Property Prices

[Rob H]

Apart from the odd comment like "everybody knows somebody with a house to sell" and "prices have further to fall" I haven't seen much on here recently about how the property market is doing in P.O. - does anybody have any facts and figures? I'd really like to know what's happening from a local perspective.

I still have a little village house in Montesquieu that I brought years ago, although things have evolved and I can now rarely get there and will sell it eventually (I'm now mainly in Baja California, Mexico - much warmer, dryer and sunnier).

The house in Montesquieu costs little to run, and needs minimal maintenance, so I'm trying to decide whether to spend the time and (considerable) money to come over and clear it out and put it on the market, or leave it for a few years. It's not really worth renting it out.

Prices listed on places like fnaim.fr would seem to place smaller village houses in the 100-150k eur range, but whether they're selling at all and what they actually sell for is another question. Is there enough of a market of local young married couples, or do they have the same lack of mortgage finance as the UK? Is the falling pound eliminating fresh UK buyers? Are Germans/Dutch feeling the pinch as well and selling their places?

Any comments welcome! Even if it's just "we're so depressed about it we don't talk about it".

Rob

[Roger O]

I'm now mainly in Baja California, Mexico - much warmer, dryer and sunnier.Rob

Lucky man!

Rocks, Succulents and Reptiles, my heaven!!
http://www.richard-seaman.com/USA/State ... oClock.jpg
and some really special rarities like "The Mysterious Mexican Mole Lizard"!!
http://www.californiaherps.com/noncal/b ... lapaz2.jpg
and this little fellow is liable to squirt blood at you out of the corners of his eyes if disturbed!
http://waynesword.palomar.edu/images/hlizard4.jpg

As to your house, I would imagine someone of our members living in Laroque or nearby could perhaps persuade a local agent to look at it and value it (provided you could supply a key?)? I would, but living now near Carcassonne it's a bit far!

[Rob H]

As to your house, I would imagine someone of our members living in Laroque or nearby could perhaps persuade a local agent to look at it and value it (provided you could supply a key?)? I would, but living now near Carcassonne it's a bit far!

It's not a valuation for my specific house I'm after, but really an indication of what the market is like in general, for small village houses. Is there a slump, a boom, or something inbetween? Does anybody have some recent experience of trying to sell (or buy) a property like this recently, anywhere in 66 but ideally in the Alberes?

I'd rather leave putting it on the market for a couple of years if it'll take ages to sell anyway.

I haven't been to Montesquieu for well over a year now, and certainly in the UK and the US the property market has changed a lot in that time in most areas.

On the subject of Baja California, yes it is very pretty - assuming you find wild deserts pretty - I do - and is working out better for me than 66. Here I have a brand-new detached home for a cost similar to my village house (and 3-4 times the size), nearer the sea, lower cost of living, and in a mostly bi-lingual area so less language problems. Also only a couple of hours drive from the USA for shopping (which may or may not be an advantage!). But you have to like really hot dry weather.

Rob

[blackduff]

Rob
Whether that your place would be considered as a "fix it up" or something which gives to be "ready to move into the house" it will determine. I seem to see more fix it up properties right now. The new owners, being from the UK, want a bargain which can be buy cheap and it will increase later.

Previous years you couldn't find any properties in the four villages along the Alberes (Sorede, Laroque, Villalongue, and Montesquieu). It was the most searched properties for people living in Perpignan. Things have changed though.

The prices have increased enough where older owners are selling their properties and pocket the cash. As an example, my land was 40,000 € (equiv.) for 1,600 square meters. Now, it will charge you about 250,000 € per thousand square meters for constr. land. This is a reference price from 1992 until now in 2008.

Sorede has always been the hardest village to find a place. Now, you can find lots of places listed in the agents.

Argeles isn't the same though. I find that the prices are dropping in prices.

Let us know a bit about your house. Does it need a lot of work? Maybe this will get some other poster with a better view.

Blackduff

[Rob H]

Rob
Whether that your place would be considered as a "fix it up" or something which gives to be "ready to move into the house" it will determine. I seem to see more fix it up properties right now. The new owners, being from the UK, want a bargain which can be buy cheap and it will increase later. ... Let us know a bit about your house. Does it need a lot of work? Maybe this will get some other poster with a better view.

I'd describe it as similar to a typical French rental - immediately habitable, but you'd certainly want to improve the decor and maybe improve the electrics (I've done both but there's more to do). Main point though is it is small - 55m2.

It's one-faced (only has windows on the south side) in a quiet pretty car-free lane, with two car parks near. Ground floor is living, tiny separate kitchen and a WC. Middle floor is another living area with small south-facing balcony, shower+WC. Top floor is mezzanine sleeping area open to floor below plus roof window.

So really a bit more suited to a young local couple than a pure holiday home. I could spend a bit of time making it a bit more pretty inside but I don't think I'd get a great deal more for it if I did (especially as I'm now finding it very hard to get the time to get to Montesquieu).

Still, I'm in no rush at all to sell. But it does cost 800+ euros a year to run (taxes, insurance etc), and will need a bit more tidying up to sell if I leave it too long.

Rob

[carol sheridan]

It sounds more suitable for a single person, like me. If the price was right, I could be interested in buying/long term rental in the next few months.

[Santiago]

It's probably not the best time to be marketing the property. Sales are slow I'm told. There has been a lot of new development in the area and young couples are more likely to go for a modern place than an old village house because of the maintenance and heating costs. Therefore the price would need to be low enough to encourage people to choose it.

If you don't need to sell it, the sensible option seems to be to have it renovated to the standard where it can be rented long term. There is demand for rentals. Having someone living there will keep the house in better repair than leaving it empty and you will have income to pay for any repairs, taxes and the like.

[john]

The market is pretty "flat" at present Rob. ie prices are not really going up,nor are they falling dramatically. In some sectors there have been some falls,but nothing on the scale seen in UK or Spain,or indeed USA.

However what has certainly changed is a dramatic fall in British buyers coming over here to buy. I guess it's just a collection of things,higher prices here,falls in UK and the credit crunch,to name but 3. However the Scandinavian and Irish markets are very buoyant.

Santiago is probably right,that if you do not need to sell now,then don't. It's very much a buyer,s market right now. He's also correct in saying the holiday let scene is pretty strong as well.

[Rivesaltes Johnny]

I to would agree with Santiago and John. The market is pretty sluggish... we had our property on the market for a year with no takers and little interest. It sounds as though renting would be the ideal option so that you could at least recover the costs you incur.

I think the current market is much the result of negative publicity and whilst property prices have increased in recent years it is going to take a couple of years to restore confidence.

Good Luck

[Rob H]

Thanks for all the comments - very helpful and helps make up my mind (at least for now).

Doesn't look like there's a strong reason to rush and spend a lot of time and money travelling to there (from 6000 miles away) to clear out the house and immediately sell it.

I'm not that keen on renting out, holiday or long-term, because of all the admin and maintenance work (or paying somebody to do it) for what would be quite a small amount of money (it's only a little house). Not totally ruled out though if the selling market is really bad when I eventually do get the house ready.

Thanks again,

Rob