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Friday, February 16, 2007
Rebekah
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I have bought an apartment in a complex listed on here and have been in contact with other buyers up until a few months ago.
The problem i have is the development stopped over a year ago for quite some time due to money and problems with the license, when they started building again last summer and the bank gave a guarantee to fund the completion, we all thought it was just a matter of time before completion.
I have now been informed that the development has been ordered to stop and the license revoked, the developer is apparently appealing but my lawyer is very concerned.
Part of me thinks if it's just a matter of time I should wait, i bought the apartment in 2003, but I am concerned as my lawyer seems worried this could now go on for years.
I would just like to know if any one else is aware of any appeals on their developments with the town hall etc, and what your thoughts are.
Thank you
Rebekah
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16 Feb 2007 10:55 AM
Rixxy
Villa
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Where is the development?
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16 Feb 2007 11:10 AM
Rebekah
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Nueva Andalucia! Puerto Banus.
Guess i have the lovely major to blame!
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16 Feb 2007 11:22 AM
Rixxy
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In in the area - which one is it?
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16 Feb 2007 11:31 AM
Rebekah
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Aloha Hill Club
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16 Feb 2007 12:13 PM
Rixxy
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Probably best getting out of it, take your money and run. There are many resales all legal but this saga here is set to run and run!
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16 Feb 2007 12:50 PM
Rebekah
Parcela
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It's not as easy as that, I am fortunate in that i do have a valid bank guarantee and have confirmation from the bank that i will receive interest for the four years i have waited but with the market having jumped up and down in this period i am concerned i will not be able to get something in the same area for the same price.
I don't understand why they would through more money at it and continue building last year with permission for the town hall if they were only going to stop it again six months later.
And no body seems willing or able to say why!
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16 Feb 2007 1:37 PM
Smiley
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I reckon Rixxy's right Rebekah - if the guarantee pays out I would get out of it and find somewhere else to invest on the CDS - a lot of other opportunities out there and with the general state of illegal constructions here I think that particular story will go on and on - maybe ad infinitum
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