Real estate in Italy is a totally different animal than in the US. Reasons why:

1. it is not a good investment. You will be very lucky to recoup your money from purchase and any renovations you do.
2. you cannot be in a hurry to sell. We are told allow average of 3-5 years to sell here.
3. Italians and Americans have very different ideas about houses/apartments. What should be in it. How much you should pay for what’s in it.
4. Italians inherit property over centuries. They all have multiple houses. They do not have mortgages. They do not buy houses because they do not need to. They are house rich and cash poor.
5. The market is stagnant. Or actually declining.

I tell you this because we have listed our house. Not because we aren’t happy here. It is my dream house. It is just the way I want it. But, being realistic, we are aging and a house on the fourth floor (American), third floor (European) is not optimal for aging in place. There is no possibility of an elevator.

Today we had a nice, young Italian couple look at the apartment. Normally we get English and Americans looking. We have listed at two agencies, one British/international, and one Italian. The couple seemed to like it. It is interesting because all the Italians we know say an Italian would never buy this place. One, because it is too expensive. And two, because it is not to their taste.

I beg to differ on both points. First, we paid €20,000 more than we are asking (!) and we put another €65,000 into its renovation. So, perhaps we paid too much. But getting it with all the bells and whistles for only €230,000 is a deal. Second, we renovated and furnished it with all Italian finishes and products. Our kitchen is manufactured by Pedini — a well known Italian kitchen designer. Our furniture is all purchased here. It is Italian in every way. But maybe a bit more sophisticated Italian than many Umbrians are willing to embrace.

This all said, I am in no hurry to sell. I will be very, very sad to move away from here. And I am not sure where we will go. It all depends on what is available elsewhere when we sell. I have many new friends here in Umbria. A nice support system, and I would miss them. I am loathe to leave it. Except…and it’s a big except…Umbria is not what I call Stranieri (foreigner) friendly. We cannot get a Permesso di Soggiorno (Permit to stay) for more than a year, commonly 2 years elsewhere. We are told we cannot apply for the EU Long Term Residence Permit, supposedly available to all foreigners after 5 years of Residency. Why? It is an arbitrary decision by this region. And no recourse that we know of. So, moving from here could facilitate these things for us. A real conundrum.

Of course, I don’t expect to sell anytime soon. So we aren’t going anywhere in the foreseeable future. Rest assured, I will continue to write on NancyGoes from whatever location we land in, in Bella Italia. In case you’re interested here is our listing.