apartment in Sofia at 2006 price

[mattsharp]

I have an apartment for sale in Sofia at the price I paid for it in 2006, €122,500. The apartment is at Buena Vista

I put down €36,000 2 years ago on the apartment, off plan. I since haven’t been able to come up with the rest of the cash and I will lose my initial investment if I don’t sell it on before the end of December 2008 when it will be finished.

So I’m offering it at the 2006 price of €122,500 which would allow me to get my money back, but you would need to have all of the money available in early December. You should be able to get nearly all of the investment back through a mortgage

Can anyone help me out? My email is msharp@microserveltd.co.uk

[soabu]

is this because you are struggling to get a mortgage yourself in the current climate? what was the rate per square metre you bought at??

[mattsharp]

I purchased at 856 Euros sqm. I could of got a mortgage but I've left it to late. They can take 16 weeks to go through and I would of missed the deadline by then. The developer won't wait because he can keep my deposit and sell it on at todays price.

[Sumarokov-Elston]

Oh dear, I have the cash, but I would just not be prepared to pay the 2006 price, because it is an inflated bubble price. I studied the language there in 1991-92, so when I bought I went through the Bulgarian "local" channels. Here is my advice. Hire a lawyer to negotiate new terms with the developer. Believe me, he is NOT going to be able to sell this property easily in the currenct climate. Yes, he will be quids in if he keeps your deposit. But the developer may agree if you have a lawyer agree with him new terms in which the payments will be structured differently. Get the agreement notarised. It is a long shot, but it might just work.

[mattsharp]

122,500 is the price including VAT so without it is 100 276 euros, and the sqm is 700.

If I sell it at less than the price I paid for it I can still recover some of the investment so I'm open to offers..

[mattsharp]

Originally Posted by soabu

is this because you are struggling to get a mortgage yourself in the current climate? what was the rate per square metre you bought at??

A mortgage takes around 12 weeks to go through and I only have 4 weeks left. I thought I would get the cash together from another sale but that hasn't happened yet. I bought at 700 per sqm.