The Market - Bottomed Or still more to come???

Hi Susie1005

Welcome to EOS

Your new place in the sun sounds wonderful and a good investment.

I am sure that prices are differing in certain parts of Spain. Some areas are being overdeveloped and that's where the rpices are sticking. Fingers crossed yours will be fine!

Can you update your profile please, then we can see where you are in the UK and where you are buying in Spain.

Rosn - Good post! As someone who is looking to buy from the UK - the one thing that really puts me completely off is (no offence to any here!) 90% of agents insistance that the market is still vibrant. They must think we are total fools! I'd rather have  at least 10% honesty - which ultimately would help both buyers and sellers as there is no point in putting a sellers property on the market at a price they will not get - this surely helps no-one!

Agents - please take heed and thank goodness for this web-site! ;-)

Ps. Personally - I'd be ultra cautious about buying off plan right now - that said the really (rare) good developments will always flourish - that apartment we were keen on at Mar Azul is now sold - the very last one I believe! C'est la vie! :-( Good Easter all!

Hi DrK,

Not seen you on EOS before, so welcome!

Your comment about being ultra cautious buying off plan, is dependant on who the builder is and where the building is taking place.

We bought off plan and everything went smoothly.

We had a well respected and one of the largest builders in Spain.

He only built 2 Phases of apartments and all sold very quickly and with no hitches.

However, a more less known builder, who buys a huge area of land, gets permission for 1,000's of dwellings, is less likely to sell. He will only build one phase at a time, when ALL the deposits are paid, thus leaving barren land surrounding his build for years to come. Then, will try to sell the next phase.

He is saturating the market within a small area and thus giving bad selling percentages for the "media" to play on.

So, my advice would be to look to the bigger builder that is only building a small number of units, this also gives a slight exclusivity to the property, thus making it more likely to re-sell.

Whilst writing, please can you update your profile, so we all know where you are from and where you are buying/bought?

Kind regards,

Hi Fibby! I actually started this thread believe it or not!!!! I'l have a bash at updating the profile though as Im definitely not from Parcela! ;-)

He he!

I was a Parcela once, didn't have a clue what it meant, then Justin the site owner, explained that the more we post, the better quality of home we become ( just one of his silly things he likes to do!)

I am waiting to be a detached villa with smimming pool...................

Hi world,

I'm a newboy both to this site and to the world of property purchase in Spain. Trying to make a decision on an apartment in Costa Galera development near Estepona. There was an active thread on this development till last July but I can't find anything since.

Developer is asking E268000 (so about E300k including IVA/costs etc.) for a 2b, 2b garden apartment in a good location overlooking golfing greens. Build cost works out at about E3400 sq m. Site has clubhouse, spa facilities etc. , also great mountain views, but there is generally loads of development around that part of Costa del sol.

Short term probably not such a great idea but over 5 years or more, anyone got any advice?

RC

Welcome to EOS RichardC

Sorry I can't help you, I bought in Costa Blanca, but there will be someone on here who will give you some advice.

Just be patient, they may be snoozing roundabout now, most of those from CDS are a lot older then me!

Oh am I gonna get it now!

Kind regards,

Hi Fibby,

Whats the best way to find someone awake? Stay in this chat or start a new one under development name or something else??

R

RIGHT LETS GET THIS STRAIGHT ONCE AND FOR ALL (I HOPE) I AND  OTHERS (SOME OF THEM RESPECTED REAL ESTATE SALESPEOPLE SUCH AS RIXXY - SHE WILL HATE ME FOR THAT AS SHE IS NOT AN AGENT AS SUCH) HAVE MADE NUMEROUS COMMENTS ABOUT THE STATE OF THE MARKET ON THE CDS - I CANNOT COMMENT ABOUT THE C BLANCA ALTHOUGH FROM CLIENTS I SPEAK TO LOOKING FOR MORTGAGE ADVICE UP THERE IT STILL SEEMS RELATIVELY BOUYANT - NOT SO SURE ABOUT ALMERIA ALTHOUGH GRANADA IS LIKE BOOM TOWN OR HAS BEEN IN THE LAST 6 MONTHS.

CURRENTLY THE MARKET ON THE CDS IS OVER SUPPLIED - PROBLEMS WITH LICENCES HAVE CAUSED A LOSS OF CONFIDENCE GENERALLY AND THE CDS IS CURRENTLY GOING THROUGH GROWING PAINS. NOTWITHSTANDING THAT THE MARKET IS BEING CLEANED UP - UNSCRUPULOUS AND CORRUPT OFFICIALS HAVE BEEN INCARCERATED AND THE TAX OFFICE ARE NOW IMPLEMENTING PROCEDIURES THAT WILL MEAN (I HOPE) IT BECOMES LESS VIABLE FOR AN O/P INVESTOR TO TURN HIS TRICK AND MAKE A FEW QUID - TO WIT THERE IS NOW BEING ENFORCED A PROCEDURE TO ENSURE THAT THE TRANSFER TAX ON CONTRACTS IS IMPLEMENTED AND COLLECTED - IF THE O/PLANNER IS TO MAKE HIS MONEY HE IS GOING TO HAVE TO ALLOW FOR ANOTHER 7% TO BE FACTORED IN. THIS WILL UNDOUBTEDLY PUT A GREAT MANY OF THEM OFF THE CHURN AND BURN OF THE PAST MAKING FOR A MUCH MORE SUSTAINABLE MARKET FOR THOSE OF US WHO WISH TO LIVE HERE OR OWN HOLIDAY HOMES HERE. THE PROCEDURES ARE NOT NEW - IT IS SIMPLY THEY WERENT BEING ENFORCED BUT THAT HAS CHANGED AND IT IS FOR THE BETTER FOR ALL OF US. PERSONALLY I HOPE WE NEVER SEE THE OFF PLANNER AGAIN - IT SCREWS THE MARKET WITH AN INFLATION SPIKE AND IS MUCH MORE LIKELY TO LEAD TO A TROUGH - IF PEOPLE ARE GENUINE OWNERS THEY ARE NOT LOOKING FOR A QUICK BUCK TURNAROUND AND IT WILL LEAD TO HEALTHY GROWTH.

HAVING SAID ALL THAT IT IS CURRENTLY A BUYERS MARKET AND IT IS POSSIBLE TO THRASH OUT SOME GOOD DEALS - I HAD TO SEE A CLIENT THIS AFTERNOON - PROPERTY WILL VALUE IN EXCESS OF 470,000 AND DEAL STRUCK AT 310,000 - ALTHOUGH ONE CANNOT PICK AND CHOOSE WHERE THE DEALS ARE GOING TO COME UP AND IT IS A QUESTION OF BEING IN THE RIGHT PLACE AT THE RIGHT TIME. I GET OFFERS SHOWN TO ME FROM TIME TO TIME IN MY GAME AND HAVE TAKEN ADVANTAGE OF SOME OF THEM - BUT I CANNOT TURN ROUND AND SAY WELL I DONT LIKE THE EXACT SITUATION OF THE TERRACE AND PREFER THE ONE OVER THERE - THE ONE OVER THERE AINT ON THE MARKET AND IF IT WERE IT WOULD BE A DIFFERENT PRICE. THESE DEALS COME ALONG AND YOU HAVE TO DECIDE WHETHER IT IS A GOOD OR BAD ONE ACCORDING TO WHAT YOU WANT - MAKE YOUR DECISION AND WHATEVER YOU DECIDE IT IS THE RIGHT DECISION - FOR GODS SAKE WE ARE ALL GROWN UPS AND CAPABLE OF MAKING OUR OWN BEDS TO LIE IN.

THERE ARE SOME EXTREMELY SHREWD PEOPLE STILL BUYING TRUCKLOADS ON THE CDS - I AM NOT TALKING SINGLE UNITS EITHER - I AM TALKING MULTIPLE UNITS TO PUT INTO A "FUND" AND HOLDING FOR THE LONG TERM - THE MARKET HERE WILL BE BACK AND IT WILL BE BETTER AND STRONGER THAN EVER BUT IT IS GOING TO TAKE SOME TIME - WHILE THERE MAYBE AGENTS CLOSING ALL OVER THE PLACE THERE WERE TOO MANY TO START WITH TRAWLING TOO SMALL A POND FOR CLIENTS SO IT COMES AS NO SURPRISE THAT MANY ARE CLOSING - A LOT OF THEM WERE ONLY PART TIME OFFICES ANYWAY AS A SIDELINE FOR SOMETHING ELSE AS THEY HAD DECIDED THE GRAVY TRAIN WAS PASSING THROUGH SO THEY MAY AS WELL JUMP ON IT! IF THERE WAS GOING TO BE A COLLAPSE IT WOULD PROBABLY HAVE BEEN DURING 2005 - WE SEEM TO HAVE WEATHERED THAT STORM AND ARE NOW COMING OUT THE OTHER SIDE - THERE IS NO DOUBT IT HAS PLATEAUD - WE ARE ALSO LOOKING AT A PERIOD OF 3 TO 4 YEARS WHERE PROPERTY VALUES WILL NOT GO UP MUCH - BUT AT THE END OF THAT TIME I THINK WE WILL SEE A SPURT AGAIN AND THE MARKET WILL BE REVITALISED. THE CDS IS NOT ONLY UNDERPINNED BY THE BRITS - THE WEALTHIER SPANISH BUY HERE AND THERE IS A HELL OF A LOT OF MONEY BEING GENERATED THROUGHOUT SPAIN (NOT JUST FROM DEVELOPMENT) - THE SPANISH THEMSELVES HAVE TUNNEL VISION WHEN IT COMES TO DROPPING PRICE -. AT THE CHANGE OF A YEAR THEY AUTOMATICALLY ADD ON A PERCENTAGE TO ALLOW FOR INFLATION - HENCE PLOTS OF LAND STAY IN FAMILIES FOR GENERATIONS - ALWAYS ON THE MARKET BUT NOBODY WILLING TO PAY TODAYS AS OPPOSED TO YESTERDAYS PRICE - THE PLOT DOESNT OWE THEM ANYTHING AND IN THEIR MIND IT IS A CONTINUALLY INCREASING ASSET. WE ALSO HAVE THE DUTCH, SCANDIS, AMERICANS, FRENCH, GERMANS, AUSTRIANS, ITALIANS, BELGIANS, CHINESE,INDIANS, FORMER BALTIC AND SOVIET NATIONALITIES AND LAST BUT BY NO MEANS LEAST MY PERSONAL FAVOURITE THE IRISH - APOLOGIES TO ANY THAT I MISSED (FELT LIKE AN OSCARS SPEECH) - WE ARE NOT SOLELY DEPENDANT ON THAT LITTLE TRIANGLE IN THE NORTH SEA WAVING ITS CROSS OF ST GEORGE RESOLUTELY IN THE WIND - THE COLOUR OF THE WORLD IS NO LONGER PINK (MUCH TO MY DISAPPOINTMENT) AND THERE ARE OTHER FACTORS TO CONSIDER OTHER THAN WHAT THE ENGLISH ARE DOING.

TINTO THERE ARE SOME GOOD PEOPLE HERE WHO WILL GIVE YOU SOLID ADVICE YOU JUST NEED TO KNOW HOW TO FIND THEM - YOU ARE QUITE RIGHT NOT TO LEAVE YOUR BRAIN ON THE PLANE BUT I DONT THINK YOU ARE GOING TO SAVE A GREAT DEAL OF MONEY IF YOU LEAVE IT FOR 9 OR 12 MONTHS - OF COURSE IF YOU WANT TO PICK AND CHOOSE THE SPECIFIC ONE YOU WANT AND IT HAS TO BE OFF PLAN THEN IT IS LIKELY YOU WILL PAY TOP MONEY - IF YOU ARE WILLING TO CONSIDER RESALES THEN I BELIEVE YOU WILL BE ABLE TO FIND SOME GOOD DEALS TO LOOK AT. JUST DONT WORK ON THE BASIS THAT IT DOESNT HAVE THE VIEW OF THE ONE NEXT DOOR - THE ONE NEXT DOOR MIGHT NOT BE ON THE MARKET AND IF IT IS IT MIGHT BE A VENDOR WHO DOESNT NEED TO SELL.

SORRY ABOUT THE DIATRIBE BUT NEEDED TO GET THAT OFF MY CHEST AND HOPEFULLY WE CAN ALL REST EASY NOW - THERE WILL BE NO TROUGH ON THE COSTA DEL SOL - THESE ARE THE VIEWS OF THE WRITER AND IN NO WAY ATTRIBUTABLE TO EOS OR JUSTIN ALDRIDGE.

RGDS

Is there a smiley for a standing ovation? That Oscar speech brought a tear to my eye!

(Still would have preferred it in lower case, but as you said yourself Smiley, you do like to be BOLD!)

Smiley

That was a great speech, its indeed most welcome to hear sensible conversation and opinions, from somebody who knows what they are talking about, and not from people who have made bad mistakes or who have an axe to grind.

Thanks again

Johnone