Astounding just how much property prices have had to drop

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IreneD
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Astounding just how much property prices have had to drop

Postby IreneD » Mon Sep 16, 2013 1:20 pm

We don't have anything 'posh' just a little townhouse but it was valued at 160,000 euros about 6 years ago. Looking at this property, I shudder to think how much ours would fetch if we had to sell now!

http://www.rightmove.co.uk/overseas-pro ... miumA=true

The lady is looking for offers over 160,000 as it's very urgent she moves back to the U.K. I don't personally know her - hope it's O.K. to put the link here, Sid. I have also shared it to my facebook page, as I do feel for her........it must be awful to have to sell what is clearly a much loved home at a give away price :(

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Re: Astounding just how much property prices have had to dro

Postby scotty » Mon Sep 16, 2013 2:59 pm

What your property was valued at six years ago is water under the bridge. The important figure is what you paid for it. Then the next most important figure is what the market would value it at now or when you want to sell.

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Re: Astounding just how much property prices have had to dro

Postby El Cid » Mon Sep 16, 2013 5:56 pm

scotty wrote:What your property was valued at six years ago is water under the bridge. The important figure is what you paid for it. Then the next most important figure is what the market would value it at now or when you want to sell.

One rule that seems to work is to take the price you thought it was worth at the top of the market and halve it.

Sid

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IreneD
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Re: Astounding just how much property prices have had to dro

Postby IreneD » Mon Sep 16, 2013 9:16 pm

Luckily, we aren't wanting to sell at the moment, so it doesn't matter to me what our property is worth but I do think it's a shame that someone might have to sell such a lovely place and (possibly, I don't know the circumstances) buy something in the U.K. - I would think it's doubtful you'd get something as nice for the money. Anyway, I'm sure the people selling know all that and the main thing is that they find a buyer and get to where they need to be. Good luck to them :thumbup:

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Re: Astounding just how much property prices have had to dro

Postby katy » Mon Sep 16, 2013 9:54 pm

It looks a bit overpriced to me. Quite charming but no garden etc. Have seen better bargains.

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IreneD
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Re: Astounding just how much property prices have had to dro

Postby IreneD » Mon Sep 16, 2013 10:13 pm

Really? At 160,000 fully furnished? Wow! That does surprise me.......makes me wish I had some money, it must be a good time to invest?

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Re: Astounding just how much property prices have had to dro

Postby Colinm » Tue Sep 17, 2013 1:45 pm

The ad says €199,950. If they want offers around 160k they should list it lower.

Anyhow - personalised UK reg plate! ugh! :evil:
ádh mór ort agus sláinte.....
(Good luck and good health)!

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IreneD
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Re: Astounding just how much property prices have had to dro

Postby IreneD » Tue Sep 17, 2013 2:13 pm

I should have explained. I first read about this lady's plight on a facegroup group I belong to and took it upon myself to bring the ad here. She goes into more detail on facebook as to why she is prepared to accept offers over 160,000 euros now as her situation is pretty desperate. I expect she will alter the ad soon. She actually posted looking for recommendations for auction sites.

I'm not a fan of personalised plates either but it wouldn't put me off buying the house if I had the money. Or at least looking at it with a view to buying, if it's as nice as it looks in the ad. :)

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Re: Astounding just how much property prices have had to dro

Postby katy » Tue Sep 17, 2013 2:20 pm

True, you don't have to like the people you buy from :lol:

Just a thought. Perhaps she is not taking a big cut on the house. If it was bought before around 2004 they may have only paid €70,000 for it :think:

Warn her that people get scammers from those websites.

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IreneD
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Re: Astounding just how much property prices have had to dro

Postby IreneD » Tue Sep 17, 2013 2:25 pm

Yes, you may well be right but it still seems a shame to have to sell. I can see myself living there quite happily :D mind you - as OH pointed out, the upkeep would be a lot more than our 'umble abode and we wouldn't be able to afford the bills. (That's if some nice person bought it for us ha ha)

Oh, thanks for the heads up about scammers, although last time I looked at her post, I don't think anyone had actually recommended any sites although lots of people were wanting more details so hopefully she will sell quickly.

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Re: Astounding just how much property prices have had to dro

Postby olive » Tue Sep 17, 2013 2:31 pm

Out of interest when was the acknowledged peak (year/month?) for the market here in Spain?

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Devils Advocate
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Re: Astounding just how much property prices have had to dro

Postby Devils Advocate » Tue Sep 17, 2013 2:41 pm

In hindsight and without googling I'd say summer of 2004.............then the boom slowed.
Property owner in Andalucia since 2002. How time flies.

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Re: Astounding just how much property prices have had to dro

Postby Free at Last » Tue Sep 17, 2013 3:24 pm

IreneD wrote:I should have explained. I first read about this lady's plight on a facegroup group I belong to and took it upon myself to bring the ad here. She goes into more detail on facebook as to why she is prepared to accept offers over 160,000 euros now as her situation is pretty desperate. I expect she will alter the ad soon. She actually posted looking for recommendations for auction sites.

I'm not a fan of personalised plates either but it wouldn't put me off buying the house if I had the money. Or at least looking at it with a view to buying, if it's as nice as it looks in the ad. :)
I can't help thinking, Irene, that it may not be the wisest move for the vendor to be quite so upfront about how desperate she is to sell, as that will only encourage prospective buyers to try to drive the price even lower, unfortunately.

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IreneD
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Re: Astounding just how much property prices have had to dro

Postby IreneD » Tue Sep 17, 2013 3:42 pm

I agree with you FAL and said as much to her in a PM on facebook. She has said offers over 160,000 so hopefully she won't get tempted by someone who claims to have - say - 130,000 in their hand, kinda thing. As I say, I don't personally know her, just feel for her and hope someone comes along with a fair offer. Even in these times, I still think that house is a bargain especially if she is leaving that furniture. I have done a little bit of Googling and agree with Katy there are some cheap - very lovely - properties out there but still reckon this one, if it is as nice as it seems is a good buy. Just my opinion :D

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Re: Astounding just how much property prices have had to dro

Postby pete_l » Tue Sep 17, 2013 3:45 pm

El Cid wrote:One rule that seems to work is to take the price you thought it was worth at the top of the market and halve it.

Sid
Sounds about right. Then if you go round telling people you're desperate to move, knock another large chunk off that.

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Re: Astounding just how much property prices have had to dro

Postby carrowcrin » Tue Sep 17, 2013 4:12 pm

It must be awful for the people who have to sell a property and forget the dream, i would consider the quoted price of 160k very good value but i am not in the market foe house at the moment.

I have asked out of curiosity of the value of houses from agents and they do not seem to be prepared to value houses/property apart from saying that the market decides but you don't need to be an agent to know that.
One person (not agent) said 10€ sq meter for living area and variation either way for property condition location etc, just wondering if anyone knows more.

thanks

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Re: Astounding just how much property prices have had to dro

Postby El Cid » Tue Sep 17, 2013 4:34 pm

carrowcrin wrote:
One person (not agent) said 10€ sq meter for living area and variation either way for property condition location etc, just wondering if anyone knows more.

thanks

It could not possibly be that figure.

A decent sized 4 bedroom house might be as much as 150 sq mtrs. On that basis it would cost €1500 - not very likely even in these times!

You couldn't even tile the floors for that.

Sid

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Re: Astounding just how much property prices have had to dro

Postby carrowcrin » Tue Sep 17, 2013 5:39 pm

I should have said 100€ sq metre, i'm surprised you did'nt notice my misspelling.

regards...

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Re: Astounding just how much property prices have had to dro

Postby pete_l » Tue Sep 17, 2013 5:44 pm

carrowcrin wrote:One person (not agent) said 10€ sq meter for living area and variation either way for property condition location etc, just wondering if anyone knows more.

thanks
Could you do me a favour please? Let me know when this person is selling up. I'll be round in 5 minutes with the cash.

Seriously, at the top of the market, the figure was something over €1,000 / m³ for renovations / rebuilding costs with ready-to-move-into places being a LOT more, depending on location & area.

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Re: Astounding just how much property prices have had to dro

Postby carrowcrin » Tue Sep 17, 2013 6:01 pm

I really am stupid it should have been 1000€ sq metre.
Hard to believe i built a new town house and it is still standing and came out really well but i now am curious as to value.

regards


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