Cheap apartments for sale in Cala Magrana Mallorca

Attached is the latest aerial photo of Cala Magrana III taken on the 18th of October 2011. The excavation of building 1 has finished and the crane is now up and working. To the left you can see Cala Magrana II and just behind to the right Cala Magrana I.

The first 2 reservations will probably come through by the end of next week. These clients are pending to inspect the new show home at Cala Anguila which will be finished, furnished and decorated on the 02nd of November. As the design, floor plans and size are identical to Cala Magrana III we will use this apartment for client presentations. Cala Magrana III is located 1 km from the Cala Anguila development.

We now have 4 ground floor apartments remaining in Cala Anguila with prices starting from 227.000€ + VAT the hand over date has been brought forward to the 15th of September 2012. Prices at Cala Magrana III start from 220.000€ + VAT with sea views.

For other articles regarding property in the Cala Magrana, Porto Cristo and Cala Anguila area click on this link.

If you require any information please call or email me at any time.

Sineu Finca for sale

Originally marketed at just under 800,000€ this lovely traditional Mallorca country house is now being offered at only 550,000€ with “all serious offers” being considered! Whether you look at it on a € per m2 basis or just what you can buy for the same money, this is a very interesting proposition either as a holiday home / rental investment or a full time family home in the heart of Mallorca

The agency details read:

Beautiful two storey family home with swimming pool. Extensive open views, . Lots of original features, beamed ceilings throughout and all doors/wardrobes individually made to maintain mallorquín character. Grand entrance hall/dining room, large sitting room with wood-burning stove, two kitchens and utility room. Five bedrooms, two opening onto large terrace, two bathrooms- (one ensuite )and downstairs w. c. Double glazing, central heating, mains electricity and water supply from private well Large workshop with pool pump room and cellar below. Possibility of extending accomodation . Close rail

Central Mallorca Fincas for sale

link. VIEWING STRONGLY RECOMMENDED. Price negotiable , all serious offers considered and payment in Sterling accepted 

For additional details see – Sineu finca for sale

Alcudia finca for sale

This property was originally marketed at 795,000€ but at the new price of 550,000€ “negotiable” for a quick sale offers, in my mind very fair value and is one of the best options available in North Mallorca for someone looking for a medium sized rural property suitable as a main home or for holidays / rentals.

The agency details can be found here - Alcudia Houses For Sale and read as follows:

Lovely reduced price finca for sale in Alcudia. Only a stones throw from the village and access to all amenities the property is perfectly located to enjoy the tranquility and space of a rural property but proximity to cafes and restaurants, the beaches and all other facilities you would want from a full time or holiday home.
If you are looking for rental potential look no further, and at the reduced price of 550,000€ and “open to offers” this property offers buyers good value

houses for sale in Alcudia

For more information contact David Novi

Mallorca Luxury Property

Why use David Novi as your sole exclusive partner for your property search in Mallorca? David is, and will be, your local partner who, applying his extensive market knowledge and over 25 years of experience as a senior Chartered Surveyor and Valuer, acting exclusively in your interest. By contracting David to be your sole exclusive partner for your Mallorca property search you will save a huge amount of time, access properties from throughout the market (from all agents, web portals, newspapers, off market / word and mouth etc) and all with the comfort of knowing you have appointed a knowlegable local partnerwho represents YOUR interests.

Luxury Mallorca living

With his excellent knowledge of the market he will access on your behalf the widest range of appropriate properties that match your search criteria. Not only will you access ALL property available on the market, David will also use his market knowledge as a Chartered Surveyor and Valuer to assess where the best value lies and what is the right value / price for any property that might be of interest to you. In this way you will buy at the best possible price.

In other words you get:

· A huge time saving and avoid the high pressure sales techniques of multiple Estate Agents all trying to sell “their” properties
· A reliable, experienced and professionally qualified Mallorca property market expert acting on your behalf
· A full overview of the market both in terms of market conditions and access to properties throughout the Island
· Access to all properties available on the market and with David’s Premium Property Finding Service, a search “on the ground” opening up off market opportunities and those offered by individuals / private sellers.
· Qualified consultation with a well respected lawyer to assist with all aspects of the legal due diligence process
·A free building survey from another independent Charterded Building Surveyor (fully refunded upon purchase of a property)

Luxury villas in Mallorca

David offers 2 Property Finding Services:

• Standard Property Finding Service – For clients that want David to act on their behalf regarding a property search and on the whole have a clear idea of what they want and, in particular, the area / town where they want to buy. The service comes at no cost to you the buyer as David’s fees are covered by the owner or the owners agent of the eventual property purchased. Against a defined brief he will approach local agents and developers, as well as trawling through newspapers and web sites dedicated to local sales and used by private owners. From these he will put together a very wide selection of options for your consideration. A short list will be drawn up and fully accompanied viewings arranged. David will provide independent advise as to the options including all important market and valuation opinion to help inform your decisions and assist negotiations. This is a “one stop shop” approach for clients that do not want to be “accosted” by lots of different agents all trying to sell “their” properties while at the same time benefiting from the support of a Chartered Surveyors and professional valuer.
• Premium Property Finding Service – Similar to the Standard Service but with some important key additions, including that David will search, in addition, “on the ground”, visiting areas short listed trying to unearth properties that are only marketed privately, or in a very low key way, or that may not be officially on the market but come to him through “word and mouth” enquires. Furthermore, where clients are unsure as to where they might want to locate David can arrange fully accompanied ”area viewing trips”, where he will join you to look a different areas, so you get a first hand feel of whether they are right for your new home and thus a subsequent in depth property search. With this service David is paid by you the buyer although invariably the fee is covered many times over by the savings achieved in negotiating the best price without taking account of the time savings to you the client associated with all aspects of this Service.The fee comes in 2 parts, a Retainer to cover the footwork on site and any area viewing trips and a Finders Fee on successful purchase.

Luxury rural property in Mallorca

For a Question and Answer session about David’s Premium Property Finding service see Mallorca Property Finders

Contact David for more information

If you want to stay abreast of what is happening with the Mallorca property market why not follow David’s Mallorca Property Market Blog and get automatic updates?

Pollensa finca for sale

I am pleased to have come across another appropriately priced Mallorca property for sale, this time just outside Pollensa.

This 5 bedroom property, capable for sleeping 10 people and thus an ideal rental investment is priced at only 460,000€ an almost unheard of price for Pollensa and certainly a very interesting investment option.

The agency details can be found on the link below but the key features are it’s rural setting only minutes walk from the delightful and sought after market town of Pollensa, over 4,000m2 of gardens, large pool, a main house with 3 double bedrooms and a pool / guest house with 2 further double bedrooms. (for pictures and more information see Pollensa houses for sale)

This will sell fast as did the last “bargain” property I highlighted in Pollensa! (see houses for sale in Pollensa)

houses for sale in Pollensa

Contact me for more information

See this link for another interesting Pollensa house for sale

Cala Magrana Apartments for sale

Following on from a series of very successful developments throughout Mallorca I am very pleased to see that one of my favourite developers (generally very good quality – price relationship) have released in new project, near Porto Cristo, in Cala Magrana.

This development of 2 bed, 2 bath apartments is located close to Cala Anguila beach and many of the apartments, including all those in first phase, will enjoy lovely sea views. Enjoying a tranquil location yet within easy access of the beautiful Port of Porto Cristo, these will be perfect holiday homes or rental investments.

The agency details can be found here – Porto Cristo Apartments Mallorca

More specifically they read as follows:

Porto Cristo apartments for sale

New apartments for sale in Cala Magrana with beautiful sea views! There is a direct access to the sea which can be used on calm days and the Cala Anguila beach is in 500 metres distance.

· The 1st phase of Cala Magrana III will consist of 21 two bedroom apartments with impressive sea views, each property has a allocated exterior parking space, communal gardens and swimming pool.

Building 1 : 15 apartments
Block 2 : 6 apartments

· Phase I will be completed in December 2012

· Building specifications available on request

· Payment terms :

Reservation deposit : 6000€ + VAT
Private contract – 4 weeks after reservation : 25% + VAT
Balance on legal completion

· Prices from 220.000€ + VAT

Contact me for further information or regarding these other similar developments:

Apartments for sale in Puerto Pollensa

Apartments for sale in Cala Anguilla near Porto Cristo

Town houses for sale in Camp de Mar near Andratx 

Distressed property sales in Spain

If I could count the number of enquires I get for “bank default / repossession property”, and I had converted even just a few of those into sales, I would be a very rich man! So what has gone wrong? It could be said that I have never tried to concentrate on this market, which is true, but my response is that, at least in Mallorca, it became quickly apparent to me that these so called bargains were nothing of the sort. Now I see other people are beginning to come to the same realisation and that just perhaps what we are witnessing is little more than a con by the banks, using this market obsession for a “bargain”, to miss sell their repossessed properties and to boot, building up a new portfolio of clients for their ancillary products – mortgages, insurance policies etc.

So what is the reality? First and foremost it is clear that the majority of repossessed properties sitting on the books of the banks are the worst properties in the worst areas and thus by nature highly unattractive to potential investors. Better quality properties have in many cases not been repossessed or are not being sold by the banks, in my mind digging a bigger hole for themselves renegotiating debt with owners and developers in a way that is only going to prolong or postpone the agony and the eventual agony. Perhaps I am naive when I say that and think that writing off 50% of a debt, but getting some liquidity for reinvestment is the best strategy, when perhaps the reality is that the banks have such a huge over exposure to property debt that the only “realistic” strategy they have is to “hide / disguise” this bad debt through renegotiating terms! Why wouldn’t anyone be worried if that is the reality!

But I digress. What we are interested in is not whether the banks may have a huge problem of their own in the future (although perhaps we should do!!) but rather whether the properties they are repossessing and selling are interesting for investors. Well as I suggest above the answer may just be “buyer beware” (one of my favourite phrases regular readers will know, be it in relation to legal due diligence and / or valuations, and being sure that a property being purchased is really worth what you are thinking of paying)

A new study published recently by Adicae, the bank and insurance customers’ association, suggests that repossessed residential properties in Spain are, in many cases, being offered at up to 40% higher than their true market value. What the report highlights is that customers are being enticed into buying overpriced units by offers of 100% mortgages and repayment periods of up to 50 years. To make matters worse the Association discovered that  banks are acquiring distressed property at 50% to 60% of market value and then putting them back on the market for prices higher than the market value and other similar properties in the same area! Furthermore the report points out that the terms being offered to purchasers on these mortgages are in many cases more generous than those promoted in the later part of the boom years leading up to 2007! (thank you banks. You got us in this problem in the first place and now you are doing your best to make sure we relive it in the future!!)

To add insult to injury is the backdrop to all this – banks reluctant to offer mortgages to even very solid clients on properties which are not part of the bank’s portfolio and valuations that are coming in, on behalf of the banks, so low in many cases that deals are frustrated! Note: I ask myself whether the banks require a valuation when selling their properties?! So much for the Risk Committees! I can only presume that their Terms of Reference are to frustrate as many deals as possible and promote the miss selling of the bank’s own portfolio! Sorry for the rant but I had to get it off my chest!

So what can a buyer do in this market? If you need a mortgage then get an in principle offer up front so you know what you can afford and that a loan will be forthcoming. After that it is quite simple – look at everything on the market, that meets your criteria, and then assess it’s real underlying value before making an offer. Much is over priced but increasingly there are some interesting options and even where properties are over priced, negotiations can result in a decent deal being done at the end of the day.

If you would like help both searching for property and assessing it’s underlying value (don’t expect an Agent to tell you) contact me.

Alaro Town House for sale

Very heavily discounted Town House for sale in Alaro offering one of the best prices not only in this very desirable vilage but in Mallorca as a whole. Priced at 275,000€ down from an official bank valuation of 470,000€ just under 3 years ago, that is a massive 41%. On a € per m2 basis, applying 100% for the living space and 50% for the basement (even though the latter includes some living area) that comes in at only 1,466€ per m2 (if one included all the constructed area as valuers do here in Mallorca that is only 1,222€ per m2, about 50% of the average for Alaro!

The house is a perfect family home but equally has good rental potential throughout the year.

See agency details – Alaro houses for sale:

FINAL REDUCTION Very well priced (or should I say BARGAIN!) modern Town House for sale in the attractive and sought after village of Alaro. Enjoying far reaching countryside views, 2 large terraces and a private swimming pool this property offers spacious accommodation and is an ideal family home.

Houses for sale in Alaro

Accommodation includes 3 double bedrooms (one with ensuite bathroom, an office / 4th guest room, a family bathroom, guest WC, large kitchen breakfast room, spacious entrance hall and very good sized living – dining room. There is also a separate utility room and double garage.

With an official bank valuation of 470,000€ in 2009 on this lovely house that is a reduction of over 40%

Contact me for further information

Apartments for sale in Port of Andratx

Any one that knows a little about about the Mallorca property market will know that the Port of Andratx is perhaps the “hottest” on the Island when it comes to prices. While we can all have opinions on whether these price tags are justifiable in reality if people were prepared to pay such values then they were clearly worth that! There is no better evidence than actual sales prices when looking at real underlying values.

That said the current market in Andratx does appear to have a surplus of unsold stock in various sectors of the market including apartments and this would seem to indicate that prices are not in all cases appropriate. While it must be accepted that all property will require a significantly longer marketing period in order to achieve an exit in the current economic climate, where this period is running into well over 2 years and in some cases 3, 4 or 5 then something is wrong!

With that in mind I was pleasantly surprised to find these Andratx apartments in a very nice location in the Port which seem to me to have been priced accordingly taking into account the important price – location – quality relationship. As long term holiday homes or rental investments I suspect these will find an exit in this market.

Puerto Andratx apartments for sale

The agency description is as follows:

Beautiful well priced apartments for sale in Port of Andratx enjoying sea views and all within a short stroll of the Marina and shops and restaurants. These elegant apartments were built some 10 years ago by a very reputable builder and held as investments but have now been fully refurbished and updated for sale.
The spacious and bright apartments enjoy a privileged location close to the Port yet in a tranquil area. Furthermore the property sits in mature and well tended communal grounds offering a perfect holiday environment close to all amenities.
The 6 apartments comprise, 2 ground, 2 first floor and 2 penthouse apartments, the latter enjoying lovely 45m2 solariums with panoramic views over the Port and local countryside. Each apartment comprises 2 double bedrooms, 2 bathrooms, 1 en suite, kitchen opening on to the spacious lounge, utility room and good sized terrace.
Prices start at 385,000€ and go up to 489.000€ offering very competitively priced options in the Andratx market

For more information contact me