TV programme Wednesday- living in Costa del Sol

Did anyone see the programme last night on the difficulties some people are now having with their properties in Spain? It focussed on CdS but probably mirrors many areas in Spain. Lots of sad trials and tribulations being suffered by people who bought hoping to be 'living the dream'. Several developments were featured but the over riding factor (we felt) was that they had often been left high and dry by their developers and builders. Some had clearly moved in without their Licence of Occupation because otherwise they lost everything. Some had taken on too high a mortgage and others lived on half finished developments with the skeleton of the next phase at their front door and drains pouring out sewerage, unfinished swimming pools and even their homes unfinished.

We dont really know what the true financial state is for Polaris but at least they didnt start then stop building sections of the development that would have left an eyesore - that doesnt help anyone trying to get their deposit back, I know. It does mean the development remains attractive to prospective bargain hunters/buyers. PW also seem determined to continue with what they can - the Foro for one thing and finishing the Isla apartments. In respect of what we watched last night we felt we have been lucky in this present financial climate

Didn't see the programme, but would certainly echo your comments about buying with PW, We saw loads of nice properties but didn't feel confident enough that these developments wouldn't be scrapped half way through. Hence our purchase with PW as it had the name and the prestige along with views to die for.

What channel was this programme on as we might get it in Scotland next week.

Ali

It was on STV last night as well Ali.

Hi folks

If you really wanna watch it, heres a link but...

Be prepared to be depressed

http://video.stv.tv/bc/catchup-spainparadiselost-part3-20090617-2134/

Think it was ITV last night and apparently there are a couple more episodes to come. Dont imagine anyone in the UK struggling to pay their mortgage will have too much sympathy with some of the people interviewed as it was clear people had over stretched themsleves and lived the sun, sand, sangria lifestyle to the full only for it all fall apart now. In fact one chap hadnt even viewed anything to do with the apartment before purchasing and had just decided to purchase in order to rent and make what he believed would be a big income. He was now trying unsuccessfully to sell at auction for 90,000 euro's and I'm sure he purchased at 250,000 euro's- as a result he'd lost everything and was facing a bleak retirement or much longer working life. However, others had made a reasoned decision to sell up in the UK and move over only to find themselves on half built and deserted developments.

Yes, Don and Kerry- not a barrel of laughs!

It was on ITV1 last night and there is one more episode in the series. It wasnt just the Costa Del Sol. The guy with the raw sewage was in La Zenia(development called LaZenia elite), it showed the sewage running onto La Zenia beach.

I have done my fair share of moaning about the lack of a town centre and falling prices, but after watching last night I was more than happy with my property!

I am sure you can all rewatch this program using the ITV iPlayer on their website!

yes

but who's going to cut the grass on the ring road?

some people moan about nothing

watched it too and thanked our lucky stars we went with PW. At least our development looks the part and I agree we should be careful about this ring road thing for the sake of a few euros each month. What worries me now is the story that I posted recently that says Polaris may have put either some of its land or developments for sale to enable it to meet its debt and interest repayments.

I think we all recognise that despite everything PW have done their best to deliver. They too are hapless victims of the current economic downturn which, lets be honest, No one forecast.

We feel very luck to have a beautiful apartment, in a beautiful part of Spain, on what is going to be a fantastic resort.

Just one point though, not all those who are in difficulty with properties in Spain are in that position because they overstretched themselves. Our friend built his villa from his savings just before he retired and did all the necessary sums to be able to live off his pension and small investments. Like so many he moved to Spain for a quieter, simpler life style. His problem is that his pension fund has so badly under performed he has a third less income than he believed he would have only 3 years ago. Couple this with the poor exchange rate and he is struggling to keep hold of his dream. He is trying to sell his villa to downsize but in the Malage area there are over 150,000 new or nearly new properies for sale.

Lets be Happy, so far we have done very well!!

well said phil,

the tv always put a twist on it, and probably pay these people to exaggerate. still a shame though.

You are correct in that not all had over stretched themselves, as I said some had made reasoned decisions to sell up and no were left on half built and deserted resorts with little hopes of improvement. When the camera did an overhead sweep of the area it was amazing to see just how many apartments and villa's there were just in that place alone.  Many had moved in without licence of occupation as they had no other choice or loose what they had already put in. Its a huge pity for them all as there is no solution ahead.

Polaris probably have a lot of land held for future developments that may not now happen, this is where they will start with selling to raise finances and clear debts.

Well for most people it is a gamble, investments are never guarentueed.

No-one really expected such a downturn. A correction, yes that I expected. Feel sorry for those affected as most done their sums but the exchange rate, unemployment, credit crunch, pesion fund losses all came as a surprise.

For those on half build development, yes they have been conned into the salesmen & estate agents who pushed for off plan sales. What do you buy off plan? a piece of nothing until it is all there...

We bought a resale in Camposol A after carefull research, ensuring that the area is what we expected, the house is what its expected and the development. So personally no problems with house or the the area were we bought, although some parts of development are in a poor state due to the greediness of the developer and council only interested in your tax oayments... We learnt from our experience, from our friends we met since and solicitors.

As far as PW is concerned we did actually buy off plan, but we have friends on Mar Menor & La Torre. Their experiences although not 100% perfect gave us some confidence, although we were always wary that until its all finished there can be some nasty surprises. Again if PW was to go bump tomorrow, we are left with an unfinished Foro, golf course etc etc.. Who will buy it and complete it in the short term.. Not many.

However enough doom & gloom  lets enjoy what we have got. in the end of the day life is what you make of it.

2 weeks break next week so lets put that smile on my face

I see from the general forum that people are suggesting they group together and help out Wally (who was featured in the programme) do work on his villa and apparently the Council have sorted the drains. So abit of good might have come out of the programme.