Sierra Golf looking to buy

Hello everyone, would like to know which are the best companies to look at for purchasing a property on Sierra Golf, or is there a site for private sellers that someone could advise. Thank you

This was posted on Sierra golf club's facebook site a few weeks ago. If anyone thinks I have posted for personal benefit, (advertising) I have nothing to do with Sierra golf apart from having played golf there

"Anyone interested in purchasing properties on Sierra Golf please send us your details to: sierragolf@hotmail.es and we will pass them on to the new company. We have been informed that they are going to be very good prices and we think they will sell quickly".

Thank you for that information. Much appreciated

Here is some of the new properties for sale  https://www.kyero.com/browse/inland-balsicas-property-for-sale-loc32226pag1ppp20slt0srt4

We have now already sold 3 of the properties in the resort but there are many agents offering the properties, ALL at the same prices, with the same terms so you pays your money and you makes your choice

I supplose the major benefit that we can offer is availability for no cost inspection trips to view the resort because initally they have released 86 properties of the 200 and the best ones are obviously selling fast, including an Albatros on the entrance, with a pool and garden done for €88k, so alo because we are selling well we know currebt availabilty and the better opportunities

Additionally we have mortgage availabilty and have produced indication of prices for the extras including AC, and security fittings

Here are the prices for the properties but you must add approx 10% to these prices for your ;legal and tax charges

There are no community fees just an annual IBI/Council Tax fee of approx €200 per annum

It will take a while to FULLY legalise the balance of properies

There are also a few properties left that already have pools and are sold at a small premium over the badse price

As I say all properties prior to completion being repaired, the solar systems are being removed and ovens, hobs and extractors fitted

In the Abatros properties they have been installing an extra bathroom in the large underbuild

If anybody needs updates and availability or to organise a viewing trip just PM me

This message was last edited by inspectahomespain on 04/10/2015.

This message was last edited by inspectahomespain on 04/10/2015.

Just an update there have been 15 properties sold in the first week and my company have sold 7 plus we have 9 viewers next week alone coming from the UK

There are now no Open's left only Open Plus and 2 Albatross and mainly Greens, Eagles, Ryders, Millennium left

We expect the prices to increase for the next release because of the success

There are now large price boards and they have started to tidy the approach road cutting the trees etc

What exactly is happening on Sierra Golf. Are you (Inspectahomes) the agent for someone or the owners. What exactly happened to these properties after they were stolen from us? We paid 70,000 euros deposit for our Open in 2006, we went to court to get the money back from Grupo Masa and Procobar, we won our case and they refused to pay up. Went back to court and won, the judge sentenced another property to be auctioned to raise the amount. Beforep this happened Procobar went into Administration owing 64 MILLION EUROS, so we got nothing. Procobar were a subsidiary of Grupo Masa, working from the same office even, but they wouldn't admit it. 

HAVE GRUPO MASA, PROCOBAR now returned under another name as most Bankrupt firms do?   Have the Banks suddenly reclaimed all the properties. These houses are presently being sold for what we paid as deposit, why could they not have given those to us eight years ago as settlement, before they fell into disrepair. These houses are now ten years old. Our house was finished when we put our deposit on but they blamed paperwork, habitation certificates etc as the reason we couldn't complete. So what is different now, can someone please tell us what is going on, some people on this forum, I'm sure,  will understand my anger, disgust and frustration. Someone else  is now reaping the benefits of our  misery. 

Can I also say if these houses are being sold for what we paid deposit, someone is still making a profit, so someone, somewhere, is pretty close to the old property developers and original banks who caused so much misery, to so many people.

Bank Repossessions, sound like buyers  were unable to repay their mortgages on these properties and so had them repossessed, that is definitely not the case, the Banks repossessed the properties because the developers/builders could not repay the huge amounts they borrowed,

Signed M11.  ........ Yes on this site we took on the name of our house Block M, number 11 . Who owns this now? People buying these properties should know the background, and make sure they know exactly WHO they are buying from, what are pitfalls of the properties. And ...... Make sure all the paperwork is available before they sign, and find a good independent solicitor who has no ties to anyone else involved in the sale of these homes.

I work with an agent that have been appointed by the developer that has purchased the properties , the golf course and community facilities, from the bank

 I am not certain of the history, but I do know that normally, even when a company goes bankrupt, without completiing the properties by the issue of a Certfication of Habitation, then they should be protected by a bank guarntee and if this was never issued then it is often the agent and lawyer that assisted in the sale that is at fault.

If a company goes into receivership and the properties are completed but a buyer has refused to complete then they will loose their deposits and just be another creditor

Urmosa, who own and are promoting the development have been around 25 years,  have built numerous projects around Torrevieja, are not I believe connected to MASA and have a good reputation with many new projects nd delivered resorts

Urmosa will have purchased these at a knock down prices but they are having to do a great deal of work to get then into a condition where they can be sold, modifying the Open Plus, new kitchens, resealing terraces and much more, as well as spending money on the course, restoration of the community pool, site clearing and much more. They are also having to obtain new bolletins and do works to get the Cerificate of Habitations from the Town Hall, weekly visits and so far they have only released properties that are legal and our lawyers are checking this, before deposits and completion, so now people can complete because they are legal

Not all of the properties have been bought by Urmosa, I believe that the number is 206 and 86 were released in the first batch amd they are selling fast

8 years ago the developer would not have been able to just accept a lower amount for the property because they would have had a bank mortgage on the properties and possibly, if you did not have a bank guarntee, they would have used the money paid for construction costs

The term for Bank repossessions is correct, more than 70% of the properties being sold on places like The Polaris Resorts and Corvera are properties that have been taken back from the original developer, because they have failed to pay the mortgages

In terms of checking what properties are available I have a list but really it should be your lawyer who is giving you the information on the status of your property

Urmosa  have also bought the land which is a big attraction because the property market has picked up and there is scope there to build ,many more new type properties, really to extend the area, and the course woth 9 more holes and if what has happened on the Polaris resorts happens it cam only be good news for the existing owners

Now I know what I am saying doesn't excuse anything in the way that you have been treated but all I can guarntee, given my reputation and experience and the lawyers that we recommend, is that ALL of the checks, paperwork and even condition inspections, after repair works are done, are included with our service and we are now evem flying people over for one day buyimg trips, I have 2 this Sunday  

hi inspecterhomes just a bit of info for you .the pool on sierra golf with the bar is a private owned pool and not a community pool.....................dennis

hi inspecterhomes just a bit of info for you .the pool on sierra golf with the bar is a private owned pool and not a community pool.....................dennis

Can I also say Inspectahomes that your comment|

"If a company goes into receivership and the properties are completed but a buyer has refused to complete then they will loose their deposit and just be another creditor ...... ".   

This is a little insulting, we did not refuse to complete, we were not allowed to complete, the Developers and builders did not have the correct paper work to complete, even 2 years after completion date. We had bank representatives visit the site regarding our mortgage and they were refused access, even though they had travelled quite a distance.

The Developers refused point blank to honour the Court Judgement, they did not appeal the judgement just simply ignored it. We are the victims here, not the Developers, we did everything by the book. There is only one winner here and that is the Deveoper who walked away with our money. Then went Bankrupt rather than complete the homes people had paid for. We know of some people who paid most of the cost of the property as they were ready for furniture to be installed, and water and electric to turn on. We also know of a family who paid cash for their property and moved In .without their habitation certificate, what has happened to all these people?. Now the new Deveopers are again looking to entice people to the site to sell them the dream and woo them into believing all is good. I just hope this time they have the correct paperwork, insurance and guarantees in place.

Ex   M11.  Sierra Golf

Whoever owns these properties now must be paying big commission to agents, because every agent and his dog is pushing them, I've had 3 emails this week trying to sell them.

They must have bought these houses for peanuts to be able to afford all this publicity and marketing.. They are the equivalent to 40% of the original price. The Banks could have settled long ago by giving us the homes for the 40% we paid as deposit . The exact price to be precise . We paid 70,000 euros deposit on our Open which is exactly what they are selling them for now. Scandalous, that's all I can say, I'm just so angry.

We have lived here for over a year now and are very happy.  I feel really sorry for the people who were effectively 'ripped off' by Masa and Probocar and we have heard many horror stories, with things still not 100% for some people living here from the start who have still not got all their paperwork sorted.  I have also met people who this last summer have finally got things sorted, so possibly a mixed bag.

All this said the company up here now does seem to be doing things right, putting things in place before moving on.  There are lots of people up here looking at houses all the time, BUT, it is interesting to see the Masa estate agency car driving around, showing people properties and from what I have been told, there are a number of people working up here who were Masa's principal staff.  That said it is impossible to say whether it is Masa or not.  All I can say, being someone who was not affected by the problems and quite frankly disgusting state of affairs 2 or 3 years plus ago, that things as regards the estate do seem to be moving in the right direction.

http://www.masainternational.com/prop/997

I agree with the comments of M11, these people have basically had their deposits stolen from them.

We were in a similar situation where our developer went bankrupt and now the only option is the sue the bank which we are doing to get our deposit back. The banks failed to give us a bank guarantee and this has broken Spanish law. My advice if you lost your house is to take on the bank, many people on EOS have done this and got their deposit back with interest. There are quite a few layers that write on EOS who are taking on these cases.

My advicefor anyone buying, it is imperative to get a good Independant solicitor and ensure you get a personal Bank Guarantee before parting with any money. 

I have a friend that lives on Sierra golf and I have played the course many times with him. I'm glad to hear things are on the up at SG and wish you all the best for the future.

To answer a few queries they have actually sold 21 propertues this week and today I sold the last Albatrs on this batch where they have the paperwork so now they only have 4 x Open Plus and then all Milleniums, Grrens, Ryders and loads of Eagle Town Houses

Today they have also increased the prices for the remaining properties

It isn't a case that they are paying large commissions more the case that there is nothing to touch these properties for price on the market currently with a 2 bed apartments at over €100k

I matqin my comments that buyers should have been advised and obtained Bank guarantees and in the case where there was never a COH issued, legally the properties were never completed , never legally finished and by the way it isn't always the responsibility of the bank, the developer has to have sufficent liquidity, but it is the law in Span to provide one

Yes I am sure that the new company bought them cheap but they require lots of work to make them habitable and these are  classed as completed resales now, so they do not require the issue of a bank guarantee

Again I must say that no money is paid to the developer till they can prove that the CORRECT paperwork is in place and they have completed the renovation works and selling all of the properties so quickly must be good news for the future of the development

I am sorry to sat now that for people coming over to buy it is probably too laste till they release the next batch, we are starting a waiting list

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I agree with Birdman regards the cost of apartments (not detached villas) there are many available in the area but for an equivalent price as here on Sierra Golf, however, virtually every urbanisation has had similar issues, in fact many, particularly those paying a community charge are worse off than us here.  Sadly, according to some press coverage there appear to be issues just developing such as people paying fees for diminishing services, hopefully Sierra Golf is turning a corner, investment in the golf course, tidying the estate, properties being sold etc, etc.

I also feel that the company up here is doing everything 'by the book'.  If you are thinking of buying up here, as anywhere, use independent professionals, don't make the mistakes of the past.  As regards scare mongering, leave it out.  Sierra golf is a good place with good people who are warm friendly people and are eager to have new friends move in.

Well said IanR, a great place to own and live and is moving at pace.  

Don't judge those of us who have bought into the reality that is SG today we are not to blame for the troubles of the past and for the ongoing issues that some are still having, but we do sympathise with those that have lost out.