15 years for a claim

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This message was last edited by EOS Team on 5/22/2008.

Hello All

i think with the rate of the euro / pound and the uncertain future of both the british and spanish economies we will be hearing a lot more of people having second thoughts about completing, due to the numbers not stacking up.

40 AND 50% deposits are large sums of money to lose, but who knows what the final costs mabbe if we proceed and complete, at present if the pound dosen't strenghten we are looking at anothe 25 - 30 k on the remaining 70% payment, then ongoing  community fees, notory and lawyers fees, furniture costs very little prospects of renting out, it does make you think to walk away and cut your losses.

i am sure we are not the only ones thinking along these lines and calidona must realise this and will endevuor to protect from clients pulling out.

i to am gratfull for the honesty of the recent posts, things have changed dramatically since signing up in 2005, i dont think anyone could have predicted what has happened in the banking secter and economy in the last 6- 8 months.

dave

 

Given the current financial climate and the euro rate people pulling out is now becomming a very common thing howvever the problem is that the properties are not seling at the same rate and, unlike 2-3 years ago when buyes were queuing up, 

There are a large number of properties on RODA not completed and this will have a serious impact on cash flow so our sources have been advised that RODA will agressively pursue buyers for the full amounts owed and to complete, which is their right under Spanish Law

The only problem for RODA is the delay, mainly due to the recent strikes in the court system and it can take up to 2 years to get a buyer to court, 2 years in which the property will stand empty so it may be worth trying to agree a settlement 

I don´t expect that the 40% you have already paid will be reflected in a price reduction for the next buyer when they are still trying to sell properties on the next phases

We have see a major comonay in this area San Jose file for bankruptcy with local rumours about 2 othersso times are very tough and there will be some more  failures, Polaris have slashed prices on completed propertues and perhaps RODA should do more to help

I am sorry that I cannot be more positive

The currency issue will always exist when your buying an asset outside of your own currency. Im in Ireland so not effected by this.
But as long as your mortgaging in euros, the gamble any stg buyer makes is no different today than it was 2-4 yrs ago.

I would advise any stg buyer to borrow as much as possible in spain over as long a period as possible, This spreads the currency speculation.
So what really matters is what the average stg to euro turns out to be over the 10-20 years of payments, not what it is today.

This assumes Roda is a long term investment, you paid your cash deposit 2 years ago+ and your not a cash buyer. Also that the UK doesnt join the euro(although I think there is more chance of the UK winning eurovision!).

So lets not all panic the ecomonic conditiions will change back and forth many times over a long term investment in a place like Roda.
Its more important that as comminity we keep the pressure on Roda to deliver on the facilities they have promised.


This message was last edited by Rayoconnor on 5/25/2008.

maybe instead of pulling out, you might have the option of selling your garage/parking space to one of the villa owners.id be interested as i have no option but to rent out my villa when complete and would luv to have a place to park up my few items and car.

Ace

for those of ye not wanting to complete, ye might have a look at this link it might help.
www.contracts4trade.com

Ace