stop building

Hi Carole

I was purchasing a resale on Roda and tried to re-negotiate as the mortgage application dragged on that long and the pound collapsed but to no avail but my sol has informed me I am entitled to my dep back as the mortgagae was never in place as stated in the contract

I think it is different with off-plan contracts sorry to say

here are some numbers to crunch

bought apartment in 2005                       232,000 euros/ 165,000 sterling

price in 2009                                              232,0000 euros/ 232,000 sterling

value of property 2009                                 £125,000

so therefore paying £232,000 for a property worth £125,000

anybody can see that does not add up !!!!

Good figures Noely but then not everybody that pays over the top for a Mercedes questions if it's REALLY worth it on a strictly financial basis (loses 15% per year). Perhaps you should start a number crunching thread purely for the INVESTORS out there.

Steve

I hope you took your rose tinted glasses off when you read Noel`s last reply

For gods sake son wake up and smell the coffee

Would that be Cap Colombia Coffee at £5.95 per tiny jar or Tescos Value Coffee at £2.75 per jar, neither of which I will be able to sell on to a Tea drinker. My eyes were lazered about five years ago , B**tards must have used a Rose Tinted Laser. Dammit!

Guys,

Lets wait till the end of this week to see if interest rates in euro-zone will infact go down as predicted. Sterling will most certainly gain strength. At the moment UK investeors are facing a double whammy and Europe is yet to be hit. European cars producers (not to mention other manufacturers and suppliers in Euro-zone) are being hit HARD and it has to filter through and Euro will loose ground.  Sterling ALWAYS takes the FIRST HIT and it ALWAYS comes out stronger.

Rav S

great thread this investers and life stylers opinions where will futue prices go where will interest rates be what will happen to sterling v euro all interesting stuff , however the fact remains as per my earlier post that calidona have not yet even completed a development in the boom times and phase 5 of roda could be a potential building site for years to come all at the developers dscretion !! even if you are happy to take a long term view as a life style buyer would you in all honesty want the same situation at corvera as roda !! you purchased a 5 star resort at a premium price only to find the promised facalaties not materialise , as i said earlie the only people responsible for the current situation are calidona and as such should be held accountable and not pacified with the view it will be ok in 10-15 years time !! .

IVE BOUGHT A 1 BED PENTHOUSE MIRTO ON PHASE 3 OVER 2 YEARS AGO AND HAVE ONLY PAID 15% OF THE 30% REQUIRED AND HAVEN'T HAD A REQUEST FOR THE OTHER 15% FOR ALMOST 12 MONTHS. I HAVE SINCE DECIDED AGAINST INVESTING AND HAVE SENT MY CONTRACT OFF TO A COUPLE OF SPANISH LAWYERS TO LOOK OVER. I GOT A SIMILAR RESPONSE FROM BOTH SAYING THAT I COULD ALMOST CERTAINLY WRITE OFF MY 15% HOWEVER THEY DON'T THINK THE DEVELOPER CAN/WILL CHASE ME FOR THE REST.

ANYONE IN A SIMILAR POSITION?

FOOD FOR THOUGHT!!!!!

i think some of the points below re pricing and overall pesimistic view are very valid. I also do not quite understand where this almost smug attitude of well you 'INVESTORS" have really dropped a clanger but us lifestylers are all fine and dandy comes from. Surely no matter what everyone is in the same boat? If ,as seems to be the case, a lot of people walk away from their deposits then Calidona are going to be in a very tight spot and you can probably kiss goodbye any chance of the whole resort being completed. So its going to be a pretty crap place to go to for many years.

The best approach for trying to get some sort of resolution to this problem is to all join forces, which is what Lisa Mona (thanks again lisa!)is doing. She is in contact with 130+ owners (both investors and lifestylers) and as stated in  an earlier thread given an average price of say 225,000 euros  with a 30% deposit paid that makes about 20 million euros of cash that Calidona cannot afford to lose.If they dont make serious concessions then i am going to walk away and write off the deposit because there is no point in throwing any more money down the drain. No matter how good the proposed site is if they do not fulfill their obligations you are going to be sitting on an apartment that cannot be rented or used because who will want to be on their balcony sipping champers looking at a building site? I would hardly call that "lifestyle".Think of the cost to run a mortgage,with no rent, continued management fees ,further price falls etc etc, and if things dont pick up for 3+ years you are going to be a lot worse off than the 30% you lost by walking now.

On a brighter note the ECB president has finally opened his trap and announced that quite possibly the eurozone is in  a bit of trouble and that inflation pressures no longer exist (hence sterling rally) and its looking likely for at least 0.5% cut (possibly up to 1%) next week. Credit markets in the U.S are also starting to thaw so this should eventually feed through to U.K/EUROPE.

regards Dave.

Spot on Dave!

Great post Dave, sums up the situation perfectly. I particularly agree that the joint approach being organised by Lisa is the right one whether you are an investor or lifestyler.

I'll be there on Saturday and looking forward to meeting many of you.

Regards to all

Sean

Thanks Dave,

You make valid points but I hate pesimism (all the time) - I am banking on (and it's looking good) Sterling gaining some points before completion, against Euro. Eurozone is in great deal of trouble but if BOE and the Government starts printing more money......................... you can definitely kiss goobye to any gains in Sterling (perhaps brings us closer to joining eurozone!!!!!!).

Credit at the moment goes to Lisa for arranging group meeting and there may be a way forward to persuade the developer to make some concessions. Better still, complete every facility that had been promised in the first place so that properties could be let.

I am very pleased with the momentum.

Regards.

Ravi S.

raviss , you make some great points , i am on roda phase4 facing the same situation as you guys , please check lyndys post on why as an owner who completed at a much more beneficail rate than we can expect to she is now selling . whilst i am all for posative thinking an believe the glass to be half full we also have to deal with reality and facts neither of which are in our favour , let alone the developers track recored of not delivering the finished product .

Spanhod, I hope I am not one of those lifestylers you think has a smug attitude. I realise that the lifestyler needs the investor moreso than vice-versa. Without trying to sound smug as you put it, as long as I get my property and as long as I can fund it from the eurozone then the sterling euro rate and even the final value of my home on my death do not really matter to me but I understand that these are the most important things to an investor.

SteveandJane,

Without meaning to sound negative it's not just the value of your property on your death, it will be very difficult for a lot of people to get a mortgage when what they will be borrowing will possibly be more than the current market value of their properties. It's one thing hitting negative equity when a mortgage has already been secured, its only a problem if you try to sell, but a bank is not going to lend out more than a percentage of the current market value.

Gina 

Totally understood Gina.

Hello, just back from Murcia and popped into Bankinter who said that the valuations will probably be the same as when we purchased.

Thought may be of interest .

Regards Trevor