# Empty apartments in San Remo



## Mark721 (8 mo ago)

Just finishing a two week break in SAN Remo. Walking home one evening we were struck with the number of shuttered apartments. Indeed, even the apartment block we’re in in Strada Solari, there seems to be just 3 residents out of maybe 40 units.
Don’t see many for sale signs, and estate agents prices seem very high.
Normally, lots of empty units would drive prices down
Are they really all holiday homes?


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## NickZ (Jun 26, 2009)

Long term rentals have so many issues some people have pulled properties off the rental market.

Other people the property has been bought for the future. Kids getting married and moving out? Or a future retirement home.

Others can be just seasonal rentals

And yes some can be holiday homes.

Some may not think it's worth selling. Asking prices aren't actual selling prices. Often the asking price is what people would be willing to sell at not what the fair market price is.

Unless somebody knows the actual neighbourhood it's all guesses.


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## Mark721 (8 mo ago)

Thanks Nick
It was semi idle curiosity. A rough look would show maybe 80% empty apartments where we are. It doesn’t make sense! If they’re all holiday rentals then that would drive the price down and would be a poor investment for me if I were to buy (I have dual Italian UK citizenship)
Maybe they’re all old nonnas apartments that have been left to families that now use it as weekend or holiday places. 
Who knows. 
There’s still a lot of cars parked up but no flickering of TV screens at night nor washing on the balcony. No plants either. That’s what makes me think they’re shuttered up and empty and could be a bargain but the estate agents prices suggest not!
Anyway, back home today. Sigh.


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## NickZ (Jun 26, 2009)

Around here you could buy an apartment and rent it out year round for almost a 10% yield. Most people don't want to take the risk of a bad tenant so they don't.

Some of the places are rented out during beach season. You can almost make more for one week of summer rental than a month on a year round contract. Less worries about bad tenants.

Others would like to sell but have a price in mind that's above market.

Others it's convenient to have just in case. There is a campsite down the road. IIRC they charge about €400 a week for a cabin. Better to have a whole real apartment that sits empty ten or even eleven months of the year.


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