17 Nov 2009 7:34 PM:

I was out in Spain at the weekend and called passed El Patio. Was expecting it to be run down and neglected but was opposite.

Gardens are all well landscaped and tidely maintained, grass being sprinklered etc. The pool was full of clean looking water, external lights on, satelitte and tv aerials erected, the video gate system working and the communal area and underground carpark lighting all working and on. Most of the front doors had been recently re-painted and I got the impression some of the apartments might be occupied.

The other developments nearby to El Patio on the loop, some are finished and appear to either be or ready for occupation.Others such as the Sanchez site are abandoned and derelict with rats and feral cats evident about the place. The EM Marina site appears to have been abandoned and no work done on it for months/year or so. The hotel is still a long way from completion although some work appears to have been taking place.

Have heard nothing further from LoS other than Caja Rural might be buying the development from EM who have also paid off the debt they owed to CR. Saw other front line golf apartments similar to El Patio for sale c€140k, so market is continuing to fall.

Anybody any other news or update - any progress in pursuing claims with Maria?

 

Community thread: Dona Julia El Patio Completion Date

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22 Jul 2009 11:18 AM:

Peev / Cossy

From speaking to about 6 other buyers i'm in touch with, I'm not aware of anyone going to complete on these properties as firstly, the original purchase price is now about €200k above the current market price ie big negative equity. I asked my lawyer to ask EveMarina for a substantial reduction in price, but its not forthcoming.

I spoke to a friend's friend who was an Estate Agent in Manilva and they recogn that the 2 beds would be lucky to achieve €150k in the current market, if you could find a buyer.

Secondly, as very few other buyers are going to complete, the place will have low occupancy and who's going to pay for the upkeep. The Developer is meant to be responsible for paying the community fees for unsold units, but you can just imagine what thats going to be like in practice. Personally, i'd be loath to complete on a property with maybe only one in 10 apartments ever occupied and the gardens/pool etc not properly maintained.

I rented last year near Los Arqueros in what was a really nice development, but as they only had 50% completion, the developer wasn't contributing to the community fees and the property was quickly becoming run down, gardens overgrown, pool filthy etc.

If you really like the development, why not wait a month or so until the majority of the properties come back on the market, either via the developer or their Bank when/if it forecloses.

 

 

 

 

Community thread: Dona Julia El Patio Completion Date

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02 Jul 2009 1:02 PM:

Its now past June 30th when most of our purchase contracts had a cut off date. If the developer was not in a position to complete, amny of us thought that we could legitimately cancel the purchase contract and recover the deposit back from the developer or their bank.

Has anyone completed or even been given formal notification of completion from the developer, perhaps via their lawyer?

Has anyone been to the site recently to see if it is in a finished state, communal areas etc

John

Community thread: Dona Julia El Patio Completion Date

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18 May 2009 11:02 AM:

Dear Fellow Potential Purchasers

Just got a call from the developer's (EveMarina) bank, Caja Rural, who said that the LFO was granted on 1st May and that they were taking over the properties from the developer in 1 months time.

Have not had this confirmed by my Lawyers (LoS) yet but LoS did say they expected the LFO to be granted a few weeks back.

Caja Rural gave me the impression that getting a mortgage would not be a problem, but I don't think I'll complete at the original price as I believe I'd be going straight into negative equity, perhaps 40-50%? I imagine the developers bank might lend a buyer more than the market value as they have lent out the money anyway and its potentially just a change in debtor to them?

Has any one else heard if:

1. the developer has the LFO?

2. will the developer drop the price to the current market rate?

3. any one get their deposit back perhaps using Maria de Castro? I applied back in Feb 09, but was told ACC would not pay out as the developer had in the contract up to June 30th 2009 to obtain this.

4. how much has the Spanish market fallen in the last 3 yrs - some say maybe 50-60% for developments like Eve Marina.

5. is anyone else planning to complete - would not seem to be good idea to do so if very few others do as who then pays the community fees for the non-completed.

6. what about the rest of the site, new hotel etc - anyone been there recently to see the site of the general area?

Would appreciate anybody else's thoughts on the best way forward.

John

 

 

Community thread: Dona Julia El Patio Completion Date

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14 Apr 2008 8:09 PM:

No, I'm buying just across from you in EL Patio from the same developer Grupo Evemarina.

Would be interested to know if they are making much progress with your development or when your's is scheduled for completion.

I read on the web that Evemarina had sold their interests in the main Hyatt hotel to a Dubai based company and that Hyatt are still going to run it. meant to open around mid 2009.

 

Community thread: minimum wage

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