Anyone thinking about buying overseas properties will be sorry to hear that one of the big agents is having problems
This is the press release today:

Parador Properties, which was once considered to be one of Europe’s top estate agents, has gone into voluntary administration.

The company had operations in Ireland, Spain, Sweden, the United Arab Emirates, and the UK, though most of the homes it sells are located in Spain.

The company took a client-centered approach to property sales by flying prospective purchasers to their desired destinations and offering advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded Parador in 1998.

Homes Overseas received a statement from Quay West Communications, Parador’s PR company, moments ago. It says: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”




There are still some professional agents selling in Spain. perhaps a much lower profile than Parador, but if you were thinking about buying for life style reasons in Spain this year then agents like me, providing a profesional service can help you

Good buys around and 2008 may well turn out to be a good year to buy!!

Not nice to hear of agents in trouble but life goes on....perhaps an end to the very cheap inspection trips and the ' business model' of the more you take over to Spain the more you sell!!

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Brian Rowlands BSc FRICS
Chartered Surveyor & Overseas Property Agent
www.bbspanishproperties.co.uk

Seems I made a mistake....can the post be moved to the right one?

As we are on DLW post it is also now a good time to buy development land in UK as most of the big developers seem to be writing down their land bank and looking for sales to reduce debt

Anyone with the cash to buy, I can source some good sites for them in NW UK ....may make up for slow sales in Spain and elsewhere!!!!!

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Brian Rowlands BSc FRICS
Chartered Surveyor & Overseas Property Agent
www.bbspanishproperties.co.uk

The Directors of all these big companies were asleep at the wheel. Ordinary joes on forums such as housepricecrash predicted this credit crunch (they use that term) back in 2005, whilst property company directors said it couldn't happen.

Superior Worldwide have also gone.

Smart investors should be thinking about some property purchases soon, but no rush as this crash is still in its infancy.
With lending 50% down, it is certain we have a way to fall yet. Imagine a livestock auction with halve the cash to buy the same number of animals; prices would fall c50%. The same principle applies to property.

Lending will not recover for at least 12 months, possibly 3 years as there is no appetite to lend to anyone other than low risk clients with low loan to values. Do not make the mistake of thinking this will change soon, it wont.

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Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year

Cannot agree more. The banks will be very cautious for a long time. We've a way to go before we hit bottom IMHO.

Jon & Investy

Of course you're right...

However, I'm also deeply involved with large-scale funding and privvy to a variety of systems which the top 25 world banks employ with these big funds.

Apparently, the most favoured is about to be piloted in Europe - don't know where - from early next year. The system will provide massive security for the banks while offering their customers a far more stable route to follow.

Knowing how well this works in structured finance transactions there's a good chance it will succeed. Probably the biggest losers however will be the buy-2-let landlords of at least the future. Or, any existing who need to refinance from 2010 onwards.

Am looking into creating a complimentary service in advance of the banks / building societies, hence no details for the moment.

One thing is for sure, if they proceed, it'll be the largest shake-up in the mortgage system ever...and about time too. Hopefully most will applaud this creative but intellligent advance.

Keep seeking good property investments everyone...

Olly
PS: As a result, it will slow the property markets of the future. Everyone will need a greater personal stake in the transaction.

A number of the bigger agents of gone...........lets think of them all.....not just parador and superior. Viva Estates have shut there doors, Interealty were one of the first to go. Ocean Estates followed and it is reported that Livingstone and ADH are also in trouble.

The main reason............not necessarily the supposed credit crunch (which is just a marketing ploy from the banks)........these agents all cleaned up in the good times in 2001-2004, but unfortunately were too short sighted to move with times and thought their huge marketing campaigns would keep them going. Most continued doing every exhibition under the sun through 2005-2007, spending rediculous amounts of money without the returns and focussed mainly on the UK market. Really think they deserved to close!!!

The successful agents that are still functioning today and doing ok even in a resession market, have looked well beyond exhibitions and glossy magazines, expanded their focus and those working in Spain have learnt spanish and focussed on the local market!.......these guys deserve to still be here and my predicition is that these agents will ride the rough times and will come out the other side laughing at the "big boys" that all fell when the going got just a bit too tough!!

OPH.......a good summary of the current position!

The demand for buying on the Costas in Spain is very large and just at the moment the ' effective demand' is sluggish because of the current economic situation in northern EU

Medium to long term the market will move again, product demand may be a touch different [ always change after a down turn....perhaps a more 'El Campo' or 'el medio ambiente' product demand ]

And buyers will look to the profesional agents

*For example we have a ' el medio ambiente' development which is fully legal, 30 mins from Almeria, infrastructure now underway and first units started...show house ready very soon
2 bed apartments from 99.900 € and a 2 bed semi from 137.500 €

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Brian Rowlands BSc FRICS
Chartered Surveyor & Overseas Property Agent
www.bbspanishproperties.co.uk

EasyAgent - low cost agent - here I come

Sounds like a good time to jump in and clean up !!!!
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Hi Dave99

I would not jump in too quick mate.

The development he is flogging is a HUMA one. People purchased through agents in 2004 and never got their properties built on Almanzora Country Club.

People are in the process of taking Huma to court due to not having any bank guarantees and Huma refusing to refund people.

The complex he is flogging is Oasis Thabernax Country Club which also does not have a 100% build licence yet.

This agents track record is one of a purchaser on ACC who had no bg himself and had to transfer to OTCC to safe guard his investment.

Parador who are also rogues were hand in hand with Huma so it will be interesting to see if this development ever gets finished now that they are in trouble.

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Flatley my dear,I don't Riverdance