Has anyone successfully bought a heavily discounted property on the formerly Arenal Duquesa site?

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10 Jul 2009 00:00 by lilyjones Star rating in South East London/Du.... 14 posts Send private message

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Hi Members,

I was sent this email and the selling agent tells me that this price is for any floor any block. 

"BRAND NEW 2-BED APARTMENTS ON THE COSTA DEL SOL AT A HUGELY DISCOUNTED PRICE AND WITH FINANCE IN PLACE TOO!

APARTMENTS WERE ORIGINALLY PRICED AT €240,000 UPWARDS, BUT  WHEN THE DEVELOPER EXPERIENCED SOME PROBLEMS, THE FINANCING BANK TOOK THEM ON. NOW WE HAVE A NUMBER OF THESE SUPERB APARTMENTS FOR SALE AT THE STAGGERING BARGAIN PRICE OF ONLY . . .

€170,000!

ALL APARTMENTS HAVE A BANK SUBROGATION MORTGAGE ATTACHED, ALL YOU HAVE TO PAY ARE THE COSTS APPROXIMATELY 10%

Plus small 5% finders fee to the lawyer.

THE RESERVATION DEPOSIT IS €3,500! - AND COMPLETELY REFUNDABLE"

 This is the example he sent me

The sale price is 170k euros
You pay 10% closing costs 17,000 euros
5% finders fee to solicitors 8,500 euros
Total cash outlay 25,500 euros or roughly 22,000 sterling
You take on the existing mortgage which would run at about 425 euros/month
 

I already have 1 apartment (still waiting on the road) in phase 1 (top floor) bought November 2003 - I would be interested in any feedback/thoughts. At the time of talking to the agent there was 18 apartments to begin with. There was 9 left including 1 ground floor in block 4 with a large garden area.

Lily

 


 



This message was last edited by lilyjones on 10/07/2009.



This message was last edited by lilyjones on 10/07/2009.



This message was last edited by lilyjones on 10/07/2009.



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10 Jul 2009 22:30 by morerosado Star rating in Guardamar del Segura.... 6942 posts Send private message

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My eyesight's perfect close up Lily but blimey, what a strain to read most of this !



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10 Jul 2009 23:08 by lilyjones Star rating in South East London/Du.... 14 posts Send private message

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Sorry about the font, here it is again....

 

Hi Members,

I was sent this email and the selling agent tells me that this price is for any floor any block. 

"BRAND NEW 2-BED APARTMENTS ON THE COSTA DEL SOL AT A HUGELY DISCOUNTED PRICE AND WITH FINANCE IN PLACE TOO!

APARTMENTS WERE ORIGINALLY PRICED AT €240,000 UPWARDS, BUT  WHEN THE DEVELOPER EXPERIENCED SOME PROBLEMS, THE FINANCING BANK TOOK THEM ON. NOW WE HAVE A NUMBER OF THESE SUPERB APARTMENTS FOR SALE AT THE STAGGERING BARGAIN PRICE OF ONLY . . .

€170,000!

ALL APARTMENTS HAVE A BANK SUBROGATION MORTGAGE ATTACHED, ALL YOU HAVE TO PAY ARE THE COSTS APPROXIMATELY 10%

Plus small 5% finders fee to the lawyer.

THE RESERVATION DEPOSIT IS €3,500! - AND COMPLETELY REFUNDABLE"

 This is the example he sent me

The sale price is 170k euros
You pay 10% closing costs 17,000 euros
5% finders fee to solicitors 8,500 euros
Total cash outlay 25,500 euros or roughly 22,000 sterling
You take on the existing mortgage which would run at about 425 euros/month
 

I already have 1 apartment (still waiting on the road) in phase 1 (top floor) bought November 2003 - I would be interested in any feedback/thoughts. At the time of talking to the agent there was 18 apartments to begin with. There was 9 left including 1 ground floor in block 4 with a large garden area.

Lily

 





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10 Jul 2009 23:26 by bobaol Star rating. 2172 posts Send private message

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So that comes to pushing 200,000 euros for a 2 bed apartment.  Plus mortgage costs.  Hmm.  I know the CDS is a bit more expensive but doesn't seem much of a bargain to me.  On the CB, they are going for around (or even less) than 100,000.  Also didn't like the "when the developer experienced some problems" bit, either.

 





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11 Jul 2009 14:56 by lilyjones Star rating in South East London/Du.... 14 posts Send private message

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Sorry what you mean by CB??

Lily

 





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11 Jul 2009 15:13 by advisor Star rating in London most of the t.... 311 posts Send private message

i am working on a deal for these units as follows

valuation feb 09 of circa 220,000e

purchase price of           140,000e

mortgage of                  100%

fees of                          7,000e

they are "owned" by two banks.

will keep you advised of any progress if you like



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11 Jul 2009 15:21 by bobaol Star rating. 2172 posts Send private message

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Sorry, CB = Costa Blanca

CDS = Costa del Sol

 





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11 Jul 2009 20:14 by Tamsin Star rating. 171 posts Send private message

'AND COMPLETELY REFUNDABLE"

 

Lying b-------- .   We have been trying to get our deposit back for the last two years . Don't believe them . We have had to be reigned that we have lost 4000Euros . What with the lawyers fees - £300 for a few telephone calls we have just has to walk away.  Breaks my heart so please don't trust them . We did everything correctly and above board they just stalled and more or less said take us to court . They keep changing their lawyers so when a new one starts they say that that they have to start all over again. 

Fortunately we bought a beautiful apartment , about a third of the size bigger , a massive balcony for just 20,000 Euros more . 

Have a look around and buy a re-sale - much better value and you may get all the furniture thrown in .

 





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11 Jul 2009 20:51 by lilyjones Star rating in South East London/Du.... 14 posts Send private message

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Thanks for your advice.

Lily





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