08 May 2013 1:28 AM:

Hello,

We too have water spots coming out of the paint in our entire apartment. We have just been notified of the problem and we are looking into the solution. If you get any information please send me an email and I will do the same.

Jason

 

Community thread: Dampness in apartments in portofino

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23 Aug 2008 4:21 PM:

There has got to be something you could do. Talk to a good lawyer about the balcony being short. You should be able to get the price down. The contract that was signed says if the devloper does not complete the contract you would be able to receive your deposit back. I have a copy of my contract and hope yours is the same.

Community thread: Happy May Day, what do YOU remember about your childhood days

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23 Aug 2008 12:00 AM:

I am sitting here contemplating closing on our mortgage. We received the 80% developer loan option which is good however we are still 30.000 euros short to close. The bank has valued our property at 175.000 for a 2 bedroom 1 bath.  If we close we have purchased our place with over 70.000 euros as a down payment.  We purchased the place for 235.000 but our total cost is 253.000 after lawyers, closing, VAT, etc etc. If our total property cost is 253.000 euros and the value is now 175.000 euros it doesn't look like a good deal to move forward. and throw another 30.000 euros to close.  I absolutely cannot find a proper valuation other than the bank. MRI and other rip off artists are still saying the properties are worth a little less than 235.000 but that is probably more lies from the company.

2 questions:

1) Has anyone had any luck negotiating with the developer to lower the price?  I am sure that there are many people that purchased in 2006 or later like we did and are in the same situation. I understand that MRI will throw in a free parking space but I would rather have the price lowered than receive a parking space. It would seem that MRI is throwing in a free parking space so you would think they are trying to get people to close on this thing because the developer would be in trouble if alot of people walk away. They were selling those parking spaces for 15.000-20.000 euros in 2006

2) Is there anyone else out there using this as a vacation rental? I am trying to figure out the true or best estimate of how many weeks per year this apartment could actually rent out. I know the winters are slow and quiet. I know the summer is busy. Do you thnk an accurate estimate would be 25% of the year? Does anyone know of a local real estate agent that is not connected to proindal or MRI?

Any info would be greatly appreciated.

Community thread: Furniture pack wanted

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06 Jul 2008 12:00 AM:

Hello, I am writing to see if there are other investors in the portofino project facing a similar situation. We purchased a 2 bedroom 1 bath flat in 06. We paid 235.000. We just received notice that the place is now available and we in process of getting the financing. We put down 15%.........

We got news from the bank that they will only loan out 140.000. This means they are only valuing the property at 175.000. We purchased our place through MRI. We now are in a postion to come up with an additional 72.000 euros to close. Our mortgage advisors have been in talks with the developer and it seems that they are willing to loan out the rest but at what interest rate.....etc we don't know. 

Has anyone been succesful at negotiating a price markdown on the original loan because the real estate market is down so much and the fact that it was suppose to be ready in early 08...not after summer. Also, has anyone had better luck with their motgage advisors and securing a better valuation on the property. 

I still see MRI and other conpanies trying to sell these places alot higher than what the bank values them to be.

Any help would be greatly appreciated.

Community thread: Using a S.I.P. card while on holiday

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