22 Nov 2008 2:47 PM:
Hi Fizzler and Everyone,
I too am a purchaser at Corvera and have signed up for two apartments on Phase 2, primarily as an investment as I'm nearing retirement. I've not previously posted to this group, but have been lurking here for some time. I've been reluctant to do so because of the very reason Fizzler gives in the fifth paragraph - that of confidentiality, and the fact that forums can be infiltrated. While I think that an open forum is a good thing to have, - it's difficult to imagine, for instance, that Calidona are not aware of what's going on, and our general predicament - there are certain matters I may prefer to discuss within a closed user group. I wasn't aware that one existed until now, but I shall PM Lisa Mona as suggested.
It seems from what I've read that I'm in the same situation as many of the participants on this forum. I over-committed myself at the wrong time, and have been caught out. It's been compounded by two previous purchases in other developments which have both gone badly wrong, for different reasons. I'm not able to sell either of these at present, the net result being I won't be offered, nor can afford, any further mortgage. I'm left with a few stark choices all of which will result in heavy financial losses - the question is, what is the least worst option? The problem is there are too many variables and unknowns, so what might seem the best course of action today may not turn out to be so in the long run.
I'm still hoping to complete on at least one of the properties at Corvera as I believe like most of you that it will be a good investment in the long term. To do this I would have to raise capital by selling my only unencumbered asset in the UK, the income from which is supplementing my salary, and this would expose me to further risk as my mortgage is on my own home. Of course, it's the worst time to have to sell anything, but there aren't many options.
The other property will almost certainly have to be sold on before completion, and luckily my contract allows me, in theory, to do that. I'd be interested to hear from others what recommendations they have for marketing their properties, which companies they recommend (or not), and whether they have had any success in selling. And if so, what sort of prices they achieved. Probably these things are better discussed in the closed users' group.
I will be happy to participate in any collective action deemed necessary to solve our common problems, but I think we have to recognise that we may have differences as well. We all have a slightly different perspective on things depending on our personal situations.
With best wishes to all,
Peter.
Community thread:
Property Management/Rental Scheme
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