Property prices in Carvoeiro down!!!!!!!!! ????

[Gary/Gaynor]

BSJ

Suggest you plant some moneymaker tomatoes hey preto recession over

Gary

[tricky]

remember, we are in a pre-boom

[SJ & RE]

money maker tomeyatoes and pre boom, well away to get somewhere at last

[shanagarry]

I am following 5 properties for sale in and around Cvo, an exercise I started in October 2006. When I started the prices ranged from €485,000 to €950,000 - they now range in price from €625,000 to €1.3M.Its clear to see the reason they haven't sold but what surprises me more is that the same agent has and still has 3 of the properties in his window and on his website.

The most expensive property increases in price every 6 months -it is a new house (it was 3 years ago)and has never been occupied. When it was built along with 3 others, it enjoyed a good view in a good location. Now it is hemmed in on all sides with a resort in front and behind it - unless the owner knows something the rest of us don't, it can only end in tears.

When I speak to the agents involved I am told repeatedly that the market will come back and those who hold their nerve will prosper. They further suggest that as the vendors are not in a hurry to sell, the right deal will present itself, eventually. As nothing has changed, apart from the prices, in the past 3 years, isn't it apparent to those who are waiting for the call that they have the wrong strategy or as is likely, they don't need to sell.

If all the economic indicators are right - it is going to be some considerable time before the market gets back to a sensible level, let alone grows - what happens in the meantime?

Interesting conundrum

[widge]

I guess these unfortunate sellers are benefitting from the extremely low interest rates which makes the cost of debt manageable. Perhaps they'll have to act if interest rates rise - paradoxically this is when buyers might be in even shorter supply?

[tricky]

I think I know the house you are refering to shangarry. Its opp Monte Santo.
Its so overpriced isn't it. When we went round it, I was amazed at how open it was at the back, totally overlooked by other properties and i noticed the kitchen, whilst large was built with cheap units. Also strangly enough in the downstairs bathroom there was a room that you had to walk through the bathroom to get too (designed by a man i thought)
If I could afford 1m +, I would want a villa down a long lane where I could strut my stuff around my pool with nobody to watch.

[Bruce Wallis]

If I could afford 1m +, I would want a villa down a long lane where I could strut my stuff around my pool with nobody to watch.

I did invite you to come and strut your stuff around MY pool

[shanagarry]

We have looked at the first one on the left - which avoids being overlooked. I know the one you are referring to and with the new development in Solferias looking straight into it - it must have knocked a large fortune off its value.

[EMM]

Still on the market at 1.2million Euros, probably given the development around them worth 800k.

[shanagarry]

Spot-on but the developer isn't having any of it. Now that we all know who it is we're talking about - the irony is that the house in the bottom right-hand corner as you look into the cul-de-sac is his own - the one straight in front (with the steps up to the front door) and next to his has remained unsold for 4 years - the next one is his Sister's and the remaining one (that we were interested in) has also remained unsold for 4 years.

In that time the asking price has risen 30% and in reality he hasn't sold any of them - as I suspect his sister has 'engineered' a deal.

[Sandy]

Kteee - do you know how much Borboleta is on sale for? (a much more substantial property around the corner).

[kteee]

somewhere between 1.5 and 2 million at a guess, but I don't know for sure - and it is an established business too!

(sorry just saw your post, haven't been on the forum for the past week!)

[roseseeds]

Hopefully a lot of accept bought in the Algarve because they adulation the abode if its just for investment purposes I feel you may end up disappointed. Anyway we should all be airy Gordon Brown has said he is advance in all our futures.

_________________
Silk flowers

[shanagarry]

What's all that last post about?????????????

[Lesley Jean]

Spam I think