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Post by davidduty on Aug 1, 2005 17:58:15 GMT 1
I live in Florida in the USA and have been hit buy two hurricanes in less than a year. So, we are moving and are considering Croatia on the coast somewhere.
We can take about $200,000 to US$250,000 in equity out of our home here.
The question is, can we buy anything with water view that would be worth living in for this amount. If not could we buy something a little more expensive like about 250K to 300K Euro and get a bank loan for the difference.
Oour home in FL seems large by comparision I guess, it's about 300 SM or 3,000 SF. How large a home could we get on the coast for say $200K Euros?
I work out of my home (Internet business) and also do seminars in the USA and Europe as well as trade commodities, so I don't need to find a "job" there.
Can anyone who lives there shed some light on buying something there? We can live most anywhere. I head that Hwvar is very expensive but that Korcula is cheaper.
My wife and step-daughter just spend two weeks in Umag and loved it. I'm going over for two or three weeks later this year.
Thanks for taking the time to read this and even more so it you post a reply.
Thanks, David
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Post by Ribaric on Aug 2, 2005 13:28:51 GMT 1
Hi David, As a former resident of Levi county (Cedar Key) I think you're going to need to make a mental adjustment regarding property size. A 150 SM house with a view of the Adriatic, in reasonable condition, will take all your money - in my limited experience. Nowhere matches the USA for property size and condition versus value. I am not an expert on the entire coast but I know Istria to a reasonable degree. If you ditch the sea-view aspect then you can certainly get much more for your money. You'll also need to be careful about location if you need any kind of broadband hook-up. I'm sure others will come in to advise you. Good hunting
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Post by z00ey on Aug 2, 2005 23:49:32 GMT 1
top property goes up from 2k €/msq, so don't count on a very large estate. you have to know that houses in croatia are built of stone (if old) or plastered masonry (new), rather than boards as in the us, so this raises the cost...
both korcula and hvar are nice, there are a lot of places on hvar that are not so expensive if you go out of the town of hvar. anyway, most properties on the islands tend to have some waterview, even if you consider property that is 3-4km from the sea, as the islands are hilly and the old villages are usually mounted on slopes or even on top of hills...
old stone houses, or complexes of houses, are probably the best buy. you need to invest in the reconstruction, of course, but at the end you could have a beautiful estate cut to your liking.
broadband will arrive soon to the country, as the monopoly of t-com is nearing the end... even in these couple of years they already changed their (non-)policy towards the needs in internet customers
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huegus
Full Member
The heaven of earth is located in Split
Posts: 51
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Post by huegus on Aug 3, 2005 7:42:20 GMT 1
You should know too, build a new house is temporaly not possible. At the moment, Croatia is doing a regional planning procedure. Yesterday i've been in real estate office, this procidure will be over till end of this year.. And David, i remembered your post, and asked, what you can do with your money here in Croatia. Alot... I saw an object with field 700 qms, house (not sure) with 250 qm on Brac for 180000 €, (appr 210000 $). I you like, i would forward you to meet my friends there and ask for details.
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Post by elaine on Aug 10, 2005 9:21:05 GMT 1
Als - you're obviously having a bad day!! Sit back, take a deep breath and think of ...... curry!
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Sue
Full Member
Posts: 47
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Post by Sue on Aug 10, 2005 11:56:30 GMT 1
Hi David, we have a very nice 100 m2 apt, built to a north american standard, 3 bed, 3 shower rooms, 15 min walk to resort 300m from sea, clean title 120k euros send message if you would like more info
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Post by barbaJere on Aug 30, 2005 6:21:40 GMT 1
i just bought a old stone house that needs renovation for 30 000 eu. its 2 floors of 62 square m. It does not have a sea view but sea is near by.
i plan to invest same amount of money in it for renovation....
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andym
Junior Member
Posts: 16
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Post by andym on Aug 30, 2005 16:44:59 GMT 1
All the info you need is here www.croatia-holidayandhome.co.uk/home.htmlI can personally recommend the book too. i've just bought in Vodice north of Split next to all the national parks, and one the coast - just gorgeous Enjoy
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Post by mambo on Sept 4, 2005 3:05:11 GMT 1
When I see a price of 130,000 to 140,000 euro for a ruin with some agricultural land, no water and no electricity I can only smile.
The idiot who will be buying those kinds of houses is ready for the lunatic asylum.
Another nice one was the 200,000 euro for a ruin consisting of '2' houses (2 ruins) and a total of 580 m2 ! In that case we are talking almost 400 euro/m2 and it is still a ruin. In Curacao (Caribbean) you can buy a finished house for 400 euro/m2 !
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Post by mambo on Sept 4, 2005 3:14:01 GMT 1
Although many will try to tell you differently, land for building (urbanisation) can still be bought between 5 and 15 euro if you are not on the coast in Istria and ...............if you are not a foreigner (then the price will jump automatically to 30 - 40 euro/m2. So if you want to buy land................hire a Croatian, tell him you know the prices and let him buy the land only to change the name at the last moment. It can save you a ton of money.
Example
I was looking at 2000 m2 around the area Pazin - Zminj. They were asking me 35 euro/m2. One month later I sent a Croatian woman, with a child in an old car to the same owner. Price ? 15 euro/m2, but he has one buyer with an option, he is going to call soon to let her know what the buyer did.
And that my friends is the sad truth. Foreigners come to this country, don't check any prices, just compare what they would be paying at home and then buy in a state of delusion. These are the people who drive the prices up and who keep the bubble alive. I wonder how long that bubble is going to last, because at those prices there is no decent return on money to be made.
Normally the price should be 12 to 14 times the rent. Here houses are doing extremely well if they bring in 3000 euro during the season. That would bring the price to 42,000 euro maximum, but the houses are selling for 120,000 - 150,000 euro. You don't need to be a wizard to figure out that somebody is going to be unhappy.
Question becomes then, what will they do with the house ?
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Post by quest on Sept 4, 2005 22:25:56 GMT 1
If people don't need the money fast, they can wait for the rich foreigner who is ready to pay the price they ask. Take it or leave it.
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Post by barbaJere on Sept 7, 2005 7:09:26 GMT 1
When I see a price of 130,000 to 140,000 euro for a ruin with some agricultural land, no water and no electricity I can only smile. The idiot who will be buying those kinds of houses is ready for the lunatic asylum. Another nice one was the 200,000 euro for a ruin consisting of '2' houses (2 ruins) and a total of 580 m2 ! In that case we are talking almost 400 euro/m2 and it is still a ruin. In Curacao (Caribbean) you can buy a finished house for 400 euro/m2 ! I know a place in India finnished for 10 000 US U can buy also i Thailand for 20 000 US U can buy cheap cheap appartments on Black sea in Bulgaria. Its just idiotic to compare Croatia with carribian.
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Post by barbaJere on Sept 7, 2005 7:11:05 GMT 1
Are u buying property in Croatia to make a lot of money and then resell it or to stay in it and enjoy it? Im just wondering about the motives.
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croam
Full Member
Posts: 71
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Post by croam on Sept 7, 2005 7:46:56 GMT 1
so your pissed off that the people selling the property to you are making out and its eating into your "potential" profit making scheme. Hmmmmnnnn.... I agree you can't compare croatia to other places. If you want investment property...then Buy it knowing you will have to sit on it for 5-10 years to sell it at a profit. Buying and then renting out is going to be a big pain in the ass and not worthwhile. If you want to invest in realestate do it the right way. Buy low, sell high. And yeah, get your croatian friends to do it. Or be a business man and tell them how its going to be. That situation with the lady and kid in the car getting it for half the price?? if he was willing to take that lower price from her he'll take it from you. Its pure logic. Offer him cash or wire transfer right away...or you walk. Big deal. Like he's got the last piece of land. Get a friend to buy it. And live in it. You wanted to cash in on the realestate goldmine there? Should have bought during the war.
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Post by ghostwriter on Sept 7, 2005 8:39:14 GMT 1
so your pissed off that the people selling the property to you are making out and its eating into your "potential" profit making scheme. Hmmmmnnnn.... I agree you can't compare croatia to other places. If you want investment property...then Buy it knowing you will have to sit on it for 5-10 years to sell it at a profit. Buying and then renting out is going to be a big pain in the ass and not worthwhile. If you want to invest in realestate do it the right way. Buy low, sell high. And yeah, get your croatian friends to do it. Or be a business man and tell them how its going to be. That situation with the lady and kid in the car getting it for half the price?? if he was willing to take that lower price from her he'll take it from you. Its pure logic. Offer him cash or wire transfer right away...or you walk. Big deal. Like he's got the last piece of land. Get a friend to buy it. And live in it. You wanted to cash in on the realestate goldmine there? Should have bought during the war. ;D
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