Corvera general

Hello everyone,

It's taken a while for us to become active on our (Justin's) Corvera website but here we are.

My wife Anne and I signed up for two "Laurel" apartments about three years ago, one 3-bed, second floor and one 2-bed penthouse.

Of course, that was in the heady days of good investment potential and despite the temporary slump in the Spanish property market, we remain convinced that Corvera will 
be the bright star in the local golfing and resort environment.

Even in the recent news that the Spanish government is to repatriate many foreign workers, there is a glimmer of hope in that the arrangement allows them to return in three year's time.  I interpret that as a good sign of hoped-for recovery potential

Sadly, our UK life insurance company crashed in flames and it took most of our retirement savings with it and we have since moved to Australia which we love anyway but since arriving here two years ago, just as in many other parts of the world, prices have risen dramatically but it is still much cheaper than UK of course.

We distance ourselves from the "knockers and whinge-ers" and we have high hopes for Corvera as our EU holiday home and as a source of potential rental income.
HOWEVER, and please do not read this as a negative attitude on our part in respect of Corvera, far from it, but having lost most of our retirement income, as you can imagine, we are now desperately over-stretched in terms of our financial obligation.

If anyone has any sensible suggestions please, as to how we might be able to release one of the properties back onto the market or if there is anyone who would have liked to have purchased on the earlier Phases and at the price paid, with no added profit margin, we'd be pleased to hear from you please.

Does anyone have any detailed information as to the status of the airport progress please?  As retired pilots, my wife and I carried out quite a bit of research into the new airport and its related approach and departure paths, as well as predicted holding patterns, prevailing winds and noise etc.

I must say that if everything we were told in respect of the research carried out by the developer can be relied upon, we have nothing to fear on that score.

Thank you to all of you good folks who have so kindly made your comments, photos and videos available to us all. It's much appreciated and a special open "thank you" to Gareth and Diane for responding to our private messages with enthusiasm.

So, "Hello" again and good luck to us all and to our new home at Corvera.

With kind regards,

John and Anne. PS/ Is there a spell-check on the page anywhere please?

Hi John and Anne.
Sorry to hear about your plight, it seems as though nowhere is completely safe to put your money any more.
Just a thought that perhaps if you get in touch with Corvera, if they are returning deposits for "some" of the apartment blocks that they cannot fill, rather than let a client down they may be interested in switching your apartment to them?
Just a thought and possibly worth the contact.

Hello John and Anne,
I'm really sorry to hear of your situation.  Unfortunately I feel that the state of the market is such, that you will not be able to sell either of your properties at the price you paid.  By typing "Corvera resales" on Google you'll see that the market is flooded with heavily discounted resales.
Of course there is no harm in trying to sell your property and the market may pick-up as the apartments draw near completion.  In addition the Euro seems strong against the Aussie Dollar so there may be some room for you to reduce the Euro price.
The last solution might be to just walk away.  This will reduce your risk of negative equity and then still give you the opportunity to purchase on Corvera when the resort is complete at a more desirable exchange rate.  IE the best case scenario might be a fall in Spanish property prices with a strengthening of the Aussie dollar this could really reduce the pain caused by losing your initial deposits.  You'll also be able to really assess the potential of the development.
I

Hello again Simon P and Steve and Jane,

Thank you all for your kind words and thoughts re: our predicament. It's no fun at age 65 and after a successful career and masses of hard work, to be "robbed" by financial institutions, aided and abetted by sequences of bad luck.

Still, we mustn't turn this forum into an opportunity to just complain but maybe there's a lesson to be learned here and I'm beginning to think that keeping one's money in a biscuit tin under the bed, IS the best option! But we do appreciate your kind thoughts, thank you.

I'm sure that you won't object to an open forum reply as it's in everyone's best interests for us all to share whatever we can in the way of experiences and information.

I seem to have started a separate thread though by accident, when our joint purposes might be better served by just adding on a daily basis, to the general list. Any respondent could easily identify the purpose of their posting by simply saying, "With reference to X's letter of the 19th. of May about the colour of the bathroom tiles" etc (or whatever).

I suppose that it means that many of the membership will not have seen these few inputs when I meant them for general release. Am I right in assuming that I should have just gone to "Off Plan Forums" and simply clicked on the "Reply" box (as I've done today) and then added my own message?  It seems a bit rude to just jump in by doing that when my intended content may be different from that contained in the last posting and which has invited a reply.

Anyway, back to your kind suggestions: I noticed yesterday that someone was wondering whether or not, the fact that we are (apparently) witnessing changes to the character and final specification of Corvera in terms of delayed hotels, riding schools and so on, not to mention a much reduced development in the shorter term, constitutes a Breach of Contract scenario?

I'm quite sure that if we tried that one on, if it suited individuals like us to do so, we'd be advised that in fact, our contract is only between Calidona and ourselves for the on-time completion of the individual properties and that we cannot include the overall site facilities and identity (which is what we ALL  base our purchases upon anyway).

In respect of "walking away" Simon, I have thought about that but it would be such a massive torpedo below the water-line for us again, I don't know if we could survive that but the alternatives do not offer much alternative anyway. I'll also try your suggestion Steve and Jane re: trying to offer the property to those who have just had their later phase options cancelled.

I'll give that a lot more thought and will advise in due course.

Sorry to everyone if I've cluttered up the forum with all this, it certainly was not my intent!

Many thanks to you all again, our kind regards,  John and Anne. PS/ IS there a spell checker on site, please?

Sorry to hear about your plight.

We also face an uncertainty due to the fall of HBOS bank who I have a good paying job with and have the possibility of losing. At nigh on 58 i suspect my chances of good employment are over + burdened with being a female!

I am trying to stay positive and look at all options but like most I went into this believing I had a secure income to add to my husbands and if all else failed there was enough equity in the house - but  I guess that  too looks uncertain

Again , we need to stay positive and look forward 

I wish you well for the future 

Dear Dedgley,

Thank you for your kind message.  I will reply to you in a private message now.  

Thank you again,

John and Anne