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House Price Crash Forum


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Everything posted by catara

  1. How can this go unsold? It had a guide price of 38K and the highest bid was 45K. What kind of auction is this?
  2. It cannot be worse than the area between Vera and Mojacar. Overbuilt, eye-sore, traffic jams over the summer, ghost towns over the winter, prices in free fall. So you should probably say: area between Aguillas and Villaricos, eventhough San Juan says its own bad parts and Aguillas has many illegal buildings. Anyway, you should add that now in Malaga are 15 Celsius in Almeria-Murcia 6 Celsius. The best things to do now? Rent in Costa del Sol for at least 5 years, prices won't recover before 2013. Then either buy a dirt cheap apartment in Almeria-Murcia-Costa Blanca or a much reduced apartment in Costa del Sol-Costa Tropical.
  3. What is the best site for Haute Savoie prices? Is it seloger, vivastreet or something else?
  4. A 50% rise is annihilated by a 30% fall. Considering that you paid an extra 12% for taxes/lawers/etc in 2003, the price of your house should be at most the one you paid in 2003 if one considers the 10% inflation in 5 years. And it might fall by another 20% next year and another 20% in 2010.
  5. Thanks again Agentimmo. I looked again over the seloger site (I last looked there in August) and saw at least a 20% off some properties in Haute Savoie that I knew, as compared to August... A bid of 20% less would make the price almost acceptable. I would never buy property abroad through English language EA, they always charge an undeserved premium. I go after 1 January to Geneva area for 1 week for skiing , I shall look around then, there is no hurry to spend my money... I do not think anybody will get much richer and have tons of cash to buy properties between now and Spring.
  6. Thank you Agentimmo. "But many are now asking for 15-20% deposits for a good rate." 20% I am prepare to pay. The 5.5 offer was 20 year fixed. "PS. From a personal poit of view, I still think the mountain 1 and 2 bed appts will fall , and some. " I am sure about that, especially in Savoie or Haute Savoie. But prices there are about 4000 Euro/m^2 so even a 50% would still bring the prices to 2000 Euro/m^2. The place I found is about 2000 Euro/M^2 at 400 m from ski lift. I cannot see it falling by an extra 30% but who knows, maybe I am wrong... I am looking throug various sites and I have not seen any new mountain build (leaseback or non-leaseback) under 3000 Euro/m^2. Maybe I am not looking at the right sites on google.fr >I had the chance to get a 2 bed in Auron for 85K euros, I'd take it....but they are nearly twice the price at the 2 bed or T2?
  7. He accepted 15% less than the reduced price. The price is now almost acceptable... The property is in Haute Alps region near Gap,I realized I cannot afford an acceptable property in Haute Savoie (even if prices crash). What is the best source for cheap mortgage in France? Is a 5.5% rate too high (this is what I was offered by some broker)? Also, is it really necessary to search for a specific Notaire or any can be trusted (I speak and read well in French so I do not need a translation of the contract)? Is there any legal trap when buying property in France when using a notaire?
  8. Thanks again David. Is there any good places to find the best mortage deals in France? Also, I found some development in Savoie where the developer has just slashed the prices by 35%. Do developers usually take offers? I am thinking of ofering about 25% lower than the reduced price...
  9. Thanks David. Do you know about mortgages in France? Are the very hard to get these days?
  10. What about Haute-Savoie region? Where could I get some information about the latest price evolution there? Thank you.
  11. Your prices are high as compared to other ones for South Costa Blanca on Kyero or segundamano or fotocasa. Can one get an extra 20%-40% off after negotiating? I would not expect an acceptable 2 bed apt. in Torrevieja-Orihuela area to be valued more than 50K Euros (plus taxes). There are miilions of apt. for sale in that area...
  12. So you think that Spain is just a "Sunny England"... In that case you really wasted one year of your life...
  13. These are some pictures of Bellevue. It looks OK, I am not sure what the current prices are. http://lh5.ggpht.com/_HaOM1Vy5RxI/R2bp5up0...Picture+492.jpg http://img372.imageshack.us/img372/5209/p1010052td5.jpg http://lh3.ggpht.com/_HaOM1Vy5RxI/R2blQOp0...Picture+398.jpg One nice development is Silver Mountain In Poiana Brasov, but the prices are way too high for Romania... http://www.silvermountain.ro/index2.php?locale=en About credit in Romania. I think that it all depends on the credit situaiton in UK/USA/EU. Cluj has some cheaper apartments , search on www.edil.ro BUt you have to be careful as the cheaper apartments can be of awful quality. I would advise to wait 6-9 months before thinking seriously to purchase apartments in Romania. The price of apartments in BUcharest fell by 15% since March.
  14. If you have cash, you might get some good deals in Romania. I spent about £20K in the last week to buy some prime land near Brasov and Cluj (at a 75% reduction from some desperate sellers). Very few have cash now in Romania and banks have stopped lending to Romanians and especially foreigners. The apartments are still way too expensive and the reductions are marginal. Wait till about Spring-Summer 2009 and try then making low-ball offers with cash in hand. I guess you can find somewhere 20K-30K cash if you want to have a decent deal.
  15. What can be more honest that this phrase: "I want to purchase a property for as cheap as I can"? There is a good chance that some apartments/houses in Costa del Sol/Costa Blanca are now at least 30% cheaper than in 2006. And they can get some 30% cheaper in 2010. The market will tell us when the bottom is reach. Buy at 5% more than the bottom price and it is much better than buying at 20% less than the peak price. Till we get closer to the bottom, the potential buyers can watch and comment from the outside. I said it before and I say now: Spain is a beautiful country but the current prices are way too high to be sustainable.
  16. They know that they will be held resposible by future generations who won't like to pay the bill for their parents/grand parents excesses. Bailout plan draws bipartisan anger at Capitol Tuesday September 23, 11:35 am ET By Julie Hirschfeld Davis and Jeannine Aversa, Associated Press Writers Bernanke, Paulson hear criticism of bailout plan from both Republicans and Democrats on Hill WASHINGTON (AP) -- The Bush administration urgently pressed Congress in public and private Tuesday for quick passage of a $700 billion bailout of the financial industry as Democratic and Republican lawmakers vented their anger over a crisis that slid the nation's economy toward the brink. ADVERTISEMENT Stocks held steady in pre-noon trading on Wall Street as Treasury Secretary Henry Paulson told the Senate Banking Committee that quick passage of the administration's plan is "the single most effective thing we can do to help homeowners, the American people and stimulate our economy." But even before Paulson could speak, lawmakers expressed unhappiness, criticism of the plan and -- in the case of some conservative Republicans -- outright opposition. "I understand speed is important, but I'm far more interested in whether or not we get this right," said Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee. "There is no second act to this. There is no alternative idea out there with resources available if this does not work," he added. Sen. Richard C. Shelby of Alabama, the panel's senior Republican, was even more blunt. "I have long opposed government bailouts for individuals and corporate America alike," he said. Seated a few feet away from Paulson and Ben Bernanke, the chairman of the Federal reserve, he added, "We have been given no credible assurances that this plan will work. We could very well send $700 billion, or a trillion, and not resolve the crisis." Dodd and other key Democrats have been in private negotiations with the administration since the weekend on legislation designed to allow the government to buy bad debts held by banks and other financial institutions. Key details remain unresolved, although President Bush predicted the Democratic-controlled Congress would soon pass a "a robust plan to deal with serious problems." He was speaking to the United Nations General assembly. The Senate hearing unfolded as Vice President Dick Cheney and Jim Nussle, the Bush administration's budget director, met privately with restive House Republicans. Some members of the GOP rank and file have expressed concerns about the bailout proposal, either because they view it as an unwarranted government intrusion into the financial markets, or because the $700 billion price tag gives them pause. "Just because God created the world in seven days doesn't mean we have to pass this bill in seven days," said Rep. Joe Barton, R-Texas. Added Rep. Darrell Issa, R-Calif., "I am emphatically against it." A third witness, Securities and Exchange Commission Chairman Christopher Cox, urged Congress to regulate a type of corporate debt insurance that figured prominently in the country's financial crisis. "I urge you to provide in statute the authority to regulate these products to enhance investor protection and ensure the operation of fair and orderly markets," he said. The debt insurance is known as credit default swaps. Despite the bipartisan unhappiness, the prospects for legislation seemed strong, with lawmakers eager to adjourn this week or next for the elections. Differences remained, though, including a demand from many Democrats and some Republicans to strip executives at failing financial firms of lucrative "golden parachutes" on their way out the door. The administration is balking at another key Democratic demand: allowing judges to rewrite bankrupt homeowners' mortgages so they could avoid foreclosure. The legislation that the administration is promoting would allow the government to buy bad mortgages and other troubled assets held by endangered banks and financial institutions. Getting those debts off their books should bolster their balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan works, it should help lift a major weight off the sputtering economy. Buttressing Paulson's comments, Bernanke said action by lawmakers "is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy." So far this year, a dozen federally insured banks and thrifts have failed, compared with three last year. The country's largest thrift, Washington Mutual Inc., is faltering. Republicans said the sheer size of the bailout would cost each man, woman and child in the United States $2,300. If approved and implemented, that could push the government's budget deficit next year into the $1 trillion range -- far and away a record. Sen. Barack Obama, the Democratic presidential candidate, pointed to other potential consequences, as well. In an interview with NBC, he said that if he wins the White House, he would likely have to phase in the proposals he has outlined for new federal spending. He did not elaborate. Congressional Republicans, in particular, piled on the criticism of the administration's suggested solution to the crisis. "This massive bailout is not a solution, It is financial socialism and it's un-American," said Sen. Jim Bunning, R-Ky. Dodd and others indicated that the stakes are too high for Congress not to act, but they made clear they would insist on changes in the administration's weekend changes. Dodd said the administration's initial proposal would have allowed the Treasury secretary to "act with utter and absolute impunity -- without review by any agency or court of law" in deciding how to administer the envisioned bailout program. "After reading this proposal, I can only conclude that it is not just our economy that is at risk, Mr. Secretary, but our Constitution, as well," Dodd said. The U.S. has taken extraordinary measures in recent weeks to prevent a financial calamity, which would have devastating implications for the broader economy. It has, among other things, taken control of mortgage giants Fannie Mae and Freddie Mac, provided an $85 billion emergency loan to insurance colossus American International Group Inc. and temporarily banned short selling of hundreds of financial stocks."
  17. Hi MarkinSpain and Forestfire, do you know where to get accurate data? Documents in English, German, Spanish, Italian, French are all acceptable.
  18. Hello, the problem is that you are too new to receive PM, I could not sent it...
  19. Could you please name some of these 30% reductions from the developers?
  20. I have found some information: 1) http://es.wikipedia.org/wiki/Vivienda_en_Espa%C3%B1a Precio de la vivienda en euros por metro cuadrado * 1995: 629,7 * 1996: 694,4 * 1997: 702,8 * 1998: 756,7 * 1999: 829,2 * 2000: 893,3 * 2001: 992,7 * 2002: 1164,6 * 2003: 1380,3 * 2004: 1618,0 * 2005: 1824,3 * 2006: 1990,5 So, indeed, the 2006 price is 3 times the 1996 price. Considering an inflation rate of 5%, the 2008 price should be 1.64 times bigger than then the one of 1998. This means than the cost of a m^2 should be about 1200 Euros. So an acceptable price to be paid is the 2002 price (when the m2 was about 1200 Euros). Considering that the market overshoots on the way down and that Spain is full with unoccupied properties, I would say that a 2001 price would be acceptable. 2) http://www.urbaniza.com/estudios/burbujometro/ Only for the sales during the last 2 years.
  21. Which was the cheapest price you have found there? If 50% reduction was not accepted, what was an acceptable offer? What about the mortgage situation? Do banks loan at all to foreigners these days? Were the apartments advertised on kyero.com? I am not sure if Summer 2009 would be a good time to start doing some research on possibly buying something in Spain... OFS Spain, thank you for the information. For example, take the list of reduction from this site http://www.sol-agency.com/quick-sale-bargains/ Does it contain any "real bargain" or is it made up of dreamer sellers who just want to test the waters?
  22. How could one find out the property prices in Spain in say 1998 or 1988? It does not mean much that a price is now 30% lower than in 2006 when it might still be triple as compare to 1998... Any sign of price capitulation? Are sellers still in denial?
  23. Florida is in a deep recession, there is no well paying job over there. About condos: you should count on about $1000/month for taxes, condo fees and insurance. If you can get an apartment for about 10K, it might be worth buying it though.
  24. And in 2 years you had time to: - understand Spanish society ) - know the way Spanish people think ) - know the Spanish economy ) NO wonder you do not distinguish the elbow from the **** in what concerns Spain.
  25. Sorry to say, you seem to be an easy prey for the official and un-official thieves that abound in Spain. I would advise you to do a thorough research on the stories of thousands and thousands of people who got badly burned in Spain. On the other hand, Murcia is OK area. I rented 3 weeks ago a 2 bedroom apt. in a nice resort veryclose to the sea for £150/week. The resort was empty so we could enjoy the swimming pool all by ourselves.
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