Progress being made?
#16
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Joined: Dec 2006
Location: Living in a good place
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Re: Progress being made?
We once saw a villa we liked a lot, wanted a lot of modernising but superb location. It was being sold by 2 sisters from Madrid who had inherited it and they were asking 32 million pesetas. We offered 29 million but if necessary we were prepared to pay the full price. They got back to us and said they were putting it up to 35 million. I told them where to go in my best spanish.
I think I read that prices dropped 8% in the last quarter. I did see and ad' for a townhouse on a Marbella golf course when we were there in June. bargain at 595,000 so it said. our friend has been trying to sell an identical one for 420,000 for 4 years.
I think I read that prices dropped 8% in the last quarter. I did see and ad' for a townhouse on a Marbella golf course when we were there in June. bargain at 595,000 so it said. our friend has been trying to sell an identical one for 420,000 for 4 years.
#17
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Joined: Feb 2011
Location: Mallorca
Posts: 19,367
Re: Progress being made?
We once saw a villa we liked a lot, wanted a lot of modernising but superb location. It was being sold by 2 sisters from Madrid who had inherited it and they were asking 32 million pesetas. We offered 29 million but if necessary we were prepared to pay the full price. They got back to us and said they were putting it up to 35 million. I told them where to go in my best spanish.
I think I read that prices dropped 8% in the last quarter. I did see and ad' for a townhouse on a Marbella golf course when we were there in June. bargain at 595,000 so it said. our friend has been trying to sell an identical one for 420,000 for 4 years.
I think I read that prices dropped 8% in the last quarter. I did see and ad' for a townhouse on a Marbella golf course when we were there in June. bargain at 595,000 so it said. our friend has been trying to sell an identical one for 420,000 for 4 years.
I don't think it's just about "hooking" somebody. It seems that most of the locals (around here anyway) want to believe their properties are worth double what experienced immobiliaria, or even an official appraiser will tell them, and they just can't stand to sell it for less than what they believe it's worth. Therefore, when somebody comes along that seems truly interested, raise the price!
#18
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Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Progress being made?
yes I think they have some sort of logic that tells them if someone really likes it then someone else may really like it and pay more
#19
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Location: Velez-Malaga
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Re: Progress being made?
That's a rather common tactic. Advertise for a somewhat reasonable price, see which fish take the bait. When they do, get them all randy about it, and at the last minute, raise the price. Most people from the north just walk away at that point (as you did) but a few fools actually swallow the hook.
I don't think it's just about "hooking" somebody. It seems that most of the locals (around here anyway) want to believe their properties are worth double what experienced immobiliaria, or even an official appraiser will tell them, and they just can't stand to sell it for less than what they believe it's worth. Therefore, when somebody comes along that seems truly interested, raise the price!
I don't think it's just about "hooking" somebody. It seems that most of the locals (around here anyway) want to believe their properties are worth double what experienced immobiliaria, or even an official appraiser will tell them, and they just can't stand to sell it for less than what they believe it's worth. Therefore, when somebody comes along that seems truly interested, raise the price!
#20
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Joined: Mar 2012
Posts: 487
Re: Progress being made?
There seems to be a Spanish mentality that doesn't exist elsewhere in the world. My friend was manager of a bike shop and making a modest profit once all the expenses were paid. The owner decided he wanted more, closed the shop and put the potential rent up. My friend approached another owner a few doors away , opened a bike shop and is making a modest profit. The original owner has had his premises unlet for nearly four years now!! DUHHH!
#21
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Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Progress being made?
Yes, like the chiringuitos who put up prices cos takings are down One chiringuito close to us had sun loungers at €10 euro for 2. They were mainly always empty. I asked him why he did not rent them for half a day at €5. He said I'll never earn anything in that way
#22
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Joined: May 2013
Posts: 1,176
Re: Progress being made?
Unfortunately, negativity breeds recessions and thus slows recovery.
Look at this forum, people say "I´m thinking of moving..." NO...DON´T...or "I´m thinking of X Spain" .. NO DON´T ... or "I´m just thinking" NO, WHY, DON´T, ARE YOU CRAZY, HERE, SPAIN, NOOOOOO!!!!!
And then there is evidence of improvement...NO, IT´s FALSE, RUBBISH, DON´T DO IT. ... you get my gist
#23
Re: Progress being made?
There seems to be a Spanish mentality that doesn't exist elsewhere in the world. My friend was manager of a bike shop and making a modest profit once all the expenses were paid. The owner decided he wanted more, closed the shop and put the potential rent up. My friend approached another owner a few doors away , opened a bike shop and is making a modest profit. The original owner has had his premises unlet for nearly four years now!! DUHHH!
#24
Re: Progress being made?
Great news indeed Stevie!
Unfortunately, negativity breeds recessions and thus slows recovery.
Look at this forum, people say "I´m thinking of moving..." NO...DON´T...or "I´m thinking of X Spain" .. NO DON´T ... or "I´m just thinking" NO, WHY, DON´T, ARE YOU CRAZY, HERE, SPAIN, NOOOOOO!!!!!
And then there is evidence of improvement...NO, IT´s FALSE, RUBBISH, DON´T DO IT. ... you get my gist
Unfortunately, negativity breeds recessions and thus slows recovery.
Look at this forum, people say "I´m thinking of moving..." NO...DON´T...or "I´m thinking of X Spain" .. NO DON´T ... or "I´m just thinking" NO, WHY, DON´T, ARE YOU CRAZY, HERE, SPAIN, NOOOOOO!!!!!
And then there is evidence of improvement...NO, IT´s FALSE, RUBBISH, DON´T DO IT. ... you get my gist
#25
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Joined: May 2013
Posts: 1,176
Re: Progress being made?
and yet on the Chocolate shop thread there is the case of the busy shop in Cheshire being put out of business by extortionate rent+rates. Plenty of stories in the UK (and no doubt in other countries too) of high rents forcing high street shops to close - it's actually a big debate now. So no, it's not a "Spanish mentality" more a symptom of greed that sadly you can find everywhere...
Unfortunately many landlords, though this might sound strange, simply don´t have money and can´t afford to lower prices.
Many landlords are mortgaged to the heavens, as the banks allowed them to be, and are suddenly in a position whereby all forms of credit have been cut, and their estates are worth only a fraction of the purchased values.
Furthermore, though the banks supported such businesses for their own means, they no longer can, the bubble has burst and the banks are hanging them out to dry!
#26
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Joined: May 2013
Posts: 1,176
Re: Progress being made?
I shouldn't complain - if all goes well I'm taking over a business in Madrid for a fraction of what I would have to pay in the UK. The goods sell for a higher price there than in a UK equivalent, too. Of course there does need to be adequate research wherever you choose to invest - the business I'm hoping to buy would really struggle 6-8 months of the year on the Costa. But I've monitored the business in Madrid - and also its competitors, as I'm well aware an unscrupluous owner could have bribed pretend customers (although I'm confident it hasn't happened in this case as competitors elsewhere in the city are doing well).
I wish you all the very best of luck and good fortune. Good on you
#27
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Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Progress being made?
Well if anyone has researched extensively it will be you Stevie. Although we rarely agree I wish you well and will keep my fingers crossed for you
#28
Re: Progress being made?
I shouldn't complain - if all goes well I'm taking over a business in Madrid for a fraction of what I would have to pay in the UK. The goods sell for a higher price there than in a UK equivalent, too. Of course there does need to be adequate research wherever you choose to invest - the business I'm hoping to buy would really struggle 6-8 months of the year on the Costa. But I've monitored the business in Madrid - and also its competitors, as I'm well aware an unscrupluous owner could have bribed pretend customers (although I'm confident it hasn't happened in this case as competitors elsewhere in the city are doing well).
Rosemary
#29
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Joined: May 2009
Location: Alicante province
Posts: 5,753
Re: Progress being made?
I've noticed many times that when older Spanish people put their houses up for sale, which isn't often, they pick a high price and stick with it for years. They will not budge even when the identical house next door sells for half what they are asking.
In my short little street alone, there are three such properties for sale. the original owners have died over the years and the absent inheritors have done nothing to encourage a sale, the houses are still way over-priced.
In one case the various inheritors are at war with each other, in the other two cases the children visit regularly to look after the premises and enjoy a holiday away from the Spanish cities where they live, Madrid and Santander. They're here at the moment for their holidays with their children, and judging from the luxury cars in the driveway they are probably not bothered about an early sale.
I know the houses are for sale, but there are no Se Vende signs outside.
In my short little street alone, there are three such properties for sale. the original owners have died over the years and the absent inheritors have done nothing to encourage a sale, the houses are still way over-priced.
In one case the various inheritors are at war with each other, in the other two cases the children visit regularly to look after the premises and enjoy a holiday away from the Spanish cities where they live, Madrid and Santander. They're here at the moment for their holidays with their children, and judging from the luxury cars in the driveway they are probably not bothered about an early sale.
I know the houses are for sale, but there are no Se Vende signs outside.
#30
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Re: Progress being made?
I shouldn't complain - if all goes well I'm taking over a business in Madrid for a fraction of what I would have to pay in the UK. The goods sell for a higher price there than in a UK equivalent, too. Of course there does need to be adequate research wherever you choose to invest - the business I'm hoping to buy would really struggle 6-8 months of the year on the Costa. But I've monitored the business in Madrid - and also its competitors, as I'm well aware an unscrupluous owner could have bribed pretend customers (although I'm confident it hasn't happened in this case as competitors elsewhere in the city are doing well).