EOS Video

Hi Guss here.

Not sure if I am using the right forum I just want you to know my solicitor has managed to recover my

full deposit plus legal interest and he did it without any difficultys at all .

our bank guarantee is an insurance policy so we are insured against exactly the situation that we find

ourselfs in it took my sol only 12 days to recover the monies due to me you do not apply to the developer

for your deposit is,nt strange that no one hav ever mentioned this to us at all not the developer not the

selling agent not even our solicitor.

ps the sol who got my money back is a new solicitor not the origional one from the selling agent

best of luck to all

Guss.

deposit back

hi guss, did you recover all of your costs back or have you lost some monies?

suzanne

I have recovered exactly the amount that was paid to the developer however I have lost a small amount of the overall

figure I think this was used up between legal people and the public office fees etc I am down about 1500 euro

deposit back

Hi Guss  Had you just paid a deposit or also the first 30% instalement?

 

Guss here yes I paid the full 30% in 2004 solicitor just emailed me to say he has the

cheque I will end up with the same amount that I started out with am glad to have it

back cos I an reliably told all is not right still  with this project and to get out  is a wise move.

regards Guss

This message was last edited by guss on 7/19/2007.

Hi Guss, may I ask which reliable source told you all is not right with this development?

Alan

Hi Guss.  Thank you for the information.  I too have asked for my money back but have not got far with the developers yet.  Do you mind telling us who your solicitor is so that mine can ask him how he did it.

Did you get any interest for the tiem they had held your money?

 

Gus

Can you also let me know who you contacted regarding your deposit back please.  I have requested my deposit back and my solicitor is saying it will take a long time. Need some amunition to fire back at her.

 

Regards

Val

Hi Everyone who wants to cancel.

I think the best way for us to get our money back, hopefully with interest and compensation, is to get together and avoid the individual legal costs.  That is use one solicitor.

I and my son have two apartments (one each) on phase one which we signed for over 4 years ago.  If everyone else wanting to cancel can notify me we can form a group and if neccessary commence proceedings.  I think we should also consider publicity about our case.

I have lost confidence in the development now.  Even though I bought 4 years ago and these apartments are finished well, they are quite small and there are so many on the market it will take years for them to be worth any more than we paid.  Ours are two top floor, one corner and one next door and we would sell now for E200,000.  I thought the market would get better but I now think it will stagnate for years - to many apartments.  Its the same in the UK as well now for apartments.

 

 

Still undecided on what to do. Everything that has happened so far tells me to pull out. On the otherhand I keep thinking of the excellent location and the high standard of finish and I think again. I do believe when all the furore has died down these properties will gain in value quickly, properties that have so much going for them always do irrespective of what the markets doing. The question is how long do you wait? And can you have any trust in the aftersales? As I said before it's a tough one to call. I'm off for two weeks and will make a decision on my return!!??

Alan

 

 

  My minds made up, im out of it and would consider linking up with others who want to pull out. Thats 2 of us from our family and both are Norwich City supporters, so we are used to bad news!

 

 Best of luck to the ones who decide to plough on.

Have you looked at theprice of other apartments in Sabinillas without any of the facilities.  Those of us who bought 4 years ago still have a bargain.

We're still going to decide in September. In the event of Guss coming through with the source of his info, we could possibly change that decision quickly, but without really good proof that there is a problem, we're reluctant to jump ship yet. Location location location..........it's an important factor.

This message was last edited by Margo on 7/23/2007.

just a thought... But if i was a developer and i thought i could make possibly 60,000 euro's by giving people back there deposit, then selling these re-selling these apartments a few months later at todays inflated price's??? I think i would probably delay completion, and give very little details on associated problems thus encouraging people to take there deposits back... Just makes you wonder if the price's had gone down, how quickly they would have sorted this mess out and we'd have had completion.. Arenal (or whoever own's the complex at the moment) can also read this and other forum's and can probably estimate how many people are/will pull out.. Business is business.... I suppose it's all up to the individual, I personally will wait for completion, however long it takes..

Hi Guss

Just read your previous post

"I an reliably told all is not right still  with this project and to get out  is a wise move"

can you elaborate please???

we are trying to decide whether to cancel or not and any info you can add would be most appreciated

Ta

B

 

Think we are going to throw the towel in.  Can they resell the apartments for a lot more - I doubt it.  They dont care about us now and we are current customers who are willing to complete and give them money!   How much care will be given to us when we have apartments there and they are still building the next 4 or 5 phases and they crack a water or waste pipe then.  How long will we all be left with no water, hours, days, weeks.   We have completely lost faith with this development and even owning a property overseas.

From Valls observations and various reports by others on this site -  this is going nowhere fast.  Its a shame as we as a family have looked forward to this for 4 years.  But we have decided there have been too many problems even before we start any enjoyment of the place.  The thought of another 4 years of having trucks and building disruption going on while they build the other phases is the final straw.

Not sure about selling the apartments for a lot more.... but isn't it reasonable to assume that they could sell them for at least 40,000 euros more than the original price quoted 4 years ago?  How many apartments are there.... I'm not certain but if they have to resale even half of them they are looking at probably a million or so euros extra profit.... not bad eh?  Whilst I appreciate everyone's reasons for pulling out, all you would have done is finance their building works for the last 4 years at a very cheap rate for them and you would probably have got a higher interest rate if you'd left your money in a UK savings account for that length of time.  Take away the 1500 euros expenses Guss quoted earlier and you'll possibly come away with 7000 euros or so for all the aggro!  That won't make up the difference you'll have to pay for a 2 bed/2bath apartment in Duquesa at this point in time - I agree with Pdrich 1's earlier posting (23rd July) when you look at what else is available locally.

I encourage everyone who is thinking of getting their money back and looking elsewhere in the area to buy an apartment to do their homework first... there are a number of re-sale properties to choose from... but for example I just did a quick search and a 28 sq m studio apartment in the new Apart-hotel in Duquesa with no parking/storage is on offer at 160,000 euros and a ground floor apartment on Arenal Duquesa is currently for sale at 232,719 euros!

Like tbeard5 - I'm in for the long haul.. we've waited this long, I can wait a few months more, but do respect that it's a very personal and difficult decision and on that note would like to wish everyone the best.

I do agree,when we where in Dequesa in Jan agents where offering apartments for 230000, I think i would rather sell than let Arenal have ours back even for a small profit

i cannot understand if people want to pull out why not try selling on first?  you could get your profit up to now instead of losing your costs.  these apartments will sell.  just think about it first.  it is worth putting your apartment up for sale privately and making a profit before just taking your initial deposit back and in turn allowing arenal to make your profit.  they will NO DOUBT ABOUT IT sell your appartment immediately at a higher price, thus ensuring a profit for themselves after you waiting all that time.

i know some apartments are going for just under 200,000 euros but usually a bad plot, badly situated on site.  i checked all this out whilst i was in spain 6 weeks ago and it still costs 230,000 for a decent plot on the site.  

whilst i respect everybody's individual reasons for cancelling i still think another six weeks trying to sell it yourselves is better than handing it back to arenal.  in theory you own it now anyway so make something.

i'm waiting (as you might have gathered!) ha ha.  no choice really as unless i re-sell which i could do easily with the interest on the site, i cannot cancel original contract with arenal as i bought from original buyer not from arenal.  this worked for my seller, he has his profit now and so could you lot

suzanne

I for one will not be selling or seeking a refund as my apartment in Phase 1 will be my home from completion date onwards, subject to some nice person buying my house in the UK.

Banks are in a better position than most to be able to judge the market and Cajasurs willingness to take back apartments that were sold, suggests that there is some strong potential in this development.  I have managed to see our apartment several times both officially and by playing "dodge the security guard when he has a fag break"  and I have been most impressed by the quality and finish.  No other development that I have looked at can match the superb location with all facilities within walking distance and no need to use the car.

The Spanish seem much more resigned to this situation as horrendous delays and red tape have been normal since the middle ages.  The only chap who got things moving was Franco and that was only for his supporters.  Dissidents tended to get shot, which would wipe out this entire forum if he were around today !!!!!

Best of luck in whatever decisions you all make.