Private sellers on the Costa Balance did not drop their prices last year. However, having been told by agents that their prices were too optimistic, they have now made cuts. The current recession in the property market has seen over 20,000 local agents lose their jobs and prices forced down by over 40% in some places.
The first group in the area to drop their prices were developers under pressure from banks to repay their development loans. The banks themselves were then ordered by their regulator, the Bank of Spain to dispose of toxic real estate assets which includes thousands of holiday apartments and villas.
Private sellers in this popular area of Spain felt more optimistic about prices despite the fact that the number of enquiries received by agents was quickly diminishing. Properties not being labelled “Spanish bank repossession” or “Bargain property with 100% mortgage” seemed to be of no interest whatsoever to potential buyers.
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It soon became obvious that buyers in the market were solely interested in low prices with attractive financing packages. Despite the fact that private sellers were offering well maintained properties located in established areas near to beaches or golf courses, they were receiving very little interest from buyers.
An affiliate agent of www.propertyinspain.net has now devised a new way or promoting the offerings of private sellers. The agent has contacted private buyers who had been left behind by the new wave of buyers. They are being offered an up to the minute appraisal of their property in the current market conditions. They are also being given information about similar properties being sold by banks or developers. The agent then suggests a realistic price that is competitive with the offerings of the banks. They are being advised to cut prices if they want success in today’s market.
Within one week of commencing the campaign more than 1000 private vendors in areas such as Villamartin, Cabo Roig and other seaside resorts along the Orihuela Costa and Mar Menor had cut their asking prices by thousands of Euros. The cuts totalled approximately €2.2 million. Cuts ranges from €5,000 on a small property to €100,000 on a four bedroom seaside villa.
The “Super Sales List”, as the initiative has been called, lists property details, new prices and the amount that the asking price has been reduced on more than 100 prime private sale properties.
A spokesman for the website said that the properties on the list are in great locations, well maintained and often fully furnished. He said that staff at the website had been amazed at the positive response of the sellers to this new initiative. He added that the price drops and the promotion means that private sellers are competitive with the banks and developers once again. Whilst the mortgage limit on a private sale might be 60-75%, many buyers do not need large loans and are more interested in quality than a low price. They realise that value for money is more important than a giveaway price with a cheap mortgage.