More Doom and Gloom for Spain

[Chris in Spain]

[QUOTE=roxanne;55612]Hi My name is Roxanne,
I work as an intermediary with the Spanish banks,we have numerous developments that we have to move constantly because developers are defaulting on the mortgage payments.
One example is a development of 35 townhouses that we can release for 59% of current value.
If anybody has an outlet we could work well together.

Hi Roxanne, We are a UK based company of engineered timber frame houses with offices in Spain. We also work very closely with several UK Developers, Accountants, Financiers and Investment Consortiums.

We have brokered deals here in Spain up to e24m in value and would be most interested to see what you have to offer.

Chris.

[cane corso]

Yet - when I surf the websites I don't see any drop in asking prices...so they are keeping up as if nothing is going on...maybe they should better start putting "real prices" so people can really compare and maybe more will be sold again.

I'm still browsing between Portugal/Spain and France where the latter seems to be going steady as always...where Portugal has intresting properties in some areas and Spain = Spain meaning that it's still expensive.

Now - looking at cost of living, it seems Spain is then again the better one as an article in a local newspaper states that Portugal/France & Italy are the most expensive ones when it comes to cost of living and Bulgaria/Spain are the "cheapest" ones.

And I'm not an invester - I would like to re-locate as the north of europe is becoming really expensive as to cost of living, to hectic, etc. So for me - it's really important to look at buying cost/cost of living.

[Chris in Spain]

[QUOTE=cane corso;57003]Yet - when I surf the websites I don't see any drop in asking prices...so they are keeping up as if nothing is going on...maybe they should better start putting "real prices" so people can really compare and maybe more will be sold again.

I'm still browsing between Portugal/Spain and France where the latter seems to be going steady as always...where Portugal has intresting properties in some areas and Spain = Spain meaning that it's still expensive.

Now - looking at cost of living, it seems Spain is then again the better one as an article in a local newspaper states that Portugal/France & Italy are the most expensive ones when it comes to cost of living and Bulgaria/Spain are the "cheapest" ones.

And I'm not an invester - I would like to re-locate as the north of europe is becoming really expensive as to cost of living, to hectic, etc. So for me - it's really important to look at buying cost/cost of living.

Do not be put off by some of the prices shown on the property webpages in Spain. Some agents (and God only knows how they are still active) are still working on 2006 prices, and will NOT sell property, unless they get lucky and find a newbie straight off the plane at Malaga Airport! The industry tried to talk the job up at the back end of last year, but the truth is that property prices ARE dropping. There is a huge glut of every sort of property on the market, and little is selling, although there will always be a stronger market support in certain high demand areas. There is little indication that things will improve in the immediate future, in most areas though. The property market aside, Spain is a fantastic country to live in - once you get used to the laid-back life style, and dare I say, odd rules and regulations. Living costs are very reasonable compared to other European countries. The thing to do is decide WHERE you want to be in Spain and then WHAT type of property you want, HOW much you want to pay and find a good agent to work with. There are many genuine distressed/repossesed properties available at the moment, so if you want a bargain - it's worth casting around.

Good luck.

Chris.

[roxanne]

I suppose its like any housing market slump,vendors do not like dropping their prices as they feel that the market will come back without them doing so.
We are quite lucky to have a good working relationship with the banks and are privvy to there increasding stock of mortgage defaulters.

Chris-we have everything from 163 apartments in one block on a 5 star golf course in Almeria to single properties such as aprtments,townhouses and villas,some are good prices some not so good dependant on the mortgage outstanding.

I think this is the time when the real investors will come into there own.

eg apartment valued at 143,000€ for sale at 88,000€ good location,2 years old,underground parking,nice gardens and pool,roof solarium,etc,etc....

These are the deals that people will continue to pick up or the banks will find that they will become the biggest land owners in Spain.

[tony ben]

I think that Spain's party is over. The pain in Spain.

[Chris in Spain]

Originally Posted by roxanne

I suppose its like any housing market slump,vendors do not like dropping their prices as they feel that the market will come back without them doing so.
We are quite lucky to have a good working relationship with the banks and are privvy to there increasding stock of mortgage defaulters.

Chris-we have everything from 163 apartments in one block on a 5 star golf course in Almeria to single properties such as aprtments,townhouses and villas,some are good prices some not so good dependant on the mortgage outstanding.

I think this is the time when the real investors will come into there own.

eg apartment valued at 143,000€ for sale at 88,000€ good location,2 years old,underground parking,nice gardens and pool,roof solarium,etc,etc....

These are the deals that people will continue to pick up or the banks will find that they will become the biggest land owners in Spain.

Hi Roxanne,

I have a UK client looking for Houses in/near the Golden Mile and another looking to acquire Hotels on the coast - Do you have anything suitable? I have also had an enquiry for any property showing a large discount on val, but I don't know this client he is new, so I can't tell how serious he is yet. I don't know about you, but I have had a lot of time-wasters recently, so I am careful who I release to. Can you give me an email address?

Chris.

[andyk2]

Originally Posted by tony ben

I think that Spain's party is over. The pain in Spain.

I have to disagree with all the party poopers out there who believe that the property market in Spain is dead. Chris (I believe) mentioned properties at 2006 prices - they probably are higher and they are still selling.

The Banco España is yet to record a quarter where property prices have fallen in Spain in recent years (source Global Property Guide) and anyone living in Málaga area would have seen this weeks Sur In English which reports y-o-y price increases in Q2 of 2008 of 3.58% in Mijas (lucky me!), 4.33% in Estepona and 2.54% in Marbella.

Also, anybody living in the Costa del Sol area will have noticed the absense of those orange "se vende" signs that used to pepper the balconies of Mijas, Riviera/Calahonda and Cabopino. Where have they gone? Has there been a total ban on orange signs in Andalucia? No - the properties are selling! Not in the same quantity as 2005, because there are new markets to attract the overseas investor that simply didn´t exist (or weren´t marketed) in 2005.

One other point worth considering -

Back in good old 2005, the Great British Pound was worth 1.48 (1st july) of those foreign Euros. It now trades at 1.26. So, if a UK resident bought a property for €100.000 three years ago, s/he could sell it today for the same price and make 17.5% profit with no CGT.

In conclusion, there´s no fast buck to be made in Spain anymore, but where is there? BMV is just a falacy - if it couldn´t be sold at its previous price it was (by definition) above market value. If there are blocks upon blocks of heavily discounted properties - ask yourself why. The property market in Spain is still healthy - just avoid fabricated markets were there never has been any demand which drag the average down

Be lucky

[tony ben]

You cant bull**** a bull****ter. The party is over and the guests are leaving in there droves.

[gurugary]

Originally Posted by Buddyfox

I am looking for developers that are in trouble as I have investors.

If anybody knows of any could you reply please

Hi Buddyfox

We have a number of options whereby we could help your investors. What level of funding do you have ?
What levels of returns are your Investors looking for & over what period of time ?

Ilook forward to your reply

regards
gary weston

[gurugary]

Originally Posted by roxanne

Hi My name is Roxanne,
I work as an intermediary with the Spanish banks,we have numerous developments that we have to move constantly because developers are defaulting on the mortgage payments.
One example is a development of 35 townhouses that we can release for 59% of current value.
If anybody has an outlet we could work well together.

Hi Roxanne
We have too many clients but not enough of this sort of product
please forward me details
regards
gary weston