Lots of new build skeleton properties?

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raw
Posts: 25
Joined: Sat Nov 12, 2016 9:47 pm

Lots of new build skeleton properties?

Postby raw » Sun Jul 09, 2017 10:04 pm

We have noticed whilst going around the island a lot of empty new build property that require finishing.

Many of the properties appear to be skeletons, awaiting further construction. Can anyone shed any light on these properties?

Are they built be speculators who then wait for someone to turn up and show interest, (if this is the case there appears to be virtually no adverts or telephone numbers to call to make inquiries) or have they been built by the owners of the land to attempt to sell to generate money or have they been built and the builders have basically gone bankrupt?

Or is there some other reason that these ugly structures have been put up?

Thanks
RAW

peebee
Posts: 650
Joined: Sun Oct 16, 2011 5:07 am
Location: Kalyves

Re: Lots of new build skeleton properties?

Postby peebee » Mon Jul 10, 2017 4:25 am

I was told by a Cretan friend many years ago, that once you have obtained planning permission for a property, you have a limited time (5 years I seem to recall) to get the skeleton built. After that, you can take as long as you like to get it finished.

Kilkis
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Location: Near Chania

Re: Lots of new build skeleton properties?

Postby Kilkis » Mon Jul 10, 2017 7:45 am

I would guess that many of them were started, either by developers or individuals, before the financial crisis began and they simply ran out of money.

Warwick

YoMo2
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Location: Milatos, Lasithi

Re: Lots of new build skeleton properties?

Postby YoMo2 » Mon Jul 10, 2017 8:12 am

And lots of owners just build step by step, when they have money.

Andrew
"It's all in the implementation"

mouche
Posts: 564
Joined: Sat Jan 15, 2011 5:43 pm

Re: Lots of new build skeleton properties?

Postby mouche » Mon Jul 10, 2017 11:28 am

Kilkis wrote:I would guess that many of them were started, either by developers or individuals, before the financial crisis began and they simply ran out of money.

Warwick


I think they ran out of buyers?

We bought such a skeleton in 2011 and completed the build.

moved 2 crete
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Joined: Mon Mar 15, 2010 1:37 pm
Location: chania

Re: Lots of new build skeleton properties?

Postby moved 2 crete » Mon Jul 10, 2017 12:39 pm

peebee is correct according to our Greek neighbour who built his own house on is father's land about 12 years ago... :idea:
Dave H

Kilkis
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Re: Lots of new build skeleton properties?

Postby Kilkis » Mon Jul 10, 2017 2:44 pm

mouche wrote:...I think they ran out of buyers?...


In the case of a developer that amounts to the same thing. The buyers are ultimately the source of money.

In the case of individuals building a property for themselves or their offspring, which is very common in Greece, it may be that they lost their job in the recession or their salary was drastically cut or the bank that was funding them in stages on proof of completion simply stopped lending or probably any one of a dozen other reasons.

Warwick

mouche
Posts: 564
Joined: Sat Jan 15, 2011 5:43 pm

Re: Lots of new build skeleton properties?

Postby mouche » Mon Jul 10, 2017 6:53 pm

Kilkis wrote:
mouche wrote:...I think they ran out of buyers?...


In the case of a developer that amounts to the same thing.
Warwick


No. If you sell first and then build you don't run out of money as a developer. If you build, or start the build, before you have sold you may run out of money. Our neighbours had to wait upto 16 months from time of signing a contract till the house was finished whereas our house was not sold before the developer started to build and thus ran out of money. I don't expect you to see my point this time either!

Guy M
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Location: Kalamitsi Alexandrou

Re: Lots of new build skeleton properties?

Postby Guy M » Tue Jul 11, 2017 9:50 am

I find these buildings incredibly sad- as well as being an obvious metaphor for our times.

We bought our (200 year old) house in '99 when the rash of developing was just starting, and each year there were more and more signs in Apokoronos for properties from New Century (one of the main developers of the time). What was happening, simplistically, is that people in the U.K. were using their houses like ATM machines - remortgaging to take out money to spend on cars, the newest electronic goods, and holiday homes abroad. Both buyers and sellers thought it would never end - and so the landscape was disfigured in the pursuit of an unrealistic future where owning a second home was attainable by large numbers of people. We were entranced by money and cheap credit, as ever.

To get an American perspective on exactly this phenomenon in the US at that time, it's worth checking out The Big Short, either the book by Michael Lewis or the very watchable film of the same name.

Kilkis
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Re: Lots of new build skeleton properties?

Postby Kilkis » Tue Jul 11, 2017 11:12 am

mouche wrote:No. If you sell first and then build you don't run out of money as a developer...


Agreed but then there wouldn't be any skeletons would there? The original question was why are there so many skeletons.

You seem to be totally in agreement with my post when you say:

mouche wrote:... whereas our house was not sold before the developer started to build and thus ran out of money. I don't expect you to see my point this time either!


while I said

Kilkis wrote:I would guess that many of them were started, either by developers or individuals, before the financial crisis began and they simply ran out of money.

Warwick


Can you explain the difference between the two posts because I can't see any. Do you simply spend time trying to find ways to disagree with me even when you are saying the same thing? Quite perverse.

Warwick

mouche
Posts: 564
Joined: Sat Jan 15, 2011 5:43 pm

Re: Lots of new build skeleton properties?

Postby mouche » Tue Jul 11, 2017 10:20 pm

You just don't get it do you? They started the build in the good days, before the crisis, expecting to sell but when the crisis came the buyers disappeared and the builders stopped further building. Does that mean that they ran out of money? Maybe, and maybe not. I know of quite a few houses that were never sold, almost finished, but the builder is still doing fine and have not run out of money. Yes, I'm talking about Apokoronas an area you know well! Sorry to say but you jus don't know everything although you seem to think so!

Kilkis
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Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Lots of new build skeleton properties?

Postby Kilkis » Wed Jul 12, 2017 10:44 am

mouche wrote:You just don't get it do you? They started the build in the good days, before the crisis, expecting to sell but when the crisis came the buyers disappeared and the builders stopped further building. Does that mean that they ran out of money? Maybe, and maybe not. I know of quite a few houses that were never sold, almost finished, but the builder is still doing fine and have not run out of money. Yes, I'm talking about Apokoronas an area you know well! Sorry to say but you jus don't know everything although you seem to think so!


You are completely correct Mouche. What you are saying and what I am saying are so diametrically opposite I must be a complete moron to think that they are the same thing. Clearly I am such a total idiot I don't know why you bother replying to my posts?

Warwick


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