25 Feb 2008 12:21 PM:

I appreciate the logistics of building a complex like this and have no problem with things not being completed all at the same time.    However, part of the cost of the property is the location, i.e. facilities, etc.  In this respect I really do not want to pay up-front for something that is not complete yet.

I have some property in Bulgaria where the developer in a large complex did complete on time but the rest of the facility took time and left the owners not being able to rent.   Hence, the developer right from the start offered completion 1 year after the apartments were ready with 30% to pay at completion.   The owners could use the apartment, rent them if they could and so on during the 12 months prior to completion and receiving the title deeds.  

Spain is 20 years ahead in terms of maturity than Bulgaria, but it seems Bulgaria has overtaken Spain in less than 5 years!!!

Maybe, as owners we can put pressure on United Golf to pay in 2 stages.  A percentage now and then balance on completion maybe 1 year from now to ensure everything is in place to be able to stay at La Tercia.

Community thread: Episode 57

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

22 Feb 2008 4:28 PM:

Hi, I'm new to this Forum.  Have an apartment in Block 5 and currently visiting Spain to see the development.   Very disappointed with what is actually completed.   Apartments in stage 1 are allmost done and complete ready for completion by the owners.  But, the rest of the facilities will take another 6 months from my experience of other developments.   Club house, sports centre, shops, bars, restaurants, etc. will definitely not complete until well into Autumn.

The quality of the work in not in doubt as all the apartments are excellent build.

I doubt very much if anyone will be able to rent their properties out if that was the intention.   One question "Who would want to allow kids, etc., to run around a building site?"

I believe owners should be allowed to complete when everything else is available for living there.  The nearest shops are in the village of La Tercia and its hell of a walk.   So where are people going to get their neccesities?    All the owners should rally around and put pressure on the developer to come up with a compensation package as they have constantly said the phase 1 will be ready by Dec.2007, now its going to be Mar.2008 and realistically Sept.2008.    The developer is not fit to give a guarantee unless they back it up with compensation!   

I for one will need to finance for the completion and will be paying interest for a development that is not going to be usable for a good 6 months yet.


Would be interesting to find out what other owners feel.


Community thread: Episode 57

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