Shauneen

Hi folks

Just joined from Belfast.  I have been reading the forum for some time now and have just got round to joining.  I have been reading some of the messages on the forum.  We have purchased at Corvera but are phase 3.  We just received a reply today from MRI stating that phase 3 will not be completed until December 09.  This is the first we have heard about the delay as we left it until after the christmas hols to chase.  I am just wondering if anyone else has had much contact from Spain.  Just regarding those who are thinking of cutting there loses.  I am not prepared to lose out on the deposit.  We did purchase as a long term investment and not short term as I am sure some of those who are panicking probably did.  I feel that when Corvera is eventually finished it will be amazing and again eventually will make a good investment, as a long term one.  If my money sat in the bank it would not be making anything worth talking about, and I cant think of anything at home that would be worth investing in.  I could probably purchase a house here at a knock down price, but why, to hold onto it for the same time I would probably need to hang onto Corvera, yet Corvera is in a beautiful place where I could holiday with my family and almost certainly have some kind of rental income given the PGA.  I for one am not going to "cut my loses and run".  I have been looking forward to this for three years now, another few months has given us some breathing space, but cant wait. 

Welcome Shauneen

Good to have yet another forum member on phase 3. As you can see we too are on that phase and to be honest I really don't expect to get hold of the keys until mid 2010 no matter what MRI have said.

Hi Shauneen and Steve,

I am also on phase 3 in the Mora apartments block 145.

I spoke to my agent (not MRI) yesterday , who contacted Corvera and they confirmed that they have requested building licences for phase 3 which have not yet been granted by the town hall.  Corvera stated that phase 3 completion should be mid 2010.

Ken

Hi Shauneen,

Wish we  had found this forum earlier. We too have purchased phase 3 in block 145 and were told estimated completion would be mid 2009. Just hope the delay  will not be increased. 

Shudi

Hi Shudi, I'm a phase two purchaser.  Calidona do not appear to have planning permission for phase 3 yet, I suspect that due to the current economic situation they will be in no rush to begin. I think it is likely that they will want to wait for final payment on phase 1 & 11, and see how many complete.

The payments are likely to take around 3 months after completion of the first two phases ( waiting for habitation licences and what have you). Therfore I would imagine that the start of phase 3 for cash flow reasons will not begin untill around August/September 09, then I would allow around 18 months for the build so you would be realistically  looking at early 2011 and this assumes no unforeseen delays ( I think that past experience even in the 'good' times would tell us that we should not take the developers and agents estimates too seriously).

This assumes that phase 111 is not t'emporarily' mothballed due to the economic situation in which case God only knows. Has phase 3 on Roda been completed yet? Just remember Calidona tend to take their time even in the 'good' economic times.

It's just an idea but if there are owners on phase 3 that wish to complete sooner rather than later and those on phase 1 & 11 that would rather complete later than sooner, maybe a 'swap' could be arranged, just an idea.

kev

Hi Kev,

Although we are disappointed at the delay we would not wish to swap our property which we chose because of its position and which we were led to believe we would be occupying by mid 2007!

What I cannot understand is the length of time they  retain our deposits (feb 07 & sept 07) and not 'deliver the goods on time'.

We paid on the understanding, from the sales people on site at Corvera, that completion would be mid 2007 if we had known then that there would be such a long delay we would not have put any money down.

Now early in 2007 they still do not have the building permission for Phase 3 and we are expected to just wait, it all seems very one sided.

I am new to the forum and have only just sent off my details to Lisa. Wish I had found it earlier so I could have attended the meeting. Hoping there will be another.

Phase 3 apartment which was due to complete in March 2009. We 'bought' in August 2006. He advised Phase 3 still does not have full planning and will be shortly applying for this!! Expect Phase 3 ready in Mid 2010. No mention of Hotel though

Hi

Thanks for the info Pat, I would say that it would be best to take any estimated completion date with a pinch of salt, untill construction starts and then it is reasonable to assume that completion will occur in around 18 months time.

Pablo mentions an estimated date of mid 2010 and yet ' phase 3 does not have full planning permission and will shortly be applying for this'. I can't remember the number of estimated dates that came and went with phase 1 & 11, the problem appeared to be with planning permission which took a long time to get. I hope I'm wrong but especially as it has not been applied for yet, I would not assume you will get planning permission instantly and this would be the only way you would make a mid 2010 deadline ( unless building begins before permission is given).

Kev

Hi Kev

If phases 1 and 2 are anything to go by then Calidona will probably get the foundations of phase 3 layed at least 2 months before planning is granted. Remember we saw aerial photos of such in November 2007 for 1 and 2 but permissions didn't arrive for many until April 08.

hi Shauneen, 

thanks for your info ,  have also bought into phase 3 and was thinking of going over in a few weeks time who or where is the best place to go to find out the fact about phase 3.   We're also from Belfast and was reading about a possible meeting in Dublin and would be interested in that,  would love to get more info on that,  and anyone with info on phase 3 please keep in touch    

We are buyers on Phase 3 too.  Not heard anything from MRI.. did I not read a thread saying they had disapeared from view? It sgreat to know they havent gone bust..... We would like to get our cash back. Its ridiculous that money can be held for this length of time with no end in sight of the product we purchased. In all honesty we are thinking that we could have bought something already built when we purchased in Jan 2008 ( oneof the last 3 onthe phase!) at the moment we have just a hole in our pocket and are still paying from foreign holidays