PDA

View Full Version : Business Chat Are there any Estate Agents doing well in Tenerife at the moment?



Markles
11-05-2012, 16:08
Are there any estate agents that are currently selling peoples properties at this time? Maybe even a russian or belgium markets?

casabonny
11-05-2012, 16:16
What a bizzare question.Of course there are estate agents selling properties, although not as many and probably not at the asking price .The Russians as I understand it are buying in thier droves but are making sure they squeeze the seller very firmly.

Pooh
11-05-2012, 17:14
Lots of properties are sold, despite the "crisis"... We're in the process of buying one right now, and several we've looked at have been sold to others since (or in a couple of cases, other buyers got ahead of us for properties we wanted to look at.)
Many of the people selling, at least in the areas and price ranges we're looking at, have had the property for 10, 15 years, even longer. Even if they've had to lower the price by 30-50% compared to before the crisis, they still sell it for 4-5 times what they originally paid for it...

Markles
11-05-2012, 18:28
nothing bizarre about, a friend has had three buyers all turned down for mortgage as lenders only lending for their own distressed properties. So I was wondering what agents were having success in selling, against those just filling their books with properties for sale.

What a bizzare question.Of course there are estate agents selling properties, although not as many and probably not at the asking price .The Russians as I understand it are buying in thier droves but are making sure they squeeze the seller very firmly.

delderek
11-05-2012, 18:39
nothing bizarre about, a friend has had three buyers all turned down for mortgage as lenders only lending for their own distressed properties. So I was wondering what agents were having success in selling, against those just filling their books with properties for sale.

Don't think your'e ever gonna find an agent that says nothing is selling, but with prices going down at 3.6% a month, who is going to buy at the moment? and that's without the banks having to dump the properties they own very soon.

atlantico
11-05-2012, 18:39
try Tenerife Home (http://www.tenerifehome.com/) in Silencio - Guy (pronounced Gee in Belgium) has built up a very good reputation in and around Silencio, and may be OK for you 'up in the sticks'

delderek
11-05-2012, 18:57
try Tenerife Home (http://www.tenerifehome.com/) in Silencio - Guy (pronounced Gee in Belgium) has built up a very good reputation in and around Silencio, and may be OK for you 'up in the sticks'

according to some reports, these Belgium, German, Dutch, agents, have not got a clue about the letting law clampdown, and are openly saying, good for tourist letting.

atlantico
11-05-2012, 19:33
well, this one doesn't as he fully understand the law. and as far as I'm aware, ALL nationalities of Estate Agents do this, not just 'these Belgium, German, Dutch, agents'

marbro8
11-05-2012, 20:24
i wish some ritch rusky would come along and buy my land in bulgaria, then i would have the cash deposit to buy something in tenerife:eyebrows:

CIM
11-05-2012, 20:28
We are doing plenty of sales. I am also getting plenty of mortgages through - so have to disagree with you on that one Del! I do agree with your comments about Belgian, Dutch agents though. Had a Belgian client 2 weeks ago - everything he had been shown by a Belgian agent was residential and he was quite clear that he wanted something he could rent out out on a weekly basis. No excuse I´m afraid, I have no idea why they don't know about this by now.

It is certainly hard work on the mortgage side - even harder if the selling agent simply doesn't know what they are doing on the mortgage side. If the client needs finance then it should really be the first thing the agent covers off. Again, had a client last week who had been shown a property for 115,000€. The agent was pressing hard for a 3,000€ reservation (non-refundable...)
She had a deposit of £30,000 which in Euros is around 36,600€ meaning with a 70% mortgage she would have a max budget of about 88,000€. Salesman for a very well known agent who really should know better than to be taking a non refundable deposit for a property the client simply cannot afford.

Again, why agents don't cover this off is beyond me. Why would they want to waste there time showing properties to clients who cant even afford them? Bonkers....

On the sales side I am getting sales from the Baltic/Russian regions, Belgium, UK, Ireland etc. All over the place really. Mostly cash sales but a few with mortgages. If a seller puts their property with a good agent and that agent gets the property lots of exposure to the right kind of clients and it is not selling after 3 to 6 months - worse still no viewings or offers then the seller really needs to rethink their asking price. The truth is most sellers expectations are far too high and they find it very difficult to accept real advice on what their property will actually sell for. Too many agents exacerbate the problem by taking on properties at ridiculous prices - normally just asking what the seller wants back to them.

kangnkodos
19-05-2012, 12:31
i wouldnt buy a property here again if i won the euromillions,what a complete rip off.i bought a studio apt 5 years ago and refurbed the whole gaff meself and we lived happily in it for just over a year then sold it for 19 grand more than we bought for.about 6 months after the sale the spanish govt stole 2000euros from our account on the ASSUMPTION we had been renting out as a business so helped themselves to tax on what they ASSUMED we had earned from our holiday rental business.we never rented that apt to nobody,it was our one and only home and even after an admission of wrongly taking our hard earned dough we are still fighting for our money back almost SIX years on,add that to the 10% purchase costs,the non resident tax we got clobbered with and the greedy agents fees..........we made about 30euros..............BARGAIN.

CIM
19-05-2012, 12:39
So you owned it for one year and the government took 2,000€ off you? Did you see receipts for all this? Where did the other 17,000€ go??
What were the prices you bought and sold at?

10% costs to buy and up to 8% to sell - standard stuff... Did no-one explain this to you? Flipping properties quickly for profit here is not to be taken lightly due to the fees involved....

Buying in Tenerife for pure investment is difficult. It can be done but you really have to know your stuff. Most people buy either a home/2nd home/holiday home or they buy a "lifestyle investment" which they hold on to for the long term.