18 Feb 2009 2:17 PM:

Good Luck !  I hope that the market has improved since my wife and I tried to sell last year.

We encountered financial difficulties the early part of last year and so decided that as we were struggling to service our mortgage commitment we would try to sell our first floor ( Phase 1, pool view ) apartment at Manilva Beach. We invited various agents out to value the property and whilst they were all most complimentary of the apartment ( we had the Ocean view furniture and air-con package ) they explained that the market was tough but the general opinion was that we should get around 180,000 euro's.  As we had nothing to loose as far as fees were concerned we appointed all three agents in March of last year, well after months of anguish and worry ( and several false starts from people that couldn't arrange a mortgage ) we eventually agreed  a sale at 141,000 Euros,( Fully furnished ) drastic I know but we were desperate to sell having pumped over £15,000 out to Spain just to keep the mortgage going since we completed in August 2006. ( with the cost of the IVA, Solicitors, furniture pack, aircon etc we estimate that this property has cost us around 220,000euro's)
 
We experienced nothing of the "dream investment" that Ocean View had promised, instead we have been left with a huge debt and bitter sweet memories of a lovely development in an idyllic location that we loved. Unfortunately for us the nightmare is not yet over because although the sale was finalised last September we still have to pay back all the money borrowed to put down as the initial 40% deposit and then lost!  Nevertheless that won't stop us re-visiting the area again in the future as we really do love it! Obviously no-one could anticipate that the market would crash, but I think that we trusted Ocean View too much with their projections of potential income that clearly wern't possible. I just wish there was a way that we could claw back some of this money from Ocean View but I think that I more chance in winning the the lottery tonight.

 

This message was last edited by Hownow on 2/18/2009.
Community thread: SELLING OUR APARTMENT MANILVA BEACH

--------------------------------------

05 Mar 2008 2:57 PM:

Hi,

Sorry that I hadn't replied any earlier only just seen your posting asking about accommodation for 12th to 19th March. Have you sorted something yet ?

 

 

Community thread: Anyone want to rent me their apartment for a week?

--------------------------------------

29 Jan 2008 12:00 AM:

This update relates to my experience on phase 1 , but it could potentially effect us all !   Although I completed my purchase in August '06 the snagging, furniture, aircon etc was not completed until July '07. Already out of pocket I naively thought that I could make a go of it by letting the property out for holiday lets ignoring advise to take a long term let.  Well another 8 months on and with only a few weeks of income under my belt  I am rapidly going down and only have enough money to cover the mortgage for another 2-3 months then it's all over !  The only option I thought, was to sell at a big loss and I'm quite serious.  Infact just to get out of this nightmare I would sell at a figure well below what I paid, evening taking into account the extra money that I have lost on aircon and furniture.  You must be mad I hear you say but I really am that desperate !!

Well it's not as easy ( obviously nothing ever is) as I am advised that the developer never registered the development  with Manilva Council and in their eyes the properties do not exist.  This has recently come to light as a local Letting agent has attempted to obtain the " Castastral " value,  ( similar to a rateable value ) for some Spanish tenants that she has in an apartment on phase 1.  Well needless to say if the property doesn't exist there are surely going to be some big problems with resell and backdated rates in the future.

Has anyone else been alerted to this problem and can anyone shed any light non the situation ?

I think that if there is an update we need it now or we will have to start some action to have it put in place asap.

 

Community thread: flax horse bedding

--------------------------------------