PDA

View Full Version : Komorovo dacha real estate



Savokchik
15-06-2009, 07:38
My wife owns a large property in the prestigious Komorovo area near the Finnish gulf. It has been in her family for about 50 years and she is readying it to sell. It is 17 sodtki in size, larger than the usual property.

The question is: is this the worst time to sell? This property before the economic downturn hit Russia at the end of last summer could easily have sold for US $800,000. If oil prices continue to rise back up, that might bring the economy back some... but on the other hand, years can go by before ANY Komorovo property comes up for sale - no one ever sells - it is a choice location. Are choice locations immune to the recent downturn in Russian real estate?

And then there is the unpredictability of the Russian government - who knows what new taxes or restrictions they might conjure up to squeeze money out of expatriate landowners wishing to sell?

So, how can we learn what the best strategy is? I doubt we can confer with someone else who has recently sold Komorovo property - these people are undoubtedly as rare as the Giant Panda. And I wouldn't be surprised if advice from local real estate agents is tainted by their desire help a local client (or relative) to a sweetheart deal. Who possesses this kind of information and will share it without bias?

trebor
15-06-2009, 11:25
I am looking after my apartment in another city in Russia and considering the same questions.
My place is an elitny apartment in a prime location. For sure the price has been hit but rafter much deliberation i have come to the conclusion that if you have something desirable in a good location why sell at a knock down price? Don't sell in a downturn. You are giving someone else the satisfaction of picking it up at a bargain price. If you don't need to sell i would suggest you hang on to it. My guess is that the market will start to recover, perhaps in a year or two.
Remember, if at some point you do need to sell quickly at the right price the place will move. It a des res. in a desirable location.
That's not the situation at the bottom of the market where things are pretty dead at any price.

OlivierPeter
12-02-2010, 14:08
17 sotki is bigger than the usual piece of land but not big enough to interest a New Russian (They will look from 50 to 100)!
Prices have been really down after the bubble.
I seriously doubt that they will soon recover and will never in the next 10 years go back to the unbelievable price they had reached.
Value of your land depends where exactly it is situated in Komorovo and the size of the dacha that they will allow to build.