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21 May 2008 12:00 AM:

Dear readers

We pulled out of completing our Roda Phase 3 apartment in April of this year.  The apartment was ready, we had paid 40% of the asking price but just decided that at €230k, it just wasn't a good investment for obvious reasons (Spanish market etc).   We bought in 2005 as a short term investment which was, as we now all know, a wrong choice.  The quality of the product is undisputedly superior and if you love golf and the sun, I'm sure it is a good choice.

Roda are now coming after us trying to force us to complete and are threatening penalties otherwise (as if 40% wasn't enough to lose!).  I wonder if I am the first?  It seems this is happening quite a bit now and the developer is trying seriously get all buyers to complete where possible.

Our solicitor says that, apart from what is stated in the Clause 16 (i.e. Purchasers lose any monies paid in the event of non completion), "there is still a possibility for Roda in accordance with the Spanish Law, to make a demand reclaiming a penalty for damage to them".  This is not mentioned in the contract but it seems there is a loop hole in the contract/law for Roda to make this new, extra claim for compensation.

Does anyone have any experience here with this type of matter?  

So as not to be negative, you can personal message me also.

Many thanks.

Shirley



Community thread: 15 years for a claim

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14 Jan 2008 7:49 AM:

Thanks Tom and Roy and to those who emailed me offline.  I really appreciate you taking the time to let me have your comments.  75% of replys were for sticking with the property and completing and 25% against.  Got some thinking to do.

Thanks all.

Shirley



Community thread: New Site Live!!!

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11 Jan 2008 12:00 AM:

This is a really positive site and I am loath to introduce this stark question.  However, having bought a Phase 3, ground floor, 2 bed in May 2005 (for investment purposes) and secured it with Euro 85,000, I am wondering, if I proceed, I am ever going to get this 85k or any other future monies back?  We are due to complete on Jan. 23 2008.

The oversupply of units built in Spain makes resale virtually impossible and rental of our unit is another leap of faith.   I feel that the apartment will not appreciate any more over the next 5 years, during which time we will have invested another €60k with mortgage repayments, furnishing etc.

I am convinced that Roda is a beautiful product, maybe even the best in the region, but that's not the issue.  It’s the general market that has fallen apart since we bought.  Should a person in our circumstances fold now and walk away or is that crazy talk?  I would have no problem walking away and taking the hit.

Any thoughts?

Shirley & Luke, Ireland



Community thread: New Site Live!!!

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03 Jan 2007 12:00 AM:

Hi - Shirley and Luke here.  Just joined the site today.  We have bought in Phase 3 which is due for completion in Sep 07 (although this seems unlikely judging from your postings).

I was wondering if everyone opted for the Roda Air Conditioning Package which for the 2 bed apartment is €2,800 or did anyone shop around and get an independent supplier to fit instead?  If so, can you recommend anyone? 

Thank you.

Shirley


Community thread: Renting my apartment.

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