AUCTIONS T
“Clients called me to say they
couldn’t make the auction as they were trapped in a local commercial centre, with people outside throwing bricks. Others were stuck in their hotels, which had been closed off,” says Warrick Wincup, the ex-Savills estate agent who now owns Direct Auctions (00 34 951 778 108; www.direct-
auctions.com). In spite of the surrounding mayhem,
Wincup sold 10 out of 23 properties on the day (in previous years, it wasn’t unheard of for nothing to sell), with three more under negotiation. Sales include a three-bedroom
townhouse in Las Lomas de Marbella Club for £207,000. “It would have cost about £400,000 in 2007,” says Wincup. A two-bedroom fl at, second line from
he Spanish aren’t too keen on auctions – they prefer to buy properties before they reach that stage – but British buyers
and sellers are keeping Direct Auctions on the Costa del Sol busy. The date of the most recent auction,
March 29, wasn’t the most fortuitous as it coincided with a national strike in Spain.
the sea in Puerto Banus, went for £250,000, and a townhouse in Sotogrande for £182,000. In Torreblanca, one man snapped up a one-bed fl at for £40,000. “It’s a 15 minute walk from the
beach, and he’ll get £500 a month rental for it. It’s a pure investment,” says Wincup. The next Costa del Sol auction is on
May 31 – see below for some tasters of what’s on offer – and Direct Auctions also has a franchise agent in Murcia, with dates yet to be announced of her auctions. For sellers, the benefi t of going to auction is clear – at Direct Auctions, they still have to pay a fee of £650- £2,500 to list their property, but it’s considerably less than the estate agent’s fee they would otherwise pay,
which is usually 5 per cent or more. And as long as they are realistic in
their pricing, they stand a reasonable chance of selling their property, which could otherwise languish on the market for years. “Agents will ask the vendor how
much they want, and market the property at that. I’ve spent years training in valuing properties, so I’ll tell vendors what their property is worth, how much they can expect to get at auction, and we’ll try to agree on a reserve price,” says Wincup. For buyers, the main driver is huge discounts – Wincup’s properties sell for an average of 60 per cent below their 2006 value – and a quick process. “You can buy at auction on the Thursday, be at the notary and getting your NIE number on the Friday,
‘The thing is to hold your nerve, as it can happen fast. One lady, who had spent six months searching, and seen 50 properties, walked away from a great deal – a £100,000 fl at in Estepona. We sold it later that day for £40,000 more’
UP FOR GRABS AT AUCTION SOON…
ALL up for auction on May 31 through: Direct Auctions: 0034 951 778 108,
direct-auctions.com £2.7m to £1.3m
This property set on a hillside near Arcos de la Frontera, Costa de la Luz, consists of three buildings – a three-bed house, a six-bedroom house currently run as a small hotel and a two-bed renovated guest cottage, all set around an Andalucian-style courtyard on a 30,000 sq metre plot, including a large landscaped garden. The bank valuation was £2.7m, but the auction guide price is £1.3m.
Why buy: Beautiful location on one of Spain’s most stunning coasts.
Why not buy: Expense required to reconfi gure as a family home.
46
aplaceinthesun.com £656,000 to £330,000
Five-bedroom, fi ve-bathroom 400 sq metre duplex apartment with Jacuzzi in the El Presidente complex on the beach side of Estepona, with communal pools, tennis courts and security. The bank valuation was £656,000. Auction guide price: £330,000.
Why buy: A few minutes’ walk from beaches, a lot of space for your money, as this is the only new-build duplex in El Presidente, and a 90 sq metre master suite.
Why not buy: For that size, you may prefer the privacy of a villa rather than an apartment.
SPANISH BARGAINS
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140