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Dear all,
2.5 years ago I purchased an off-plan apartment for €410,000. The property is due to be handed over in one month. The same developer is now selling the apartments for €349,000. I have already paid €46,000 to date but even if i back out of the purchase now and lose that money I am still saving a significant amount than if I go ahead!
My question: does anyone know if it is possible to negotiate the price with the developer although I signed a contract 2.5 years ago?
Regards, Lisa
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Negotiation? A negotiation is always possible.
You may even have some breaches to oppose and negotiate from a stronger position. Has he met all the terms of the contract?
Best,
Maria
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Hello Maria,
Thank you for such a quick reply. Well yes, they have breached the contract. The complex will be delivered almost 6 months late and in the sales brochure it said 114 m², what it didn´t mention is that only 82 m² of the 114 m² are "utiles". So of course when I viewed the property I thought that there was no way that it looked like 114m² and when I rang up as a potential customer they said that the apartments measure 82 m² utiles.
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So... come on, play your rights out. You HAVE a right for compensation: price reduction
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Fantastic, I am going to tell this good news to my husband later and hopefully he will be as persistent as I am! I will keep you updated!
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Lisa - I have pm'd you. Email me if you don't get it.
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www.CostaBlancaHomes.biz
Finding Properties, Businesses and Rentals
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Spainops, Lisa can't access her PMs till she's made around 10 posts, just so you know.
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Lisa
Oh my goodness me. You sound like a nice person, do yourself a big favour and pull out of this asap. 83m2 at 410k, you are going to lose your shirt and all your life's savings. They maybe asking 345k, but that does not mean that any one will buy at that daft price.
Its probably worth 100k max, get a proper valuation from Rixxy on here as to WHAT IT WOULD SELL AT, not what its worth - two very different things and the former is the only thing that matters.
Pull out for goodness sake please.
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Good luck with that but in my experience trying to negotiate with a developer when he has your deposit is like banging your head against a brick wall.
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If you're going through hell keep on going, you might get out before the devil even knows you're there.
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Lisa
It wil be very difficult that the developer will reduce you 46.000 euros. He will argue that you have a contract signed.
If he is in delay I will send him a formal letter in spanish denouncing the delay before he finish the property.
You can negotiate teh reduction and send him the letter at the same time in order not to loose your time and if he does not accept the reduction you have open the door of revoking the contract because of the delay.
Best regards
José Ramón Gutiérrez Giménez
Abogado / Lawyer
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Yes I actually agree with TJ222. That really seems a lot of euros for a two bedroom apartment I know CDS is a lot more expensive than CBlanca but that seems over the top to me. If that was me I would try looking somewhere else. That is if you can pull out. Can I ask what you are getting for that I hope it has 2 bathrooms.
Well good luck LisainSpain
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Developers should and must accept that prices are now in freefall....With all the recent postings they are in danger of things coming to a total grinding halt.....
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