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Spanish Property Finders

I came across Spanish Property Finders and Developers after going to Spain on many occasions chasing the return of my deposits on some failed off-plan developments. I found that you can get some good deals in Spain right now due to the adverse market conditions. I was representing our Action Group seeking the return of our deposit funds through Spanish Solicitors when I came across some spanish real estate deals that we could have only dreamed of when we put our deposits down on our off-plan properties. I asked the Action Group if anyone was still interested in buying in Spain and 25% of them said they were, especially since there are some good deals around right now. This blog gives some of the information I have been obtaining to pass on to our Action Group members.

Paramount Short Information Trail
26 January 2011

Please see below a short trail of information relating to the proposed Paramount Theme Park development in Spain. This information is from snippets of information from the Polarisworld.info site but I don't say that is the best place to go for the best deals. In addition to that there are other places including banks of course as well as some local agents who have contacts with the banks. Do your research and compare prices. You can find these on the internet. I have some such contacts over there and can forward these on request but do your own research as well!

kingofspain999@googlemail.com

P.S. Check out my sister blog by clicking the link on the right of the screen under ‘Interesting Links’

 

10 January 2011
We await detailed plans for the theme park in Alhama including facilities, rides and definitive location which are all expected in the first few months of 2011. Once available we will inform everyone registered immediately on release.Register here to be the first to hear.
 
12 November 2010
American executives from Paramount Licensing division were in Murcia yesterday to confirm at a joint press conference that the new Paramount theme park will be built in the county of Alhama in Murcia. The land adjacent to Condado de Alhama resort has been widely reported in recent months as being the favoured site for the location of the new theme park. Jesus Samper who is heading the development company hopes to build a theme park to compete with Disneyland Paris and one that will become a "European destination in itself". Michael Bartok, Senior Vice President for Paramount Licensing hopes to finalise detailed plans for the project by April 2011. Read translation from ABC News.
 
15 October 2010
Paramount Pictures has today chosen the land adjacent to Condado de Alhama resort as the most likely location in Alhama, Murcia for its new theme park in Europe. The land which was originally planned as a huge extension to the resort of Condado de Alhama is the preferred location for Paramount as it required a one kilometre radius to construct film studios, casinos and hotels.
 
Read earlier official announcement from Paramount Pictures for Murcia Theme Park.
 
The land is currently owned by IRM, a consortium of four Spanish banks who also own properties on the Polaris Worldresorts.
 
If confirmed it will be a fantastic deal for the four banks that own IRM who will benefit from the increased value that a Paramount Murcia Theme Park project will add to the properties they have for sale. In particular Condado de Alhama, where CAM bank and Banco Popular have apartments with huge reductions and 90% mortgages and Mar Menorresort which is just 25 minutes away.


 



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Spanish Banks Bail Out and the Spanish Property Market
25 January 2011

I just had the following come through to me on email, just wanted to share it with all concerned. What do you readers think this means for the Spanish property market and investing in property there?....

 

KingofSpain999@googlemail.com 

P.S. Check out my sister blog by clicking the link on the right of the screen under ‘Interesting Links’

Article:

The Spanish government is set to launch a sweeping restructuring of its troubled regional savings banks in an attempt to reassure global markets it can sort out the problems caused by its troubled property sector.

The authorities plan to create a state-backed fund which will enable Spain’s regional banks (Cajas) to raise capital in return for an equity stake.  The move allows for a part-nationalisation of up to 17 of the country’s regional banks with investment also coming from private sources.

One of the reasons the Cajas need money is to help them come clean on losses caused by suspect real estate loans.  To write off the debts, the banks need extra investment to maintain their liquidity ratios (the percentage of their balance sheets they must legally keep in cash).

In addition to the offer of government money, the Cajas are seeking investment on a tour of the Far East in the hope of raising funds from Japan, Singapore and China.


The timing of the Spanish government’s move is a not a coincidence.  Spain must shore up market confidence in the run up to the Spring, when it needs to refinance a large swathe of its debts on international markets.

If it fails to refinance at a reasonable rate of interest, the government could be forced to follow Ireland and Greece in asking for a bailout.  

As Spain is a much larger economy than either Greece or Ireland, the money needed would likely exceed that available in the earmarked bailout fund.

The result could trigger a euro collapse or at least precipitate the formation of second tier, weaker Euro.

The short-term instability would be terrible for overseas property transaction volumes across Europe in the short-term but would kick-start business over a longer time period

All eyes on Spain.

Source: Global edge



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Investing in Real Spain and Future Spain?
22 January 2011

The area of Spain around the Mojacar area in Almeria is I think is a really nice area of Spain and not overdeveloped, but developed enough to be enjoyed (some call it Real Spain). It is also within easy driving of the proposed Paramount Pictures Theme Park in Murcia... just over an hours drive away. Mojacar is also no further away from Almeria airport than Terque is but the Mojacar area is by the sea and very beautiful with palm trees, nice beaches and clear blue sea.

100% mortgage deals are available on discounted property in that area. Clearly IF Paramount goes ahead (a new Future for Spain) it should have an impact on prices in that area. If the development is to take place at the most favoured location, then the Condado de Alhama resort of Polaris World will literally be on the 'doorstep' of this new proposed Theme Park.
 
Below is an extract from one of the websites in respect of the developments at Polaris World. Note the reduction in prices compared to 2005 which is the same time that most of us invested our deposit money in the failed off plan development (see sister blog!)...
 
The Condado de Alhama resort has an impressive town centre and spectacular Jack Nicklaus Signature golf course. Alhama offers the most affordable property on any of the resorts built by Polaris World. It includes bank repossession properties ith 90% MORTGAGE options and resale bargains. The land adjacent to this resort is the favoured location for the Paramount Murcia theme park. Such an entertainment complex would provide a boost for property prices where some apartments are discounted 40% below their 2005 off plan prices.
 
In my last blog I mentioned that, through the Group I am working with on the return of our deposit funds on another development, I have a contact who is a director with Polaris World if you are interested to know more of what they have to offer. So if you would like some further information please contact me direct and I will add you to the list of those showing an interest in this.
 
P.S. Check out my sister blog by clicking the link on the right of the screen under ‘Interesting Links’


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Polaris World and Paramount
21 January 2011

On my travels over there I called up to Polaris World to take a more detailed look around that development. I suppose nearly everyone has heard of that from the extensive advertising that was done several years ago just before the property crash! I met with one of the directors of the company because I explained ot him that I was representing a group of people who had lost their deposit funds on a failed off-plan development and some were looking to invest in a property in Spain still...mostly because of the reduces prices that can be had now at say 50% of what they were at the peak.

Well Polaris World of course is no exception so I thought I could look at that to see what was on offer. It has been a while now as it was around end of November time when I was there.

I was keen at that time to understand what was happening also with the new Corvera airport and the development of the theme park branded by Paramount Pictures. Nothing was presented as confirmed at that time but i have seen a few postings recently about this being confirmed now.

Anyway, the same director just rang me up to see if I have anyone interested. To be honest i have not got around to letting people know about it yet but I suppose I should do that now. It came to my mind that there will be others out there interested in this development too so I thought I would blog about the phone call today.

There are many Polaris World agents out there but I have a contact direct with the Polaris World head office if anyone wants to take advantage of it. Just contact me direct and I will give you the details or get them to contact you.

I also asked him to give me an update on the Paramount situation so I will pass that on as soon as I get that information.

kingofspain999@googlemail.com

P.S. Check out my sister blog by clicking the link on the bottom right of the screen under ‘Interesting Links’

 



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First Post on 'sister blog' by 'King of Spain 999'
21 January 2011

Below is an edited version of what appeared in the first blog I set up yesterday...

I guess the first question is why King of Spain 999 as a 'blogger name'!

Well, from where I was 6 months ago it seemed like it would take someone like the King of Spain to sort out the situation that I and many countless thousand others find themselves in...that is having paid a deposit for an off plan property only to find out I have no property and seemingly no easy way to get my deposit money back! The '999' bit is because this is really an emergency! (In the UK at least that is our emergency number phone number!) A personal emergency is something that could have a major impact on your life, not reclaiming my deposit money will do just that for me!

Also, it is a name that will be remembered I think! Quite abstract, albeit appropriate as explained above.

I would like to think too that the work that I and others I know are doing would lead to the same result as if the King of Spain had got involved to sort this mess out.

The property boom in Spain as it was then seems to have created a widespread disregard for the proper legal process. This has left many innocent people from the UK and other countries.

I know many people have been affected and I hope these posts help them get their thoughts in gear for taking appropriate action. Taking action either by themselves or preferably as an Action Group where you can get reductions in legal fees as well as share ideas together on your specific situation. If I don't answer your questions from a fellow-would-be-investor point of view then please let me know what questions you would want answered...after all it might help our group out too!

Let me know if you find the possibility of having a blog on this subject useful. If I know there are interested people out there then it makes it more worth my while in bringing you information on what our Action Group is up to and what we have learnt on our journey so far.

In addition to learning about what courses of action are open to try to get the return of failed off-plan development deposits back, I have also come across property finders and developers who are currently able to do property deals at half the prices of what they were when I first placed my deposit donw. I am happy to present here what I have learnt so far and what I continue to learn.

Yours,

kingofspain999@googlemail.com



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