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Itv1 8.00 - Tonight, Spanish Property Crash


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Priceless. Its taken me over an hour to stop laughing and come and post on here.

My favourite parts were

1. Not one property even reached its reserve. ie they're still overpriced for what the market will bear.

2. The chump who's renting it out until "the market recovers in a year or two......."

If GC2 fails to materialise here, maybe I can go buy a holiday home for cash and retire in a few years.....

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A buddy of mine in Spain summed it up very well.``Prices are going up but NOTHING is selling``.Hmmmmmmmmmmmm didn`t do that one when I studied economics.

The other thing that I have great difficulty understanding is that the average wage in Spain is not so great.So what is happening to the locals.Surely they must be frozen out.Total disaster now in progress!

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Priceless. Its taken me over an hour to stop laughing and come and post on here.

My favourite parts were

1. Not one property even reached its reserve. ie they're still overpriced for what the market will bear.

2. The chump who's renting it out until "the market recovers in a year or two......."

If GC2 fails to materialise here, maybe I can go buy a holiday home for cash and retire in a few years.....

The chump will be lucky to find a tenant. Rentals are ten a penny on the Costas. And everyone who can't sell has the same idea.

As for the couple affected by the land grab, it said they didn't know that their new house was in the middle of a development project. A pound to a penny they paid cash for the house and didn't employ a lawyer.

Edited by margesimpson
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Pure filth.

It seems the Spanish market in these areas is basically driven by UK MEW'ing, with regional HPI negative or neutral in the UK this presents some problems.

A client of mine has done so with extended family going before him, he expects to rent his home out to pay for it and have cash left over.

So not quite MEW but extended debt on the basis of HPI. And it is a little Britain complex.

Well marketed but just an overpriced piece of land for Spain cashing in on the market forces of easy credit.

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I stumbled on this filth while channel surfing and could not avert my eyes. Someone ought to package it in free 30-second teaser clips and start a bear porn site called exploitedhomeowners.com.

Same with me!! I was watching the footy - Brazil v England -- and flicked through programmes --- and there were these crappy properties in Spain........ idiots getting all upset when told they WEREN'T "worth" 2 zillion Euros........ and it seemed clear that by just looking at them they were plainly piles of sh*te!!!!!!!! AND - ALL these SAD people who REALLY BELIEVE ALL THE CRAPPY HYPE we've all seen for FAR too long now -- "Property only goes up" etc etc etc etc. SAD MORONS -- SO THICK!!!!!???........

Edited by eric pebble
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Hmm.. fascinating- especially the person who, lured by the selling hype, bought not one but two off plan because they were persuaded of the quick gain they could make and thought it would pay for their own house once built.. Now facing a massive loss. BTL hype for the unwary?

To be fair, I have sympathy for those people who have bought with seemingly full knowledge, not as an investment but as somewhere for retirement, who are faced with the iniquitous Spanish landgrab (bizarre!)... but much less sympathy for the "get rich quick" brigade who have been conned into "this is the way to make money quickly" message.

I really like the ending..I can't quote it verbatim, but it was something along the lines of... "And for those people in the UK... ...remember all markets are driven by fear and greed... its happening here- it could happen to you..."

(Aside... i do notice the fear and greed on this website too... from the other perspective)

Yep was just about to post that myself. The best line of the whole program :D

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do you feel sorry for people who buy shares as investments for retirement only to find the dot com bubble screws them? I dont recall people saying how sorry they were for shareholders. Its basically tough tit ties for them and no government should be considering changing basic fiscal policies to prevent a HPC. Here in the USA its clear business is largely unaffected by the slump. Likewise businesses in the UK were whingeing about increasing interest rates a year ago, and yet the rises have had very little effect. Me thinks they doth protest for other reasons. House price piggery has become a disease in the UK which has twisted the Labor party into some very odd policies.

Hmm.. fascinating- especially the person who, lured by the selling hype, bought not one but two off plan because they were persuaded of the quick gain they could make and thought it would pay for their own house once built.. Now facing a massive loss. BTL hype for the unwary?

To be fair, I have sympathy for those people who have bought with seemingly full knowledge, not as an investment but as somewhere for retirement, who are faced with the iniquitous Spanish landgrab (bizarre!)... but much less sympathy for the "get rich quick" brigade who have been conned into "this is the way to make money quickly" message.

I really like the ending..I can't quote it verbatim, but it was something along the lines of... "And for those people in the UK... ...remember all markets are driven by fear and greed... its happening here- it could happen to you..."

(Aside... i do notice the fear and greed on this website too... from the other perspective)

Edited by bpw
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What were the figures? Bloke from Manchester bought at £270k and needed 300k to break even? Wonder why he needed an extra 30k to break even.

Best bid was £220k!

Ha, ha, f*ucking ha!

Still he said he had other options!

Ha, ha, f*ucking ha!

Let's think about the options:

Sell now for £220k - take it like a man.

Hang on for a couple of years (until the market turns! ha, ha, f*ucking ha!) and rent it out (Yes Mr. Suckerface, we rent these out on average for 10 months of the year at about £800 a week .... Okay, I'll rent it out then if I can't sell it .... What!? How come you're saying I'll only get £400 a week for about 10 weeks, that's a lot different from what the developer's agent said. Ah, but then you were a buyer and now you're an owner. Big difference! The saleswoman said what? Well she shouldn't have said that. No she doesn't work for us now. She was a part-timer actually, gone back to England I think, or has she gone to France. Not sure to be honest (honest!!!!!)

Ha, ha f*ucking ha.

Final option .... The immortal words of the MASH theme tune leap to mind

Suicide is painless

It brings on many changes

And I can take or leave it if I please

I felt sorry for the couple who had suffered from the land grab. Apart from one thing. The bloke's pony tail did him no favours.

Tosser.

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I felt sorry for the couple who had suffered from the land grab. Apart from one thing. The bloke's pony tail did him no favours.

All the Brits out there were a little strange, there's something about the people that go over there, I can't quite put my finger on it. The whole show was packed full of washed up boomers, from the speculators/buyers to the EA's, even the auctioneer and her bidders.

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All the Brits out there were a little strange, there's something about the people that go over there, I can't quite put my finger on it. The whole show was packed full of washed up boomers, from the speculators/buyers to the EA's, even the auctioneer and her bidders.

I had a fortnight once in an urbanization between Marbeller (local English pronunciation) and Malahgah (ditto). It was out of season and almost the only other people on the place were a young English couple on the run from Great Crash 1. This would be 1994. They had just arrived there. He owned a Kevin Webster type garage (in Manchester believe it or not) and had got pissed off with the struggle of life in the UK. He drove to Spain towing a trailer with their worldly goods on it along with his wife and young son (there were allowed in the car sometimes). His wife's mother already lived in the area, married to a local (Spanish) bar owner.

In the bar on the urbanization - English owned - natch - introductions were immediately followed by 'how long are you here for?' When this particular chap said 'we've just moved here' the owner asked him what he did for a living. He said 'mend cars, electrics etc' - the bar owner shouted out 'right everybody, this is Brian, just over from Manchester, he does motors and wiring.' All the locals crowded round, shook hands, told him what they did etc. Within a week he had more work than he knew what to do with, including putting in the satellite wiring for a big new development.

As a result, over the couple of weeks we were there, we got to meet quite a lot of the ex-pats. And, as you say, a funny lot. Something odd about them. Lots of weird, cockney, shady character types who if you asked them how they had made their money referred to something called 'ducking and diving'. And women with the most bizarre hair-dos and those horrible gravelly voices you hear in the East End.

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What were the figures? Bloke from Manchester bought at £270k and needed 300k to break even? Wonder why he needed an extra 30k to break even.

Costs of buying are around 7-8% on top of purchase price. Then there will be the cost of just maintaining the property, management fees for surrounding grounds, etc.,

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do you feel sorry for people who buy shares as investments for retirement only to find the dot com bubble screws them? I dont recall people saying how sorry they were for shareholders. Its basically tough tit ties for them and no government should be considering changing basic fiscal policies to prevent a HPC. Here in the USA its clear business is largely unaffected by the slump. Likewise businesses in the UK were whingeing about increasing interest rates a year ago, and yet the rises have had very little effect. Me thinks they doth protest for other reasons. House price piggery has become a disease in the UK which has twisted the Labor party into some very odd policies.

Not quite sure what you're saying here but there is a difference between property speculators and dot com investors.

If investors / speculators drive up the price of dot com shares it doesnt really affect anyone who isnt interested in buying them. Speculators driving up the price of houses however is different as everyone needs a gouse to live in. Through their greed people are being priced out of ownership themselves and that's why Ill laugh in the face of anyone who comes unstuck through their "property investments" which they hoped would make them a fast buck at someone elses expense.

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All the Brits out there were a little strange, there's something about the people that go over there, I can't quite put my finger on it. The whole show was packed full of washed up boomers, from the speculators/buyers to the EA's, even the auctioneer and her bidders.

What if the all flood back here. Could push prices up. No, actually it could not, it would increase demand, but they got no money left. Thats the supply and demand theory in the bin then.

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