Land around golf course

Do Polaris still own the undeveloped land around the golf course or is this owned by the banks?

Maybe Ptan knows the answer. I have looked on the community website but cant find any info about this.

If Polaris are to make any progress in the future they need to start building and selling properties.

Pad

There seems little point in building more property, when they [ or the banks ] still have plenty to sell.

It must be a better move to tidy this land and the site up, in the short term, to make the whole place more attractive to prospective purchasers.

More purchasers means higher occupancy, generating more income, which can be then re-invested in more units at El Kazar, and ultimately in building more apartments / villas etc.

I dont think Polaris have many properties to sell as they had to hand these to the banks .

Reading between the lines it looks as if the only land they have left to build on is Condado.

Pad

I am sure the banks do own the unsold properties that are already built.  By my reckoning this is 40% of the site (maybe conservative estimate). 

Do you really think the banks would lend money to Polaris to build more properties that they won't be able to sell......needing the banks to lend money is a given because if Polaris had money they wouldn't be in financial trouble in the first place..

There is no demand for the properties even at 30% price reductions...only Fred Goodwin would lend to Polaris at this point and he worked for RBS not CAM or Santander ;)

I was speaking to a friend who has a property on La Terrazas (La Torre Sur) and he tells me they are still building away there on apartments and on the town centre. I take that as a good sign in that they know they need to finish that resort and not leave people in a buiding site situation; people are probably locked in anyway having paid their deposits - Condado is in relatively good shape, when the enconomies of Europe turn and demand comes back, we'll see the Kazar filled, we'll see the front line apartments built - patience is the key - for the people who purchased off-plan to make a quick buck, then sorry that's not going to happen; they would be better selling up, accepting their loss, walking away rather than poison the rest of us with their whingeing negativity ......................

Jeb,

Youve summed up my thoughts entirely. You can see the light.

Must be because you're an Evertonian. COYB

Jeb,

Youve summed up my thoughts entirely. You can see the light.

Must be because you're an Evertonian. COYB

the future is bright the future is BLUE !

if you are happy with 8th then it is bright 

nope TG you got that wrong - 8th was the past - roll on next season