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In the early 2000s I was invited to see a Spanish Development called Polaris World
It was a free flight, free accommodation, and I was escorted to see the developments around the area
I was wined and dinned and shown paradise
It was flash and very glitzy
Banks were lined up to lend - just fill in the form pay a deposit and you are in !
But I did not buy. My reason was it was too good to be true and I really had little control over what was to happen really
Our business is full of flash salesmen who show us how we can join them in exotic parts of the world, living on yachts, sun drenched beaches, and living like the Jet Set
I think a very good way of finding out if this sort of thing really works is talk to a UK bank and ask would they lend on such a venture?
I think we would find that 95% of most UK banks would not lend and a simple reason why they cant see the security and they are right
Ask you bank manager please lend me some money for a hotel room or a cemetery plot or a dementia suite and you will get turned down unless you are giving a bank another form of security
Polaris World has had issues as you will see in this link.
Buying overseas is no different from buying in the UK and just like the UK you have to understand an area and you have to understand the true market values of an area
You can only do this buy working in an area and getting to know it
Being an Ex IFA I worked with some of the best salesmen in the business and I say deals done well because of a flashy brochure or a slick sales technique - But it was the salesman that won and walked away with a fat commission
My true point is they are salesmen and when you buy an investment from a salesmen think hard
I believe if you want to invest, you become your own investment advisor, learn the product, learn the pit falls, but don't fall for what I call the East End Boy in a West End suit - just look at Polaris World ...
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
It was similar in Florida, houses that were snapped up in 2005 for $400k sold for $100k in 2010.
But only if you sold.
I bought for $252k much against my better judgment. My fellow family members who were desperate to buy, did the classic thing of leaving their brain at the airport and lapped up the dream peddled by the agent.
This morning Zillow tells me it is now worth $246k having been valued as low as $185k in the sub prime mortgage storm.
We will hold for another 18 months and get our money back plus enough to cover the legal bills.
It has been more or less permanently rented out for the last 15 years. As we have a repayment mortgage, we now only owe $158k now so we will be repatriating a nice lump sum. Depending on the exchange rate, probably about £75k if all goes to plan.
Property is a very forgiving mistress in the long term.
Are we not all saleman / sale women , we have to show our rental properties to rent this that not selling.
``I believe if you want to invest, you become your own investment advisor, learn the product, learn the pit falls``
Yes totally agree . I dont mind a bit of help from others but I always need to know the detail myself
Glossy brochures never give the full detail . They give the gloss
I don`t mind be sold to though as long as someone doesn`t get in my face and oversell
And at the end of the pitch if they dont let me go away and consider it that annoys me
Why on earth someone expects me to part with 100K without sleeping on it is beyond me
I cant even decide on whether to have a 3 piece or 4 piece KFC sometimes
Jonathan Clarke. http://www.buytoletmk.com
You said you looked in early 2000's, the prices quoted in the article are from 2008 i think, so was wondering what prices you were being quoted years earlier to see what the growth was. I know in Spain they were seeing 10-20% growth fueled by foreign sales, which was obviously mad!
I know someone who bought in mid 90's for 40k euros and then sold in early 2000's for over double the price, they were lucky or saw the crash coming.
Seen lots of these not just in Spain, Cape Verde was another being offered 10 years ago, not sure how they have worked out, but looked like a bubble being created there too
Slowly working towards financial freedom
Great thread DL,
Really interesting read and good conversation piece.