Urgent Meeting Called by Housing The Administrators at Corvera

I am writing to advise Corvera owners that the following meeting has been called

We don't know yet and I will be trying to find out on Monday

just tio clarify that this meeting has been called by The manager of  the Administrators, Housing, Anna Esbriba who work on behalf of the owners not directly by Caledonia and is worded to discuss the isuues that they are having with Caledonia

Can somebody please clarify who the problem is with, Corvera Golf (who we all bought our properties from) or Calidona who were the developers and are the two companies joint and severably liable for non-completed housing fees?

I have sent you a PM

This obviously wasn't the wording of the mail sent out by Housing so this is very confusing but you are correct that the developer will have the majority of any votes as the units are empty and this used to be Esther before her departure

I have been asked by 45 owners to attend the meeting on their behalf

I flew back from Corvera today  - too late to attend the meeting.

Anna from housing had advised me the meeting was concerned with Calidona reducing their servicing of the resort. There are pros (reduced community fees) and cons (lack of services). Apparently, they are entitled to enact this as more than 1/2 of the dwellings have been sold.

If they decide to carry this out then I would guess the community fees would have to be re-evaluated.

Housing lawyers will be present so Calidona cannot do anything not in the statutes.

Does anyone know the totals:

How many units were built?

How many sold and completed?

How many sold but not completed?

How many left untouched?

I'm trying to get my head round this.

John (twofish)

 Hi Roy

Thanks for the information. 

This seems awful and makes buying even less attractive. If I'm right it means that the community charge will be left to the 371 residencies' owners to pay and therefore for the same level of services would need to pay almost three times as much. That could put some people over the edge and they would have to hand their keys in.

There's been no reaction on this thread to see how people feel.

twofish

twofish if you mail or PM me your e-mail address I will send you minutes of the meeting howvever it remain the LEGAL responsibility to pay the comunity fees for the empty properties and their legal representative made a statement that theyy are not going bankrupt 

The are also up to date with payments so the normal reason for fees to increase is because of non-payers, not because a developer doesnt pay, as with the situation at RODA at the moment

If they do go bust then is falls to the banks who mortgage the properties to pay the fees and any shortfall

Yes the are looking to reduce services which have been running at the resource levels for 800 completed properties

A good example is the block I stay in where 90% of the time we are the only people in the block, that there are only 3 completed properties but all of the stairs lifts and landings get cleaned every week, what a waste of miney especially as we would be more than happy to keep our areas clean

Do I take it that the court actions against non-completers will also be seeking re-imbursement of the community fees paid by Corvera on each property from the time of COH issue?

Yes ths is why when a developer  wins a case it costs the owners so much because the add backdated community fees and interest with typical costs added over €30k

This also poses nother question which is if tthe developer wins cases but are paying less will they make up the short fall

I understand that there are more cases due in Court but the biggest percentage of people are just choosing to ignore everything and the biggest problem is the enforcement of a judgement

We were very concerned about the possibility of increased communuty fees (doubling/trebling) but have been told that there are statues that prevent this from happening. I do hope so.

J

 The developer won't be collecting any money because people don't have any.

There are a lot of non-completers here in Ireland (hundreds) and even if Corvera win the case against them they have no money. Their houses are all in negative equity and they've lost their jobs so it doesn't matter what the costs are that Corvera seek, they won't be paid because the people have no money or assets.

It will cost Corvera a fortune to pursue people in the UK & Ireland and they can't get anything from people who have nothing.

Either community fees will go to an unaffordable level or the place will fall apart - just ask owners on Roda which had a lot more properties sold.

one small point here Steve.. Its the non-completors taking the developer to court and not the other way round. The reason why Calidona are not taking legal action is because they know they are in the wrong and they know that they cannot afford it. As AEC says there is no way they get anything even if they win so its lose lose for them..

I am afraid its actually lose/lose/lose for everyone concerned but in varying degrees of loss whether financial/emotional/health/clubhouse/amenities or all of the above!