Golf Suites NOT being built

Hi all, We got this bad news by email today from Parador(Spain). Yet to speak to Polaris but anyone know of the next steps to take for a refund?

CONDADO – GOLF SUITES

At a meeting with Polaris on 17 June 2009 they confirmed that there are no plans to develop the GOLF SUITES section of the Condado site in the foreseeable future.

They said that all buyers have been contacted and offered the opportunity to swap to a similar property.

Anyone who has not yet agreed to swap will be contacted again.

 If have not yet been contacted or are currently resisiting the move to another property please contact us urgently to discuss the situation.  ocspan@paradorproperties.com

 The Jardines area of Condado has been finished for some time and most are now occupied.  The Los Naranjos townhouses and penthouses are also finished and partly occupied.

 The sports centre in Jardines is fully operational.  The café-bar and mini-market are also open here. 

 The El Foro shopping centre is well under way and some shopfitting has already taken place. The El Foro supermarket should be open in July.

 Current photographs of the various areas of Condado, the El Foro Centre and golf course are available in the development sections of the  www.paradorownersclub.com website.

Hi Don, Hi kerry and everyone else who put deposit on GS,

Sorry you are not going to fufill your dream in a GS but heres hoping that PW  have offered you all something that is acceptable, so hope this is not that last we hear from you all. 

Ali & Simon

yes take something in the Jardines, Naranjos or La Isla and you can still live the dream - it is still coming together albeit a bit less quickly than we hoped - but who thought we'd be in the greatest global depression since the 1930's a few years ago - relativity is not just a concept !

don, kerry

sorry to here the bad news, however see if you can get the free flight, and hotel offer again, and come and have a look,(when was the last time you were out there) the place is coming on great. dont just give in,

LIVE THE DREAM.

best of luck anthony and andrea

Don & Kerry,

The first thing to do is get conformation from PW,  I'm being told by other GS buyers that thier agents are telling them a different story to parador.  So you need official conformation.

Phil

Don & Kerry,

So sorry to hear that the Golf Suites are not going ahead yet!!!  You should definately try and get your money back and if you're still interested you should get a good bargain on a reasale on the Jardines or Penthouses (better than swapping with Polaris). Good luck with whatever you choose to do.

Lisa 

Hi Don & Kerry

Don't take it for granted that they won't be built until PW have told you officially, as you can see below we've bought on Las Isla and recieved the e mail below telling us that we are to complete August/ Sept  but some people have already had the phone call saying they are completing in July, so different buyers are getting different messergers. Hope everything goes OK

Jane & David

Hi Don & Kerry

I am so sorry for you and all the others having got so far to fulfill your dreams.  I for one was hoping you all to have them start building  sometime this year.  Unfortunately you cannot go on for ever hoping it will happen and like you say the main aim is to get full refund of your money back from PW. 

I too would recomend you go out on a free flight inspection trip just to see if there is any good deal out there for you.

Good luck with what ever direction you take and like Ali & Simon we hope this is not the last we hear from you all.

I called PW Customer Services this morning.  PW are saying that they are unaware of this "Parador email" and asked me to send a copy to them.  I do not have the email, so perhaps someone who does, could forward to PW Customer Services and ask them to confirm the situation?

Very sketchy answers from PW saying that "Condado is progressing very well and we will keep building".  I asked when the Golf Suites would be built - the answer "They cannot say for sure as there is legal issues, etc regarding the building to sort prior to commencement".

I am waiting for someone else at PW to contact me (someone who I have spoken to regularly and is very helpful) and will see what information I can get out of him.

Anyone else spoken to Customer Services?

David

Hi David,

I've emailed them asking for conformation, will post any reply if I get one.

Phil

Seems strange that PW didnt comment on whether that meeting actually took place but then Customer Services may not know. It could also mean that Golf Suites wont be built where they were originally planned for and that would account for ' legal issues, etc prior to commencement'- although its seems clear the best outcome people can hope for is that they are going to be delayed. I also think PW wont want to add any fuel to the fire about them being in financial difficulties and so the standard reply will be that they plan to continue building. 

I have a deposit on a golf suite and already own a villa jana on los narajos.  I have been told first hand in person from polaris staff that they are not yet building the golf suites due to the downturn.  I was offered a selection of alternative properties but the prices were higher than the cost of the golf suite and as I do not wish to invest any further funds I appear to be in a stalemate situation.  I think I will need to consult my solicitor in the future but at the present I am happy for the delays due to the exchange rate.

If anyone anyone can tell me any different I would be happy to hear from you, my username is my private email please feel free to contact me.

There is a solicitor on this forum

i too have deposit down on golf suite

legal advise would be welcome via private e-mail or otherwise

I have spoken to my regular contact at PW Customer Services.  The update is as follows:

1.  PW are aware of the emails Parador have sent out, however, were keen to point out that these were not true. 

2.  PW Board of Directors met yesterday and took the decision to set up a "Golf Suites Team" which will be responsible for contacting all Golf Suite owners and updating them on the plans for this phase.

3.  My contact said that what he has overheard in relation to the Golf Suites is very interesting, however, he wasn't at liberty to divulge this information to me as this was the role of the newly formed GS Team.  I asked whether he could give me any indication of the future plans, but again he was reluctant to tell me, although he said that I would not lose any money and that the plans are "good".  He did mention that the plans have/are changing (I am not sure whether he meant the Master Plan i.e. the layout of Condado or whether he was referring to the timing of the contruction work).

4.  I enquired as to whether the option to pull my money out of the investment was available.   Customer Services are unable to deal with this as it relates to the contract and is therefore a legal issue.  Such issues are put through to the PW legal department.

He finished by saying that someone would be in contact shortly and would be able to give me all the information I need in relation to the next steps.

Take from the above what you will.  It remains unclear to me.  Hopefully the forthcoming phone call will give some clarity.

Any others with updates?

David

hello 2 everybody i to have bought GS ive tried 2 get answers off PW everytime they say they will ring back im STILL WAITING any help and info would be grate thanks

We have managed to get a meeting whilst over on Condado mid August to see what are the alternatives.

will keep you posted

TVR,

I am aware that you have sent me a PM but I am unable to view at the moment as this has not been activated for me.

In short - PW are offering alternatives to Golf Suite owners and as I understand it they are in the process of contacting owners to discuss options available (which would seem to be swap into an apartment which is ready or wait until the Suites are built, with no mention of a likely start date).

David

Many developers worldwide are mothballing where they can and that applies in UK also ....just the reality of the the current recession

Does not mean that they are in financial trouble, just  good business in these times

But it is not all over yet and you never know what may happen later this year

I like Polaris World and their Resorts in the years to come will I suspect become very popular and the prices have always been  very competitive...even more so now

But, you should have a look at others if only to compare prices ,spec and options...there are some good ' distressed sales' not too far away from Condado

But . if it is a Resort you want ,have a look at PW alternatives...I think you may find waiting for the recession to end very frustrating even though the concept of the golf suites is very good

Thanks david for reply,rung PW up everyday last week still no return call,in the 2years ive put my money down not once have they rung not even e-mail or call to say GS were not being built it is very very poor and if they offer alternative i will have to think long and hard i think???i think im going to have to go over face 2 face

I am not sure if I am missing something (probably - coz I'm a tad dopey at times) but if I were sitting with no Golf Suite on which I had placed a deposit a year or two ago I would be cock-a-hoop and rubbing my hands together with relief!!!  It would mean that I can now get a 2 or 3 bed apartment for around the same price as a smaller suite was back then now that the market has bottomed out.  Had I purchased and paid for a Golf Suite at the end of last year I would - on a like-for-like level of depreciation in value to the apartments over the last year - be sitting with something I paid approx €90,000 for which would now only be worth €60,000.  PW are selling off 2 beds with 50m private roof solariums and balcony for €90k so surely this has got to be a better deal if you can transfer your deposit into those????