Half price villa Golden Buy in Mallorca
By Alison Farmer, 02 Oct 2008
There’s a 6-bed Golden Buy luxury villa for sale in Mallorca with a near 50% discount from valuation as the credit crunch starts to affect the higher end of the market on the holiday island.
The Must Sell detached villa, for sale with private garden, swimming pool and underground garage, is located on an exclusive bijou development close to a sandy beach. The villa has 4 bedrooms and 5 bathrooms with two additional guest suites, 7 reception areas include 35 M2 living room and bar/dining room.
In an established coastal village close to all amenities of major holiday resort, the villa was completed last year and is classified as a Golden Buy – below EUR 1,500 per square metre - from Spanish bank repossession specialists www.PropertyInSpain.Net.
Priced at EUR 690,000 for a quick sale, it carries a discount of EUR 570,000 from a EUR 1.2M valuation. The online brokers say it is a Must Sell bargain offered in conjunction with the mortgage bank.
“We are seeking an immediate buyer with the option of a generous mortgage because the valuation is much higher than our asking price,” said Kevin Barnett of PropertyInSpain.Net. There are online showcases of Spanish bank repossessions and Must Sell homes in the Costa Blanca, Mallorca and other parts of Spain.
Spanish bank repossessions are the new “Golden Buys” for British and other north European families and investors as property values slump below EUR 1,500 a square metre
The website has hundreds of buyers registered for these bargain properties and provides a viewing service at every airport in Spain to allow pre-purchase inspection. Reservation is EUR 3,000 and paperwork can be completed in the nearest bank branch. 30 days is allowed for buyers’ own lawyers to check the details in the registry and for a new mortgage to be set-up – sometimes, buyers can take over the previous mortgage.