Bungalow auction in Corralejo from 2,500 euros

[Spitfire58]

Great opportunity but a definite no no with the planning situation. The government should get this sorted out first & then sell them off. There are plenty of people who would take a punt then, probably me included. Too much of a risk as it stands though !!

[Spitfire58]

Looks even more unlikely after reading all that 🤕🤕 with all the conditions attaching what you would owe, the actual auction price in my view would be the least of it. Such a shame with so many people needing decent housing

[Spitfire58]

In other words it all being orchestrated to keep Joe public out of it so one of the governments buddy developers can get a hold of it on the cheap, the usual brown envelopes (that don’t exist) will change hands & low & behold, miraculously in a couple of years (just in time for the development to reach completion) the planning issues, including water & electricity will all be amicably resolved !!!

[Spitfire58]

In other words it all being orchestrated to keep Joe public out of it so one of the governments buddy developers can get a hold of it on the cheap, the usual brown envelopes (that don’t exist) will change hands & low & behold, miraculously in a couple of years (just in time for the development to reach completion) the planning issues, including water & electricity will all be amicably resolved !!!

If Joe Public buys one villa and the rest will go to an investor because they bid more than 3,000€, winning the auction fair and square, than Joe can wait a couple of years for the developer to get everything sorted out with or without the need of brown envelopes. Simple as that.


Auction is a wonderful way in this case. Cheating isn't possible (at least not easy) and whoever wants to buy, has to bid as much as they're willing to pay (read lose). Joe, you, me and everyone else can send their bid and hope for the best. Most of us won't do it because the fear is bigger than the greed.


Few of us can see it from a different perspective and are willing to take the risk. Good luck to them, no matter how they're going to sort everything out. It'll be at least one of many unfinished projects, serving its purpose.

Fair enough Sam. I suppose that is a realistic way to look at it 😁😁 For Joe public though, I wouldn’t see it as “greed” so much as an “opportunity” for a decent house without having to sell some organs 🤣😂

[Spitfire58]

So did the auction go ahead ??
Any news on what the average selling price was ??
If it was in the advertised region of 2,500 to 3,000 then that is some markup for doing nothing.
How can this be sold by an estate agent if they are still illegal (no planning permission) ??

[Spitfire58]

So did the auction go ahead ??
Any news on what the average selling price was ??
If it was in the advertised region of 2,500 to 3,000 then that is some markup for doing nothing.
How can this be sold by an estate agent if they are still illegal (no planning permission) ??

I wasn't able to find any details about the final selling prices. 2.5-3k was just starting bid. Also, don't forget there was a chance of each villa to have already debt to it too.

I guess if the villa was sold to the current owner, they can sell it to someone else. I don't think there was lack of planning permission, just the fact that according to La Oliva Ayuntamiento, the villas can't be legally connected to water or electricity.

Ah, ok. Thanks Sam. I thought they had no planning as well as the rest.

[Lexeus]

I stopped watching the auctions since I bought my apartment in November, so I missed this completely. Fascinating!

The auctions are far less exciting and fewer in number down south where I was looking to buy.

Anyway, I dug out the auction documentation and it was listed in 65 lots so fairly intensive if you aren't familiar with the place.

Look like a couple went for €10,000 but most for closer to €20,000 

You can checkout the final prices on the lots in the closing documentation:

https://subastas.boe.es/verCertificadoCi...ote=&ver=1

[TrickyFox]

As an aside, Jill wanted to go to this site for ages. We eventually got around to going there a few weeks ago have traversed some of the tracks around the Red Mountain. On approach, we could see a car parked at the top of the development. We stopped to take a few photos. Jill was in the process of entering the development when I looked round and saw a security guard was approaching. We were politely asked to leave. This was the car that we saw parked as we approached - he has a good view of the area.

[Lexeus]

I guess now that it has been sold off, the community are trying to get rid of the ocupas.... 

There is a securitas guard 7days/week in a 60+Apartment complex development down here in Costa Calma, for years they have been guarding it as the bank waits for that day when their government backed bailout needs to be repaid and they finally sell the development for a big windfall......