Plumber > y Boletín de Instalación de Agua costs 700 € ???

We put a deposit on an apartment in Porto fino in 2006 we now find we are unable to get a mortgage and the apartments are valued way below the original price, We have no alternative but to walk away, are we the only ones or are there others out there in the same position It would be nice to hear from you


This message was last edited by Pete n Vic on 8/31/2008.

This message was last edited by Pete n Vic on 8/31/2008.

Hi Pete n Vic We bought in 2006 and in the same position as you, the goal posts have moved a lot since then and our dream apartment in the sun is no more. With the strong Euro to pound - credit crunch- value of the property from the Banks-cost of flights increasing, all these things and more have been deciding factors for us to throw in the towel and lose our deposit. The developer has come up with some good offers but we needed a price drop to get a mortgage we can afford. Regards Ian.

I've read on another forum that buyers are being sued by the developer for the remainder of the purchase price.  Does anyone know if Proindal are intending to do this? Has anyone taken advice from their solicitor on the obligations under the contract?

We are thinking of walking too, as valuations are so low and we now think the apartments were overpriced and you can get a much better deal elsewhere.

Hi there, we too have walked away from Portofino for the same reasons as listed below, if the developer would have knocked the 20,000 off the property instead of giving us a garage then  it may have been  different but we were not prepared to a) buy a property that was in such neg eqty and b) throw in a shed load of money , it was a no goer. It's sad walking away as we have all waited so long for these apartments to be completed but the numbers just don't add up.  
Anyway, there is light at the end of the tunnel ... send me a private message if you want me to share it with you!
Good luck to all 

Hi 

We have sent you a private message

Hi, We too bought back 2005 and have been looking forward so much to this point and now i it looks like we are gonna lose it all. We recieved an e-mail saying we have to complete by end of september or we lose deposit (30%). Its so depressing cos we have heard nothing from our mortgage finacers, MRI or the builders for months and you just wonder if its a big stich up cos no-ones wants to give you any lee-way. I am hearing about this non- completion charge ( which is the first i have heard) and cant believe we could lose more money surely it cant be true?? Any info on this would be most appriecated. 
Im assuming we are not the only ones in the same boat so i thought i would make a last ditch attempt  to try and salvage something by asking anyone if they would be interested in rather then losing everthing if they would be up for maybe going into a place together? Be it our place or your place( ours is a 2 bed one bathroom facing golf course). This may be a long shot but and not actually possible but i thought a 50/50 split covered by various contracts etc would be better then losing everthing?.. Then maybe when and if the market returns to normal we could either sell or carry on depending on what was oringinally agreed and then maybe get our initial return back if nothing else!! If you may be interested in this or wanna chat about any of the above please let us know!
P.S Anyone lucky enough or mad enough to have actually completed and want a good furniture package at a discount after the end of september please also get in touch..( another costly mistake..)
Thanks.

Hi Jgriff16,

I have sent you a PM.  Appreciate a response when you got a minute.  

Many thanks


fuanak

hi there seems alot of people are in the same position its really sad and unfortunate the way things have went. Jriff 16 i have sent you a private message.
Tiamaria
8

Just found out from our solicitor that if we walk our liability is limited to the deposit paid and no more. Small consolation perhaps but at least it does not look we would be sued for any more. 

On another forum a guy who does snagging for several developments says he knows of many buyers being sued for the whole cost of the purchase.

Seems like we are not alone in walking. An article in Spanish Property Insight says more buyers are backing out and losing their deposits:

http://www.spanishpropertyinsight.com/buff/?p=215

hi 
i have a one bed apartment and also looks like i am going to have to pull out which is is a shame as i paid the deposit about 2 years ago
if anyone is interested in sharing please reply ,

Hi everyone. I too purchased in Porto Fino in late 2006 and put down a 15% deposit on a 2 bed, 1 bathroom apartment and have now had to walk away. I'm sorry to hear so many other people are in the same predicament as I can testify to the stress, financial burden  and questioning of ones judgement that it causes. Like a previous post on this thread, I too made the mistake of purchasing a furniture pack prior to completion. So, if someone would like a quality, heavily discounted 2bed furniture pack then I may be able to help. Also, jgriff16, I will send you a private message once I get authorisation. The 'light at the end of the tunnel' comment has perked my interest!
Andrew

hi
  no they can not sue for all your money,i cannot see any reason for
proindal to not help as they will still have to sell your apartment.

To "Goo" & "AndooM",

I would be interested what your furniture packs consist of and how much you're wanting for them. Also if you could let me know what is ready made and what is self-assembly, along with color schemes etc.

casa-care

Hi, In regards to furniture package think we are gonna need now as it looks like we are gonna go for it.. Not sure if right thing or not but we have had a mortgage offer and are gonna take the plunge. Hopefully siting in the sun with a glass of vino will take away the thought that this has cost a bloody fortune and left me stressed and skint! Sorry about furniture and thanks to everyone for the enquires.

Hi Goo I have sent you a private message.

Hey goo.....best of luck.  
We, like you, were very near to pulling out but as we also had a mortgage offer we decided to go for it.    We got our keys on the 12th of July and we stayed in our own place in the sum for a week from that date.  It was heaven !!

There were many sleepless nights and a lot of stress leading up to that point but now having done it I think that in the long term it was the right thing to do.

As regards the apartment and Portofino - it's a gem...it really is......the finish is gorgeous and we can't wait until we're over there again.  

The very best of luck to you and I hope its all you have hoped.
M

Did anyone like me buy the apartment for investment rather than a lifestyle purchase? We were advised by that well known agent that this would be a good investment but it doesn't look very good now does it?

I can understand buyers wanting to complete if it they have put down 30% and set their hearts on it but what about buyers who bought it for rental and to sell on? Any views/opinions?

hi
we are the same as kinglangan dam if you do dam if you do not buy;
we put down 30% hopeing in 3 years it whould make money but like
here no bank in spain will give us 70% of the purchase .
it was over priced 3 years ago when agents are taking say 10% and
then white goods and air con inclued in the price which any bank will tell
it will not count in the price they think its worth.we got our money from
our house in england to fund it at least the costs are low i think we have
lost 30% in value of the apartment any how so we did not like to walk away
hope in the long run as in the early 90s it will pickup say 3 years time
if you can afford the payments each month i say stick to it.
as for investment we got asked by mri to spilt 30% buy two how much
commission  they get must be more as they whould not try to sell two to us.
we have not had one word from mri since we said we did not wish to buy 
furniture some 18 months ago.again if you can afford to lose 15% and then
maybe come back next year with funds in your bank am sure you will save
20%. we gald we went ahead as said before apartments pool are lovely
but also portofino is in a great location.we hope  you all well and use your head
not your heart.

I agree with aandl in everything they say.  We actually bought for investment purposes.  We did not buy to sell on quickly and make a quick buck.  However, we will have to rent it out as it would be complete madness to leave it empty for the whole year bar the 2 or max 4 weeks that we could go out there.  The MRI Sales guy that we had, and I won't name him, was a gem since the day we first met him.  He did not try to hoodwink us in any - we knew well what we were doing and took the chance because in February 2006 when we put down our deposit all the banks in Spain would lend you 80% of the value on completion at that time.  However, things took a nosedive after that and we were very unlucky with the world's economy.  It's as simple as that.  As a mate of mine who has also bought in Portofino (hi v) "we went into this with rose tinted glasses" and she's right.....we did.

That said guys, we sat down with our ex-MRI guy in July when we were over and basically if you study your figures and I know that everyone's are different you may find that you actually need between 10 and 15 people renting it in the year to make it pay for itself.  Yes, there are loads of places for rent and the whole thing scares the crap out of me but we have set up our own website, had flyers printed and we are e-mailing everyone we know everywhere with details of the property, rental prices etc., so hopefully it will work out.   It will take us a while to get up and running but there is no doubt that it will eventually be showing a profit.  

To be honest I never heard of Costa de Almeria let alone Almerimar before MRI brought us there....it's only becoming well known now really......Falcon had Alta Entinas in its brochure last year so that's a start.  We were too late finalising our purchase for rental this year and its more than likely that we won't pick up any rental for this year so hopefully 2009 will be luck for us all.