A Costa Blanca beach condominium is on offer in a Black Friday special sale ordered by Spanish Court.
127 fully completed apartments in a beachside gated community between Alicante and Benidorm can be snapped up for €10M – half the official book value of €20M-plus. They come with fully equipped luxury kitchens and private terraces with sea and sunrise views.
The sale has been ordered by a Spanish Court after the condo was originally sold at auction and the successful bidder failed to produce the balance of the purchase money. The apartments are licensed for tourist use and this can be varied to allow a resort hotel or retirement living.
Lawyers have been instructed by judges to sell the development to pay off creditors of the original developer. They have all documents and licences prepared for a quick sale.
The Black Friday deal in detail:
Total developed area is 10,917m2 construction on a front line plot of 13,237m2.
Black Friday sale average price per apartment €78,740 = €10M
Construction completion and marketing costs = €3M
Current market apartment selling price is €260,000 = €33M
Gross profit after eventual sale = €20M
International property brokers, Walker Property Spain are handing the Black Friday sale. Barcelona-based Ben Walker said: “All the homes are ready to move into. It needs the reception, main kitchen, restaurant and landscaping to be completed. The swimming pool has to be tiled and filled.
“If the buyer can complete the deal by the end of the year, the controlling lawyers will consider making a €1M contribution towards to the €2.5M costs of finishing the site.”