Resort?

 Hi all,

Is it just me?  I get so frustrated when various posts/threads refer to CdA as a 'resort'.  Pretty threadbare!!!  I know what we all signed up for - 5 star and all that, but lets be realistic about things.  We have a long, long way to go, and are reliant on Paramount to pull us through.  Without them I can't see any real improvement or increase in facilities.  What we have is an urbanisation.  

Apologies if I sound glum, but I am.  CdA may suit some owners as it is, and good luck to them.  Me?  I want a real resort.  

No doubt many will be wondering what's the point of this thread - I don't know either, it's just something I felt I needed to say. 

Good luck as always

keeve

I agree its an urbanisation and not a resort. I think its even more laughable when people refer to the place as a 5 Star resort, does make me laugh!

We had more facilities this time last year than we have now (we had a bar and a restaurant then).

I really hope Paramount comes off (I doubt it will given the current climate, but I will keep everything crossed), either way I will be selling. 

If Paramount arrives I could get back some of my losses, if Paramount doesnt arrive then I doubt Condado will ever get any facilities and prices will remain depressed for many years to come. In that case better to cut my losses sooner rather than later.

 hi,

i feel kind of stupid posting this thread but i've just paid a deposition fee for an apartment with a pricetag om 80.000 euro. the purchase is 110% mortagage financed

do you belive i'm making a misstake?

Hi

Well I like most paid 130,000 for my apartment and although I am disappointed at the way the market has gone and with hindsight would rather be buying at the price you are paying now.

I am still happy with my place in the sun and unlike the glass half empty people I truly believe this area will be further developed in the future and the current difficulties will become a distant memory, it was a long term investment when I bought and still is, it will just take longer to see a paper profit but until then and beyond I will just keep using my place in the sun.

Phil

at the moment on CDA, personally i think you are making a mistake.  but its your decision.

if your in it for a investment then its a big risk,  as said in a previous post if paramount dont come to the area there could be some issues...  and you will never get your money back, and could even prove to be a issue selling it on in the future

if you dont need the money and want a lovely place to stay then its ideal and quiet. 

We have had our place for over 2 years now, and not much has changed apart from you can play golf.  still no club house, and still the same old bar and shop... hopefully it will change.  Paticence is a virtue

I am with Darren, but will give it a few more years yet..  we where in it for a 10 year plan, but did expect to see big differences within 5 years,  we are not seeing that at the moment!.  look slike 10 years could be 20. :-)

 But watch this space.  we will be keeping it for now.

would have been nice to buy for €80,000 though, we paid paid top whack for our penthuose.  think it was round the €140k when we bought it.  now they are going for between €100 - €120,000

if you have bought, good luck and welcome to CDA..  

Rich

This message was last edited by rich&bops on 10/01/2011.

intresting ideas

what you do you say about the fact it is 110% financed with bank loan? isn't that an important factor in this diskussion?

what is you oppinion about a 2 year investment plan? is it realistic to belive a sale in 2 years with some profit?
 

what i dont understand either is why there aren't shuttle busses to say murcia or mazzaron!

so you have managed to secure a mortgage at 110% so over and above the value of the property?  cant even get any where neay this in the UK.  even when we bought in spain it ws 60% or nothing

2 years, no profit unless the market picks up drastically.  IMO  5-10 years you may get back what you paid for it, but things have to change drastically.  and the only way i can see that is is Paramount arrive

No shuttle busses,   not enough people on teh resort i guess to warrent running them.

 yes 110% for the entire marketvalue

thank you for your responce. 
how easy is it to rent these appartments?!

everyone will be different with regrads to rentals.

from what i can see, the Jardine's seem to rent better than the penthouses at the moment,   i guess it all depends who you go though to rent,   we got 6 weeksrent from our penthouse last year.  not wonderfull but bettar than nothing,  i'd like to try and double that this year.

Its hard to market a rental property when there is little to do on site, and you need a car to get about.  If the Club house was built then yuo could attract more golfers and the pro events

Had the "resort" been completed to how it was planned with sports facalities, bars, resteraunts, shopping complex on site...  then it would be alot easier..

 where can i get hold of more info about paramount's plan?

whish you all the best with renting out more than 6 weeks

Been reading through this thread.

I am very happy with my purchase on CDA and have loved going over the past couple of years.  No intention of selling and the way it is currently is perfect for our family holidays (clubhouse will be nice though).

But if anyone is buying solely as an investment for a 2 year period then you are taking a risk. If its just one small part of an overall investment portfolio then maybe you're looking for something with a potential quick upside (paramount).

Paramount will help prices if it comes off but if it doesn't there is no reason I can see that should increase prices on CDA (above any general increase of property prices).

As much as I like CDA I would never recommend it to anyone as an investment.  In my view any impact of paramount will be a few years off if it happens at all.

 you are absolutley right regarding paramount's affect on the prices

what about the new airport? wouldn't that open up the possibilities for the "resort"?

Potentially.

But there must be at least a dozen resorts within 30 minutes drive from the new airport. 

So I don't know why CDA would necessarily benefit more than others except that previously we would have been further from San Javier. 

Still its a big assumption to think the new airport will significantly increase numbers rather than merely making it significantly easier to get to CDA for the same number of people.

I would expect it'll make it easier to market apartments but I think there will be other "completed" resorts who may be closer to the airport who will also be taking advantage of their location.

We bought our apartment in May 2010 and completed in July. We bought it as a place to spend our vacations in and we really love it. We have been there four times so far and can´t wait to get there again. Even if there isn´t som much to to at Condado it isn´t far to go to nearby beaches, cities, etc by car. If it comes more facilities the place will be better but I think it works out the way it is.

/Thomas

Conrad: Ditt namn låter svenskt. Vilken gård har du/ni köpt på?

 There is one  bank doing these 110% deals - the other 2 only  do 100% so you have to find the 10% completion cost yourself. they are of course repos but i am promoting them as i think they offer tremendous value at that level so personally i think you have done very well.

Good Evening Conrad

We too paid a lot more for our two bed but still have no regrets

We have met & made some really good people both British, Scandinavian & Sanish that we concider as friends.

We rented out last year but not many takers i`m afraid

Having said that we have been very Idle about promoting it.

We tried advertising in one of the popular Golf magazines & on its web site.

Because of the increddilbly high cost of the addd`s we went for the cheapest options.

Waste of our money as we didnt get any business from either. 

Two years for investment. Sorry but I would be astounded if these propertys make any money at all for at least 5 years

Which is what they are saying about english propertys

Unless of course Paramount does definatly build on Condado

Having said that. I doubt if the build would be completed for a number of years

What ever you decide to do May we wish you good luck

Jan & Ham

 thank you all for your response. im going to think more about my decision and hopefully i buy

i really wish you all the best

hi all happy new year to you all heres hoping its a better year !! i got my place 2years ago on the promise it will be 5 star i bought off plan. pw have sold us all out /ripped us off .when all this started with pw i asked about the glossy brochure and i was told by a spanish lawyer that pw has got to honour what they advertised in that brochure by law,  pw says they have got no money and they sold back to the bank but kept the money spinners pub .shop .they have been building on the other site for the last 2 years you can still see the cranes on the way to the air port .And they are just waiting for Paramount to say yes and they will be back in there like flies round  shit .if they are not there now puting it right making it the way we were told and promised  AND  PAID FOR 5STAR .we should not let them in, if paramount say yes i know they have got a clause in the contract with the bank so they can by it all back off the bank .BUT LIKE I SAID BY SPANSH LAW THE COLOURED PICS AND PLANS THEY SHOWED US ALL WHEN WE ALL BOUGHT IS OUR CONTRACT AND THEY GOT TO HONOUR THEM .But we all know if we take all this to court it will take years to sort out [if my in fo is correct i think we should all set up a plan and all put in to it and take them to court .

Whilst Condado may have not been developed as we originaly expected my family and I still love our visits, and a year ago bought a second apartment to rent out. If you furnish your apartment to a good standard and chose the right sites to advertise on the bookings do come.

Also we had our neighbours stay at one of apartments last year and they found it so relaxing and enjoyable they are buying a vacant apartment  next to ours this month. So despite all the negativity shown by some people there are lots of people that enjoy Condado for what it is today, and not what it might have been. However we do look forward to the resort developing in the future whether it is on the back of Paramount or when the financial climate improves.

PaulS

i think you will find that when you buy off plan the developer has a right to change or omit things, this was bought up before, If you decided to take legal action I think you would be wasting money, check all the clauses on your agreements etc. I also cannot quite understand with the state that Spain(not PW) is in who in there right minds would carry on building shopping centres more properties etc, when they would not sell, That is why the Oasis wasn't built because no one reserved any. We was over through Christmas and the resort was very quiet, supermarket had hardly anyone using it, bar was very quiet, so who would use all of these extra facilities. Remember it isn't just Condado that is quiet, have a drive through Mazarron out of season, very few places are open, it is also like a ghost town. I think paople really need to look at what is going on in the whole of Spain, and how many developmnets have nothing, you will see loads of threads on here.