Are the apartments worth buying ?I united golf resorts

Interested in buying one of the apartments while they are cheap as a investment , can anyone see them going back up in price in years to come.
Is there any restaurants/ bars within walking distance or do you need a car to get everywhere , I think the price is to good to be true . They must be cheap for a reason , does anyone have any info please 

thank you



 

I would find some more money and buy on a Terrazas de la Torre Golf Resort. The last time i was on La Tercia Golf the golf course was shut down along with the bar etc. The properties on la tercia are a better spec than the polaris resorts. you will defo need a car, for food etc  you will struggle very hard to rent it out. There a 1 bed on la tercia to rent out and its 200 euro pcm and its still not gone it must be over 12months trying to let it ive been on site a few times its dead, as are many of these type of resorts for most of the year.

I think you would need to be an incurable optimist, lacking common sense to buy a property in this development at La Tercia unless you can invest for the very long term.

It's currently a failed development without services. The nearest facilities are a couple of miles away in La Tercia village and are very basic. The golf course has been closed for some time and is turning into a dust bowl. Some buildings are collapsing due to subsidence and poor build quality. The developer is bankrupt. Security has been withdrawn and the development is vulnerable to criminals and vandals. I drove past it the other day and saw the perimeter fences have been vandalised. Large amounts of community fees go unpaid.

It’s cheap for a reason, although some plucky residents there are trying to create a sort of ‘phoenix from the ashes’ but they face an uphill struggle.

In a decade or so perhaps things may turn around. It has the potential to work but without substantial investment funding it’s difficult to see how.

The complex is being turned around and things are looking more positive, yes the builder went bankrupt and yes the golf course is closed but due to the success of taking people to court for non payment of community fees and more buyers the bank balance is in the black, and there is security on nights, driving around all these type of resorts be it Polaris, Roda, Corvera to name a few they all seem deserted, with myself the risk is not to make millions in a property investment but to have somewhere to call my own and enjoy the Spanish sunshine and a relaxing lifestyle, and at present UGR sems a bargain compared to other similar complexes in and around the area.

Would it not be better to rent than buy there if that as described is what you seek?  No taxes, no capital risk, income and growth on capital, no community fees, nada .

For me renting is the future,as you say No taxes, no capital risk, income and growth on capital, no community fees,no home insurance, IBI tax no agents fees when you need to sell. no 3% of selling price held back ( im still waiting 18 months down the line for  5k) thats IF you can sell it, and with renting you can get up and go when you need to.Ive bought 2 properties in Spain, i will not be buying a 3rd, but defo will rent. im looking for a rent now, but will properly go near Roda etc. Good Luck

For me renting is the future,as you say No taxes, no capital risk, income and growth on capital, no community fees,no home insurance, IBI tax no agents fees when you need to sell. no 3% of selling price held back ( im still waiting 18 months down the line for  5k) thats IF you can sell it, and with renting you can get up and go when you need to.Ive bought 2 properties in Spain, i will not be buying a 3rd, but defo will rent. im looking for a rent now, but will properly go near Roda etc. Good Luck

....................and it's a renters market out there with folks struggling to pay their enormous mortgages and high community charges. Over supply and increasing taxes will depress capital prices for years..

Hello Lou ise

As an owner (rather than an observer) I would like to put a few things straight so you get correct information direct from the horses mouth rather than an outsider.  MickyFinn is right - we could have all put our money in the bank and watched it grow - but hey like Sox we took the plunge and just love the whole atmosphere of the resort.  

As Sox (a neighbour of mine) has said - the resort has gone through bad times, we have been successful in lots of ways in recouping community fees, have fabulous pools and gardens, and no security has not been withdrawn - it is there.  The perimeter fences are being repaired - the presidents have just approved the quote for this work so when you next drive by MickyFinn you will see them up and running.    The team that run the complex work really hard and i know there is a huge amount of support from all owners. and what about The developer - well what I think can't be printed!!!  

Regarding bars and restaurants - we eat out and enjoy lots of local restaurants and bars as well as straying as far afield as Sucina, Roldan, los Alcazares, Garruchal, Balsicas etc.and the bars in the village, the social life provided by the la Tercia on site social team as well as the village club is great.  We can also go visit all the other golf courses in the area - la Torre, Roda, El Valle, Sierra Golf for example so its not too much of a hardship - although an onsite golf course would have been nice.  It was not so long ago that Polaris were in dire trouble and the golf courses were in imminent danger of closing. I also understand that the hotel on La Torre is now permanently shut and is up for sale (could be a rumour but  sure mickyfinn can validate).  

So, at the moment the golf course and clubhouse are shut but we do have a bowling green, tennis courts, swimming pools, beautiful gardens and a great spirit.  So please don't let the comments of someone who does not know the full picture please put people off.  

If you buy now you possibly stand a better chance of not losing any money (like most of us),  and an even better chance of enjoying your place in the sun.  If you choose to rent on the same place then you can make your own judgement.

Sandrab is a lovely lady who like myself is enjoying and making the most of our 'place in the sun', and I agree with Sandrab there are some great people working hard to make it such a lovely place for people living on site and non residents  to enjoy, I have never found the location a problem, it is not in a noisy environment and  its always nice to return after a day out and relax in your own place, this to me is what beats renting, it is a home,  not the equivalent of a hotel room without a hotels amenities, and it is a lot cheaper.

I applaud your efforts to make your development work and wish you the best of luck. I guess faced with all your problems you had little choice given the original investment costs. However the OP asked if the develpment was worth investing in now.

Most people who buy in Spain don't see themselves as rolling up their sleeves for hard work in order to create a place worth living in. They wrongly or rightly expect that is already in place.

I believe in warning potential investors of the difficulties and pitfalls that await anyone in Spain who believes the country is like the UK and the rule of law and justice prevails. In that regard Spain is like the wild west and buyer beware is the right approach.

The mere fact of the cheapness of property at this development should send a clear message to anyone who wants to see realities. You get in the end what you pay for.

Thanks for your input Mickey Finn - much appreciated.

Hi Everyone

I'm Pauley, 37 from the UK and looking to but a Spanish property (100% cash).

I'm considering buying a discounted 2 bed apartment at La Tercia, but I'm kinda worried about all the scary stories about subsidence etc etc, when I mentioned this to my real estate agent (Polaris World) and they advised me that the apartment block and pool that had this issue has been or is being demolished and it would not be sold so it is no longer a problem.  They also advised that the community fees would be €90 a month, which seems a lot.  I'm not at all worried about the golf course etc closing and I’m sure once the global economy picks up and also the introduction of the Paramount Park will secure a new buyer for the golf course etc and it'll all be happy days in a few year’s time.  So my questions are:

Is it correct, have these dodgy buildings/pools etc been demolished and removed?

Are the community fees really €90 a month? (Seems a lot)

If the fees are €90 a month, what does this pay for? (Seems a lot)

Also, calling all the current 2 bed apartment owners - how much does it cost a year to run a 2 bed apartment it La Tercia?  Electric, water, IBI, community etc etc?

Hi Pauley.

1) The defective buildings are still there and still falling apart.

2) €90 per month is an average community charge for this type of resort. The money is used to pay for services and maintenance of the community structure. Remember it rises every year.

3) Your average utility charges and taxes will cost around €1000 per year plus usage. The standing costs are high in Spain. So €2000 per year will cover it all. I know some people will say they pay less but that figure is what I pay on another resort.

You then need to facture in the travel costs, car hire etc.

Perhaps I can assist as people know that I actually live in Spaiin and sell properties that have been returned by the banks, which includes United Golf, Mosa Trajectum, Terrazes, Condado and Corvera

Your decision should first of all be based on why your are buying, rental opportunity, for investment or just for own use as this should effcet your decision

First of all buying and using a property on ANY of the golf resorts at the moment is what is best described as a punt required careful judgement before you commit because ANY course or facilites could close leaving you with a property on another urbanisation, with pools gardens etc, and very high service charges, compared to a normal urbanisation in Spain

For most of the local golf resorts your total annual fees , if you include yout community fees and the IBI which is local rates the annual fees are between €1000 - €1200 per annum, but this is without any additional levies that may be required by a community to account for debtors

The standing charges for the utility connections for gas , water and electricity are around €60 a month and this is before useage and then typically you require insurance and property management so yes it isnt cheap to own a spanish property

When you buy any if these properties, without a mortgage you are looking at an additional 12%, on top of the asking price, for legal fees and taxes

You will also have to pay the costs for the initial utility contracts, the charges to install the meters and contracts, for gas water and electricity this is around €1000 additional costs

Arround the local resorts ,most of them have their own problems

United Golf has no golf course or facilities, and yes there is a block by the gate subsidence where blacks are having to be demolished but no evidence of this on other blocks. Properties being sold tend to be smaller than on other resorts locally

Mosa Trajectum, we have apartments here for €35k but a resort again where the golf course has been closed and where there are no facilities now

Corvera still problems with the developer not paying fees on all areas and a very dry golf course but good frontline line golf apartments from €50k, possibly good rental opportunity if airport ever opens. There are no plans for social housing

Terrazes lots of apartmenrs at reasonable prices, limited facilities but a course in reasonable condition but limited mortgages and higher density. Still some concerns regarding the financial future of IRM

Condado De Alhama properties available now from €43k, 115% mortgage deals of properties from €73k, good facilities now and course but renting may be difficult due to large number of properties and very low rental rates being offered

Pauly or Louise, if you would like more details or advice please contcat me OFF FORUM and I hope that this information helps, I am trying to present a balanced view

This message was last edited by inspectahomespain on 18/04/2014.

Louise 1981,

Have you been and looked at United Golf or planning to go and look?  The advice from Inspectahomes is spot on.

I have some friends going out on a inspection trip and it will be interesting to see where they are taken as they are looking at all the polaris resorts as well as UGR, Corvera, and Roda,  they then hope to speak to people on each site for more information ie community charges, IBI rates, builders debts? etc  before deciding where to buy.

Hi -that is good news and glad you are buying there.  What apartment have you purchased and on what phase - would be good to say hello.  I have just got back from a short trip and the resort is looking just lovely.

If you need any more information just give message and will be pleased to help.

Sandra