The fourth auction in a row of the listed property in the picturesque Logos of Paxos is scheduled for January 10 - Significant drop in the starting price.
For the fourth time, a separate property on the island of Paxos, which has been very popular in recent years, is going under the hammer.
In fact, the property in question, named "Bella Vita", was on the list of the international brokerage office Greece Sotheby's International Realty until the end of 2022 with a price of 2.8 million euros, while it is no longer included in its proposals for Paxos, New Money reported.
For the fourth time
The property, which has an excellent view of the sea, from which it is only 25 metres away, as well as the bay of Loggos, was initially auctioned on July 20, 2022, with Intrum prompting, after a seizure for an amount of 266,000 euros (part of the total requirement). The initial starting price was set at 1,062 million euros, but following an appeal by the debtor, it was increased to 1.47 million euros.
At this "bow", it went under the hammer, but the auction was aborted "for want of bidders." The second auction followed on October 5, 2022, with a starting price of 1.47 million euros, which was also unsuccessful. On November 16, 2022, the hammer fell for the third time, with the starting price reduced by 20% to 1.17 million euros. But again, no interest was expressed.
After more than a year, the re-auction is now set for next Wednesday, January 10, 2024, unless there are moves to suspend it, with a first bid price of €955,500, i.e. reduced by 35% from the original (of 1.47 million euros).
What does the property include?
According to the relevant report, it is a building, which is a self-contained and independent divided (vertical) property (referred to as "Building A") and which is the oldest and has been erected within a plot of land with an area of 1,701.42 sq.m according to the purchase contract.
According to the latest area measurement, it is 1,686.47 sq.m. within the settlement of the local community "Longos" of the Municipality of Paxos, of the Corfu regional unit.
The plot is sloping and shaped in levels, and for this purpose, stone retaining walls have been constructed, and a retaining wall at the plot's border with the provincial road is approximately 2 metres high. The location of the plot offers an excellent view of the sea and the bay of Loggos.
Those above "Building A" has an undivided 54% co-ownership percentage in the plot, while it has the exclusive use of part of the plot, a total area of 541.05 sq.m.
It includes an old two-storey building with a tiled roof, with an estimated year of construction in the year 1865 with an external staircase, a welded ground floor kitchen and a welded old two-storey building; it has a total area of 245 sq.m. and consists on the ground floor of an apartment of approximately 120 sq.m., which includes three bedrooms, a kitchen, a dining room and a bathroom, while on the first floor an apartment of approximately 120 sq.m., which includes three bedrooms with a private bathroom, a kitchen and dining room.
It is noted that the property is divided into four independent apartments, which are rented out to tourists during the tourist season.
It is also a typical sample of Heptanisian architecture, made of plastered stonework with a tiled roof and wooden frames, while it is very well preserved both inside and outside. For this, after all, it has been designated a "Preservable Monument of Historical Importance".
Overthrow through court
As mentioned above, based on an October 2021 valuation report, the initial first bid price was set at 1,062,000 euros. But this increased to 1.47 million euros after the property owner appealed. According to the rationale of the decision of the Single-Member Court of First Instance of Corfu on June 29, 2022, "the area of Loggou Paxos has been showing strong tourist development for years, as its picturesqueness attracts high-income tourism.
There are few properties for sale in the area, and the demand clearly exceeds the supply. Furthermore, the increase in efficiency to 10,000 sq.m. for pitches outside the settlement after 31-3-2011 has shot up the values in pitches with a surface area of less than 10,000 sq.m. which exist as of 31-3-2011.
For this reason, real estate prices in the area have not been substantially affected by the economic crisis that hit the country or the coronavirus pandemic."
In addition, the decision stated that the disputed property, together with the adjacent property (with a total area of 440 sq.m.), were (at that time) offered for sale at the price of 2.8 million euros by a certain real estate agency (Sotheby's), i.e. to €6,364/sq.m. At the same time, another appraisal report was submitted, which determined the commercial value of the property to be 3.1 million euros.
Thus, the court ruled that "in view of the uniqueness of its location, its extent, its independence, its designation as preserved, its very good maintenance and the possibility of its use either as a tourist or as a private residence", its commercial value is estimated to amount to 1.47 million euros.
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