Crazy asking prices for a doomed property market

Dixie Normus


Joined: 22/02/2008
Posts: 820

Message Posted:
19/11/2009 15:56

Recently been looking at appartments east of Kyrenia and was suprised at some of the stupid asking prices for appartments on sites in the wilderness with no ammenities. Some asking 30 grand plus to what the prices were off plan, with VAT and conections still to be paid. Get real folks property will never start moving here until realism gets a grip. With a likely negative outcome to the Orams case, the downturn in the global economy, projected tourisim in the North likely to be down 15 to 20% on last year , how can asking prices be so high when prices are falling everywhere else.



D.N

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
19/11/2009 16:06

Sounds like that age old Cypriot mentality. If business is flagging - put your prices up !!!



Madness !!!



Paul

macbroom


Joined: 23/01/2009
Posts: 59

Message Posted:
19/11/2009 16:09

Property in TRNC or anywhere else is only worth what someone is willing to pay . Ask to high a price and the SOLD sign will not replace the FOR SALE sign . Simple logic .

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
19/11/2009 17:08

30,000 g doesn't sound high to me irrespective of location and amenities.Ok I don't know what the apartment is like etc or location but try buying something elsewhere in Europe and you will be very lucky to get near that price. Re the Orams case,rather negative on your part,but whatever the outcome Northern C is the place for me.If you don't like it shove off.

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
19/11/2009 17:16

Ossie



I don't think DN is saying that £30k is expensive for an apartment, I think he is stating that people are asking £30k above the original off-plan price. E.g. - what was a £30k apartment is now being touted at £60k.



By the way I originate from the Midlands and am currently looking at buying a couple of investment properties there - the price......£30 - £40k will buy you a 2 bed terraced house (with all amenities connected and clear ownership). Prices are coming down all over Europe



Paul

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
19/11/2009 17:56

Hi Fiendispaul,but have you the weather,the lack of traffic,petrol at 75p a litre,no council tax or what our equivalent is etc.You have to take into account the overall cost of living here.I agree that some people have had to pay far in excess of what they expected but overall I think its cheaper to live here than in the UK.And-----we haven't got Gordon Brown conning us every time he makes a speech. Love it here and wouldn't want to go back to the UK.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
19/11/2009 18:11

Yes, but we do have luxuries in the UK like roads, electricity, water, telephones, the rule of law, lawyers you can trust (in the main) etc etc.

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
19/11/2009 18:34

Until you live here Hector you cannot be critical of our country.We have some very good roads,very few traffic jams due to lack of vehicles,electricity(I'm alright Jack),water(I've got my own well)telephone(most of us have mobiles which are a lot cheaper than in the UK,no comment about the lawyers although I've not had any probs.

Overall its still better than the UK and what used to be a good country to live in but.............things ain't what they used to be!!!!!

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
19/11/2009 18:35

Ossie



In the end people will pay what they think is a fair price. I know a couple of estate agents and the price agreed on sale is normally well below the original asking price.



I don't have any intention of going back to the UK anytime soon (if ever), but I doubt if I will remain here for the rest of my life. The world is a big place and is well worth exploring



Paul

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
19/11/2009 18:37

Ossie are you a cypriot?

Jeannie


Joined: 04/08/2009
Posts: 3283

Message Posted:
19/11/2009 19:00

Dee - message 10 - with a name like Bill Osborn, I would doubt it, although I may be wrong



J



x

bachelibelly


Joined: 04/09/2008
Posts: 275

Message Posted:
19/11/2009 19:29

Like to know where you can buy a 2 bedroom terraced house in the midlands for £30 to £40 K ?

Quarmby


Joined: 15/09/2008
Posts: 975

Message Posted:
19/11/2009 19:30

Having just returned to the UK after living in the TRNC for 10 years I would not return there for anything. For one driving in the UK I feel far more relaxed and safer and when in town I find people just as helpful and friendly as in the TRNC and It is a lot quieter, not kept awake at night with barking dogs, I could go on. UK anytime.

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
19/11/2009 20:45

Point me to those properties for £30-40K and tell me how much needs to be spent on them to make them habitable. 'Im downstairs owuld love to go back and that is about our limit. Oh yes, and please tell me what facilities go with the money? Where would my nearest coffee shop be? And paper shop? and good restaurant?



As to prices here, one must remember that the cost of building materials has risen considerable, but on the other hand a friend of mine had her property valued and was told £105,000 whereas a couple of years ago it would have been £140,000, so I can't see that property is getting dearer. What is the experience of others?



Final point - the estate agents are now asking 6% - obviously they want tokeepup their standard of living, even if the rest of us can't.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
19/11/2009 22:01

Where exactly are these properties for 40k do you need a bullet proof vest to view them ?

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
19/11/2009 23:18

Properties can be bought in Stoke on Trent for this sort of money. Try looking on Rightmove.co.uk . Might need £5k spending on 'selective updating' to coin an estate agents phrase - new kitchen and bathroom to you and me.



MarieB - Stoke is a city made up of several small towns. Unless you live on the green belt, the vast majority of property is no more than 10 minutes from any town centre where you will find cafes, papershops and restaurants galore.



Pipie - Not wishing to sound a snob but these properties aren't necessarily where I would wish to live. However, people who can't afford their own homes need rentals and these sort of properties fill a niche. As I said, these are investment properties not a potential home.



Just as a matter of interest, should you wish to go further afield, the US is a real opportunity with bank repossession 3 bed villas in Florida selling for as little as $80k (£50k). The credit crunch is biting all over the world !!



Paul

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
19/11/2009 23:43

Thanks F.P. Wish I hadn't bought a 'dump' for renovation in Selcuk. Rogue Estate agent has led me a dance and answers none of my questions (and he is a Priest! - yea, really) . So, I would have done better in Stoke - at least I would get rental which I can't for the place in Turkey. Long story, but if I hget my money back (not much chance, but) then I will certainly investigate the area. As you say, not the place to have a home, but it would be the beginning of a foothold back in U.K which 'im downstairs would like.

Thanks for the info.

Problem with Florida is that you can't live there all year, if I am correctg. Only 10 months? Or maybe I have been misinformed, but that sounds tempting too - if only for an inspection !

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
19/11/2009 23:56

Florida is normally 90 days on a standard visa and up to 6 months on a B2 visa. Need a green card if you are going to live and work there all year round.



Paul

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
20/11/2009 00:16

Think MarieB meant that you are only allowed to stay in these places for 10 months of the year, a bit like park homes that they have in the UK.

sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
20/11/2009 00:30

Hi FPaul,i'm currently doing some due diligence on florida property,hoping to get over there to have a snoop around and maybe purchase something in the new year.I totally agree with what your saying about florida,its a great buying opportunity at the moment over there,you can currently buy property over there about a third of what values were 3 yrs ago,i'm toying with getting a lakeside plot,build on it later when things have picked up,13k sterling?? 2 bed condos 25-35k sterling??Finance is difficult at present with 30% deposits,min loans are approx $70k,so if borrowing you need to look at $100k props,Rental yields are 15-25%!! once deposit is paid and property is let it'll wipe its own feet,5-10 yrs time you'll clean up if you sell or have a cheap place in the sun!

marieb, its 99days stay at a time i think,whip over the border to mexico,hotel for a night or 2 then back again!! Or marry a yank!! no,make it mexico on second thoughts. lol x

Oxoners


Joined: 24/01/2008
Posts: 128

Message Posted:
20/11/2009 01:06

We moved to Florida from TRNC just over a year ago, yes property is cheap compared to the UK, and yes lots of foreclosure properties going very cheap. However cost of living is not cheap, so beware, every country has its down falls. We are very glad we made the move, but we had the guarantee of a green card and an income.

sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
20/11/2009 01:29

Thats good to hear,i've been there 3 times and i absolutely love the place,definately want to spend some more time there when the kids have flown the nest.As a bonus,they seem to like us brits too!!

AlexF065


Joined: 07/09/2009
Posts: 271

Message Posted:
20/11/2009 01:53

I guessed it was Stoke -on -Trent

No work for folk needing to gain employment and dilapidated 2 bed terrace with lots of upgrading needed that's what you will get and they are as a rule auctioned once a month at the festival park John B Butters

also an agent called Reed's rain sell some of them as well

once done up they can fetch 50 -60K

if they are near the university campus and hospital you can get a good rent as its per room and the front room is made into a bed /study room. with slight alterations to make an internal hall if needed



•Lot 49

•Mid Terraced House

•Convenient For Hanley

•Two Bedrooms

•Gas Central Heating

•Guide Price £30,000 Plus

•Auction 30th Nov. 2009

•Apply Hanley Office



There you go its exactly as te gent stated

taraspring


Joined: 25/01/2009
Posts: 571

Message Posted:
20/11/2009 02:38

The green card is a must in the US if you are gonna settle there. Otherwise you are messing around (like TRNC) going to turkey and the like. The US want to encourage migrant workers (green card). Unlike TRNC who dont!

taraspring


Joined: 25/01/2009
Posts: 571

Message Posted:
20/11/2009 02:43

Alex. Have you been to Hanley?

Really don't bother.

I got lost there once.

£30K is more than I would give anyone for a house there.

Dire! Burnt out cars, windows boarded up.

Glad tio get out alive.

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
20/11/2009 09:32

Hi Tara



I am afraid that your experience is the reality of a lot of the UK's inner cities. That said, when was the last time that you were back in Stoke ?? The place is/has had millions spent on it in the past few years and is still subject to ongoing regeneration. I was back there only a couple of months ago and was looking at properties in areas that I would never have considered a year previously. Stoke, Burslem, Tunstall et al, all have had significant investment and are much the better for it.



Anyway, the reason that I mentioned Stoke in the first place was to demonstrate that North Cyprus is not the only place in Europe that you can get a cheap house. I hope that I haven't dragged the posts away from the original thread too much ;-)



Paul

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
20/11/2009 09:39

Sporty



Yep, I am keeping a close eye on the Florida situation. Again it would be as an investment and intention would be to long term rent the property(s). If you do go over in the New Year, I would be really interested to hear your views.



Regards



Paul

sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
20/11/2009 09:57

hi Fpaul, yep,no worries,i'm guessing its still not going to recover too much over the next 12-18 months so i've got plenty of time but i'm hoping to get over there before easter,could be earlier so i'll let you know,no probs.

Bikerboy



Joined: 10/09/2009
Posts: 111

Message Posted:
20/11/2009 09:59

I used to own a villa in Linfields 5 mins from Disney about 10 years ago, got sick of sending money over to kkep it afloat as the rentals went down and down as the market got saturated.



Ended up selling at the same money i paid for it, great investment, dont beleive you can just pop over the border to renew your visa its absoloutely rubbish.



Next place to go has to be Indonesia if you want cheap prices and a cheap std of living, and no im not an estate agent

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
20/11/2009 10:28

Indonesia - great if you can stand the equatorial humidity - the risk of ending up with deep tropical sores is high for a white man - hard to get rid of, too!

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
20/11/2009 11:08

Quarmby I had no idea you were leaving and I understand and sympathise with your reasons..if anything will make me leave here for good it is the dog situation, take care and be happy you are home xx

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
20/11/2009 11:10

Jeannie I didnt look at his profile lol, I jst assumed that when he said 'our country' he was a cypriot. silly me

AlexF065


Joined: 07/09/2009
Posts: 271

Message Posted:
20/11/2009 16:40

I would have thought Thiland was the next investment hot spot

sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
20/11/2009 17:22

Bikerboy,mesg.29. Hi,i know where your coming from,i bought my car off a guy who owned a holiday rental villa near disney,same thing,always sending money over! He even found out that the rental agent had been letting it out and pocketing the cash and not informing him of lettings!! I'm probably after a property in a strong local commuity that is not reliant on Disney etc,to be let out long term to a resident that lives and works locally. Looking at Tampa Bay area/St.Petersburg or Naples etc.Either that or a plot somewhere near a lake to build on in a year or 2. Although the holiday rentals would be fairly good for Disney in my due diligence,the properties take a hammering through use,you would always be shelling out on decoration and furniture replacement etc,etc.IMO its a way of making money for the rental agents and maintenance companies!

apples


Joined: 10/11/2009
Posts: 43

Message Posted:
20/11/2009 17:56

DN, you state likely negative outcome of the Oram case, have you heard anything we haven't

apples


Joined: 10/11/2009
Posts: 43

Message Posted:
20/11/2009 18:00

ps re message 7 Hector, why don't you just stay in the UK if its so good

measey


Joined: 07/02/2009
Posts: 1037

Message Posted:
20/11/2009 20:10

hector.



ever thought of being a mentor.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
20/11/2009 22:14

Oh dear, have I hit a raw nerve?

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
21/11/2009 13:44

Think you must have ,as I see you get a mention on my thread about Cyprus 44 Problem .In response to Dashings problems of logging on we are told look out for you.Are you a GC sympathiser stopping dashing logging on to property sites on Cyp 44.I think we should be told,now that Measey has outed you.