subject: The State of the Moraira Market - July 2009 [print this page] The State of the Moraira Market - July 2009
THE VIEWS I HAVE EXPRESSED previously regarding the comparative resilience of our local market continue to be borne out by the fact that we, and those with whom we work, have enjoyed a very busy spring. For us at CBS, the traditional autumn 'season' began early, in September, and has continued its momentum through to the present, with a stream of viewing/buying clients booked through the summer. Until recently most enquiries and sales were targeting the lower price levels. As one would expect in any recovery situation, the glass fills from the bottom upwards, and we are seeing strong demand for many more mid-range properties, together with those of 1m plus, from a growing number of savvy investors from the UK and other northern European countries, who are keen to take early advantage of the current market by buying into the 'green shoots of recovery'.
Of course, this assessment has to be qualified. Maybe, as I have previously asserted, the Marina Alta generally, and Moraira especially, is a special case; and maybe the calibre of the agents we have chosen to work with partly distort the general picture by performing better than the average, but we can only comment on our own experience, and within the area we know.
There remains the illusion of a market glut of properties for sale. Many of these properties are either hopelessly overpriced or are in some way flawed and should be avoided, at all costs. Once these horrors are disregarded, the number of properties worthy of consideration is no greater than at any other time. Sound advice and research should provide a buyer with the necessary guidance to be able to distinguish the good value from the dubious.
Awry smile is often provoked by the ghoulish request for a 'distressed sale bargain' from those misguided souls who 'know the price of everything, and the value of nothing', and who know no better than to assess value as the percentage discount achievable off the stated asking price. Their naivet is so often exploited by offers of bank repossessions, where the 'original price' quoted is based on the top-of-the-market price originally paid by the debtor, and is now offered at this price- less the outstanding mortgage, which is most likely still well above the true current market value.
We see much evidence here of a recovering market but, as always, it is necessary to keep a cool head and to seek sound local guidance and help in finding your ideal property of charm and enduring value. Location, more than ever remains the key factor.
