Following on from last weeks article, in which I pointed out that properties in town, with outside space will cost less to buy and restore than countryside properties, this piece is to give an idea of what you can buy, where, and on what budget, in towns.
None of the properties, on a first look, and without being visited, are overpriced – some are good illustrations of my point that you should think outside the box and go on potential. I have focused on the Salento area as there are a better choice of well priced town properties with outside space. In the Valle D’Itria character properties with gardens, at the lower end of the price range, simply do not exist. In towns like Ostuni, Monopoli and Locorotondo properties are often older, and built like little towers with one, or maybe two rooms per floor and, in any case are much more expensive. You would need to spend at least 220,000 for a two bedroomed apartment in Monopoli (including restoration), around 160-200,000 in Ostuni.
Nardò, where I live, is increasingly popular with foreign buyers. 10 minutes from the sea, 20 from Lecce and 40 from Brindisi airport it is lively without being overrun with tourists, with good restaurants cafes and bars. In the six years I have been here prices have gone up by 40%. Now the usual price for a two bed house or apartment is around 120-140,000 including restoration but, buying carefully, 100,000 is still doable.
Property 1 has recently been restored to a high standard, it is in the historic centre and it also has a large balcony and a roof terrace. I personally wouldn’t buy it. It does have some original features, 2 beds, 2 baths and doesn’t need any work but, at 85 square metres it is the smallest of the selected properties in Nardò, has only one room other than bedrooms and I don’t like the floors or how they have fitted in one of the bathrooms. Property 2, also in the historic centre, is 140 square metres, has all the original floors and great views from the balcony and roof terrace. It currently has two bedrooms and bathrooms, but could almost certainly have three. The furnishings and decor are pretty grim but it looks to be in good structural condition. It would probably end up costing much the same but has the potential to be a gem.
Property 5 is also restored, also in the historic centre. It is a good size, 130 square metres, has vaulted ceilings, a roof terrace and, unusually, a garage. I, personally, hate the finish on the doors and the bathroom tiles are pale blue, patterned and super shiny. If I fixed those things the price would be pretty much the same, maybe a bit less.
In a street, outside the historic centre, but still a 5 minute walk away, and much closer to shops are properties 4 and six. Property 4 has two bedrooms, vaulted ceilings and a roof terrace. The kitchen and doors have a dark shiny finish and you would probably want to repaint, but this would could be bought and made attractive at around the 100,000 mark.
Property six has vaulted ceilings, two bedrooms and two fireplaces. A bonus is that it has a courtyard garden. It has rather, shall we say, vibrant and shiny, terrazzo flooring throughout and a lot of clutter, but is very light and has potential and the garden could be lovely. I would have thought 120,000 restored. Most of the work would be cosmetic, including a new bathroom.
My absolutely favourite is number 7. I have seen this a couple of times and it has been on the market for ages..I suspect it hasn’t sold because, currently, all the rooms lead into one another. This is fixable however and is a good example of people not thinking outside the box. It could have two bedrooms and bathrooms, has vaulted ceilings, beautiful original floors and both a garden and a roof terrace, with another room on the terrace. It is slightly further out, but still under a 10 minute walk to the historic centre. It does need work and the kitchen and bathroom would need to be replaced and another bathroom added. At this price though it should still come in at the 100,000 mark, maybe slightly more depending on finishes.
Property 3 is also outside the historic centre – maybe a 10 minute walk, but close to good shops and the best supermarket, in a street full of 1920s- 30s houses. It has vaulted ceilings and is 145 square metres with a roof terrace, but would need reorganising slightly. Again, would come in round the 100-120,000 mark.
All of these costs could be reduced by a certain amount of DIY.
Of these, only property 3 could possibly stretch to three bedrooms. For a 3 bedroomed property in Nardò you are probably looking at 150,000- 220,000, restored, or more, depending on size and location.
Galatina, about 20 minutes from Nardò is slightly larger, also lively and has a spectacular cathedral. It was, historically, even grander and, although it is shabby in places I really like it. Property prices tend to be a bit lower than Nardò
Property 8, in Galatina, needs quite a bit of work but has amazing period features and is 140 square metres with a terrace and a roof terrace. It currently has three bedrroms and could stretch to four. Impossible to guesstimate work costs without a proper site visit, but I would have thought would come in at around 150,000 – 160,000 depending on choices made. There was not much on the market at the moment here, but worth keeping an eye out.
Property 9 is completely restored, offers 4 beds and baths, though at least one of the rooms is on a mezzanine. Nicely done though, and currently arranged as two separate apartments which would be good for rentals. Ground floor has no outside space though. First floor has a terrace at floor level which is always good..
Leverano, 15 minutes North of Nardò, still close to the sea, airport etc has a very pretty, though small, historic centre . It is smaller than Nardo- or Galatina, but has good restaurants, caffes and bars and is very lively in the warmer months. Its population is just under 20,000 so it is a good pick for people wanting to move to Puglia and benefit from the tax incentives.
Property 10 is here. Previously used as office space, it would make 2 beds and baths and has a roof terrace. I haven’t been round it yet, but it would almost certainly come in under the 100,000 mark. Property 11 is a huge favourite ‘on paper’ and is a good example of what I was talking about in Part 1 – people needing to understand what they are looking at, in terms of being put off by things which look like they are a lot of work. What has happened here is that they have started restoring it, so all the plaster off the walls is a good thing – means you don’t have to do it! There isn’t a roof terrace but there is a small rear courtyard – big enough for dining outside, and the potential for 3-4 bedrooms. Loads of original features….
Property 12 is for sale by a private vendor who says vaguely ‘70,000 open to offers’. Nice original floors and vaulted ceilings, light and has a garage as well as a cemented over garden. 2 beds, one other room. If they accepted 60 or 65,000 could be a good buy…
So there you have it… Essentially, with all the, allowable – (see previous article), DIY in the world you won’t get a two bedroomed apartment or house for less than 80,000 and can expect to pay 100-140,000… Three bedrooms 140,000 plus. Well restored properties will usually be priced higher than this, which is why restoration is always worth it…
I have some availability for property viewing trips in March, less, but still some, in April. Email me if you would like to discuss this or if you would like a, no obligation, phone call to discuss your property ideas/plans.