Lower prices, the only strategy to sell property on the coast
Today we begin the day with a review of current housing in the different Spanish media. To our total surprise, we read the headline: A coastal real estate sold 70 homes in three days. In these times, seems to us quite a feat, but how did they do it? Here are some excerpts from the article…
To sell homes on the Spanish coast today there is only one war cry: drop prices. A plan by which an estate agent on the Costa Brava was rubbing their hands this Easter, hoping that national tourism, with no money to travel abroad, were receptive to coastal bargains.
Thus, in the Marina D’Or in Oropesa del Mar (Castellón), while David Ferrer and Nicolas Almagro played the Austrians, and took Spain into the semifinals of the Davis Cup, the agency Commercial Real Estate Centre could boast the selling of 70 apartments of a promotion of 300, owned by a financial institution. In true style ‘Seseña’ (with reference to a true landmark bulk sale of property recently by another Spanish bank), the prices dropped from 164,000 Euros to just 69,000 Euros, down by 58 percent!
Taking advantage of Easter and the Davis Cup tie, the agency had set a target to sell between 25 and 30 houses. “We did not expect this flood of people. We even had to bring additional sales staff because we were overwhelmed in the office. “
So, the message is clear: Drop your price, and sell.
In the first three months of this year, LPG members report sales in all price categories, but also go on to say that every sale was driven by price. In fact, over priced properties are not even getting viewings.