FAO Spanish property market guro's

[Richie200]

The market is pretty stagnant in Spain right now, as most places; there are an incredible amount of property in Spain half built/empty etc. If a place is advertised for say 300K euro's, what do you think a realistic offer would be in the current market? Anyone had recent purchase/selling experience?

ETA blond moment Title should read 'Guru'.

Edited by Richie200 on Friday 21st November 12:00

[Andy Zarse]

Richie200 said:

The market is pretty stagnant in Spain right now, as most places; there are an incredible amount of property in Spain half built/empty etc. If a place is advertised for say 300K euro's, what do you think a realistic offer would be in the current market? Anyone had recent purchase/selling experience?

IMO you need to find somebody desperate to sell then half the asking price. Even then, do your research into the developement and vendor. Who wants to live, to quote Monty Python, in a half built Algerian ruin where there's no water in the bath, no water in toilet and only a bleedin' lizzard in the bidet.

[Richie200]

I am not looking for a new build or half built project Andy. I have my eye on a few that already have owners living in them so this is the market I am referring to.

Edited by Richie200 on Friday 21st November 12:09

[Yugguy]

Richie200 said:

The market is pretty stagnant in Spain right now, as most places; there are an incredible amount of property in Spain half built/empty etc. If a place is advertised for say 300K euro's, what do you think a realistic offer would be in the current market? Anyone had recent purchase/selling experience?

ETA blond moment Title should read 'Guru'.

Edited by Richie200 on Friday 21st November 12:00

No, title should read "gurus" with NO APOSTROPHE. As should your euros. I believe it's arguable as to whether it's "euros" or "euroes".

BAH.

[Jez200]

Where about's in Spain mate?

[Adrian W]

I think you need to understand the Spanish mentality, if they ask for a figour, that is what they expect to get, they get upset when you try and haggle, it will work with british owners though.

Oh, and i'm thinking of selling my place in the sun

[Richie200]

Jez200 said:

Where about's in Spain mate?

I am currently interested in a place close to Malaga (Canillas De Aceituno) but I'm not fixed on any area. I just need to be within an hour of either Malaga or Alicante airport for work/commuting.

[Jez200]

Just realised your Richie from sxoc of old!lol The good ol' days of the top speed challenge! Miss those events. Theres never been another like it since!

Re: Spain.. I work for a company owned by Atlas International. They have a good inside knowledge of the New and resales scene in and around Alicante / murcia and the C.Blanca's. According to them there IS alot of movement on prices at the moment! Especially new builds...The builders are panicking!
Even if resale properties are Spanish owned they can still negotiate price drops.

[Kneetrembler]

I have just sold my Water Mill in Galicia at the asking price, the purchaser didn't ask for any discount.

A friend of mine in Marbella has told me that he has been selling porperties at 50% below the asking price and also the same in Denia.

I have just bought a house in Ibiza and paid 300k below the asking price.

Make 10 offers the law of averages says that 1 will come off, and stick to your offer.

There are plenty of bargains out there.

As has been previously said the Coast Del Sol is finished, I sold up there 5 years ago and that was at the tail end of the market gains.

Best of luck

[GPSS]

Repossed property is generally not sold at auction in Spain. The local bank branch will have a list of properties repossed by that bank, you make your offers directly to the local branch. In Spain it is still very worth while building a relationshop with your bank manager.
Also in Spain there is a system of purchasing property whereby a significant amount of the purchase price is paid with "Black money" to avoid tax, this is common to the vast majority of Spanish deals. With the Spanish, you do not so much negoitiate price, as what part of the deal is balck money. It is very very worthwhile renting in an area you like, and getting to know a good gestoria and some locals, trust me you will save £1000's.

[Kneetrembler]

GPSS said:

Repossed property is generally not sold at auction in Spain. The local bank branch will have a list of properties repossed by that bank, you make your offers directly to the local branch. In Spain it is still very worth while building a relationshop with your bank manager.
Also in Spain there is a system of purchasing property whereby a significant amount of the purchase price is paid with "Black money" to avoid tax, this is common to the vast majority of Spanish deals. With the Spanish, you do not so much negoitiate price, as what part of the deal is balck money. It is very very worthwhile renting in an area you like, and getting to know a good gestoria and some locals, trust me you will save £1000's.

All as GPSS says is correct except that these days 'B' money is not as it used to be, it was always a large part of the sale but these days people outside of Spain especially do not have 'B' money.

Also get a 'Nota Simple' which basically tells you if there is a mortgage on the property, what debts there are on the property, and any other problems associated with the sale, these can be got in 1 day from one of the offices within the Town Hall ( Ayuntamiento ) which you can get or ask your Lawyer ( Abogado) to get for you.
The other problem with 'B'money is that the seller ( Vendor ) will probably have the property valued on the Rateable Value ( Valor Catastral & IBI ) which coulod make you liable for a higher rateable value the instant you have bought the property and be careful about the back payments if this is the case.

I haven't paid any 'B' money in the last 15yrs, you just say sorry I don't have any everything that I have is legal as you gain nothing except problems in the future.

There is also another paper that you can get called 'The Bulletin' which shows where all the re-possed properties are and also those with Denuncias on them this is a very handy paper in Spanish.

And as I have said before make some silly offers as the Spanish are just as much in the crap as everyone else, and stick to your offer, go round and make 10 one of them will come off.

But again as GPSS says a good Gestor and a good Abogado are well worth their money if you don't speak Spanish and also don't know the system.

[Richie200]

Many thanks for this valuable advice guys. A couple of things, what is a gestor? and say for instance the asking price is 300k would making an offer as low as 200k be the done thing or be seen as an insult or is 250/275 a more realistic offer?

Hi Jez, I still remember sending you your ticket (Jules200 if I remember correctly) for my event every year. If you can get hold of a copy of Jap Performance magazine issue 40, you will see your name printed in the results table What is your user name on SXOC? I will send you a pm if you don't mind for some inside knowledge on what I should be looking for in Spain.

[Jez200]

Richie200 said:

Many thanks for this valuable advice guys. A couple of things, what is a gestor? and say for instance the asking price is 300k would making an offer as low as 200k be the done thing or be seen as an insult or is 250/275 a more realistic offer?

Hi Jez, I still remember sending you your ticket (Jules200 if I remember correctly) for my event every year. If you can get hold of a copy of Jap Performance magazine issue 40, you will see your name printed in the results table What is your user name on SXOC? I will send you a pm if you don't mind for some inside knowledge on what I should be looking for in Spain.

Hi RIchie, no probs..its Jeremy 200 on sxoc. Yeah i think Jules ordered them up for a couple of us. I did have that copy of the magazine but lost it when i last moved....Still both the events are still featured on the sxoc homepage!! Not been updated for years evidently! lol Amazing how things have moved on now...not many high power CA's left anymore...we've all gone RB now

Send me some info on what your looking for and i'll get all the answers from the guys at work!

[JCW]

Richie200 said:

Many thanks for this valuable advice guys. A couple of things, what is a gestor? and say for instance the asking price is 300k would making an offer as low as 200k be the done thing or be seen as an insult or is 250/275 a more realistic offer?

Hi Jez, I still remember sending you your ticket (Jules200 if I remember correctly) for my event every year. If you can get hold of a copy of Jap Performance magazine issue 40, you will see your name printed in the results table What is your user name on SXOC? I will send you a pm if you don't mind for some inside knowledge on what I should be looking for in Spain.

A Gestor is like a semi-qualified middle man who can do much of the work of an Abogado (lawyer) by cutting through much of the bureaucratic red tape that is rife in Spain. Make a cheeky offer and see what happens would be my advice.

[Kneetrembler]

Richie200 said:

Many thanks for this valuable advice guys. A couple of things, what is a gestor? and say for instance the asking price is 300k would making an offer as low as 200k be the done thing or be seen as an insult or is 250/275 a more realistic offer?

Tell them you will pay 200k and be prepared to walk away, I am sure they will come back to you even if they say no at the time, tell them the offer is open for 1 week.

I can virtually guarantee that there are not any other punters after it, as there is just such an excess of property in Spain without any chance of selling.

As I have said on previous post make 10 offers guaranteed 1 will come off, if not all of them at the moment.

[Richie200]

Kneetrembler said:

Richie200 said:

Many thanks for this valuable advice guys. A couple of things, what is a gestor? and say for instance the asking price is 300k would making an offer as low as 200k be the done thing or be seen as an insult or is 250/275 a more realistic offer?

Tell them you will pay 200k and be prepared to walk away, I am sure they will come back to you even if they say no at the time, tell them the offer is open for 1 week.

I can virtually guarantee that there are not any other punters after it, as there is just such an excess of property in Spain without any chance of selling.

As I have said on previous post make 10 offers guaranteed 1 will come off, if not all of them at the moment.

Many thanks Mr Trembler, very close to Denia is where I am about to put an offer for 72.5% of the asking price. The current owner built the place himself in 2000 so hopefully he has a big margin in his price to come down to.

[JCW]

Make sure you've got a st hot Abogado then, triple check the escritura and then do the same again with the Ayuntamiento because new builds can be dodgy to say the least.