Hello Mariam and John,
thank you for your compliments and comments about our service.
Before we speak on the phone tomorrow, please read below my views about the apartments for sale in Valencia that you have visited today at request.
All my comments below are confidential. We will send you very shortly a precise spreadsheet with Return On Investment and Financial Analysis for each of this investment opportunities that we have found for you.
COMMENTS ABOUT YOUR THREE PREFERRED PROPERTIES:
1) VALENCIA STREET PUERTO RICO. REF 2346 – The owner is the one living there, so as soon as a buyer comes and complete the process the owner would move out . I believe he will need three weeks, but we are asking again to double confirm.
About how much are the community charges ( gastos de comunidad), IBI and pending works in the building, I will find out tomorrow before we speak on the phone. It should be quite reasonable, but we will chase the info tomorrow.
1) the location is very good, one of the best
2) the price is good
3) good features such as: the authenticity of the building, the facade and the terrace-balcony.
A property with a balcony in this district is very desired. We had a client back to April-May looking for this and we could not help her because there was nothing in the market within her budget (up to €170k). Now, we have just got this opportunity after six months.
ABOUT THE PRICE:
You are buying at €1,260/sqm, which is quite below the asking price for 1 bedroom apartments with terrace/balcony in this district of Valencia, which usually the price is €2,251/sqm .
Changing kitchen and bathroom could cost you €10k extra …. make up of the property to make it presentable: €7k … Go as cheapest as you can in this case.
It has potential as an investment, but you would need to make it nicely ready.
ABOUT THE PRICE NEGOTIATION:
It has been dramatically reduced in November (from €120k) because the owner really needs to sell. I doubt about any further discount… At least for another month in case someone buy it straight away at €87k or €85k … I believe that margin of €2k is the negotiation margin that the owner has set.
I would invest in this property due to the LOCATION and the special features, but I would not buy for me to live in… . this area was a good place where to live 15 years ago … not now for me because it is too busy. Hopefully with the new local government things will get better: less bar-terraces in the street and less road traffic in the city.
2) CALLE CADIZ . Ref 2332 – this property has just been reserved this morning by other investors, so no much to comment about.
Please find below an interesting chart
3) TWO FLOORS HOUSE – REF 2344.
I know very well the area. this is a hot-spot market. It is not Ruzafa, but definitely a demanded market. We are working a lot in this area and you cannot imagine, only from overseas buyers and holiday makers, how much interest generates the location .
There are lots of things going on that benefit the property market and short-lets market.
The new local government (in power for 4 years since just may 2015) , has already approved a first pack of €7 million budget to improve the area.
There is a huge green corner building near the avenue of the Bello, which is a 17 bedrooms for cheap hotel for Erasmus students. I know from a very good source that it is fully booked for the next 18 months.
The house is in the expensive side with a higher capital appreciation.
There is an ambitious project (already with funds) of setting up and expanding an Entrepreneuor University of Entreprenours in the port.
Erasmus + University + Universities in Els Tarongers = parents travelling to Valencia to share weekends with the kids… a great nest of clients.
Holiday rentals is about the feeling about the property. Holiday makers are looking for something different and unique. If the property has character and the location is good… you are in business. All is about how you present and expose your proposal to your clients.
You are buying like a new development, fully fitted with no extra costs. 2 bedrooms + 2 bathrooms.
If you can start renting straight away, you should not have a problem if you market the property rightly. Also, the price for a brand new investment with all included: €80k. You can start the business straight away.
I hope this helps. We speak tomorrow.
Both have strong good points from an investment perspective. The price is just right I believe.