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Post by Carol on Jan 23, 2009 10:08:26 GMT 1
We've just had a house owner raise the asking price by 45%! He says he is not in a hurry to sell....
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Post by indianalindsay on Jan 23, 2009 10:43:23 GMT 1
Given the property price deflation...... and then waiting for the market to recover.........I would say 8-10 years ;D
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Post by galant on Jan 23, 2009 10:48:28 GMT 1
yeah, i can believe it. Typical behaviour.
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Post by Ribaric on Jan 23, 2009 11:33:21 GMT 1
Last month we tracked down a property (advertised on a website) and arrived to view it. The E75k price tag was wrong we were told, it should have been E150k. He wasn't in a hurry either, just as well really.
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Post by balkanbabe on Jan 23, 2009 11:58:15 GMT 1
Those aren't serious sellers and your doing yourself a disservice by taking them seriously.
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Post by balkanbabe on Jan 23, 2009 14:49:09 GMT 1
Well done. That'll teach them to waste people's time.
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sksk
Junior Member
Posts: 12
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Post by sksk on Jan 23, 2009 16:06:02 GMT 1
Carol,
You must know the market as well as anyone these days. How much have home prices fallen on the coast year over year? And how much lower do you expect them to decline?
Also, are you seeing many non-Croatians selling their properties off? Say, for example, an owner from London who suddenly feels financially insecure and needs to sell. If yes, these are the sellers that I would be looking for: the British/American/Canadian/German/Austrian who bought 5-10 years ago, fixed up the place and now wishes to sell because, financially, they are no longer as wealthy as they once were. These folks understand property markets and will actually put their properties for sale at market prices. And their properties should have good title (after all, they already went through the buying/title nightmare).
That's my ideal seller. Beats buying from a Croatian whose property has dubious title and who has put a fantasy price on his family's crumbling stone house.
--SK
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Post by Carol on Jan 23, 2009 16:30:23 GMT 1
It is difficult to answer the question about how much property prices have fallen because all that really counts is what people will pay for them, not how much they are advertised at or what the sellers would like. Unfotunately the market is too thin to say what the average level is but my gut feeling is that the only buyers out there are the bargain hunters so relatively expensive properties won't be going anywhere.
In November I looked through our entire stock (300+ properties) and we counted about 80 which had been reduced. Some of them were proper reductions, making them what i think is well priced / cheap whereas in other cases the owner was simply asking for 10000 € less than the previously inflated price they had set. However in December we saw several good properties come back on the market which we were told had been sold in the summer. Each time it seemed to be the same story... the buyer had agreed a purchase price and paid a deposit, signed a pre-contract etc but with the sale due by the end of the year, they just couldn't get their hands on the money to pay the balance so they had to withdraw, sometimes losing their deposit. Then this month (January) we started the new year with a lot of mark downs e.g. 55000 reduced to 40,000 (we even had one property which dropped the price 50%). Sometimes it was because of the weak pound meaning that British sellers could drop their euro prices by 30% but still get the same amount of pounds. Other times it was just the owner deciding to sell rather than merely advertise. Most owners though seem to want to wait it out. They don't need to sell to move to a new house so they are in no hurry and they won't drop their prices (they'll just complain about useless agents instead).
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Post by Ribaric on Jan 23, 2009 17:43:15 GMT 1
I don't have Carol's level of insight but I have been keeping close eye on things for about three years. Carol's comment (above) seems to the case around these parts, that and people asking three time too much and then dropping the price from the sublime to the plain rediculous. Stagnant is the word I'd use.
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Post by janjohansen on Jan 23, 2009 18:07:32 GMT 1
We've been told that one of our neighbours has just sold his property of roughly 200 m2 for 500.000 Euros to some Russian, perhaps there's no more room in Montenegro. Believe it or not, it's unfurnished and only the ground floor is completed with lots of work to do on the 1st floor. The work that has been done and the position is excellent but in today's market I wouldn't have paid a cent over 300.000 Euros. So for those of you who har considering selling your property, look to the east.
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Post by ray51 on Jan 23, 2009 22:42:38 GMT 1
As in : absent from any brain/logic influences , d'ya mean ?
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Post by darcy on Jan 24, 2009 1:18:26 GMT 1
Of course I can believe it!
I just today received an email from an architect (I asked for a quote for their service) to help me to improve my property before sale. They said they will send me a quote if I pay 660 KN for the quote preparation (I did not know why, there was nothing particulary difficult, just - this is what I want to do, can you help me and how much). They said that was for reading 3 of my emails and visiting the house.
Now they probably expect from me to do business with them.
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Post by Ribaric on Jan 24, 2009 9:48:55 GMT 1
Ray, I can never tell if you are being rhetorical. I meant that the market is stagnant, nothing moving. As for the bulk of sellers, I think it's a simple case of free advertising so why not try it on? Some idiot may happen by and fall in love with my concrete bunker. Nothing to lose.
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Post by ray51 on Jan 24, 2009 10:15:14 GMT 1
How many genuine , motivated sellers are there , out there , nowadays ? We used to say , in my SethEffriken days , that the real reasons for sale , like Divorce , Death , Distress , Foreclosure , Emigration , Insolvency etc were those where a realistic , solid offer would be accaptable ; and that no estate agent worth their salt should waste their time and advertising budget on unmotivated vendors... ...different times, different circumstances , I suppose ?
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Post by ray51 on Jan 24, 2009 10:49:47 GMT 1
Then again : I am reminded that there are tens of thousands of really motivated sellers , on the Spanish Costas , where the prices are undergoing some v. serious correctons currently ; yet , many are lucky if they achieve an odd qualified viewing monthly and any serious offers are mostly conspicious , by their absences... ...could suchlike happen in Zagreb , or in Dalmacija ?
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