AVOID LIKE THE PLAGUE...

Hi  All

We just got back from spain on the 1st after buying in corvera and were told that we could expect to complete late 08 early 09! The roads were going in and the external walls were also going up so some work was being done. Pablo and our agent said that building on the units was due to start asap and the 2 islands would be built and completed the same time.

Hi all

We too have just returned from Corvera. We also spoke with Pablo   who said Phases 1 & 2 are due to start in September this year. We bought in July 2005 and visited with some 'angst' as effectively the builder has our money to do what he wants. We have checked this out with a lawyer who advised that the contracts could be viewed negatively as they state the project will be built within 18 months yet do not stipulate a finish date; in effect a win-win for them. It's never been tested in the courts owing to the costs and uncertainty of winning

However this trip we did a lot of research and talking to people. Roda was built by the same people and we saw for ourselves the attention to detail and the willingness to learn as each phase progresses. We returned after 8 days very confident this is a winning project and intend to stay with it

Mike

Does anyone else think that maybe Covera wont be built at a full pace until Calidona have nearly finished there first project i.e Roda. Pablo also told us building would start last june and he said he was moving to a sales office on there new project in Almeria maybe there going to con people out of the 40% ther as well as covera so maybe he tells a few porkys

Hi All

i think you have hit the nail on the head, our 30% is sitting in their banks making them huge amounts of interest, also its a wonder that pueblo is not yet known by the name of pinnochio, he just seems to give out false information and dates all the time, telling porkies seem to come natrual to him, i must say the other staff at corvera are no better.

Personally i think they should come clean and be honest and up front regarding the start date, we have all been strung along for far to long as far as i am concerned.

From what you say it looks as though they are about to do the same at there next project near almeria, giving out false dates etc.

I think we should also send letters to them regarding the bank guarantees expiring , nearer the time of expiry, what do you think.

regards  dave

Although time will tell, I honestly believe that Corvera will eventually get there. I also agree with Daves's comments - only a fool would throw caution to the winds and not get things in writing closer to the time (or earlier). The more written proof that we have the better. A case in point is that although my solicitor says that the bank guarentees will be extended (and it is Murcia Law) I would still get this in writing closer to the time through the same solicitor or myself. When I say closer, I mean about three months in advance.

Ash

On a positive note if you had taken your 30% and put it in the bank or invested it elsewhere do you think you would have the same returns as you are getting at Corvera. I bought in July 2005 and my 2 bed 2 bath Tilo cost me 187,000 Euros. I have a garden and more space than the later released apartments and they are costing 230,000+

I've said this before on this site but the longer it takes, although frustrating please remember the airport construction will begin, Corvera will develop along with other regional facilities.

If you apartment was ready tomorrow I don't think the area would be as an attractive location to visit as it will be when the whole area is more mature. Please stop being so negative. If you'd had invested in the stock market it could have crashed remember??

I think you're being unrealistic at this stage to keep pushing for exact dates. It's nothing abnormal Spain is not the UK, I wish you'd all stop expecting it to be so.

I do not think im being negative at all after having being told several different proposed starting dates, all of which have come and passed, also after nearly two years since signing our contract we have not recieved any positive information at all from calidonia regarding the corvera development.

please do not make the excuse of all being fine because the development is in spain and it is to be expected, i for one do not find the current situation acceptable.

i realise now why i could not get calidonia to alter our contract and include start and completion dates, if i had realised that two years down the line and no sign of the building works or golf course being started i would not have committed to this development, i think we are possibly looking at a period of 5 -10 years before the entire development is complete.

i did not purchase simply  to watch the prices rise,however nice that may be, we bought for a holiday home where we can relax and enjoy our retirement years

regarding the proposed airport, that again is wide open to disscusion as to who you speak to, i would like to share your positive attitude but  to date i have not recieved any positive or acurate information to change my mind

 

With all your negativity Dave I have to ask the question Why don't you sell then??

why would he do something stupid like that ,dave said he wanted a hoilday home to retire to, by the time covera is built he will probably be in his retirement.maybe dave and some other people just dont like being lied to their faces by these sales people .the truth would go a long way to helping people see when they may have an idea of seeing there place built

When I researched buying in Spain and especially looked at off plan , delays in build were clearly shown as one of the downsides. Buying an off plan property as I'm sure you've researched yourself is a totally different method of purchasing. What frustrates me is the lack of research most people seem to do before buying. Basic issues like tax, law, licences, methods etc aren't known by people that have invested quite large sums of money. I just think many negative messages are posted on here which show a clear lack of knowledge. An off plan purchase is predominantly purchased by people looking at a forward investment. With the comments the previous gentleman made I don't know why he chose off plan, an existing property would have been much more practical.

Hi lisa, I honestly don't think that dave is meaning to be negative.  I just think that people are getting totally fed up of being lied to time and time again.  I did a huge amount of research, I'm sure you can always do more, but I felt I knew enough to commit.  However, the research people carry out on taxes, legalities etc. etc. has absolutely nothing to do with the unacceptable untruths that we all keep getting told.  That does not come with research.  If only Calidonia would come clean on what the actual problems are, people could perhaps have a better idea of where they stand.  I'm sure that anyone purchasing off-plan realises that delays are inevitable.  It's the untruths that are the problem.  I've been wondering if a developer can have an impact on delaying Licenses.  Calidonia keep blaming the delay on the Final License, perhaps they don't really want it yet.  I can't believe the Town Hall keep promising them the License and then delaying it.   Just a thought.

Anita.

Hello Anita

My thoughts exactly i agree with your every word, i think we all agree that corvera wil be worth waiting for, the question is how long especially without any reliable information coming from calidonia.

dave

Hi everyone, not sure if you have seen this about the airport so will post it anyway, if it is old news then please accept my apologies.

The contract for the new airport has been awarded to Murcian based Aeromur consortium, which is lead by the  Sacyr group. The airport will be built and operated over a 40-year  concession period and is expected to be       operational in 2010. Low cost airlines were quick to react to the announcement, with reports that within hours of the award, Jet2 and Easyjet had been in contact with the winning consortium that has been talking with some 15 budget airlines over the past few months. The big       attraction of the new airport at Corvera is that it will     operate 24-hours a day - unlike San Javier which is    restricted mainly to afternoon and evening operations as the facility is shared with the Spanish air force. That   hasn't stopped Aenea investing heavily, however, in new facilities there, including a new runway and a second control tower which are expected to open this year. The Minister of Public Works, Joaquin Bascuñana has stated that San Javier Airport is an extremely important part of the region of Murcia and by 2010 Murcia will benefit from two airports located within a short distance from one  another.  The airport at Corvera will feature one runway with a modern passenger terminal, parking and all other facilities. The terminal will have an area of 28,000 square metres with nine air bridges allowing direct access to aircraft. The construction cost is estimated at 185 million euros although the total investment is expected to reach 555€ million.

 

The forecast usage for the opening year is five million passengers, with this rising to nine million in 2015 and more than 14 million in 2030.

 

Other members of the Aeromur group include Cajamurcia, Caja de Ahorros del Mediterráneo, Grupo Fuertes, Cementos La Cruz, Grupo Monthisa and Inocsa.  The award of the concession was made after an international competition and assessment of proposals. No money is being put into the development by the regional government with the concession holder responsible for all expenditure.

 

Corvera is located near Fuente Alamo, and is well placed to serve the whole of Murcia. It is also close to motorways connecting to Alicante.  Provisional figures from Aena show traffic grew strongly at San Javier     during 2006, with a total of 1,646,886,   passengers, an increase of 16.2 percent. Aircraft movements totalled 18,236, up 7.1 percent. Airlines serving San Javier are Air Berlin, British Airways, Easyjet, Flybe, Iberia, Jet2, Monarch, Norwegian and Ryanair. Traffic is also strong this year, with 211,246 passengers in the first two months and 2,502 aircraft movements.

Thank god for cut and paste.

Back to start of works and completion dates, have been told that they will be releasing an official statement shortly. It has been a bit of a frustrating ride but it will be worth it in the end, it is going to be an absolutely fantastic resort and we all have a little part of it.

Hi Robbie, thanks for that.  It more than confirms that things are moving on in the area.  Do you know where the statement will be made?  Will it be posted on their web site or do you think it will be sent individually to purchasers.

Anita.

I also did a great deal of research and looked at many off plan developements before deciding to buy at Corvera on Phase 2. We have already had some slippage which as previous subscribers have commented on and of course this shouldn't detract from what should be an excellent development. What everyone has to remember is that any profit is book profit and had to be realised before this hits your bank account but the development has to be finished to achieve this.

Its also not negative to be concerned at what is a considerable investment - when you enter into these contracts you weigh up the risk and reward and make a decision based on known facts at the time. What has happened however is that these circumstances have changed and rightly so, investors are becoming more nervous. Its compounded by the fact that Calidona has a clause in the contract stating that you cannot sell before completion so basically you can't do anything unless Calidona sell on your behalf (if they allow you to do this) but there's no guarantee about how hard they will market this or what price they will seek to obtain.

I also don't accept the 'oh well its Spain, what do you expect' statements. Other developments haven't suffered from the same problems and its compounded by the fact that Calidina haven't released any statements on what has caused the delays and when they now formally expect to complete the various phases.

What we really need is for a group of owners(not agents or lawyers at this stage) to put pressure on Calidona to provide answers to the many questions we have and if they don't to take a combined legal action against them to release owners form their purchase (if they want to). The alternative is to sit tight, accept the situation for what it is and stop maoning at each other (about something that you cannot diretcly influence).

Thoughts?

Just one point on the previous post i believe that the people on phase one have slightly different contracts which allow them to sell before completion.

Regards

Kev/lou

I find it really difficult to accept that after nearly two years waiting calidonia have not once contacted any would be purchaser or agent for that matter and given any reliable information regarding starting the development, surley this is not an acceptable state of affairs, i agree with the previous comments regarding not arguing among each other we are all in the same boat, it is calidonia who we should be targeting, i have tried to put pressure on geting some information through my agent from calidonias london office, but only been given an approx start of sept 07, thats twelve months later than the date we were originally given.

what worries me is that this situation could go on and on if we do not try to get some positive answers, also this will also effect all of our bank guarantees which are due to expire sept 08.

i wonder if any purchasers at roda had the same problems with the original bank guarantees expiring prior to the competion of there properties and if new ones were issued to them.

make no mistake if our guarantees expire before we recieve new ones our hard earned money will not be protected at all, we cannot allow this to happen, its ok saying calidonia are a good company but none of us know how finacially sound they are.

i agree that if we were to draft and send  a letter signed by as many of us as possible just asking for some comfomation regarding the commencement and bank guarantee issues they might just take us serious, has anyone else got any thoughts on the matter, if not like the previous writer said we will just have to sit back and accept what is going on.

dave

Hi Dave, you say that a Sept 07 approximate start date would result in a 12 month delay to what you were originally given, when we signed our contract we were given, verbally may I add, a completion of June 07 - should be moving in soon!!

Anita.

Hi Anita

do you think our money is financing the roda development and in turn when the purchacers of roda pay their final payments they in turn will be financing corvera, just a thought.

dave

Having also returned from checking out my investment in Roda golf and Corvera I am confident that I (all of us) have been lucky with this developer.Many others have confirmed they are impressed with the finish in Roda and this can only be good news for those of us who have invested our 30% in Corvera.

At this stage we seem to all agree that actual building will not start until Sept which it exactly what I was also told .Having discussed the issue at length with my lawyer,bank manger  and Corvera staff  who are all more or less saying the same thing independantly I am not concerned.

I do not feel it is helpful to anybody who put money into this project up to now, when it is almost over the line (Sept) having a suggestion for legal action.

Sounds to me like somebody who wants out regardless of the damage they do to the rest of us.

This is an excellent project and we should not self destruct at the last moment.