Big reductions in asking prices

Noticed on my visit to Almeria in Jan/ Feb that a lot of local agents are advertising ‘ Reduced by 60.000 €’ on their window adverts and various other big figures

So perhaps re sale sellers are now facing up to reality!!

Any seller bringing the money back to UK will almost certainly have a profit on the exchange rate, which is part of the reason for these big reduction adverts- the rest is common sense acceptance of realistic values

Even some of the builders are openly cutting the asking prices by big numbers: saw a 3 bed villa in San Juan de los Terreros on a 300 m2 plot with pool which had been cut by 75.000 € to 265.000 € and even then perhaps room to negotiate!

Another example just received is a 3 bed duplex in El Calon [near San Juan] where the price for a quick sale has been reduced by 60.000 € to 190.000 € and even in today’s market offers excellent value

Not everyone of course wants or has to sell but in those situations, where they do, then there is an opportunity to get a good deal

If you are in the market to buy in 2009 then a trip over will certainly be worthwhile and you can have it to use this summer

 Scary thing is though that even at the reduced prices properties are still not shifting very easily.  However, it is a great time to pick up a good property at a great price!

Justin

up here in Madrid developors and sellers are still holding out. We just put in an offer on a nice place (200.000€ vs asking price 230.00) and he flat out refused. Instead he is '

'selling ' all his places as rent with option to buy. We took that option as we like the place and the rent is lower than we were paying, we'll wait 2-4 years and offer him much much less.

You are starting to see small reductions 5.000 every so often but for the most part sellers are refusing to lower the prices.

Hi Rob,

We were thinking about doing a rent to buy later this year in the Estepona area.  Is the eventual purchase price set at the beginning or is the price agreed at the end of the rental period?

Cheers

David

It is incredible some of the deals at the moment. I know of a detached villa (own pool and 10 mins walk from the beach) that 2 years ago was worth 450,000 euros, now owners will take 190,000. I still worry that this is relative...Yes based on previous price it is fab, but where will the bottom be? Could a property like this end up down to 150k, 100k, or less....

Hi - prices are falling here in Torrevieja and Orihuela Costa on a daily basis and our office has some amazing offers - we have a builder who has reduced one development of 2 bed bungalows from 140,000 to 80,000€ and another where you can get three bed townhouses for 127,000€. 

Unfortunately, as I have said before, potential buyers will only know the bottom has been reached when prices start to climb again!  We are beginning to get quite a bit of interest in the very low priced properties so hopefully they will bring a bit of life back to a very slow market.

Sanchez: please have answers below in bold green:

We were thinking about doing a rent to buy later this year in the Estepona area.  Is the eventual purchase price set at the beginning or is the price agreed at the end of the rental period?

This depends on agreement between seller and buyer. You can have a closed price or you can have a clause by which you agree you will be submitting the valuation of the property to an independent surveyor once the purchase moment arrives.

Thanks for that Maria

David

The news on this subject ,whilst very depressing for those having to sell ,keeps coming

Heard yesterday that a villa on La Manga, where similar ones have been selling for 1.100.000 €, has recently been sold by a bank at circa 600.000 €.....the mortgage outstanding!

All agents have bargains like this, such as a villa ,which has been on offer for 380.000 €, is now available for 230.000 € but you will have to be quick if you want to buy this one

Some of these sell before agents have time to upload to their web sites!

And it is not just the expensive ones as the builders with stock to sell have to compete ,so we are seeing a lot more sensible pricing ; eg a very nice new  2 bed maisonette in Costa Blanca reduced to £88.000 and others lower

These sort of prices are again starting to make holiday homes attractivefor those who can afford to buy

Some of the best deals are actually not with the agents as people cannot afford  to pay the fees wanted

Look in the local papers or, if you see a for sale sign with a number on a property you like the look of give it a call

 Apartments in the Orihuela Cosat now less than €60k

Not all agents charge high fees!

Infact some web based agents, and even bricks and mortar ones, charge between 3% and 5% depending on the price of the property

I know this is still higher than we are used to in UK  but in UK there is less tendancy by sellers to multi list 

Here's a bit of history for you!..from RICS Professional Charges Book  effective from 1st January 1963

Sales by private tender: 5% on the first £500; 2.5 % on the next £4500 and 1.25 % on the residue [ minimum fee £7.10s.0d]

and if two agents are selling for the owner then a fee at a rate of scale plus a half!....

.and if you broke these rules you got told off!!

Times have changed but UK is perhaps one of the countries with the lowest agency charges so I suspect that 3% to 5% range is one of the lowest in EU and lower that in the States

New build is a bit different but even here commission rates will start to come down and agents are now prepared to sell at these rates    

Hi, we are visiting Murcia region Mid March 09 to search for a holiday/rental (and eventually retirement home) 2 bed nice apartment with pool somewhere in the region.  If any private seller has any property suitable for a quick sale, please let us know.

As a new poster I do not think that anyone can send you a PM but have tried just in case.just received an attractive 2 bed duplex ina nice small complex at 130.000 € and whilst this is not available for rent another in the same complex is , so you could spend a week or so there to see if you like it and at the same time view this duplex

This message was last edited by rowlandsbb on 3/2/2009.

Hi Mike - I have a range of two bed apartments in Orihuela Costa, on the coast just a couple of kilometres north of Murcia region.  Have just reduced a stunning apartment today from 120,000€ to 99,000€ which has great sea views and lovely pool. 

Have a look at the website and give me a call - you won't have access to your PMs until you make 10 posts.

Happy hunting!

Now you come up with all the bargains after I just completed! 

Mikegilham

We are in the process of privately selling our 3 bedroom appartment in the Murcia region overlooking a pool and with stunning views of the mountains. I cannot send you a PM due to you not having made enough posts but if you are interested, reply to this post and we will try and find a way of contacting each other.

Regards

Phil

Hi Mikegilham

Like the other members on this thread I cant PM you as you are a new member

I have a 2 bedroom Apartment in the Mar Menor region (La Manga)  with communal swimming pool

Its  less then 5 minutes walk to the beach

The Apartment also has a Private car parking space and a large storeroom

Price Euro 110.000.00 (fully furnished to a high standard)

Best  regards

If you wish to veiw it at anytime please let me no on this Forum