15 Dec 2010 3:07 AM:
Hi all
Just returned from the area today. lovely sunshine and 22c so decided to drive up the old riverbed to ACC. It looks in complete disrepair now and I for one am now glad it wont get built.
I will explain why............
I bought a key ready property on the coast in 2004, but at the same time also bought at ACC on manzana 9/43, without BG's due to a useless lawyer who never stopped me making the Second stage payment, I paid €48K in total including the reservation fee on a €111K bungalow with A/C at 1.50 € to the £. Total investment £32K.
I have done some research this week & you can now buy 2 bed apartments on the coast near to Mojacar/Vera for €100K in developments without facilities & €125K in the prestige ones, representing a 40% decrease in the last 3 years give or take. Travelling inland slightly you can buy similar resale properties with licences for €70K including furniture from desperate resellers
Even if ACC was built now with all the original facilities, the lack of demand for rental properties would have forced many investors to sell at a loss to get out. Owners at Desert Springs ( with all of its facilities) of the €250K apartments cannot rent at €200 per week outside of July/August and occupation rates are 8-10 weeks a year max with a lot of hard work. The golf course is superbly maintained but you rarely see people playing anymore outside of the summer months. The sums just dont add up in these difficult times. Desert Springs are now offering apartments and villas that are key ready for between 40 & 50 % discount from 2007 prices and there are still no takers.
Although my initial investment has been written off in my mind, I have done some calculations based on ACC being built and where I would be now. Assuming a 40% drop in value
Balance due say in 2008 completion if it was built
60% €66K at 1.20 € to £ = 55000
Tax and other completion costs €12K = £10000
Plus my initial stage payments £32000
Furnishings estimate £5000
Total cost £102000
Current value probably £60000 in todays market regardless of ACC proposed facilities
Not only would I be sitting on a loss higher than my initial investment but I would have no realistic hope of making any investment return. I also have a 2 bedroom seafront apartment in the area that I market with much hard work and only achieve 8-10 weeks per year. In 2006 I was renting out for 20 weeks per annum easily. Ther are less flights now and I cannot fly to Almeria anymore as Monarch has cancelled the winter flights due to lack of demand.
All in all I am still p***ed off with what has happened but I honestly think that I am better off without ACC.
I am sure that many people are still angry and cannot afford to lose their invested monies but as somebody who visits the area regularly and owns a property near to Mojacar, I believe that we would all be worse off if ACC had been built.
It doesn't take away what HUMA, The planning officials and the banks have done to us all, but in my opinion they saved us from a worse nightmare.
Just my opinion of course and it helps me to accept my loss more easily
Community thread:
Where are we going with HUMA
--------------------------------------