Need advice about what to do with property in Turkbuku

[LilyA]

Hi,

I'm completely new to this! I'm looking for some advice as I seem to be struggling to get sound impartial advice anywhere.

I inherited a property in Turkbuku three years ago. I went to stay there this summer and it really needs some work. I had three quotes and they all came in at about 40,000 turkish lira. The prices seemed fair to me, but as I don't have spare money like that (who does?),I'd have to borrow it.

So, I thought about selling and have had an offer for 140,000 turkish lira. It's a three bedroom, one bathroom villa with roof terrace, garden and sea views. It's about two minutes walk to the town centre and 10 minutes from the beach. Still, there's an empty shared pool (not very pretty) and as I said, there's a fair amount of work to be done.

When I look online at other properties in the area, there are none anywhere near as cheap as 140,000TL :afraid: - they're all more like 250,000TL. So basically, I'm trying to work out which is the best option - a) sell now for 140000TL, b)borrow the money and do it up (would need to sell quickly after doing it up as repayments would be a bummer and I'd have to pay them straight out of my wages) c) hold out for a higher offer (where should I go? I'm struggling to find a decent agent).

Any help anybody can offer would be hugely appreciated.

Thanks,

Lily

 

[Dreamdreamer]

Hi Lily:

I just joined this forum (20 minutes ago) for (2) simple reasons:
1. Needed (5) postings to become an "Active Member"
2. Learn how to become a "Smarter" buyer as we are planning to buy a retirement villa with sea view in Turkey at this time.

I have conducted extensive research on line, the following might be applicable to your issue on selling price differences in the same locale:
A. Local buyers will low ball their offerings and flip the property, flip it as is or refurbished for maximum profit. They are there, in the trade and time is on their side, you are not.
B. For comparable selling price, most buyers will prefer "newer" properties than the refurbished ones. Condition of the neighborhood and surrounding property conditions are also major buying decision making factors.
C. Majority of the overseas buyers will not want to buy a fixer upper. Too much hassle and time required.

In actuality, I am facing similar dilemma here at this time, should I invest additional funding to refurbish my 10 year old house to make a quick sale for the move to Turkey or discount the established current selling price with inevitable losses just to get rid of it. My decision. fix it up to minimize the inevitable losses incurred in selling fixer upper properties.

Hope that helps from a potential buer's prospective.

Good luck

 

[07estates]

Hi,

sorry but i need to tell you, that the prices for properties in the region Bodrum are going down.
Turkbuku is nice but they are to many villas for sale and at time we have much more sellers then buyers and the prices are falling.

Some people really think, that they can sell villas there for 250.000 TL - thats an illusion at time.

If you get an offer of 140.000 TL for a villa there and you need the money fast, then sell ist. If you have time (2-3 years),then borrow you money, but i think that you will get not more then 200.000 TL for a house within the next time.

We have very nice villas with sea view there a we sold some of them for very cheap prices 80.000 - 110.000 Euro while only some people would like to buy there villas and if the would like to buy, then you must offer phantastic villas for a small money.

Thats the actual situation.

Its the same like in other regions here - no one thought, that you can get a detached villa in Belek with pool and plot for 120.000 - 150.000 Euro - now you can get it.

Maybe the prices goes up within the next 3-4 years but no one knowes.

GL2U

Thomas

 

[Dreamdreamer]

I hope that I am not out of line here.

Thomas, I am a new member not yet qualified for PM.
I am looking for villas with fantastic sea views in or near Bodrum area.
Your post mentioned that you have sea view villas for sale, I am assuming that you are a developer, can you provide information e.g. web site that I can access for additional information.

Thanks

 

[07estates]

Dear Dreamdreamer

Thanks for your reply - ill think you need to post a little more in here :wink:

I will give you an important trick how to get the best prices for a villa - get a trip to Bodrum and stay there for roundabout 14 days - if you are in Bodrum contact a good agency - if the people there are smart, then they will begin to search for a property if you are in Bodrum - then they can tell the owner that you are in Bodrum and can come to visit the villa every time - if the owner knows this then the price will be cheaper.
You can save some thousand Euros.

Example: if you at at time in Bodrum then you can get e.g. a 97 sqm villa - 2 + 1 - with an phantastic sea view for 105.000 Euro - normal price you can find on the Inet is 135.000 Euro.

150 sqm villa - fully furnished - 150 sqm - 3 + 1 - great sea view for only 110.000 Euro. (Internet: 145.000 Euro)

Semi detached 70 sqm - 2+1 - sea view for 62.500 Euro (Internet: 75.000 Euro)

As you can see it is better to come to Bodrum first - give the agency so many informations about your dreamvilla as you can and if they are smart there, then they can find very nice villas with phantastic sea views for a small money.

This is what i recommend to you.

Admin: These prices was only examples - we don't sell these villas - its not for advertising!!!

 

[Dreamdreamer]

Dear Thomas;
Thank you very much for your kind advice.

Your points are well taken. I am planning to visit Bodrum soon for a look-see.

From the internet, I am in the process of compiling a shortlist of the properties that I am interested in.

One quick question, I cam across numerous properties posted on the web approximately 2007, 2008 time frame and still remain status quo. The only logical deductions I can surmise are:
1. Overbuilt, per your original post, more sellers than potential buyers.
2. Pricing level not in sync with current supply and demand reality.
3. Overly front-loaded selling price for anticipated give away discounts (norm).

Seems to me that I can get a much better deal in buying new properties than the ones purchased at the peak for resale.

Thanks again for your suggestions.

 

[kat1]

hi could some one tell me how to check out property developers in turkey we are looking at buying 2 from a developer called knight knox and don't know where to look before we put a deposit down
many thanks

 

[07estates]

@ Daydreamer

1. Overbuilt, per your original post, more sellers than potential buyers.

At time - YES

2. Pricing level not in sync with current supply and demand reality.

At time - YES

3. Overly front-loaded selling price for anticipated give away discounts (norm).

At time - YES

You are totally right with it.......


@ kat1

As i can see Knight Knox is selling properties in 50 countries - i don't know if they are good or not, but some prices i think are a little to high.
It looks as the prices are made for british people. Sometimes the building coonstruction companies give out higher prices to agencies who are located in Great Britain.
I don't heard any complaints about this company but before you give them a deposit i recommend to you to ask for a rebate of roundabout 3 up to 5 % from the selling price. This is absolutly possible to give out an rebate of 3-5 % at time....


Bye

 

[Aycaseral]

Hi LilyA I live in Marmaris but have very close friends in Bodrum and I can refer your question to them - they are Turkish by the way and NOT in the property business...just an outside eye from a Bodrum resident, very bi-partial. Do I have your permission to pass on your message to them?
I would imagine this property is in a housing complex?
Talk to you soon
Aycaseral

 

[Veronica]

As the original poster has not returned to the forum since her one and only post I am closing this thread.