20/02/09: I updated this post as had left out information on Medina Suites....
I would also like to know if anybody on other developments in the complex has received similar pressure from their developer to switch their sale to an older, nearer to completion development
I have avoided posting this information up to now, however given Bill's situation I believe this information is in the public interest, especially if other developers are refusing to return deposits
Using google searches, I have obtained publically available price lists from various websites on all of the developments in the Medina complex, which has allowed me to analyse the sales figures over time on each development. A Granada Green price list dated February 2008 showed 82 out of 119 apartments (69%) were unsold at that time
Other developments with poor sales figures were as follows:
Eden Golf (28 apartments): January 2007 18 sold, 10 unsold. February 2008 12 sold, 16 unsold, indicating purchasers pulled out or transferred to other developments during 2007. Total unsold value nearly €27,000,000
Tee 17 (268 apartments): January 2008 56 sold, 212 unsold. Total unsold value nearly €54,000,000
Los Carmenes (31 townhouses): January 2007 5 sold, 26 unsold. May 2007 3 sold, 28 unsold, again indicating purchasers pulled out or transferred to other developments during this time. Total unsold value over €12,000,000
Medina Villas (12 villas): May 2007 3 sold, 9 unsold. September 2007 5 sold, 7 unsold. November 2007 2 sold, 10 unsold also indicating negative sales as with Tee 17 and Los Carmenes. Total unsold value over €6,000,000
Price lists on Medina Elvira 23 and Medina Fairways showed that whilst most units on these developments are sold, during 2007 more purchasers pulled out or transferred to other developments than bought new properties
Developments showing healthy sales are Medina Golf which was 39% sold in September 2006 and 73% sold in November 2007, and Medina Suites which was 60% sold in August 2006, 68% sold in September 2007 and 75% sold in September 2008
From this information it would seem reasonable to assume that very few new sales were made throughout the complex in 2007 and this trend is likely to have continued throughout 2008
This raises the question if the less healthy developments are actually building or have been shelved due to poor sales figures. It would certainly appear now that Granada Green is not buiding
If any purchasers in the above developmens have recent price lists it would be interesting to see what their sales figures were late in 2008 so proper conclusions can be drawn about if these developments are likely to build or not. Please feel free to PM me if you would rather not post this information here
This message was last edited by lurker on 2/20/2009.