Hey, maybe y'all can give some unbiased advice. My wife co-owns a €1.4 million villa in Spain with her grandma. The property has been on the market for 2 years. I'm inclined to believe that the realtors are incompetent and that something is being done wrong. Am I crazy, or is something wrong here?
There's an older lady who's a family friend who currently manages the property and deals with the realtors on my wife's behalf. She's lovely, but not an expert in this, by any means. We are told by her that an appraisal late last year upheld the €1.4 million valuation, but to be fair, neither of us have seen that appraisal.
The property is currently listed by several realtors in the area – namely, Villa Iberia, Inmo Palafrugell, La Clau Brava, Espigul, and Cala Maset. My understanding is whoever manages to sell the house, gets the commission.
The house is in the Platja d'Aro region and is ~350 m2 in size, with 4 bedrooms and a large outdoor pool, a short drive away from the beach.
Is the price way off, or is something else wrong? Surely 2 years is too long for selling this! Thanks in advance to anyone who takes the time to give some advice.
I agree. I'm nudging them to lower it to €1.3m and see if it sells. There have been tentative offers for €1.0m to €1.1m, but that's awfully low, considering where the property is. It's in a highly desirable, affluent district.
If those are the offers, that is what people are willing to pay, and is the actual value. A property is only worth what somebody is willing to pay for it.
Well, with real estate in general, you can either sell fast at a lower price or wait and maybe get a bit of a higher price. But I agree, €1.4 is just not gonna happen, and it's too risky to stay in that market much longer anyways.