car boot sales

funny how it's all double dutch but yet" negative negative negative" seems like a La La La La  got my head in the sand type of person???????????????????????????

Dan,
I agree it is very unsettling to read this. As you know, like you, I am completing in the next month and this just adds to the worries. Bottom line, what options do we have:

1. Continue and have our place in the sun but at the risk of PW going out of business. What would happen then ? I just don't know what the position would be. Would someone bail them out as they are going to leave a massive mess behind them and not just for purchasers such as ourselves ? I would hope that something would get sorted but...
2. Not complete and be in breach of contract losing our not inconsiderable investment to date. But is it good money after bad ?

I guess we are just going to have to wait and see and hope things become clear quickly. Lets face it we are not going to get an early heads up if there are problems - look at some of the new stories in the UK recently.

However, I also agree with Smivs comments. I started off reading the previous forum when we were first considering what to do 18 months ago. Over time it just got more and more negaitve, fuelled by people claiming to be interested parties but just stirring up trouble. This could be another example of that - who knows ? Apparently the report was only in some small newspaper and hasn't been picked up elsewhere - surely it would have been massive news in the area ? Contributors to that forum seemed mainly interested in having a go at PW which seemed crazy to me when they'd bought into the concept. In the end I've virtually stopped reading it just dropping in occasionally to check out to see if anything interesting was happening. The EOS forum is much more balanced.

Conclusion - what can we do but cross everything, hope its just someone stirring up a story for the sake of it, and sit it out. Lets all keep our eyes open, keep each informed but also keep our heads.

All I can say is that i'm going to try and delay completion as long as possible.

Hi,

What happens if PW actually do go bust. Is the money we have all paid so far protected by the Bank Guarantees as you could argue that by PW going bust means they are in some way in breach of contract and as such we would get our hard earned cash back.

Any legal people out there to advise................?

Phil

Welcome to the forum bobandann.  We always welcome people to the forum when the do their first post.   Must say excellent first post though!!!!  you only get one chance to make a first impression not sure what impression you were aiming at but you have made an impression  !!!

We completed in Jardines 11 in July, been out ther twice now and think it is fantastic, we can only imagine what it will be like when it is finished. We, like others have been stressed and worried about if we were doing the right thing but having been there those worries have now gone. It is a great feeling sitting in your own apartment with the swimming pool in your garden and the views of the mountains. It will be a while before we see any profit from this, but who cares, lets all enjoy what we have now. 
Life's too short...lets just enjoy what we have now, in a couple of years we will laugh about this and think how great it is to be on such a great resort!

well said jarvo! Life's too short for regrets. We are also looking on the bright side. Georgeous weather, mountains on the horizon and a bit of social contact with all the lovely people we've met on here. Someone said on here a while back the it will be a nice community and I kind of hope this will be true. Tan

I'm sure the apartments are great and views fantastic and the community jolly but i am concerned about the longer term on condado. I do not wish to upset any of you that have already completed  but  I really am nervous about handing over my final 60%  at the moment. The economy is affecting everyone at the moment and this includes pw. What I bought into was a 'total concept' (quote by pw) with local shops, town centres, bars etc and every month they seem to remove one of them. This is not what i bought into. Why are they doing this if it isn't cost cutting? Dont give me that crap that bars and shops will be empty, as Condado is supposed to be huge!!!!!!!!!!!  Putting El Mirador on hold and delaying phase 2 is worrying. Does anyone know if they have started building the Club House yet? 
These might be negative comments but  are sensible. Again I dont want to offend 'completers'.

Lisa

HI Everyone,

For gods sake cheer up, we've been in world recessions before and got through them, its just a matter of sitting and waiting till we come out the other end.  I am with you Jackie.  If PW go bust we've no chance of getting our money back but that is not going to happen and spreading negative reports that PW is in trouble  is certainly not helping. Look what happen to Nothern Rock, if the press had kept its mouth shut Nothern rock would have quietly got through its problems and nobody would have been any the wiser, so spreading nasty, vicious rumours is unproductive and scaremongering.


My glass is running over.

Ali 

I don't see the postponement of El Mirador is a negative thing at all - except for those who've bought there of course for whom I have genuine sympathy for. But I'd be more worried in the current financial climate if they carried on building and spending regardless. They've obviously not sold enough on El Mirador to finance the construction, and are unlikely to do so in the near future, so postponing it makes good business sense.

I just can't see how PW can be in serious trouble today. With all the completions that are going on just now ahead of schedule on properties purchased before the Credit Crunch they must surely have a healthy cashflow. And, as someone already pointed out, as PW are so crucial to the Murcia economy I'm sure if they were in serious trouble it would be all over the newspapers and TV. This report seems to come from just one rather obscure website.

My concerns are not immediate but mid-to-longer term. The lack of sales today are bound to have an effect in 1-2 years time when the completions of already sold properties dry up and there's no new completions to keep the cashflow coming in. I assume this is why they've postponed El Mirador. Hopefully by then though the current crisis will have passed or at least improved and sales will have picked up again.

I'm not saying we should be burying out heads in the sand, of course there are concerns and there's no certainties in life.  But the bottom line is, there's absolutely no point in worrying over something you have no control over and cannot change.  We just have to weather the storm and hope that PW are making the right business decisions to make sure they do too. Again, that's why in a strange way we should be encouraged by the postponement of El Mirador because it shows that they're not wreckless and are prepared to make hard business decisions for the long term good.

Keep your peckers up folks, I for one remain optimistic. I hope that doesn't offend 'les miserables' and the 'non completers'.

George

This message was last edited by Cappielow on 9/26/2008.

Lisa,

I understand your concerns, which even the die hard "half-full" of us have from time-to-time have....but the question of the clubhouse is a no-brainer & to be honest is not "sensible" at all.  

Of course work is not started on the clubhouse.  The course is still a year away from being playable, so why do we need a clubhouse just yet?  That would be reckless from PW viwpoint at this stage & in the current climate! 

In nearly all cases of Golf Development I have ever known (In boom or bust times) the clubhouse always comes after the golf course has opened.  Otherwise it would be like building houses without buyers. (As per George's comments).  The course will open with some temporary facilities, I am sure.........Of course we all want to see a spanking top-of the-range clubhouse - as soon as possible.  But these things are expensive to build, staff, maintain etc.....& are relient upon good income from the golf course - which is still some time away.

Hi All

Agree with George who makes complete sense with his comments.  It would seem a lot of this appears to be rumour and hearsay, which in itself can create panic/worry.  Whilst I appreciate it is difficult ( we have just completed) - try not to worry about scenario's that we cannot control or do anything about, and I see little sense in stoking the fires further, which a lot of communication appears to be doing. This is not me burying my head in the sand, but I'm trying to be as realistic, and as optomistic as possible.

By the way - anyone capable of laying a golf course and building a clubhouse! !!!!! 

S&S 

We have also felt quite jittery about the overall picture of whats happening in Spain and what that must mean to Polaris. I can only say we hope that the fact Polaris went ahead with such a massive loan only a couple of months ago when clearly those lending the money must have looked at the forward financial picture (because the credit crunch was actually upon the building trade as they made the loan) gives us a hope that Polaris will hold it all together. I know things can change within a very short period of time but those Lenders must have been in a cautious stae of mind given the present circumstances and still went ahead. I was also reminded this week that each resort is a separate company so even going bust might not impact on every Polaris resort.

For those thinking of delaying their completion I can only say that earlier this year there were many posts from people who wanted to do the same because completions came suprisilngly early to us. As far as I know very few were successful because of the breach of contract situation and those that were seemed only to gain a few weeks leeway. In worst case scenario Bank Gaurantees may secure a refund but we were advised that these take many many months to come through and the fall out from a large company going to the wall takes years to resolve.

So, we are still happy we've bought on CdA and are looking forward to our next visit. We think the fact Polaris have held back in further building projects is a positive move, although disappointing for those purchasers. But it will be those things that keep the resort on track. 

We also agree with George

There has been a lot of negativity surrounding Polaris World in the Murcia region for some time now and you can see this on the other forums.  People who have bought on other developments in Murcia seem to have great pleasure in pulling the Polaris World resorts down.

Shortly after we bought our apartment ,Condado was shown on Selling Houses Abroad.  Somebody who owned a home in Los Alcazares had their house up for sale but couldn't sell and the presenter was looking at the competition in the area.  He said why would people buy your home, when they can buy a home on a resort like this - and then started talking about the unbelievably low prices at Condado.

As we have said previously, we want the resort finished.  If this means in 10 years time, so be it.  The housing market is facing a difficult time at the moment in many countries and we just have to trust that Polaris are sensible, which they seem to be at the moment.

If anything did happen in the short term, I wonder how we would stand as a community in taking over the town centre etc.  I have read a report of a development that did do that and had nothing but positive things to say about it.

We have bought into a community with some great neighbours and hope to have some brilliant times ahead.  Thats the way we are looking at it short term.  If we had wanted to buy on a completed resort, we would've bought on La Torre.

 

sorry Jackie , i made a harsh comment last night you are probably right,have just emailed Mila @pw re our second bank guarantee this may give us a clue, if the bank is still happy to guarantee then i cant see any problems, thanks for the kind welcome......
Bob..

Hi Bob and Anne,

Welcome to the forum, unfortunately for you you joined the forum on the wrong thread as we are all very protective of our little piece of paradise and when someone comes along  and tries to upset the apple cart we all get very protective and angry.  As I said previously, we just have to be patience and ride the storm.  Just keep that pecker up.


Always look on the bright side of life dodo dodo dodo dodo.
Always look on the bright side of life dodo dodo dodo dodo.


Ali

Reservations and concerns in the current climate are understandable. Buyers remorse has never been so popular !

As previous posters have stated, there is no point worrying about things over which you have absolutely no control (economy, interest rates, exchange rates etc). Hindsight is a wonderful thing but for those of us fast approaching completion and having made the stage payments, the alternatives to not proceeding make no financial sense. 

Having visited earlier this month and stopped on La Torre, we came away with a great sense of satisfaction that having decided to buy a property this year of all years, that we chose to do so with Polaris. They seem to be the only developer capable of delivering properties and facilities at the moment and given they have numerous projects on the go for which they received deposits - Las Terrazas, Mar Menor 2, Condado etc, they will have as strong a cashflow as anyone. In addition, they are part owned by Credit Suise and have secured the additional funding for Mar Menor 2 at a time when banks are tightening up their controls so I dont think they are in any danger.  

We bought with at least a 5 year view in mind so lets have a reunion party in 2013 on a fully completed and fantastic Condado and all raise a glass to the optimists !

 

 

 

This message was last edited by Waddle on 9/26/2008.

And so say all of us!!

Nice one Waddle

Regards

Skell

thats a good piece of info that they are part owned by credit suisse.
hi Alison&Simon.
Bob