# Have We Gone Mad?



## crookesey (May 22, 2008)

We decided against buying an apartment, definately not, 100% joint decision and look what has happened.

Close to the villa where we stay in on the Northern Costa Blanca is a very nice development of apartments, a good sized 2 bed, 2 bath with double balcony and great sea views started out at circa 300,000 euros off plan and further phases topped at 400,000. We considered this a bit rich as villas were available for these prices.

We have found a 'distressed' sale with a wonderful sea view, fully furnished and equiped to the highest standards for 263,000 euros. We are considering taking over the sellers 230,000 Spanish mortgage that would give us up to 4 years to sell some property in the UK and clear the debt.

It has outdoor pools and a heated indoor pool plus a gym, and is gated and secure. For rental purposes it is set up as an 'Aparthotel' where all rentals go through the management company with 20% deducted for cleaning along with 28.50% Spanish tax deducted at scourse, this is not an issue as we would not wish to rent out. The monthly service charge is 120 euros and includes insurance and local rates. We could also purchase a spot in the underground car park for 18,000 euros, a bit of a waste for a rental car but probably a good idea if we made the move permanent or decided to sell.

Any comments would be appreciated, even if you think that we have gone mad.


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## Stravinsky (Aug 12, 2007)

crookesey said:


> We decided against buying an apartment, definately not, 100% joint decision and look what has happened.
> 
> Close to the villa where we stay in on the Northern Costa Blanca is a very nice development of apartments, a good sized 2 bed, 2 bath with double balcony and great sea views started out at circa 300,000 euros off plan and further phases topped at 400,000. We considered this a bit rich as villas were available for these prices.
> 
> ...



Sounds nice
Whats the 28.5% tax?
Service charge is about average I think from what I have been told.


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## crookesey (May 22, 2008)

Stravinsky said:


> Sounds nice
> Whats the 28.5% tax?
> Service charge is about average I think from what I have been told.


Haven't got a clue Strav, they don't allow owners to arrange private lettings and apparantly have been instructed by the Spanish tax authorities to make this deduction. As it happens we are not intending to let it out so don't really care but I think that they meant the 28% rate. They probably give you a refund if you don't reach this rate, or send you a bill if you exceed it.


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## Stravinsky (Aug 12, 2007)

crookesey said:


> Haven't got a clue Strav, they don't allow owners to arrange private lettings and apparantly have been instructed by the Spanish tax authorities to make this deduction. As it happens we are not intending to let it out so don't really care but I think that they meant the 28% rate. They probably give you a refund if you don't reach this rate, or send you a bill if you exceed it.


OK, well check very carefully. If you own a property in Spain even if you dont let it out, you are charged a tax as if it WAS rented out. But it aint 28%!


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## SteveHall (Oct 17, 2008)

I have lived in a villa for 7 years and in an apartment. I would NEVER go back to a villa.


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## Stravinsky (Aug 12, 2007)

SteveHall said:


> I have lived in a villa for 7 years and in an apartment. I would NEVER go back to a villa.


Why so? I have experience of both and would "swing" the other way


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## jojo (Sep 20, 2007)

Horses for courses and all that...However, I dont think the apartment market in Spain has "bottomed out" yet. I think you'll probably see even better bargains come along in the not so distant future - just my thoughts tho and I'm no property expert!

Jo


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## SteveHall (Oct 17, 2008)

Stravinsky said:


> Why so? I have experience of both and would "swing" the other way


Simply health reasons. It is just so much simpler only having to worry about what goes on behind my front door than bothering about a graden which is no way as beautiful as the communal ones we have here. The reception, gardens and pool are always spotless and I don't have to worry about fighting 9 ft pines or washing the flags after yet another sandstorm. 

Pure opinion - suits me. Others will vote exactly opposite


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## XTreme (May 17, 2008)

You want a nice cave in Andalucia and a donkey you do!


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## jojo (Sep 20, 2007)

SteveHall said:


> Simply health reasons. It is just so much simpler only having to worry about what goes on behind my front door than bothering about a graden which is no way as beautiful as the communal ones we have here. The reception, gardens and pool are always spotless and I don't have to worry about fighting 9 ft pines or washing the flags after yet another sandstorm.
> 
> Pure opinion - suits me. Others will vote exactly opposite


I see where you're coming from having washed down and swept my terraces for the squillionth time and they're still covered in dust and tide marks and its gonna rain again in a minute - I know this cos I've just put my washing out!!! As for my garden??? weeds and more weeds everywhere, I think there are some bushes that need pruning in amongst em somewhere!!!

Jo


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## Pasanada (Feb 5, 2008)

XTreme said:


> You want a nice cave in Andalucia and a donkey you do!


Thats my ultimate dream.....not the donkey mind.

I've lived in a villa and a studio apt, the apt was great as there was little cleaning to be done although I did consider employing a maid as I was never home! But I do love the versitility of a villa.....you can shove the guests up on the top floor!! LOL


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## Stravinsky (Aug 12, 2007)

Pasanada said:


> Thats my ultimate dream.....not the donkey mind.
> 
> I've lived in a villa and a studio apt, the apt was great as there was little cleaning to be done although I did consider employing a maid as I was never home! But I do love the versitility of a villa.....you can shove the guests up on the top floor!! LOL



Ive stayed in a cave a couple of times and visited a donkey near them. That enough?


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## Pasanada (Feb 5, 2008)

I've stayed in a cave too.....bloody wonderful things they are! Not sure I'd publicly admit to visiting donkey's though.....


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## XTreme (May 17, 2008)

And Stravinsky declined the opportunity to go into Dylan's compound to see him! 

Dylan was heartbroken....he so wanted to give him a good ****ting!


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## SteveHall (Oct 17, 2008)

....vivieron felices y comieron perdices! JEJE


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## Pasanada (Feb 5, 2008)

XTreme said:


> And Stravinsky declined the opportunity to go into Dylan's compound to see him!
> 
> Dylan was heartbroken....he so wanted to give him a good ****ting!


I think Dylan needs some luuuurving.....


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## Stravinsky (Aug 12, 2007)

Pasanada said:


> I think Dylan needs some luuuurving.....


I think Xtreme sees to that


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## Pasanada (Feb 5, 2008)

Stravinsky said:


> I think Xtreme sees to that


I thought it was illegal? Ahem....


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## crookesey (May 22, 2008)

crookesey said:


> We decided against buying an apartment, definately not, 100% joint decision and look what has happened.
> 
> Close to the villa where we stay in on the Northern Costa Blanca is a very nice development of apartments, a good sized 2 bed, 2 bath with double balcony and great sea views started out at circa 300,000 euros off plan and further phases topped at 400,000. We considered this a bit rich as villas were available for these prices.
> 
> ...


Help guys,

I contacted a guy who is well connected in the Northern Costa Blanca property market who has viewed the property and reported back accordingly.

The whole development is set up on an aparthotel basis, there are 84 apartments, 11 unsold, 36 are members of the letting pool, 4 have permanent residents in them, I have tracked down 7 that are on sale as 'distressed' sales and the rest are sold but mainly unfurnished. The indoor pool/spa and gym has been built but is unfinished and will stay so until the developer sells the remaining 11. The restaurant is very rarely open along with the bar, the mini market, hairdresser and medical centre have failed to materialise. Other than two reception staff and a sales agent the place was totally devoid of any signs of human life when we were there.

It would cost us 17,000 euros to transfer the mortgage of 1124 euros per month to us for up to 4 years, the sale price would then be 255,000 euros. We are concerned about the aparthotel status, the stability of the management company and the areas that require completion. The fully furnished 2 bed, 2 bath apartment is the best that we have seen but feel that there may be pitfalls that we just don't know of. 

Do any of you know anything about this sort of thing?


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## jojo (Sep 20, 2007)

crookesey said:


> Help guys,
> 
> I contacted a guy who is well connected in the Northern Costa Blanca property market who has viewed the property and reported back accordingly.
> 
> ...


I dont know Crookesey! I dont like the sound of it, but thats just me. I would worry about the long term arrangements/status of the whole place and whether it will ever become what its supposed to be, even if they do manage to sell the remaining apartments??? or will it become yet another derelict forgotten area. And how would you feel if they drop the prices even further so that you find you've paid way over the odds??? And what guarentees have you got that any of the unfinished work and facilities will ever be available??

Those are the things that would worry me. Sorry I can be such a miserable pessimist sometimes!!!!! So feel free to take no notice and listen to others who may have a more optomistic attitude!!! LOL

Jo x


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## SteveHall (Oct 17, 2008)

I know specialists in the area. If you want to PM me or email [email protected] I shall see if I can get some FACTS. BTW Why you would want to pay that anount of money to take over the mortgage is beyond me. There are workarounds. 

Looks like IF everything stacks up you could have a bargain there. 

Steve


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## Stravinsky (Aug 12, 2007)

crookesey said:


> Help guys,
> 
> I contacted a guy who is well connected in the Northern Costa Blanca property market who has viewed the property and reported back accordingly.
> 
> ...


I can only say that if you have concerns .... then walk away
I dont understand for instance why you would want to pay €17000 to transfer the mortgage .... thats down to the seller I would think, knock it off the price.

Are there already people living there that you can talk to?


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## crookesey (May 22, 2008)

Stravinsky said:


> I can only say that if you have concerns .... then walk away
> I dont understand for instance why you would want to pay €17000 to transfer the mortgage .... thats down to the seller I would think, knock it off the price.
> 
> Are there already people living there that you can talk to?


The 17,000 euros derives from the existance of an agent who cannot make anything out of the deal by just selling at the amount owed to the bank. It would be difficult to find the identity of the seller if I was in Spain, it's impossible in the UK. I don't know the sellers nationality, or gender so cutting out the agent is not an option. The place is totally devoid of people and as it is gated visitors have to gain access through the reception, but even if I managed to gain access there is nobody there to talk to.

This agency has reinvented itself as a leading marketer of 'distressed' properties and obtains it's clients from referrals from the banks prior to them repossessing the properties. They need to make a living and market properties at prices that the average buyer wouldn't be able to find on their own.

We are more concerned about, the indoor pool/spa and gym not being completed, also the none existance of the promised mini market, hairdresser and medical centre is annoying. The restaurant and bar are there, albeit not often open for business. The compex was never marketed as an aparthotel, renting out is not an issue with us but it could make it harder to sell. Having said all this believe me, the quality of finish, location and views are better than anything that we have previously seen.


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## crookesey (May 22, 2008)

jojo said:


> I dont know Crookesey! I dont like the sound of it, but thats just me. I would worry about the long term arrangements/status of the whole place and whether it will ever become what its supposed to be, even if they do manage to sell the remaining apartments??? or will it become yet another derelict forgotten area. And how would you feel if they drop the prices even further so that you find you've paid way over the odds??? And what guarentees have you got that any of the unfinished work and facilities will ever be available??
> 
> Those are the things that would worry me. Sorry I can be such a miserable pessimist sometimes!!!!! So feel free to take no notice and listen to others who may have a more optomistic attitude!!! LOL
> 
> Jo x


Are you sure that you are not called Anne, have dark hair and have been married to me for the last 33 years? 

Your concerns are quite valid, Anne has said exactly the same but me being me requires me to go the whole mile. If I can get chapter and verse from someone who doesn't want to make money out of us it would be a step in the right direction.

Steve has very kindly offered to have a poke around and let me know what he finds out.


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## SteveHall (Oct 17, 2008)

It would be VERY simple to find the vendor - you just need to let me have the FULL address. 

Other than that I will be pleased to find out the whole story. So, poke around? Mmmm


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## crookesey (May 22, 2008)

SteveHall said:


> It would be VERY simple to find the vendor - you just need to let me have the FULL address.
> 
> Other than that I will be pleased to find out the whole story. So, poke around? Mmmm


Have emailed you.


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## jojo (Sep 20, 2007)

crookesey said:


> Are you sure that you are not called Anne, have dark hair and have been married to me for the last 33 years?


well I dont remember walking down the aisle with you when I was eleven LOL!!!! 

Its a woman thing, we're more sensible!!!!!!!!!

Jo


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## XTreme (May 17, 2008)

SteveHall said:


> It would be VERY simple to find the vendor


Steve, while you're at it can you find me an under 30 Espanola who has the hots for Yamahas and grey haired Celts?


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## SteveHall (Oct 17, 2008)

Xtreme - no problems as long as you can find me her mother! 

She should be body-double for Ana Obregón. Must speak Spanish and preferably Swedish/Norwegian. Non-smoker, no drugs, social (only)drinker, no gambling addictions and preferably vegetarian. Children must be emotionally stable (! - no chance there) and not dependent on the mother. Ex-husband should live abroad or be dead. I suppose looking for a nymphomaniac virgin might be pushing my luck? 

Ability to discuss Pippy Longstocking an absolute must and she should have a totally logical hatred for Man City and Arsenal. If she could get tickets for the directors' box at Real Madrid and Man Utd that would be a bonus. 

And people wonder why I am single LOL


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## crookesey (May 22, 2008)

jojo said:


> well I dont remember walking down the aisle with you when I was eleven LOL!!!!
> 
> Its a woman thing, we're more sensible!!!!!!!!!
> 
> Jo


Is there anyone on this forum who I am not old enough to be their father?


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## crookesey (May 22, 2008)

SteveHall said:


> Xtreme - no problems as long as you can find me her mother!
> 
> She should be body-double for Ana Obregón. Must speak Spanish and preferably Swedish/Norwegian. Non-smoker, no drugs, social (only)drinker, no gambling addictions and preferably vegetarian. Children must be emotionally stable (! - no chance there) and not dependent on the mother. Ex-husband should live abroad or be dead. I suppose looking for a nymphomaniac virgin might be pushing my luck?
> 
> ...


You sort this flat out for me and I will send the wife over, she scrubs up very well but I'm not sure about the 'nymphomaniac' request though.


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## Stravinsky (Aug 12, 2007)

crookesey said:


> You sort this flat out for me and I will send the wife over, she scrubs up very well but I'm not sure about the 'nymphomaniac' request though.



You're not sure? How long have you been married then?


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## SteveHall (Oct 17, 2008)

........ONLY 33 years I read. You'd have served less if you had poisoned her at the wedding. 

Steve "No more love" Hall


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## SteveHall (Oct 17, 2008)

crookesey said:


> Is there anyone on this forum who I am not old enough to be their father?


Probably only Pasanada,


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## Pasanada (Feb 5, 2008)

SteveHall said:


> Probably only Pasanada,


Considering I'm a good 2 decades younger than you, thats a bit rich!


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## crookesey (May 22, 2008)

Stravinsky said:


> You're not sure? How long have you been married then?


It's probably just a matter of opinion, however I came downstairs the other day, she was doing something around the cooker and she said

"Make love to me immediately"

Not wanting to miss the opportunity we did it there and then over the kitchen worktop.

On completion of the act she said, "Thank you very much"

"What was that all about?" says I.

"The egg timer's broken", says she.


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## XTreme (May 17, 2008)

Saddest story was when Stravinsky got turned away from the sperm bank when he went to donate!

Apparently they'd been tipped off that he was a useless [email protected]


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## Stravinsky (Aug 12, 2007)

XTreme said:


> Saddest story was when Stravinsky got turned away from the sperm bank when he went to donate!
> 
> Apparently they'd been tipped off that he was a useless [email protected]


They did ask me to come again though


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