walker07

Hope someone can let me know if I am being realistic. My wife and I are thinking of moving to Lo Crispin or El Raso in Costa Blanca South, with our preference being El Raso. Would a cash bid of 130,000 euros enable us to buy a three bedroomed detached property. We hope to visit the area soon with the purpose of buying; just not sure of the expected selling prices after negotiation.
Any help appreciated.

Rosemary

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Please let me know if you need any further help.

Rosemary

spainrico

Yes you will probably find a 3 bed for around that price - depends whether you go privately or via an agent. There was talk of mozzie problems from the lake on El Raso and it is not that well served by commercials. But nearby Guardamar is a pretty little town with a great beach.
Don't forget the on costs (tax etc) of buying a property and please take qualified legal advice to make sure everything is 100% and you do end up legally owning your property free of any debt etc.
You can easily google to obtain more info on what is available - try some seller sites as well. Good luck.

HBG

Both urbanisations are well built but isolated. Why don't you wait a year and the 130K Euros will be down to 100K? Purely by chance I saw one at Lo Crispin today, down from 250K to 100K.

It's a rapidly falling market.

(I might get hate mail for this, but it's the truth).

HBG

Some more about El Raso then. We regularly visit the urbanisation because we have friends who live there and there are some excellent restaurants at the entrance to it. And the marvellous beaches at Guardamar are a five minute drive away now that the main road has been repaired.

Some of those 130K houses are now also available for rent, around 500 Euros a month seems to be the asking price.

If you left your money in the bank, you could rent one for the next 30 years at least, though you would have nothing left at the end of it. I've got no idea what you would have left, had you bought, a current graph of the falling prices can't predict that far ahead - it goes off the scale in five years time - but that can't happen, surely.

But consider the freedom of renting, those sellers asking 130K now, already down from 200K plus, are desperate to sell and can't. What a miserable existence that must be, whatever the reason for selling, and I suspect it's mostly the current, horrible recession.

missile

We have some friends who live in Lo Crispin. The houses are well built and very good value. One of the homes in the sun episodes featured a guy who bought a three bed with pool and car. I think the price was 116K euros.

steviedeluxe

That assumes rents stay low like they are, surely? I agree, it would be a good scenario (I'm considering renting myself), but supposing all this QE and bailout money ends up in an inflationary boom? Whatever you say here, I doubt you can say for sure what the situation will be like in a 10 years time still less 30. In fact it's only been a few years since the pound bought 1.65 Euros, and to my knowledge no-one predicted then it would lose half its value.

missile

I agree with Steevie, one would need crystal balls to predict house prices and exchange rates with any accuracy. Exchange rate was 1.68 when I bought my property, it dropped to nearly 1.00 and is currently circa 1.20.

I do not think of my home as an "investment". I like the feeling of owning the roof over my head and fortunately I can afford to buy. Some are happier renting. Each to their own.

Guardamar4me

Have sent you a pm

walker07

Many thanks for all responses so far. I really like the El Raso area having visited twice. I watched the episode of "A place In The Sun" and liked what I saw regarding Lo Crispin, but I have read comments on lack of facilities.
I have considered country living but I work in the middle-east and would have to leave my wife on her own for a month at a time. What and where is best? and what would the selling price of a property on the market at 160.000euros be?

Thanks again.

Rosemary

My answer may sound daft to you but I thik that it will depend on whether it is being sold by a Spaniard or a foreigner. Spaniards very rarely lower a price they stick to the price that they think the house is worth whereas a foreigner may lower their price in order to be able sell.

The house that we bought had been empty for quite some time but they would not reduce it at all. They had decided on a price and stuck to it.

Rosemary

walker07

Thanks everyone for your advice and information so far. I have been informed by a friend who bought inland a few years ago, not to pay the asking price of a property but offer less, and negotiate if need be. I know the bank repossessions can go for considerably less than the asking price, sometimes as low as 40% but what reduction should I be looking at for a 'normal' sale without causing offence to anyone? Thanks in anticipation.

missile

There are few facilities in El Raso and none in Lo Crispin. Your wife would need a car. There is every facility she could possibly want within 10 minutes drive.