Costa del Sol bargain hunting

Rumour has it that the Costa del Sol is one big summer sale right now, 50% off, buy one get one free, but we’re not talking rails of marked-down clothing, but bricks and mortar. Whilst the rumours are a little sketchy and it’s not quite a bargain hunters’ paradise, there are indeed some good deals to be found in today’s cool property market. But for every good deal there are a dozen turkeys - it pays to be very selective.

Adam Gale, Managing Director of Duchy Estates offers some advice, “A lot of the so-called bargains are being off-loaded at rock bottom prices because they’re poor quality in poor locations. This kind of deal is no use to man nor beast and you’d do well to steer clear. It pays to spend some time sifting through what’s available, be selective and remember that cheap isn’t always cheerful – you’re better off having 300,000 euros-worth of gold than 100,000 euros-worth of rubbish.”

Tapping into the knowledge of an established estate agent based on the ground is one way of taking the gamble out of lucrative bargain hunting. Quick to spot the wood for the trees, an agent can also find out the motives for selling and if the vendor has a genuine change of personal or financial circumstances and desperately needs to make a swift exit, you could really take advantage. These have been termed ‘distressed’ sales.

Many distressed sales represent the fall-out from rogue traders in the industry who oversold, over promised and overstretched unsuspecting house hunters. Keen to get just one sunshine holiday home, some greedy unscrupulous agents twisted their arms into buying two or three with the idea that the profits from selling before completion could fund the first. It worked to a point, the point when the boom ended and an oversupply of stock made it incredibly difficult to sell. People own homes that they never intended to even take the keys for and many cannot afford to keep up mortgage repayments on multiple units.

Only last week did Duchy Estates handle the sale of a three bedroom apartment in a high quality apartment complex within the sought-after resort of Los Arqueros. The list price was a fair 350,000 euros but with Duchy Estates’ negotiations and efforts the vendor finally settled for 255,000 euros including the furniture. Now this is a bargain, the right property, the right location, the right price, and in a few years time the new owner will undoubtedly reap the returns.

DEA1014, Apartment in Los Flamingos
Attractively furnished two bedroom two bathroom apartment within a modern high quality development set on the fringes of Los Flamingos Golf. Occupying the ground floor with views of the community pool and landscaped gardens, the 92m² property has hot and cold air conditioning plus satellite television.
Reduced from 350,000 euros to 259,000 euros – a reduction of 91,000 euros.

DEA1113, Penthouse on the New Golden Mile
Vast 160m² three bedroom three bathroom duplex penthouse in one of Marbella’s finest gated beachfront resorts. With several terraces all offering commanding Mediterranean Sea views, the property has direct beach access as well as a host of on-site facilities including two outdoor pools, one indoor heated pool, a gymnasium and sauna. Luxuriously appointed including underfloor heating in bathrooms and ADSL.
Price reduced from 750,000 euros to 630,000 euros which is a reduction of 120,000 euros. Official bank valuation is 750,000 euros.

For more information, visit duchyestates.co.uk.