11 Feb 2007 11:24 PM:

Hi all

Thanks for the research and the information, very good work.

The extra water supply makes for good reading, I was getting extremely worried about that, particularly the statistics on rainfall in the Murcia region.

Thanks Jane. Very interesting figures re golf courses in the Murcia area. Unfortunately it doesn't sound so good for me.

I am beginning to think this purchase may not be such a good idea. Ultimately, in years to come, I am going to want to sell this place at a large profit. It appears as if ths is going to be almost impossible. Somebody mentioned earlier that they made £11,000 profit on their property over many years, unfortunately I was expecting to double my money over 5 to 10 yrs.  This is not unrealistic, see below:-

11 years ago I bought a small terraced house in Cardiff (by the University) for £35,000. I rented it to students and over three years it paid £24,000 in rent. I then sold the property (what a fool) for £77,750. A few years later it was worth £139,000.  I saw the same property for sale in the paper a few days ago for £199,500.    That is an increase in value of nearly 600%.

Whilst I did not expect to make this sort of money on this investment, I do expect it to do better than £11,000.  Quite frankly, if you consider the stress factor involved in buying abroad. Then look at the loss of interest on the money used to buy the property. Then factor in the interest paid on a mortgage and the deal begins to look quite sick.  As it is an "off plan" purchase we don't even get to use the property for holidays for  2.5 yrs!!

"Johnny Rep" is adament that this is a prestige resort and is far superior to others, both built and planned, anywhere in the area. I know he has researched this and he genuinely believes it to be the case. He is convinced that this will give the required strong increase in property value. I am now however, not convinced he is right. He did take us to see other developements such as Polaris World as an example of what  not to buy and I must confess that I thought that they were awful. The build density is far too high. Corvera's biggest selling point for me was the relatively low build densiity.

Anyway, I am going to have to go back to the drawing board and think again. I really want to buy in Spain and may well be based there before too much longer (Madrid, Barcelona, Malaga), but I am now not convinced that I have chosen the correct investment vehicle for my money.

Best regards, Gerald.

Thread: Off Plan???

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11 Feb 2007 2:14 AM:

Hi Juan, Roberto and Bobaol.

I fly both the 737 300 and 500 series. It is a dual type rating, just like the 300 series and 900 NG series (if you attend the differences course). However..............................................

The 500 series is no use from Cardiff in South Wales (where I live) because..........................

Cardiff is the most profitable Baby base in the UK for Spanish flights. It appears that a greater percentage of Welsh own property down there (or travel there) than English. So the Welsh flights are much fuller. This is a problem because.....................................

If the prevailing winds force us to take off towards the mountains (Runway 31) in the summer when it is hot,  the 500 series does not have sufficient lifting capability and we have to leave suitcases behind.................................  Basically, they are useless so I do not include them in my fleet estimates. Somedays down ther we have to use a sharp pencil for the performance calculations!!

Regarding the new Airport at Murcia, It is being used as a big selling point. The Runway orientation (East - West) will be such that the approach and climb out will be clear of Corvera, (Airport to the South). There is a new road going in between the Corvera resort and the new Airport that will give access in 10 minutes or so. The golfer will get off the aeroplane and be in a championship golf resort inside of 15 mins. A big plus for renting???

Roberto. Why were you thrown out of the USA? Please tell all. I love the Florida area and have looked many times at buying there!

Bobaol. Actually the European Mainline fleet also use mainly Airbus. It is only us cheapo Baby lads that use the old clapped out 25yr old 737's. We dream about flying the Airbus. I used to fly the Embraer 145 Whizz Jet. Now that was a fine aeroplane.

There are flying jobs all over at the moment and I keep getting phone calls. Unfortunately I want a Spanish base such as Murcia, Barcelona, Alicante, Malaga, Reus, Madrid, etc. I am currently looking at Ryanair, EasyJet and Netjets (for the rich and famous). Vuelling are interesting but they want you to fund your own Airbus rating (£18,000) so they can dream on!! Netjets offer a cracking deal and pay in Euros but you are away from home for 6 days at a time...............

Oh well.

Best regards, Jetjockey.

If

Thread: Off Plan???

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10 Feb 2007 2:18 PM:

Hi Linda and Juan.

Well just off to work after finishing at 03:30hrs this morning due snow. Just off to work on the Malaga (WW 2201- 2202). Do you get snow there??

Not enough reaearch Juan!! The 135/145's are owned by BMI Regional. Been there, done that, flown them. The Airbus are owned by BMI Mainline and BMI Transatlantic (A330's for transatlantic). BMI Baby are a seperate low cost entity and operate only 737's (15 at the moment). Come and see us at Malaga this afternoon.

Actually, the turnarounds are nearer 30 minutes in Spain.

Regarding Corvera. What I am really asking is whether or not I have made a good or bad investment buying property in Spain?? Can anybody here offer another valued opinion??

Linda. Your comments are interesting as I am totally ticked off with the UK. Could you give me some other advantages to living in Spain other than property investment (or the climate which is great). I really am looking for all information from all angles here. Feel free to email me even.

 

Regards, Jetjockey.

Thread: Off Plan???

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10 Feb 2007 4:21 AM:

Hi Juan.

I fly the Boeing 737 for BMI Baby. In fact I will be down at Malaga this afternoon (for 40 Minutes).

So.......... What are we all actually saying here. Is Corvera likely to be agood investment, or am I wasting my time. I am not commited to completing on this purchase........yet. seems a lovely place to me, but what do I know, it's €285,000!!!

Regards, Gerald.

Thread: Off Plan???

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09 Feb 2007 12:00 AM:

Hi

 

Just been down to Spain and looked at a couple of developements in the Murcia area. The Rep was a decent guy (I know him from years back) and we put a deposit on a 3 bed Penthouse Apartment at Corvera Golf and Country club with completion 2.5 years away.

Not looking to make a fast buck but planning to complete and keep the property for 5 or 10 years, then sell at a profit.

However............. I am now finding that when you add up the IBA, Furniture pack, Air ConUnit, Mortgage setup fees, Solicitors fees etc, etc...............

Somebody is having a nice earner!! The agent says that over 5 or 10 years it is not a consideration, and because of our choice of resort (5 star gated, PGA golf academy, De Vere 5 star hotel on sight, Sports facilities, Championship golf course, beautifull location) we will still make a lot of money.

As I say I know him and he is a nice guy but can I trust him?? Will I make money over these periods?? Or should I buy in the UK or shove my money into a pension?

Any sensible and informed replies appreciated thanks, but no mindless ill informed panic attacks.

Best regards, Jetjockey.

Thread: Off Plan???

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