There is a major difference between Spanish people who buy apartments and foreign buyers in general.
The Spanish go for location and the foreigners go for light and outside space. If you find a flat in the city that has a great location, lots of light and outside space then you are suddenly competing with a lot of other potential buyers and should not expect price drops in the near future for them.
This was brought home to me this week when looking at a couple of new properties for sale in Valencia, one has made it onto the site and the other hasn't.
Firstly we have a particularly stunning large attic flat half way between the city centre and the beach near to the football stadium. It has 155m2 in total with two terraces with great views over the city, an extremely large living room that is really light and three bedrooms and two bathrooms totally modernised and ready to move into. It has been reduced to just 210000 Euros and it has light, outside space and to a certain extent location.
Then we compare it to the property that didn't make it to the site despite it having some very evident positives. Again it was a three bedroom flat of some 95m2 this time in the old centre of Valencia. First floor and with a rental income from short term renting it out at an average of 120 Euros per night for an average of 10 nights per month. On paper that looks good, the flat is put together nicely and the location is fantastic. However there is one big problem for me. It wasn't very liveable.
Why not?
Dark, very dark.
I was there on a particularly sunny day at 2.30pm and we had to turn all of the lights on in every room. Therefore it is not a property that you can actually live comfortably in. No outside space really despite having two small smoking balconies coming off the front room, which faces north of course. It is on a very narrow road where all of the buildings are four to five floors.
It was never going to get light even in the height of summer and the majority of my clients are from Northern Europe and suffering from seasonal affective disorder at this time of year to a greater or lesser extent.
I suggested a price that would justify somebody buying it for short breaks and renting out where it could earn much more than 5% rental return annually. However the owner, quite within his rights, thought that it was worth a lot more. So it doesn't go onto the site. It did have location though and I have the photos if you want to see it.
So my question is simply this, do you want to see all possibilities on the site or would you prefer me to filter properties in this way through my own criteria of what constitutes a "good" buy in Valencia? I would be interested to know your opinions.
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