Selling a nice flat in Krakow, Cracow's centre

I'm going to sell my mother's flat at Slowackiego alley.

Renovated 43,3 m2 flat, 15 min. from the market square and railway station. 2 rooms (20 m2, 12 m2), kitchen and a bathroom in tiles and terracotta. Own and econnomical central heating; modern windows with a view on Slowackiego alley (south). Owner without debts. Rent per month with water - 38 GBP. Second floor.
5 minutes to a park with a green alley and the same time from the market-place.

For more information, please contact me: pawlec@gmail.com
Pawel

Hi Pawel
I have just sent you an email.
Have a nice evening :)
P.

Pawel,
I see your posting on Gratka.pl for the flat. It is in good shape and a really nice layout for a 43m2 apartment, with two good size rooms. A really good rental for students, but 440,000 zl (10,162zl/m2) for Al. Słowackiego seems a bit rich.

Good luck with the sale

Please see similar offers: www .krn.pl/szukaj_nieruchomosci.php?obi=1&ryn=2&f=2&akc=1&ireg=6&am=Krak% F3w&ad=&au=s%B3owackiego&pll=40&plh=60&ccl=&cch=&cw=1&lpk%5B%5D=0&lpp% 5B%5D=0&lpb%5B%5D=0&rkb=0&mtA%5B%5D=1&mtA%5B%5D=2&otype%5B1%5D=1&otype %5B2%5D=1&pierw=1&sort=1&show=0&q=

Main seems to be the cheapest..
Pawel

43 sq. meters = 463 sq. feet.
440,000 zl = $150,000 USD
Wow.

it's 'wow' cause $ is cheap.

At today's rate
440,000 zl = $197,000 USD
Wow x 2.

I suppose you could reach two conclusions; Krakow property is overvalued, or USD just don't buy what it used too. I think it's a little of both.

Pawel, I understand your point. Compared to most of the offers on the market today, the price seems reasonable and I wish you luck in selling your flat.
However, this view of the market only holds water if you believe that most of the other offers are reasonable, which I do not.

Your point of reference should not be the prices of other properties that have not sold, but of similar properties that have sold in the last 6 months. But this information is very difficult to get hold of on a street-by-street basis.

I do expect that the secondary market in Krakow will only get tougher for the remainder of the year. I think the true market value of your apartment is somewhere in the range of 7000 - 8000 zl/m2. But you will see that there are several flats on Słowackiego and Krasińskiego in this range (but much larger) that have sat on the market for quite a long time.

Again, good luck with the sale.

Always upsetting when you realise your money is worth a lot less than you thought. Stirling is under 4.5zl for the first time... hmmm

I am glad that Polish economy is moving forward, but man - 463 sq feet is a tiny place, and in a country where average income is what, about $10,000 USD or less?

I bought my hose for less then that (Midwest USA) and it's more then 3 times the size of that apartment, plus it has a finished basement, garage, and a deck in the backyard, which are not included in the sq. footage. And between me and the wife we manage to pull in a 6-didgit income.
I wonder what kind of a mortgage payment would you have on a place like that?

On the good side just imagine what an economic boom the Polish government could create by simply cutting the red tape and deregulating the housing market - wow!

Nr 30, 57,7m2, 4th floor, 2 rooms (1 bedroom), annex kitchen, no balcony, 18.000 PLN/m2 net, 1 111,302 PLN gross (including 7% VAT).

That's the price for an off-plan apartment on ul. Wielopole (close to the centre) from the developer's website today. And it's in developer's standard, so there will be extra cost associated with internal finishing/fitting/furnishing of the apartment.

At todays exchange rate from xe.com 1.111m PLN =
$497 000 USD, 315 000 EUR, 249 000 GBP!!!
OK, this is an expensive apartment!

Back on topic. Al Słowackiego is probably the singular worst road to live on in Kraków. It's three lanes of traffic are loud and regularly congested, and the fumes are terrible. You see cars parked along the aleja caked in black mud during the winter.

I agree with Nie Rozumiem. A fairer price for a flat in this condition on Al. Słowackiego is probably around 7000 PLN. I have seen lots of flats along this road that no-one wants to touch due to being them located on a major arterial road.

Buyers are now much more discerning in Krakow. The across the board high prices are a thing of the past. It's a buyers market now and location is much more important. Nice quiet streets/apartments in a city like Krakow have to achieve a premium in sale. Or there is always the alternative of a house with garden outside the city limits for the price of an average apartment in the centre.

I agree, the prices of properties have come down 5 to 10% in recent months, properties in the country have gone down much further, interest rates are also going up.

Dice, below is the normal true cost in Poland of making such a purchase.

(Assumptions: Purchase through an estate agent, Mortgage in PLN (many Poles opt for Swiss Francs), Standard mortgage Terms.)

440,000 zl Cost of Flat

30,800 Cost of Purchase
16,100 estate agent fee of 3% +22% VAT
8,800 civil tax
5,500 notary fee with 22% VAT
400 MISC taxes and fees

8,100 cost of mortgage
Terms: 30 Year, Adjustable Rate, WIBOR 6M + 1% (7.4%)
20% down = 88,000zl
80% borrowed = 352,000zl 2440zl/month payment
1.5% setup costs = 6600
MISC costs from bank + insurance + survey for insurance/credit = 1500

478,900 ($214,400 USD) Total cost of purchase
126,900 ($56,800 USD) out of pocket
2,440 ($1100 USD) monthly payments on the mortgage

There are very few cities in the world where 43sqm would fetch this kind of price. This is why I believe Pawel will have some trouble in selling his flat.

hey.my friend from slovakia has just bought a house(slightly ov 100m2) in slovakia for less than 13.000£.it is in rural area but close to busy touristic area of kosice.how come that slovakia is so cheap?they will introduce euro just next year.we are neighbours,both in the eu.flats in my little town, zamosc have soared to 180.000 zl(=40000£) for a 3 room flats.wtf?

Rafik old boy, whats it like returning to the promised land. you are blessed, God is good! once the euro hits Poland everone will be richer. The prices will be so high that everyone will be a millionaire. Best sell your house and buy two, three homes in the United States Lol, (no harm in being a dreamer hey.)

On a more serious note what life like in Poland???.

Thread attached on merging:
CHEAP flat at Cracow's City Centre for SALE

Renovated 43,3 m2 flat at Slowackiego Av.

15 min. from the market square and the railway station. 5 minutes to a park with a green alley and the same time from the market-place.

2nd floor; lift. 2 rooms (20 m2, 12 m2), kitchen and a bathroom in tiles and terracotta. Own and econnomical central heating; modern windows with a view on Slowackiego Av (south).

Owner without debts. Rent per month with water - 45EUR, 70USD, 38 GBP. Second floor.

Prices of flats at Slowackiego Av are at:
ww.krn.pl/szukaj_nieruchomosci.php?ireg=6&par=eNozjDeKN4w3NjIxNY03iI-P D96cX56YnJ2Zmp4P5AGlDOAQCGAMAwDuWRGv&sort=1&cw=0&ct=1&show=0&f=2&offse t=0_4_1_1

krakow is really overpriced , ahahah , for the same price i can buy an apart in barcelona or in cannes .

Pavel, You're back again, and dropped the price almost 15% from 440,000zł to 380,000. Great move. Repeat the same excercise once or twice more and then accept an offer 10% off the asking price and you should have a sale. Good Luck

Paul is still living amonst the fairies, seems he is still under the spell of those English opportunistic real estate agencies, I guess he will learn the hard way. lol

Sorry, what's the relationship between English estate agencies and Polish p!ss-taking prices?

Thread attached on merging:
NICE flat in the Cracow's city centre

I'd like to sell an appartment.

It's renovated 43,3 m2 flat at Slowackiego Av. 15 min. from the market square and the railway station. 5 minutes to a park with a green alley and the same time from the market-place. 2nd floor; lift. 2 rooms (20 m2, 12 m2), kitchen and a bathroom in tiles and terracotta. Own and econnomical central heating; modern windows with a view on Slowackiego Av (south). Owner without debts. Rent per month with water - 45EUR, 70USD, 38 GBP. Second floor.

The price is 90500 GBP = 178500 USD
My mail is pwlc@tlen.pl

Mainly the reason why the Krakow market is slowing. Nobody is going to pay the over inflated prices at the moment. My advice is to wait till winter then look around. Many investors are staying away from Krakow because they realise it is a bubble which will burst soon. 43m2 is tiny, nice location, but 15 mins on a tram, you can find a flat for half the price with the same qualities.

As an expat living in Krakow - the property prices are dangerously overpriced and without merit when one consider's the purchasing capacity of the local market - fueled by speculation and usual excess the market is set for serious price correction - also note that most of the property agents work on a commission only basis i.e no salary and hence the lack of morals.

I have lived in Krakow for some months now.. I have had the possibility to buy several flats to a far lower price than this one...
At the moment I sit on the fence and see.. In the near future I think the bubble will burst and we can buy to more normal prices.. Lot of apartement are for sale just now..