Property in Crimea

[Gylden]

Does anyone have experience in buying property in Crimea? I am interested in buying a house or property and building?? Just considering it at this point and wanting to assemble as much information as possible.
From what I have seen listing prices are just crazy high 1.5 mil to 5/6 mil, for a rather decent house. I have heard that at this time it is not unreasonable to offer half of that or lower. Also I have seen plenty just property for anywhere from 20 k to over 1 mil. 
What can you tell me?

[BC]

Have a lot of 'disposable' income?

Would think the US market would be a better proposition.

[Rutherford]

My  wife was born and raised in this area  and all she talks  about is how bad the political  situation is  and would never go there again .
She moved away 25  years ago  to Russia  so I am wondering if she really knows anything about this area  , she hears bad things from old friends who still live there  , I guess

[Gylden]

I am not really looking at it from a pure investment point, just I liked it so much and it is rather a unique environment compared to the surrounding area. Maybe from the perspective of retirement (summer or winter home?)

[Gylden]

Let me make my case a little more clear, as I was just getting off to bed when I posted my last and was in a bit of a hurry.
I am living in Norway at this point (cold country), however I am an American. I moved here from California and lived in Santa Barbara for 12 years (warm and beautiful place).
This year I was to the FSU for the first time ever, as I never went there in connection with my wife. We stayed a couple of weeks in Yalta and it was just beautiful and reminded me of Santa Barbara, only better.
I am not by any means rich, but I do have some cash disposable. Also in maybe 7 to 10 years I will formally retire and begin to receive not a bad pension. Housing prices have just been skyrocketing since I bought my house here, with only a little slow down due to the finance crisis. Here in this part of Norway it has not turned negative yet. So I anticipate this trend will continue somewhat, at least a hedge against inflation (which IMO will skyrocket as well in the next 3 to 5 years). As such I think it might be a pretty good idea to but a house or preferably build or restore one in some warm place, in the near future. The places I am currently considering are Turkey, Portugal and of course Crimea (of course the sub tropical area of Crimea).
I have noticed quite a large discrepancy in real estate prices in this sub tropical zone and am looking for advice if anyone has any experience there. It seems that if the property is located near the water it is just crazy priced but if one considered to buy say for example outside the city area around Yalta and maybe 4  to 7 kilometers from the coast, it actually looks pretty enticing.
Anyone??

[Mir]

the prices in millions you are for Yalta.

4-5 million for a house?

why not buy a hotel?

http://www.crimeaproperties.com/property_1433.html

Else where in Crimea it will be much less.

Still the political issues are there so rather risky investment.

[Gylden]

Mir,
Yeah it's just absolutely crazy in Yalta, however I was told by an agent that offers of half the listing price are reasonable. So I assume the reality could be even lower. What really interests me though is property, just a few kilometers away from the city and beach are some small villages where 2 - 3 acres can be had for 20 K to 100 k. Same climate, maybe 10 - 15 minutes drive to the beach. My research also tells me that there are for the most Turkish construction companies who will build a 2000 sq ft house without interior for approx 50 k. Pretty reasonable IMO, but it is such a price difference between the finished houses (albeit targeted for new rich Russians) and the property slightly out of town/building prices.
The political instability is allways a concern, but the way I see it even if Russia were to annex Ukraine in whole, the result would probably be more stabilizing. I hope it will never happen, as I love Ukrainians and support Ukraine whole hearted and eventually they will overcome the difficulties I am sure of it. They have well a educated population, slightly under developed infrastructure and relatively good natural resources.
Anyway just poking around at this time and gathering information.
Thanks for the input!!

[boaterguy]

Mir,
Yeah it's just absolutely crazy in Yalta, however I was told by an agent that offers of half the listing price are reasonable. So I assume the reality could be even lower. What really interests me though is property, just a few kilometers away from the city and beach are some small villages where 2 - 3 acres can be had for 20 K to 100 k. Same climate, maybe 10 - 15 minutes drive to the beach. My research also tells me that there are for the most Turkish construction companies who will build a 2000 sq ft house without interior for approx 50 k. Pretty reasonable IMO, but it is such a price difference between the finished houses (albeit targeted for new rich Russians) and the property slightly out of town/building prices.
The political instability is allways a concern, but the way I see it even if Russia were to annex Ukraine in whole, the result would probably be more stabilizing. I hope it will never happen, as I love Ukrainians and support Ukraine whole hearted and eventually they will overcome the difficulties I am sure of it. They have well a educated population, slightly under developed infrastructure and relatively good natural resources.
Anyway just poking around at this time and gathering information.
Thanks for the input!!

Take it from someone who has been there and done that. The interior of the house will cost 2 to 3 times what you will spend framing up and drying in a house!(possibly more depending on the level of quality)

[Gylden]

Boaterguy,
Yeah I have some experience with wood houses also, just finished a complete restoration on my two story wood house in Norway and I mean complete, inside and out.
The houses in Crimea are typically concrete and the inside walls, ceilings and floors are finished with all of the wiring and plumbing installed, so to finish a house it is just to buy cabinets and fixtures and appliances. I have checked out those costs and they seem really quite reasonable. It looks pretty good from what I have found out, it looks as if it is better to buy property with an old house on it and knock it down though, as I was told there are less complications concerning getting the various services, i.e. telephone, water, electricity and gas.
Thanks for the warning anyway!

[boaterguy]

It looks pretty good from what I have found out, it looks as if it is better to buy property with an old house on it and knock it down though, as I was told there are less complications concerning getting the various services, i.e. telephone, water, electricity and gas.

That makes alot of sense! I don't know how it is nowadays but have heard of the nightmares trying to get various utilities connected. I also doubt getting rid of the old house would present any problem. A simple add take the house for free would probably see it vanish in a day!

[Rutherford]

My wife says that sometimes the gov. will turn off the power  for weeks at a time

[kievstar]

Crimea can be very cold from November to April.  I have worn winter jackets in the warmest part of Crimea in early November and late March.  Southern Turkey is warmer than Crimea but still cold at least 3 months of the year.  So you need to go more south if you want warm from November to March.

[Gylden]

Thanks for the input! 
I lived in Santa Barbara in the late 70's and at that time it was just such a cozy little village. The area around Yalta reminds me very much of Santa Barbara. I have only been there one time, but just love it there. The only thing right now which makes me unsure is the lack or apparent lack of political stability. We are at this point leaning more to Portugal, but we will see.
In the mean time I still welcome any comments or ideas.
Thanks

[SANDRO43]

We are at this point leaning more to Portugal, but we will see.In the mean time I still welcome any comments or ideas.

Plus: low cost of living.
Minus: water temperature (Atlantic ocean) seldom over 17°C in the summer  :hairraising: (http://www.visitportugal.com/NR/exeres/B40AFAE3-A467-48AD-8392-7CED948CDA61,frameless.htm).

[Gylden]

Sandro,
Yeah I've been there, maybe a little better on the Faro coast. We are looking inland at some small olive ranches though, so I am not so concerned about sea temp.
Spasibo!