Property Prices

[Ian]

quote:Originally posted by col
I've had 3 offers close to my very minimum, but i'm holding out. Also unfortunate to say, some agents have even told  possible buyers my very minimum price even before a viewing.

That is really not playing cricket - or possibly they thought your minimum price was your very minimum price less 20% !

I think everyone need's to make sure they don't sell for a low price and then pay market value for their next purchase.

[fletch]

Some very interesting points there, none better than the ref to Mr Trump:D:D

I am in the position of having both my UK & Turkey homes on the market. Just recently the house 2 door down from me sold, exactly the same build albeit a longer driveway but it has not been modernised to anywhere near the standard of our home and our house was priced at £8k less? For the life of me I cannot understand how that sold over ours? I just think that for whatever reason they wanted that particular house and were willing to pay the price, what I have trouble in accepting is that they have gained an extra car parking space! we have recently spent £12k on the bathroom and £15k on the kitchen not to mention having the rest of the house professionally decorated but the buyers never even looked at our home? It really is a funny market place indeed!!

Lets go back to the Turkey situation, Keith raised a good point about agents approaching the sale with a positive attitude. Our potential buyer is believed to be Turkish and wants to live in the property with his family, with this in mind I think it maybe safe to say that this could rule out most properties that have holiday makers stay in them as our block is now almost fully Turkish owned. It is enclosed with mountain views and no fear that any building work could be done in the future. There is a pool, which the other owners say they don't use so won't contribute (Yeh right!) The school is within walking distance or the bus will pick up at the door if required. It is my opinion that if the buyer really does want it for his own personal use then it should place us in a stronger position IF, the agent has a positive approach to sales. Anyone can give something away and take a smaller commission and it seems that some agents are content to do that, I would like an agent that has a battle plan in mind and that can handle and overcome any potential objections. If the agents were more sales minded rather than order takers then this may well strengthen the market a little and eliminate any potential Donald Trumps?

[Scunner]

I need to go out (first time since February) but I would quickly say that the wannabee Donald Trumps are a relatively new thing - when I first started customers were more people with a dream to buy in the sun and your job was to take them, find the dream property and hold their hand through the fairly alien process. More recently, customers are often insufferable know-it-alls who you can't advise on anything at all, they are the property expert not you; you ferry them from property to property and at each one take a derisory offer that you are duty bound to make known to the vendor. Turkey is attracting amateur property magnates who have the swagger of success and the brain of a budgie.

[cenk]

Those are 2  telephone conversations that I had with Turkish people

Me : Hello
Caller : There is a house for sale here.
Me : Which one, as we have signs on more than a place.
Caller : Yellow one
Me : Can you please tell the location
Caller : Around market area. How much ?
Me : 40 k
Caller : Is it last price ?
Me : Yes
Caller : How many bedrooms has that villa ?
Me : It is not a villa it is an apartment
Caller : Click

Or

Caller : There is a villa for sale here
Me : Which one
Caller : Blue one around bird sancutary, what is the price
Me : 190 k
Caller : Can it be for 100 k
Me : It cant be. Do you want to see inside
Caller : Click

Unfortunatelly some Turkish people who come from cities, think that Fethiye is the cheapest place in Turkey and try to get something more than a bargain. There is a Turkish saying for that kind of people "Bos mezarci" means free gravers, if they find an empty & free grave, they get in.

[ronzeus]

We just call them cheap assoles Cenk.

[fletch]

I have always believed in fair business and have always in the past made fair offers, maybe I'm the fool!![)]

Our agent received an offer, they should've made us aware of the offer but followed up by advising us to return to the buyer with a smaller reduced figure to see (a) what kind of reaction the buyer gave and (b) to test the commitment level. This was not the case as they came back to us with the offer with the advice of take it, you can bet on your life that they had informed the buyer of what to offer in the first instance.

Maybe I'm wrong but it maybe the case that I will perform a mystery shop on the agent in a few weeks to see what they advise me? Of course   I will have a couple of properties in mind so that I can throw them off the track.  

[Firo]

Two potential Turkish buyers actually tried to negotiate, Via a phone call from an agent, a lowest price on our villa without even seeing it? Both given a short "polite" reply....lol

[Scunner]

That's 4 potential buyers then as Cenk's two examples were also offers made on properties that they hadn't even been inside, and I know he has lots more examples, as do I

[jackstee]

I think, and I am goinig to think very hard before I write(or have another G&T)That many owners percetions are different that buyers.

I see 2 & 3 bed villas in Chalis and 3 bed apartments, dicounted to 40- 60 thousand. At the same time I see similar (looking only) up the mountain for 150,000.

Now I know thw one up the mountain is bigger but 100 grand bigger I doubt. Of course that is not what the owner thinks and I appreciate that.
But if you have to seel to offload, then maybe you suffer a loss. If you can hang on, maybe, just maybe, you might be ok. However this climate can last another 5 years plus and so many people are discounting that this will effect the market overall.

We purchased our house 3 years ago, two double bedrooms , 1 and a halfe bathrooms, garden, fruit trees, private although overlooked.

Less than 150 meters from the small dolly station in Fethiye. Eight mins walk to the water and 15 to the Marina.

I am informed that it is now worth 2.5 the times we paid for it 3 years previously. (If someone wants to buy that is.) But this is double what a 5 bed villa gets up the mountain.

So what is reality, I don't know, and if I did, then I would probably not worry about getting a new job.

If you need the cash, take the offfer when you get it. Or wait two years and accept maybe a lower offer. ( A couple of friends have done this over the last 2 years)

Regards

[Rimms]

I learned a long time ago that very few things in Turkey have a price, like the market you barter and if you think something is good value for money then you buy it, but don't tell anyone what you paid, because if you do, some smart person will tell you that you could of bought it cheaper. Of course, those same smart people never ever pointed you the direction of the cheaper deal in the first place!

I think you have to take the same approach to selling your property today, we Brits think that property must rise in value over time, this of course does not follow in Calis, today the new build empty/unsold properties for sale probably outnumber the total number of properties that existed in Calis only several years ago, so why should we expect great returns on a property we have bought just because it was bought xxxx years ago?

We had a chat on the forum recently about investing GBP into TL and the relationship between inflation, interest and devaluation of your original investment, for me, this discussion added a further dimension in the fact that you have to take the interest earned on your investment into consideration.

So when selling your property, I think you must also take into account the value of the holidays you and friends and family have enjoyed plus any rental income gained and if you overlay this with the massive glut of available property, you may not think that a financial loss on your original investment is such a bad deal?