Business Network Group opening new Group on Thursday 4th Feb, Nueva Andalucia

Was thinking of investing in a property at this site. Any recommendations?
Also, any recent photos available anywhere?

ADB you are joking right ?

right now there are probably a few hundred people that would let you buy there apartments !!!!!

Well, as i heard talk sport promoting the village and other big organisations saying how wonderful it was going to be, it seemed like good idea.

Take it you have had bad experience then?

Are they still promoting it today ? Football Village website has no future sales presentations listed.

There is uncertainty over current progress and completion dates, and allegations / links to the development and the Estepona council corruption scandal - despite reassurances from FV my legal advice was that its too early to say whether there will be any implication on this development. Therefore I would not be considering any purchase at present but i am in the unfortunate position that i already have placed deposits and am in the process of seeking legal advice to retrieve my investment.





This message was last edited by sgm71 on 7/9/2008.

I have received information from a friend who has said that they have heard that the development now has an embargo against it, pending the court case.  It is not known how long this embargo will be in force, it will depend on when this case against Valle Romano is heard in court. 

Has anyone else heard anything similar ? may just be rumours but whilst we have BG's it still worrying not knowing how long your money is going to be tied up.

It's also disappointing that FV are not keeping us informed, surely regular emails or acknowledgement of the situation would be appreciated. I read their official statement on this website before i received it !! 

In answer to your question

>> Has anyone else heard anything similar ?

I have also received the same information today.

Likewise. I received the same information today. I can't believe this website seems to have more up to date (and useful) information that what is (not) coming out of FV!

What we now need is information on the court case and what the implications are. For a start when is it due, how long will it go on for ??And more importantly if the case goes against VR, can we activate our BG...? 

...Why does something tell me that no one will know the answers to these questions?!

With regards to the point about Exchange rates movements. Yes, the one silver lining about this investment is that anyone who brought last year will make around 10-15% on their deposit due to the pound getting weaker. But of course remember you will lose the money you pay towards legal fees etc.

Well i think we should keep sharing information here - i'm making arrangements to get out next weekend to have a look as my last communication with FV (over a week ago) was an open invitation to look at the site. It's just frustrating getting second hand info, just want to see with my own eyes whether the site is open and working or mothballed. Then next stop could be the lawyers office to see what we can do - I'm aware that there are clauses to extend due to 'technical reasons' but i would hope that the current situation falls outwith that.

And agreed there is the motivation of the exchange rate to get out now.

>> remember you will lose the money you pay towards legal fees etc.

I absolutely hate lawyers - even when they screw up or are negligent, they still get paid.
They must have made a bomb out of this development whether it goes ahead or not.

I hope there is a clause in the contract that covers legal fees.

I received the email below this morning from a friend in Spain.
I was wondering if any of the new dates specified breach the contract so that I can clarify my position.

An update on Valle Romano
=======================

At the end of last week, I got up to the clubhouse at the development.  There were men working up on site and on the site of Football Village, where there was a JCB and a truck moving land.  So some good news, at least something is happening.  I have been reassured that existing clients will be catered for and can visit the site by appointment.  I was also informed by Valle Romano that at present the contract between Football Village and Valle Romano has lapsed but could not confirm as to whether the contract is going to be renewed.

Below are the dates that we were given to Football Village by Valle Romano for the new proposed timescales for the development but please bear in mind, that this was before the corruption scandal came out in the open. H2 is the phase for The Village purchasers and not for Villa Borghese buyers.  As you can see, these dates have moved since you purchased but do seem realistic, considering where they are in the construction stage.

• The Village (H2) construction to commence in May 2008
• The Village (H2) construction to completion in July 2010.
• Hotel construction to commence in January 2009 and completion at the end of 2011.
• Sports Centre construction to commence in June 2009 and completion in December 2010.
• 18 Hole Golf Course to be completed by July 2009.

Dont know !!! they started 6 months late and the two year construction period now appears to be two years and two months; there was a clause in our contract that said the period could be extended by 6 months and for other competent reasons under burden of proof. I would suggest you request clarification from your lawyer, I have but it was mainly the bank guarantees they came back on and they left the query on the rest of the development unanswered; i did not use Lexland did you ?

From these dates the Hotel is going to be 18 months later than our apartments, how this affects the Rental Guarantee and indeed rental potential of the apartments concerns me given they will be sited on a construction site. I specifically queried the completion of the Hotel in relation to our apartment and was assured that they would complete at the same time and there was what i understood to be the equivalent of a planning condition meaning that there could not be occupation of the apartments without the Hotel. I assume these dates did not come from FV as i have still to receive anything from them, I would certainly have raised issue over these dates. We dont even get the Sports Centre either, i was sceptical given the size of the project however i would doubt if any of this was in the Sales Contract. However what these dates suggest is something very different from what i believe i bought.

Hi all, i also find it worrying that the hotel is not going to be completed at the same time as the apartments as i was planning on using the rental guarantee to help pay the mortgage for the apartment.
I havent heard any mention of the rental guarantee lately, if this is not in place i would see problems for many owners as i think many will be depending on this. I was told there was going to be a beach club , this seems to of been forgotten too. The absence of these are all going to make it harder to rent out the apartments too.
I used lexland, they have stressed the fact of the bg,but did not mention how the timescales would affect things.

Tony

I have an interest in Casares Del Sol development which is not a great experience although owners are making the best of it, I note this thread with interest.

For those trying to get back their deposits, were the deposits held in escrow ?  They should have been which will make it easier in retrieving once deadlines have not been met. If they are not you will find it very difficult getting back from cash strapped agents or developers.

On the bank guarantee, I would demand a copy of the bank guarantee policy. Guarantee policy pay out depending on the policy wording. Does the wording say it will payout if there is corruption at the town hall resulting in the bankruptcy of the developer ?    

There may be other insurance policies by law that were required for the developer including Directors and Officers insurance which protects against fraudulent activity. Your lawyer should have demanded a copy of the bank guarantee before you signed up to anything. As a group the least I would do is request it.

Good luck

Following my previous post, it may be useful to look at 'Casares Del sol suites' forum under the thread 'cancelling contracts' and note the success of some of the posting members

Re - rentals, the 'Apartamentos Turisticos' status i think means that there needs to be a management company in place before completion, but i might be wrong - just picking up on things written here and there on sites like this. Received an email from FV today including the following content that confirms -

The completion date I have been given is Summer 2010.  The management company, who will be on site, sourcing your rentals and operating like a hotel, will be in place around 6 months before completion.  This is has to be in place by law.  The 5 star hotel is due for completion the following year.  There is no clause about the hotel being complete at the same time as the apartments.  This would work to your advantage for the first year as there would be no hotel for guests to stay in, so more rentals for you!´ 

With the properties not being built yet and the management company not being in place, any rental figures you may have been given would have been projections, based on similar developments.  There is not a guaranteed rental scheme in place.  If you have been told that there was one, you have been misinformed by your sales representative.

That said, in peak season, you could expect to get in the region of 1000€ per week, for your apartment, so by renting out for just a few weeks a year you could expect a tidy return.  In order to benefit themselves, as well as you, the management company will be heavily marketing your property.

Feel tempted to respond to 'misinformed by your sales representative' as it should say OUR sales representative (maybe being petty though) - feel a bit aggrieved about the Hotel and facilities being up to 18 months after Village completion. I have absolute clarity on what i was told by three separate sales reps - who i specifically queried the phasing of construction with - given the size of the project i had serious doubts on completion but i was told that we had Spain's biggest and best builder Hispanica on site and i'm sure I was told there was a legal reason why all works had to be completed and the only works for the Phase 2 development over the hill with the Cultural centre would be ongoing and these would be accessed not from the main access road but from another access. 

Also received letter yesterday from FV  - i assume everyone has this now ?

A warning to all. I refer back to warnings 18 months ago. Please see thread http://www.eyeonspain.com/Secure/MsgBrdsPosts.aspx?thread=72&dev=C45&name=Casares%20del%20Sol%20Suites.

I can also hazard a guess that what you are still being promised will not happen. At CDS we were promised 'sports centres'  ,infrastructure , hotels. Something severely less is the reality. Please expect the same.

This message was last edited by Alan Rowe on 7/22/2008.

Hi All am new to this site but have been watching it closely as I have bought in FootballVillage in April 2007.  Got a unit for €215,000 with completion date of the first quarter of 2009 with six months grace taking it to September 2009 at the latest.  Have been told the new completion dates are Summer 2010 so tried to exercise my rights to get my Bank Guarantee but been told by my lawyer that I have to wait until works go over the original completion date of September 2009 until I can get back my BG.  Does anyone know if this is correct?  Finding it all very frustrating as I live on the Valle Romano urbanisation and can see very little work going on.

Been told that the developer doesn't have to pay BGs until the original completion date has passed of september 09. So although you get intrest of around 11% on deposits it is also a good earner for the developer.

 

 This thread seems to have gone cold. Is that because everyone has gone on holiday or simply because there is no new news? (No news is good news?!) Has anybody visited the site recently? 

Regards