Casona BIC 1870 con vistas al mar — Puerto de la Cruz, Puerto de la Cruz.

“A 404 m² Canarian-British heritage casona built in 1870, BIC-listed, on a remarkable 2,449 m² urban plot in San Antonio · Puerto de la Cruz with sea views from six high-ceilinged rooms. Asking €650,000 — but the property has been kept barely livable for decades; floors, kitchen, electrical and plumbing all need full replacement. Builder quote on the reform: €800–850/m² (about €333,000 of works), considerably better than the heritage industry benchmark suggested. The technical as-is value is therefore around €545,000 (post-reform fair €878k minus reform cost). But the buyer pool for "1870 BIC casona, 400 m², needing €333k of work" is genuinely tiny — maybe 5–15 motivated buyers globally per year. The casco-mansion cohort sells in a 12–24 month window with 25%+ withdrawal rate and typical 15% price cuts before clearing. Apply that segment-clearing haircut to the as-is value and the realistic price is around €465,000. The serious negotiation target sits in the €465–490k band: that's where buy + reform + transaction costs (≈ €860k all-in) leaves a real margin against post-reform value (≈ €880k), AND prices the seller realistically against the size of the actual buyer pool. Above that band, the buyer is subsidising the seller's wait time. Below €450k, the seller walks. The narrow band between is where this transacts.”

What I saw on the viewing.

Where this one sits.

Puerto de la Cruz, North Tenerife.

“If you'd like me to walk this property with you — on video, or in person on your next trip — send me a message. Twenty minutes is usually enough to know whether it's the one.”