How much did you pay for your unit(s) in Bansko!

[ady1231]

Hi There;

I would like to know where did you buy in Bansko(in Which development) and how much did you pay for it?

I have bought in Perun Lodge, Studio 32sqm for 68300 Euro is April 2007.

I am not sure whats the capital appreciation on it was since last year.

Looking forward to hearing from you soon.

Cheers
Addy

 

[ady1231]

Come on guys! surely there are some people who have bought in Bansko?

Bring it on!

 

[Jain and Chris]

This reminds me of any new-build situation in any country. This is not at all unique to Bulgaria.

What about all those new developments in Britain where they release phase 1 and loads of people buy, only to find out that they then release phase 2 at the same price (or less than) you bought in phase 1. This automatically devalues your property. People who are buying new-build want just that, new.....

Doesn't stop people buying though and just means those who bought initially have to wait for their return. This is the way of new-build properties.

Perhaps people should be looking at alternative investments, such as truly authentic Bulgarian properties in good locations - those of the 'revival' period built in traditional style by craftsmen 200 plus years ago; they aren't making any more of them and all over the world these type of properties increase in value all the time. Just a thought.

 

[ady1231]

So what do you think? Bansko is gone?

 

[willowtree1]

I wish it was the other way around but alas it is not for the moment.nothing wrong with Bansko except their is too much being built and has already been built, which clearly affects your investment i think your right and you have paid too much in the first place,what sort of capital appreciation and rental potential were you told to exspect when you purchased the property.Its always best to shop around and do your own research to prevent getting stung by them.

 

[chrisc]

Bansko currently has an oversupply of at least 20,000 apartments and this number grows every week. A lot of Irish bought there at the top of the Irish property boom last year and they look likely to want to get out soon. I've been offered Bansko recently at less than 800 Eur/sqm but no way will I buy. They will later slam you for crazy maintenance charges and service fees and you will have no choice but to pay. With such oversupply, rental returns will be a joke. No way will any Bansko property ever recover back its cost, IMHO.

Sorry.

 

[ady1231]

Bansko currently has an oversupply of at least 20,000 apartments and this number grows every week. A lot of Irish bought there at the top of the Irish property boom last year and they look likely to want to get out soon. I've been offered Bansko recently at less than 800 Eur/sqm but no way will I buy. They will later slam you for crazy maintenance charges and service fees and you will have no choice but to pay. With such oversupply, rental returns will be a joke. No way will any Bansko property ever recover back its cost, IMHO.

Sorry.

Hi;

I was offered bansko for 700e/sqm at the time i bought, it depends where you buy my friend!

I have bought next to the gondola, not the (planned one)!

 

[chrisc]

Hmm. In your earlier post, you said:

I have bought in Perun Lodge, Studio 32sqm for 68300 Euro is April 2007.

That works out at 2.134 Euro/sqm.

As I understand the offer made to me several weeks ago, you can now get apartments not far from the gondola for less than 800 Euro/sqm. This is direct from several developers, before negotiations. This is what I understand, with the caveat being that I have never seen these apartments as I have no interest in getting ripped off in this area. Knowing BG builders, the build cost is probably still under 400 Euro/sqm so they are still making a whacking profit as the standard of finish is going to be appalling. People who know what a "Bulgarian finish" REALLY means will understand exactly what I mean.

 

[Lysos]

ady,

You would have been better off buying the gondola itself !. At least you might have got some return on your investment. As I understand it the ski season is very short and there is a gross oversupply of property and no resale market.

 

[ady1231]

ady,

You would have been better off buying the gondola itself !. At least you might have got some return on your investment. As I understand it the ski season is very short and there is a gross oversupply of property and no resale market.

Please stick to what you know, i am sick of writing back to WANNABE investors, they just criticize everybody, and never invest anywhere, go n get a life mate!

 

[ady1231]

Hmm. In your earlier post, you said:
That works out at 2.134 Euro/sqm.

As I understand the offer made to me several weeks ago, you can now get apartments not far from the gondola for less than 800 Euro/sqm. This is direct from several developers, before negotiations. This is what I understand, with the caveat being that I have never seen these apartments as I have no interest in getting ripped off in this area. Knowing BG builders, the build cost is probably still under 400 Euro/sqm so they are still making a whacking profit as the standard of finish is going to be appalling. People who know what a "Bulgarian finish" REALLY means will understand exactly what I mean.

Thanks Chris;

Trust me i know what (Bulgarian Finish) is!. I know there is an over supply, and i paid too much for the unit. My development is opposite kempinski if u have been there urself, it will not be the best investment i have made, but then i have invested in the best place in town, so if the market goes down, i couldn't avoid that!, but at least i would get some of my money back.

the development is Perun Lodge

 

[Lysos]

WANNABEE !?!. I live off my investments. I doubt what you are making in Bansko -if anything - would buy you a square meal. Denying the reality of the property market there won't change anything. Shout as loud as you like.

 

[ady1231]

WANNABEE !?!. I live off my investments. I doubt what you are making in Bansko -if anything - would buy you a square meal. Denying the reality of the property market there won't change anything. Shout as loud as you like.

I am not denying the market, but please dont try to be superMan!lol, i am not waiting for my investment there to feed me bro!

 

[She Blain]

Perun Lodge

Hi There;

I would like to know where did you buy in Bansko(in Which development) and how much did you pay for it?

I have bought in Perun Lodge, Studio 32sqm for 68300 Euro is April 2007.

I am not sure whats the capital appreciation on it was since last year.

Looking forward to hearing from you soon.

Cheers
Addy

Hi Addy,

We have purchased in Perun Lodge and are still going through the legal side of things but the property we have purchased is a one bedroomed apartment for (I think) about 90000 Euros. We bought in August 2007

 

[ady1231]

Hi Addy,

We have purchased in Perun Lodge and are still going through the legal side of things but the property we have purchased is a one bedroomed apartment for (I think) about 90000 Euros. We bought in August 2007

Did you go and see it be4 buying?

guess we paid a premium as it's very close to the gondola

 

[She Blain]

Perun Ldge

Did you go and see it be4 buying?

guess we paid a premium as it's very close to the gondola

Yes we did, and we liked the location, the close proximity to the gondola and the old town.

 

[ady1231]

Yes we did, and we liked the location, the close proximity to the gondola and the old town.

well, through which agent did you buy? I can see alot of vheap apts in town of Bansko, but it's all about the location.

 

[thetravelbug]

I looked to buy an apartment in Belle Vue, not too far from the Gondola (although 3 x further than advertised) in 2004/2005 and was then paying around 1,100 E/sqm so prices definitely gone down, not up as all the hype suggested. I pulled out thank God and managed to fight Bulgarian Dreams through court to get my money back due to misdescription and other issues. Best decision I ever made pulling out. Same money went on to buy me 6 or 7 rural houses in Central Bulgaria - all I could easily resell for double what I paid for them, if not more.

I now live here in Bulgaria and visited Bansko for a holiday in January. Horrendously expensive, massive queues for lifts, small ski area and still building continues....

If you are higher than the Kempinski, up the road from the Gondola I mean, check that your apartment block is not in breach of planning as there was initially supposed to be no building higher than the gondola as this went into national park and forest. Now there are hundreds of blocks above this line.

I agree with Chris and Jain. There are still very good deals to be had in Bulgaria but avoid the over hyped, over supplied places along the coast and in Bansko.

For skiing, Borovets a much better investment - Super Borvets project got definite go ahead, nowhere near as developed and restrictions in place to stop another 'Bansko', easier access from Sofia and Plovdiv airports, still expensive mind you...

Rachel

 

[Jain and Chris]

Hi Rachel, yes Borovets is a good bet but I also think Pamporovo is good too, especially as you can get apartments with skiing straight out of the door. One to watch.

You'll always pay a premium for being next to the gondola... but then you're likely to see a better return if you come to sell

 

[thetravelbug]

yeah so long as is near the gondola - every development I read about for Bansko is very close to the Gondola - even if kilometres outside village!!!