Has anyone successfully bought a heavily discounted property on the formerly Arenal Duquesa site?

The sale price is 170k euros
You pay 10% closing costs 17,000 euros
5% finders fee to solicitors 8,500 euros
Total cash outlay 25,500 euros or roughly 22,000 sterling
You take on the existing mortgage which would run at about 425 euros/month
 

I already have 1 apartment (still waiting on the road) in phase 1 (top floor) bought November 2003 - I would be interested in any feedback/thoughts. At the time of talking to the agent there was 18 apartments to begin with. There was 9 left including 1 ground floor in block 4 with a large garden area.

Lily

This message was last edited by lilyjones on 10/07/2009.

This message was last edited by lilyjones on 10/07/2009.

My eyesight's perfect close up Lily but blimey, what a strain to read most of this !

The sale price is 170k euros
You pay 10% closing costs 17,000 euros
5% finders fee to solicitors 8,500 euros
Total cash outlay 25,500 euros or roughly 22,000 sterling
You take on the existing mortgage which would run at about 425 euros/month
 

I already have 1 apartment (still waiting on the road) in phase 1 (top floor) bought November 2003 - I would be interested in any feedback/thoughts. At the time of talking to the agent there was 18 apartments to begin with. There was 9 left including 1 ground floor in block 4 with a large garden area.

Lily

So that comes to pushing 200,000 euros for a 2 bed apartment.  Plus mortgage costs.  Hmm.  I know the CDS is a bit more expensive but doesn't seem much of a bargain to me.  On the CB, they are going for around (or even less) than 100,000.  Also didn't like the "when the developer experienced some problems" bit, either.

Sorry what you mean by CB??

Lily

i am working on a deal for these units as follows

valuation feb 09 of circa 220,000e

purchase price of           140,000e

mortgage of                  100%

fees of                          7,000e

they are "owned" by two banks.

will keep you advised of any progress if you like

Sorry, CB = Costa Blanca

CDS = Costa del Sol

'AND COMPLETELY REFUNDABLE"

Lying b-------- .   We have been trying to get our deposit back for the last two years . Don't believe them . We have had to be reigned that we have lost 4000Euros . What with the lawyers fees - £300 for a few telephone calls we have just has to walk away.  Breaks my heart so please don't trust them . We did everything correctly and above board they just stalled and more or less said take us to court . They keep changing their lawyers so when a new one starts they say that that they have to start all over again. 

Fortunately we bought a beautiful apartment , about a third of the size bigger , a massive balcony for just 20,000 Euros more . 

Have a look around and buy a re-sale - much better value and you may get all the furniture thrown in .

Thanks for your advice.

Lily