14 Apr 2009 8:11 AM:

Good luck PJEG, looks like you have been one of the lucky ones to be able to progress. We have decided enough is enough and have engaged a Lawyer. Now we sit and wait i guess. We will know in a couple of weeks if this will be a short or a long haul. With our luck it will be the long one.

Cheers,

Chris

Community thread: Anyone else bought an of plan property at FortunaHill Golf and waiting on completion ?

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17 Mar 2009 6:28 AM:

We did contact San Antonio by email but we have not received any response as yet. i am not really hoping for much here. i think i have made up my mind that i do not want to waste any more money chasing a promise to a property that if not alreaday snapped up must be low chances of being rented.

Looking at the property prices around there are lots and even less than we initially purchased Fortuna. So we have a choice go seek out a really good deal ourselves or contemplate the courts.

There are no other options for us without having to fork out a sizable chunk of change. The whole reason for doing this was it was going to pay for its self and i don't see that happening so the edge has gone off it and we will probably not invest in Spain now.

Unfortunately i live too far away from Manchester to attend the meeting but i did review the slides and it really pointed me to my above options.

Time for another glass of wine i think.

Community thread: Anyone else bought an of plan property at FortunaHill Golf and waiting on completion ?

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10 Mar 2009 11:56 AM:

i would be interested to know what steps you took to contact the builder and look at any alternatives they may have PGEJ.

we are also thinking that we will ahve to source our own but do not want to throw any more money down the drain.

Any information would be great. i would have sent info via Pm but this is not activated for me as yet.

i asume the builder you mention is Sanantonio that was building Fortuna?

cheers,

chris

Community thread: Anyone else bought an of plan property at FortunaHill Golf and waiting on completion ?

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10 Mar 2009 6:05 AM:

Hi, I have just had another thought here and i may be way off base but comments please.

If IAP are able to give us a Euro 50K deposit equiv to Sanantonio Fortuna, so allowing us to buy the Puerto ray, Parque tropical apartments then do they have that money back from Sanantonio? Or is this a fictious sum that they have worked out with this new company and they are not really worth the price plus the 50k deposit?

If they have the money back, why can't we have our deposits back?

Should we pay the price today when we negotiated the contracts in early 2006 and item 7 on the contract says we are entitled to our deposit back if the vendor did not meet the contractual obligations.

I am sure further down in this thread i have read that this document is worthless and means nothing.

there are only 4 apartments that are under 190k left in PR,wonder who snapped up those first , PT has none of any value at this price unless you want a 1 bed box.

The value needs to be the same as we signed up, if you look at all the other costs that will be incurred plus what the management company are stating they are quoting max 10/15 weeks first year and 15/20 year two and beyond. Not sure that will stack up to the figures that induced us to buy the fortuna golf in the first place. i really don't want to be throwing more monay after this just to make a lose.

Sorry this is very negative but this is what i see from the information given.

Cheers,

Chris

Community thread: Anyone else bought an of plan property at FortunaHill Golf and waiting on completion ?

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10 Mar 2009 12:07 AM:

hi, just been reading through this and wondered if anyone has talked to IAP about the costs of flipping.

From the information that i received this morning there appears to be an addition cost to complete ranging from 14k to 40k depending on the property you choose to flip.

They have the Antonio deposit slated as 50k which i know is not correct, ours was less than that.

These properties are way more than i budgetted for so i do not know what to do now.

Though on the documentation is says that Zero to complete? but the difference in price minus the deposit with a 70% ltv mortgage gives me a whopping gap to find.

i don't think i can afford to flip.

So do i lose the deposit or what. there must be others in this same boat and as you may have guessed from above the longer we wait the only properties left will incur an even greater deposit.

The only thing i can think of is to get a larger % mortgage from someone other than fuel.

Comments please.

cheers,

Chris

Community thread: Anyone else bought an of plan property at FortunaHill Golf and waiting on completion ?

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