So it's now official - Paramount is here

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12 Nov 2010 12:00 AM by ptan Star rating in Los Naranjos Jardine.... 1696 forum posts Send private message

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The design and master plan of the Paramount park will be ready in April

The Community points out that studying "several locations" for the project within Alhama 

11/12/1910 - 2:14 - 
Pulse para ver el video
Video: laverdadtv
 
 
Michael Bartok, Executive Vice President of Paramount Licensing, today flies back to Los Angeles after a whirlwind visit to the region. Bartok takes good memories of regional gastronomy, support in Murcia Executive block and a first printing of the Region in which the multinational accounting wants to build a theme park "new generation" with no technological leadership today for today, unmatched by any such facilities that dot the world's geography.
Bartok left to change the promise that in six months, as much in April 2011, and maybe even before-there and a design and a 'master plan' of the park, something tangible and partly photographed to quench the thirst media on the project, "one of the most important investments to be carried out in Spain in the years ahead, as noted by the Minister of Universities, Enterprise and Innovation, Salvador Marín.
Marin appeared next to a packed press room of the Ministry of Culture and Tourism of the owner, Pedro Alberto Cruz, Bartok himself, assisted by an interpreter, and Jesus Samper Murcianos representative of flagship projects, the company that will manage the arrival of investors to the project.For Bartok, Mike for counselors Marin and Cruz-made clear that Paramount is not investing, but designers, planners and graduates. What was not clear was the annual amount your company will pocket for this item.
Chapter news, few, unless still studying several locations for the park, yes, in Alhama de Murcia, as confirmed by Cruz. And the park will include hotels, catering areas and commercial areas. Samper declined to confirm whether to go as an investor in this final chapter, taking into account their experience in New Condomina, shopping center that Paramount group also visited yesterday.
The coastline, especially the Mar Menor, and the future regional airport were also stops the procession, which also included members of Marta Consulting, the consulting firm that advises Paramount in regional landing.
Interview with Valcárcel
Now back to the capital, the cathedral and the casino were visited, and photographed "by the group, which walked along with a tour guide for Tatters and other streets of the capital. Despite the progress of Bartok, the party will continue in the region today, notably in Cartagena, where he awaits his arrival at the port and main cultural and tourist.
Although expected to Alhama Paramount executives over the past day, the truth is that work on the possible location was reduced to study plans for the land. That explains why the mayor, José Espadas, even had no official record of the arrival of the delegation to the region. Yes, Councilor Marin referred to the full City Council has approved the declaration of the area as a special tourist zone. "You must have an active and already does," Marin closed.
For his part, Thomas Strong, director of Food ElPozo, described the arrival of the Paramount to the municipality as "very positive" but distanced himself from the possibility of participating as an investor in the project: "It is a very strong investment and we need investment our expansion projects, "reports Paco Swords.
The famous confidentiality clauses were invoked by Bartok also to avoid ruling on the amount of investment and other aspects of the future park. In fact, the vice president of Paramount Licensing is limited to reading a text-only and read out the script to give a "good morning" in Spanish, in which he thanked the host of the regional government.
On possible new visits to the region, it is clear that occur before April but is likely to avoid media exposure as yesterday. By then, the "good days" Bartok can become "good news."



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13 Nov 2010 10:15 AM by ptan Star rating in Los Naranjos Jardine.... 1696 forum posts Send private message

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Paramount is in the tourism resources of the coast a good addition to your park

Praised the company's technical know Calblanque before the Roman Theatre of Cartagena, mining park of La Union and how it lives in the region 

11/13/2010 - 1:26 - 
 
The future Paramount theme park in Alhama will have a first class tourist snap could tip the scales in your favor when a potential client is at his home in northern or central Europe to decide where to travel on vacation. And everything suggests that they found attractive technicians yesterday the U.S. multinational in a strip of coastline between San Pedro del Pinatar and Cartagena.
The entourage of Paramount Licensing, and without its executive vice president, Michael Bartok, who yesterday returned to California, visited the Mar Menor and Calblanque, whose wild beaches of golden sand caught his eye. Cartagena also went through to know the city and its Roman Theatre and by the Union, where the Americans had lunch after a visit to the park intense mining Vicenta Groups."Calblanque has left them particularly impressed," Cartagena said the director general of Cultural Heritage of the Autonomous Region, Enrique Ujaldón, who made cicerone.
20 minutes from Alhama
The visit to Cartagena lasted a couple of hours since the experts wanted to know the cruise terminal, currently under expansion. A Paramount promoters does not escape the growing number of transatlantic scales can be another great ally for the full occupation of the park.
"They know the airport, highways and know that there are expected with the arrival of the AVE.Cruises can be an added incentive, "said Ujaldón.
The trip by highway between Cartagena and Alhama only takes twenty minutes. A day of fun at a theme park can last as long as the scale of a cruise between seven and ten hours. Paramount and port would be complementary, since one could benefit from the arrival of tourists by boat and the other scales increase by the pull of the American company. Ujaldón even referred to the possibility that the port of Cartagena was the starting point for cruises in the future.
Paramount executives and guests of the Ministry of Culture and Tourism made a stop in the middle of Main Street to take an Asian Cartagena (coffee with condensed milk and spirits) to their interest in learning about lifestyles and the local cuisine. According Ujaldón-all communication, as employees of Paramount would not comment, analyze everything that surrounds the future park is attractive enough for a Scandinavian take it very clear that you want to visit Murcia. "This is double or triple the tourism that we receive in the region. And that those who come to the park can also go to the beach or playing golf, "said the CEO.
Paramount Licensing representatives spent the afternoon to continue studying the region, although at their own native unaccompanied. Now return to the U.S. with a fairly advanced in their heads of what the park and tourist sites in its area of influence should give value.



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14 Nov 2010 12:08 PM by georgeh Star rating in condado de alhama sp.... 1462 forum posts Send private message

 Rumour from the banks is that they are putting up their property prices by 50% in the new year. greedy ruggers-lol

tThing is the banks with the repos are the only ones doing decent mortgage deals up to 90% with less stringent criteria so they can do what they want.



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14 Nov 2010 1:41 PM by ILU BAR & LOS ALCAZARES Star rating. 3 forum posts Send private message

Sounds like agents talking  it up.




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14 Nov 2010 2:25 PM by georgeh Star rating in condado de alhama sp.... 1462 forum posts Send private message

 The banks  have sold a few properties recently at 98k e and their lowest price is 90k e for a 2 bed on condado so to put the prices back to the original sale prices starting at 119k wouldnt surprise me.(and gives them a nice 40% profit from the deposits paid).

What is true though is that the banks have stopped lowering their repoed property prices on the costa banca, however sales remain extremely low with only detached properties being shown any interest..



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14 Nov 2010 2:48 PM by SMV Star rating in I'm in Dublin/Jardin.... 722 forum posts Send private message

Its hardly surprising that the banks would increase the price of the apartments.  Of course they will cash in on news of such a huge project. Will be good news if they actually start selling them at vthe higher prices as that will clear the stock and maybe start the development going again.




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14 Nov 2010 3:15 PM by Jann Star rating in Merseyside and Jardi.... 802 forum posts Send private message

Jill and Terry's forum are reporting that Polaris World have announced profits of 214 million euro's and that one Bank which owns properties on several PW resorts is'' ready to move the assets previously owner by Polaris World in a bid to move forward next year with a clean slate also, they are offering on all the resorts mentioned an unbelievable NO MONEY DOWN, NO COST, ABSOLUTELY NOTHING from you, but a good credit application and a smile'' (condadodealhamaservices.com)



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14 Nov 2010 6:28 PM by Lisinopril Star rating in Condado De Alhama. 197 forum posts Send private message

 Yep,

Just spoken to the banks and they are now offering 100% finance including all taxes, notary and legal  fees, so if anyone is interested now is the time to buy prices are at their lowest and ( in my opinion ) will only go up.

 

L



This message was last edited by Lisinopril on 14/11/2010.


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14 Nov 2010 8:51 PM by Youngers Star rating. 89 forum posts Send private message

Inevitable the prices were going to go up - this was the play off for the banks.  They are selling the parcel of land to paramount at undervalue and in exchange all the properties they own and other land assets increase in value.

Good to see them doing the right commercial deal because they probably have to "account" for the loss on the undervalue sale (maybe thats why not officially signed yet - ie get 31 Dec year end out of way first) yet they wont get to "account" for the appreciation in the remaining assets.  Good on the banks for taking the right long term decision




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14 Nov 2010 8:57 PM by Cappielow Star rating in Sunny Greenock, Brus.... 471 forum posts Send private message

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Not wanting to be a wet blanket or anything, but wasn't reckless lending and 100% mortgages by banks what got us all in this mess in the first place? Looks like we'll never learn.



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14 Nov 2010 9:41 PM by bfr Star rating. 217 forum posts Send private message

Not if it shifts the properties and they rise in price as expected.




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14 Nov 2010 9:52 PM by Cappielow Star rating in Sunny Greenock, Brus.... 471 forum posts Send private message

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Hmmm........  it was irresponsible lending on 'expected' property price rises in the past that fuelled the global recession in the first place. In other words, people hoping to make a quick buck, like here.

Looks like we haven't learned then.



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14 Nov 2010 10:09 PM by SMV Star rating in I'm in Dublin/Jardin.... 722 forum posts Send private message

Agreed that was a big factor of the current recession...lending on overvalued property and ending up with a big shortfall when the loan goes unpaid.

But as the banks already own these properties its a bit different.  Worse case scenario for a bank offering 100% mortgage is that they end up repossessing the property they sold in the first place...no worse postion than if they didn't sell it to start with.

In general though the whole 100% mortgage culture is worrying...I would have thought the practice would have been stopped by the relevant regulators.

 

 




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14 Nov 2010 10:33 PM by Cappielow Star rating in Sunny Greenock, Brus.... 471 forum posts Send private message

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The banks could well be be worse off though, if Paramount doesn't materialise (and remember it's still to be financed which I don't think in any way should be considered a foregone conclusion in the current economic climate), and that could have a negative knock-on effect on the resort and existing owners.

No doubt some of people taking up these 'too good to be true' mortgage offers will not be buying as a long term investment or a holiday home for the family, but with the sole intention of making a quick profit on the back of Paramount. If however Paramount doesn't come off and these people then default, as many of them undoubtedly will, then the property value may well be lower than the amount loaned. That wouldn't only be bad for the Banks (who I would have no sympathy for anyway for being so reckless in the first place, given recent history) but also for the resort as a whole.

BTW, I'm not against people profiting from property speculation in any way, I've done it myself in the past many times, but by giving out 100% mortgages like this its absolving buyers of all their risk and responsibility should the value of the property reduce and not increase 'as expected'.

Recent history and experience have obviously taught us absolutely nothing if this doesn't ring out alarms bells in your head.



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14 Nov 2010 10:43 PM by bfr Star rating. 217 forum posts Send private message

If people who buy at 100% can afford the mortgage and are in full time employment or self employment with sucessful business and can prove this then this is not irresponsible lending far from it.

Irresponsible lending is giving 95% and 100% mortgages to people who have a track record of missed payments or can't prove there income (self cert). Do you think a Spanish bank is going to lend tyo this type of client?

This is no longer the case in the UK and aslong the people buying these properties have to jump through the hoops we have to in the UK when buying property then this is a good thing. This is because we will have good responsible people being granted these mortgages and people who will pay them on time avoiding repos!

 




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14 Nov 2010 10:52 PM by georgeh Star rating in condado de alhama sp.... 1462 forum posts Send private message

 its not really 100% mortgages as 40% deposit was paid on the original marketing price. the banks are therefore only offering 100% deals on  them at below book value price- (they pump up the price on the books to make them look good). so if they can offload them to a mortgage payer with a good track record and proof of earnings they arent taking much of a risk imho.



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14 Nov 2010 11:03 PM by Cappielow Star rating in Sunny Greenock, Brus.... 471 forum posts Send private message

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What colour is the sky in La La Land bfr? :)

What you've got to remember is that many people taking up these offers will be property speculators that have absolutely no intention of keeping the property, but only in selling it on in year or two for profit on the back of Paramount. Good for them if it comes off.

However....... if Paramount DOESN'T materialise many of them will simply default and give the keys back to the bank even if they are in full time employment and can meet the repayments, as for them that's not the reason for defaulting in the first place. That's because with a 100% mortgage there is no risk for them, and as they haven't put any of their own money down up front, they'll lose nothing except a couple of years mortgage payments at low interest rates. OK, they may never be able to get a mortgage again in Spain but I don't suppose many of them will be that bothered about that.

Wake up, if you don't think there's a risk in this for all of us if Paramount doesn't happen and the resort is flooded with even more bank reposessions then you're being very, very naive. Sorry for being so blunt, but it's true.

 

 

 



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15 Nov 2010 11:54 AM by bfr Star rating. 217 forum posts Send private message

So by the properties the bank own at the moment are not already repossessions albeit PW repos????????????

I take your point on board about the people buying may default if there investment does not come off but you are completely inaccurate comparing this 100% lending to the past. I just think if they only offer this lending to clean applicants who have no history in this sort of this then we may have a chance otherwise the property will be repossessed and we will be back to square one with the bank owning the property again.

 

Just opinion matey don't get touchy!

 




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15 Nov 2010 12:22 PM by Cappielow Star rating in Sunny Greenock, Brus.... 471 forum posts Send private message

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I wasn't being touchy bfr, but reading my post again I can see how it may have came accross like that.... I promise I'll put more smileys in my posts in future. :)

I could be wrong  but I think many of the apartments being sold now by the banks aren't only reposessions, but also unsold stock transferred by PW to write off debts. In that case I don't think I'm being completely inaccurate about 100% lending at all and my concerns are perfectly justified. The offer of 100% mortgages with no fees is a golden no risk opportunity for speculators who can just walk away if the 'expected' propert values don't materialise. We obviously disagree and you're perfectly happy with it, but I personally don't see that as a good thing for the Resort in the long term. If people have to put down a deposit of say 10% then I think they're going to be far less likely to do a runner is values don't increase, and we won't be flooded with repos a year or two down the line. Surely that would be better for the Resort, no?

Like everyone I hope Paramount does go ahead and my fears prove to be unfounded, and I remain optimistic. But until the finance is found and its build I wouldn't be counting my chickens just yet. 



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15 Nov 2010 1:49 PM by Jann Star rating in Merseyside and Jardi.... 802 forum posts Send private message

We have struggled to find anywhere that it actually says the land previously owned by Polaris has definately been selected as the location of the theme park. Despite reading many articles ( not all have very clear translations either!) its difficult to find information beyond an occasional mention of Alhama being the desired location.

Simply Networking are today saying that no decision has been confirmed on the location of the theme park and the price for the land under discussion has not yet been agreed.



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