watch people who are having a worse time than they are - I am not so sure that this thread is full of doom and gloom (well perhaps it is) but it is giving a realistic perspective on the current market and a lot of the current market does indicate doom and gloom - not only here but throughout the rest of the world in general as well. Thankfully doom and gloom does not last forever and this is a phase of the cycle we are going through - hopefully it will not last too long and there will not be too much blood letting on the way but it is what it is.

Enjoy your slowing down and the fact that you have been able to choose exactly the property you want in exactly the right location means that you should enjoy your second home and probably more so if it becomes your first home.

 Spam post or abuse? Please let us know

Good for you Plexx. I must admit the exchange rate and falling UK prices concern me but if the worst happens we will just have to get a smaller place in Spain.

Renting our UK property is still an option but that would restrict us re what we can buy in Spain so it is not what we want to do.After all we are looking to buy for lifestyle,not investment.

 Spam post or abuse? Please let us know

Thanks Guys,
Acapulco,  if you rent your place in UK, don't forget to factor in the fees, maintenance and the tax on income. (Yes, I have been there).  Sometimes the net figure doesn't look so attractive, especially when their is no capital gain shoreing up the deal right now. Good luck with whatever you choose to do. 

 Spam post or abuse? Please let us know

Cheers Plexx, good points. I must admit renting would be a last resort.We don'treally want the hassle.

 Spam post or abuse? Please let us know