Tenerife forum

[boredinscotland]

recently enquired about a proprty advertised at 132,225 euros, agents got back to me and quoted 177,000 euros ???????????? not wanting to name them but that really is truely amazing why can't they just be bloody honest with you!!!! then they wonder how they get a bad name

[Loaded]

Is there such thing as an honest estate agent, I have only ever found 1 in Tenerife and that's Freddy at Los Cristianos Properties.

[boredinscotland]

good question Loaded, are any of them honest, they all tell you everything sells but how come 1 year later the same property is still on the market??? it looks like the property market is stagnante and rather worrying as to actually put your hard earned cash into it or not , buying to let in UK and renting in tenerife could be the answer, we won't be put off by so called people on your side, the reef is still where we want to be

[Loaded]

The reason it's so stagnant is that the people selling their property have such an inflated idea of what it's actually worth. For example here on Paloma Beach the 1 beds I would say are worth 95,000 to 105,000 pounds but are on the market for anything from 117,000 to 125,000.

They won't sell.

[boredinscotland]

is it the people selling or the estate agents that think their property is worth so much?? we rented in Mareverde last summer and that was for sale, great situation on complex but electricity got switched off in the whole complex for unpaid bills and the pools got closed for 4 days due to contaminated water and the asking price was crazy money, property here in UK is better value for your money BUT there is no SUN

[Sarah]

Mareverde is not a good complex according to reviews I have read. You need to get on a good complex but that costs. Have you been looking in places other than LA or LC you get better value for money just a few miles away.

[boredinscotland]

mareverde is a complex with LOTS of problems, anyone who is thinking of buying there should do a lot of thinking, We have only been looking at PDLA and LC as we plan to start a buisness in property maintanence/managment as that is what we do here and want to be close to keep an eye on what is going on.

[Loaded]

out of town might be better value for money but the income on rental will be much worse.

[djpvjc]

The second time I went to PDLA (approx 8 years ago) I stayed at Mareverde, we thought it was in decline then. We changed apartments once because we did not like the initial one. Its a shame because the complex was set out well, and the location was good.

I guess that the maintenance paid by each of the owners was not enough to keep the complex as it should be. Perhaps this is something we should all look out for when looking for our potential apartments. Its all well and good looking for something that is cheap to own, but it may be detrimental to it value when you want to sell.

As far as the pricing of apartments is concerned I think Estate Agents will always push for a higher price. If an apartment sells at (lets take loaded's example) 105,000, the next time one comes up they will say 110 or 115 thousand. This is especially so in a rising market.

I must admit I still a bit worried about Pico Viejo, from what I have read its been a bit unhappy for the last couple of years. That could be one sure thing to make the value of property plummet on Tenerife. Does anyone have any comments on that?

[rob]

Take a look at the topography for the island and you'll see that the likelyhood of the main tourist areas getting hit is extremely small
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[Loaded]

Yeah volcanos aren't gonna reach Los Cris or Las Americas. I've not heard any main stream press panic over it.

I know estate agents put some money on top but 25 grand over the realistic price is tearing the arse a bit

[boredinscotland]

SPOT ON LOADED!!! they are ripping the arse out of it.You look around the property market and you see shitholes going for top dollar and 1 year later surprise surprise they haven't sold and the agents tell you it's booming, people will only pay what they are worth

[rob]

Throwing in my little bit....We deal with estate agents and private vendors, the majority of owners ask for too much for their properties and unfortunately too many agents will take them anyway just to bulk out their portfolios and hope that after a few months the owners will see sense and reduce the price. The better agents will not take on overpriced property although sometimes they will try to get a LITTLE more than market value if the client insists, no problem you can't blame them for trying on behalf of the client. Most agents will admit privately that about one third of their portfolio is priced at a reasonable market value. On behalf of all agents many 'buyers' are time wasters or don't state the true facts when looking for properties, they ask for a detached 'villa' with sea views etc etc but in the end have say... 10,000 to spend and want the rest on a mortgage of 500 a month. Just watch any agents' office on a cloudy day!!!
Take it from me that the professional agents are selling a little less in terms of numbers but that the value of the average property is going up so the good ones are earning. Good property prices are on the rise. Older tattier places are getting a little more difficult to sell.
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[Loaded]

you're mostly right Rob, but a lot of the time the owners are guided by what the estate agents tell them - after all, they're meant to be the "experts" - unfortunatley this is Tenerife and experts are few and far between.

[rob]

quite true....apart from you and I
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