A Small Selection of Auto320 s finest

[2Pack]

The legend of overseas property on AAM, sadly no longer with us and never graced the Pin.

The Salesman

I have dealt with enough property salesmen in my time though to know the usual patter, regardless of country, which usually goes like this…

1. Ryanair are going to be flying in here next year.
2. They have applied for the winter olympics/summer olympics/european open etc.
3. This is the last one that faces west – you get the evening sun.
4. This is the last one that faces south - you get the sun all day.
5. This is the last one that faces east – you get the morning sun.
6. This is the last one that faces north – you need to be facing north because the sun will roast you out of it in summer.
7. They are going up on Monday
8. They have gone up since yesterday, but you can have this one at the old price if you close today.
9. There is a 2 year rental guarantee on these.
10. The rent will pay the mortgage.
11. I am buying one of them myself.
12. All the lads in the office have bought one each.
13. The top floor is the best, you don’t have to maintain a garden.
14. The ground floor is the best, you have the use of a garden.
15. I know that the ski season is short, but you can rent it out all summer as well.
16. I know the summer season is short, but it’s only three hours from the ski slopes, you can rent it out to skiers as well.

askaboutmoney.com/showthread … post349416

Bulgaria

askaboutmoney.com/showpost.p … stcount=17

askaboutmoney.com/showthread … post351108

askaboutmoney.com/showthread … post350369

You also need to remember the kind of people who are involved in the development business along the coast in particular.

High-pressure sales companies like McAnthonys, often slated on these pages because of their approach, are the best of these, not the worst.

Remember the number of local developers shot dead as they battled for control of this foreigner-fleecing business? Is this a sane market, or one for a beginner from Ireland or the UK to invest their savings or mortgage top-up?

The bubble has yet to burst, but it is certain as the sun rising tomorrow.

Over-supply, thousands of properties bought on borrowed money in the expectation of rent returns that are not going to materialise, and a huge supply/demand imbalance that is unique in Europe.

**All this makes for a crash of epic proportions; nothing like this has been seen in any European market. **

There is no underlying saving grace that can take the sting out of this situation; there is no market for retirees as happened around Alicante in Spain when properties were over-hyped there.

There is no year-round tourism, just short seasonal business aimed at the bottom of the market.

There is no large resident population with the ability to buy or rent these properties.

Even if there were, the prices being achieved for sale to foreigners are so far above the local market values that there is no possibility of getting money back. There is simply no merit in the majority of the property being mass marketed to overseas buyers in Bulgaria.

These are the facts. There are areas of opportunity in Bulgaria certainly, but the risk is too high for most savvy investors. The top-heaviness of the scam properties in the resorts is a factor likely to pull down the entire market, the good with the bad, so anyone with any sense will stay away.

Am I pathetic because I don’t walk of the cliff with the rest of the lemmings? Probably, but only in the eyes of other lemmings.

Dubai

askaboutmoney.com/showthread … post410412

Spain

askaboutmoney.com/showthread … post404673

Planet Eddie Hobbes

askaboutmoney.com/showthread … post387736

[southofdub]

In remberance of auto320

youtube.com/watch?v=Z9lv8iqsX4Y

A Great Poster