polaris blocking contracts resales on mm02

My brother inlaw has been told by polaris, he can not sell his contract on his property on mm02  via his agent has anybody else come up against this problem.

This is very common on later phases of a development and is designed to stop distressed sellers offering properties at below contract value and undermining the values of the unsold properties that are still on offer

Yes I know that this is unfair and favours the developer but it is something that the lawyer should have highlighted when signing the slaes contract 

Your brother in law should actually be asking his lawyer to check for this clause rather than relying on the information from Polaris otherwise he may have to complete before being able to sell on

It  only seems 5 mins ago when agents/developers were telling you to buy a property and sell the contract ,( flip it ) and make a profit .now they are stopping people selling the contract even when people want to take a loss.Are polaris hoping people will just hand  the contracts back so polaris will later sell them off cheap like they did on latorre with the properties people would not complete on, i think they called them flash offers, i dont think they will be selling the 100s  unsold  apts on mm02 off in a flash Not at the silly prices they are asking ,you can buy a villa on mm01 for less than a apt on mm02 how mad is that,

there are villas and there are villas.......In your general comment  that you can get a villa on MMI cheaper than an Apartment on MMR 2 one needs to be able to compare like with like........... a 3 bed Baron  villa  on MMI with no pool and no golf view cannot be put into the same price comparision as 3 bed ground floor apartment, front line golf  views directly looking over lake with side views to communal pools.

I agree that there are deals to be done but top properties in top locations with top spec will nearly always hold their value or increase over time.  Buying with the intention to Flip is a risking game expecially when dealing with foreign developers

May be its me, but i would have a 2 bed villa on mm01, in not a good   location all day long.,Than a apt over looking golf/pools, The main  reason being, when you people joined onto your property is the noise from other apts, doors slaming etc etc. And ground floor apts come with other little problems, like when people above do a spot of cleaning shake the rugs out etc clean the patio with water it all ends up in your garden, nearly forgot you all so get the odd fag end droped down from above. i know all this because my friend has a ground apt with golf veiws and pools, and fag ends.

You your self  are not comparing like for like. a 3 bed apt and a 3 bed viila on any polaris resort are not in the same  league, no matter if they are front line golf or not.

That is the beauty of opinion and choice, smaller villa looking onto fence and also neighbouring plots or an apartment with fag ends ......... certainly if I had a neighbour dropping fag ends etc, I would have a polite neighbourly conversation to resolve the issue.

Most developers and indeed sales and rental agents normally price properties on square metres, plot size in total, proximatey to facilities  and location. That is pretty standard in any country.

With your prefernces you should be able to bag yourself quite a bargin then..........

Your right on one thing when you say, with my prefernces you should be able to bag yourself quite a bargin then. I HAVE THANKS. ive bought two bargains in the last 6 months off two silly people who paid well over the odds properties thought they would make a killing, bought 4/5 years ago in the end they were nearly paying me to take them off there hands.And i think they will be plenty more of them coming along on MM02  in the next 12 months. May be the odd ground floor apt ,with more square metres than a 3 bed villa baron dream on. Also its not easy as you think having a word with your neighbour, you can not allways tell which apt it has come from, when have wind and so many apts above you,

Aside from the wind issue- which I would agree is always a problem.... I would always prefer low build and 1st floor apartments.  Villas do come with their own problems such as pool maintenance and gardening fees and in their isolation are vulnerable to the occasional break in. I know you can reduce this with keyholder checks and employing someone but its usually at an additional cost. Its clear there are many bargains to be had at the moment if you have money up front and are prepared to be tough and haggle. Fence facing isnt always an issue either when it compares to privacy- some properties are quite open to public view on the MMenor developments and that goes for those overlooking the golf course as much as side views of those on the main roadways, so the back lot isnt all bad. However fab it is to own a villa you do have to get the right one and each to their own.  However rental properties bring other problems that have to be considered- talking to those noisy or careless residents wont always bring results and often owners dont care. Its easy to be clever about profits and smart buying now but 4-5 years ago people sunk their retirement funds into these purchases and its sad for them if its gone bottom up.

Message to WillyWonker

However wonderful MMI is I would as a cautious banker (retired) (yes there are some of us around) recommend diversification and would say the same to anyone buying to flip (something I have always cautioned against).  Never buy 2 properties on one development and I would go further, not with the same developer or the same locality or possibly even the same country (but that might just be me being over cautious).

After that it is your own preference - but I'm with the MMII owners - second floor apartment.  Am worried about washing down my balcony - which I know I need to do when we arrive in January and just hope that the people above us have down so before we get there.

Tessachilds i can see why your own preference is  with the MM2 owners, is that because you are buying an apt on MM2 ( wise words from a ex banker, that must be a first).

Yup - second floor apartment on MMII.  We wouldn't be able to use it enough to make a MMI house worthwhile for us - but they do seem to be great.