October 2009 Archive

Buying property for sale in moraira

Moraira Coast

Moraira Coast

Over the past eight weeks or so many properties have been sold in Moraira. The majority of which have been of low value. Anything under 350,000 euros is considered low value in Moraira. Average is around the 500k mark and you don’t get much for that! Unless you drop lucky.

We speak with many estate agents and the really good properties at low prices seem to be selling fast. If only there were more! There seems to be a big problem finding quality property of low value in Moraira or Javea. Recently we have all been inundated with property hunters many of which go back slightly disappointed and wondering exactly where the recession is around here. That was a comment made to us the other week
from some clients with 500k. Believe me we have experienced 20-30% price reductions on today’s advertised prices. Make’s you think just how easy obtaining money use to be!

And there lies the problem. “Liquidity” not many people have it and not many can raise it to the level required to satisfy their expectations. Those that do have liquidity are chasing the bargains and snapping them up. But what’s a bargain in Moraira’ well if you can get a “quality” 3 – 4 bed villa (not a project) with a good real sea view from pool level on a useable flat plot near to amenities for under 600k you are doing well!! We have several clients wanting just that. So remember a good sea view and that’s nothing wow cost 100-150k minimum. Sea view plots cost upwards of 340,000 euros!

This leads me to a reoccurring problem that we never used to see very much but it is becoming more common because of the low offers some vendors are having to swallow.

Basically once you manage to find your dream home and agree on a price you usually put down a 3000 reservation deposit and then instruct lawyers to do the due diligence etc…This takes a couple of weeks. Meantime the property is still on the market with several other estate agents and if they have a cash buyer wanting to take a look the vendors hardly ever refuse. They try their luck and see if they can get a better offer.

You see it’s only legally binding once the 10% deposit is paid and the private purchase contract signed by both parties. Other than that you can easily get gazumped. Don’t leave it to chance.

To save the heartache there is a very simple way to avoid this. We have just recommended it to a client and it has been done with ease.
Instead of putting down a reservation deposit which doesn’t mean anything in legal terms, you instruct your lawyer to issue with immediate effect a private purchase contract and make it “subject to due diligence”. Then both parties sign it. This now legally means that the vendor would have to pay you back the double if they sell it to someone else!
It’s worth ensuring this common “pay back the double clause” is in the contract.

The 10% deposit is held within a lawyers client account until all the searches have been completed to your satisfaction. If they are good you continue with the purchase. If they show a problem and the problem can not easily be rectified it is within your right to back out of the deal and get your 10% back from the lawyer. You can not back out other than for legal reasons, otherwise you would risk losing your 10% deposit which is understandable because you may have prevented them selling it to someone else..

Lawyers have standard private purchase contracts that can be tweaked accordingly and used. This means within a couple of days you can secure your deal even if a inventory is required!
It’s also worth mentioning title deed insurance It’s new and well worth while for peace of mind. It’s called Safe Purchase Scheme

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Posted by on Monday 12th October 2009

Javea Property For Sale update

Sketch of Javea Montgo Villa for Sale

Sketch of Javea Montgo Villa for Sale

The Euro zone nations have recently been leading the way as far as Javea property for sale and Moraira property for sale is concerned. Buyers from the UK still think that property for sale in Javea or property for sale in Moraira is overpriced even though there has been a significant price reduction.

The recent fall, yet again, in sterling means the UK buyers are no better off regardless of a 20 –30% price drop on average. The UK media coverage says that the prices have fallen sharply in Spain and you can pick up villas at a fraction of the original cost.

This generalization is not true of the Javea and Moraira property market. In all fairness the prices have held up very well. I think a lot of this is more to do with the fact that Moraira and Javea are very well established areas full of villas of a more bespoke nature for the more discerning client. Yes there has been a property boom here too but it has not been built up in the same way as the massive purpose built housing estates to the south of Alicante, created at a price to sell to the masses.

This is where we see massive problems and consequently massive price reductions. Unfortunately the media rarely make any distinction between the prosperous areas and the not so prosperous areas. Remember bad news sells papers!

There are various articles about Moraira and Javea that may go some way to explain why these areas are so highly desired. If you are thinking about investing in a holiday home it is well worth while to do as much research as you possibly can and hopefully this website will aid you in some way. If you prefer to speak with one of us directly please feel free to do so, we don’t bite! Or you may want to view some properties for sale in javea or properties for sale in Moraira

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Posted by on Sunday 4th October 2009

Trip To Galicia

Mo & Ali Segovia

Mo & Ali Segovia

Ant & Sal in Segovia

Ant & Sal in Segovia

Our first stop was Segovia, north of Madrid – a beautiful city with a stunning cathedral and Roman aquaduct.

Segovia Cathedral

Segovia Cathedral

The walled city is perched on a rock rising out of the surrounding Castillian plains, and is a maze of narrow streets dotted with Roman monuments and noble mansions.

Mo & Ant Segovia

Mo & Ant Segovia

We stayed one night in a converted monastery within walking distance of the old town.

Wow Beef Rib En Route

Wow Beef Rib En Route

Then on to A Pobra de Trives, near Ourense in rural Galicia, after an interesting drive north west through spectacular scenery. No postcards here (well no shops, actually), so just a couple of snapshots of the hotel, which was a luxuriously converted old manor house on a farm, set in beautiful lush pastures, woodland and lakes.

Converted Old Manor

Converted Old Manor

Manor Views

Manor Views

Very green with lots of livestock, the cows and goats with bells so the herdsman can find them to bring them home. So peaceful, and no English spoken – popular area for walking holidays, but few foreign tourists come here so we were something of a curiosity!

Manor Gardens

Manor Gardens!

Mo's Space Ship!

Space ship!

Our next stop was Vigo

Escudos Hotel

Escudos Hotel

A busy commercial port on the south coast of Galicia (not far from the border with Portugal).
The city itself was busy and a bit touristy as many cruise liners stop here. But our hotel was a delightful, peaceful haven overlooking the estuary, another lovely old building with gardens down to the beach and all mod cons – we got a free upgrade to a huge suite overlooking the estuary.

Escudos View

Escudos View

Escudos Gardens

Escudos Gardens

There are lots of traditional fishing villages in the many inlets, and summer resorts popular with Spanish holidaymakers. And fantastic seafood restaurants – every conceivable type of shellfish is caught or farmed off this coast.

Seafood Lunch

Seafood Lunch

From Vigo, we visited Santiago de Compostella.
The buildings, especially the cathedral, were spectacularly ornate though rather gloomy.

Not difficult to imagine the throngs of pilgrims there in the Middle Ages, and what an awesome sight it must have been for them. We didn´t get to pay our respects at St James´s reliquary as the queue was several hours long.

Then on to La Coruña for 2 nights – this is where the Armada set sail from and the site of many historic sea battles and sieges. Another busy port on a rocky islet linked to mainland by a narrow strip of sand. Two sleepless nights in a beachfront hotel in sweltering heat – the only bad hotel choice I had made when I booked them all on the internet. The “English weather” we had been promised did not materialise, it was sunny every day and only a few drops of rain during the whole trip. More spectacular coastline, maritime museum and aquarium. The Costa del Muerte (coast of death) is here, very rugged coastline where many ships foundered on the rocks, and Cape Finisterre (heard of in the shipping forecast, always wondered where it was!). Finis Terra in Spanish, means “the end of the world”, which of course it was until Christopher Columbus came back. We celerbrated Mo’s birthday in the famous El Coral seafood restaurant.

Mo's Birthday Bash at El Coral

Mo’s Birthday Bash at El Coral

From La Coruña we drove into the Picos de Europa, a spectacular mountain range in the province of Asturias, only 18 miles from the sea. A wonderful drive through deep gorges cut by gushing mountain rivers. It was a Sunday, and the area was busy with Spanish holidaymakers and day-trippers, every little town had canoes, bikes or horses for hire and there were hundreds of families enjoying a day out on the river and picnicking under the trees. We stayed overnight in Covadonga, a small village in the mountains with another spectacular church, huge monastery and convent.

Church close up

Church close up

Another pilgrimage site, to a shrine carved out in the rocks to the Virgin of the Battlefield.

Covadonga Shrine

Covadonga Shrine

Covadonga Cave

Covadonga Cave

Woodlands

Woodlands

Church in Covadonga

Church in Covadonga

The legendary battle of Covadonga (not heard of it? Shame on you ….. neither had we!) took place here in 722, when Don Pelayo defeated the Moors and heralded the start of the Spanish Reconquest.

Mo & Ant Covadonga

Mo & Ant Covadonga

Next stop was near to El Burgo in Castilla-Leon. Lots of old fortified towns and villages and lofty castles en-route, this being the oldest kingdom in Spain.

Rope Bridge En Route to Meseta

Rope Bridge En Route to Meseta

Then on through the “Meseta” – the vast central plains with acres and acres of arable farms, but strangely empty of people. We stayed in a delightful former convent in a quaint walled town where the locals looked at us as if we´d just landed from another planet!

On through more meseta to another walled town at Mora de Rubielos, near to Teruel. A beautiful small town with mediaeval origins, immaculately cared for. Exploring the maze of narrow streets revealed beautiful historic town houses with balconies hung with bright geraniums.

Sally and I walked the stations of the cross to the shrine at the top of the fortified hill with a lovely view of the town below.

Mora de Rubielos Shrine

Mora de Rubielos Shrine

One of the locals chatted animatedly with Maurice, in sign language, about how cold it is there in the winter, like England! They do get lots of snow in winter and there are ski resorts in the mountains nearby.

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Mora de Rubielos

Local stonework

Local stonework

And then home to Moraira, after 10 days “on the road”, 7 different hotels, and having traveled about 3,000 km. Another huge area of Spain explored, and a breathtaking diversity of scenery, history and traditions experienced, but there is so much more to see ………..

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Posted by on Friday 2nd October 2009