12 Oct 2007 5:03 PM:

Dear All

its been a while since ive been on this thread since cancelling my contract about two months ago.  However have you seen the article below on the 'other main Manilva' website.  As you will see the three main developers will begin works on the Penoncillo road (which i know is VIAL A) and will fully fund the 3.5 million euros required to get this 'up to standard' including liks to the dual carriageway and propoer footpaths.  As you will see it is being monitored and assesed by the townhall (planning department) as to the progress. start in two months and will alst 18 mths

I have spoke with my solicitor (for what its worth as ive got my monies back now) and he has confirmed that this must have paid a great part in the delaying of the occupancy license.  Until the developers signed up to this there was no now way the townhall would have granted the occupancy license and still won't for the South west side of the development (blocks, 1, 2, 3 4, 9,10 etc). You will also see that street lamping, cabling, electricity are all part of this agreement and will surely mean an exclusive finish to the development similar to Sotogrande.  He also mentioned that as the this cost is being born by them then any 'cock ups' within electricity/infrastructure will aslo be at there expense and will have to be resolved for this whole thing to be completed.

My solicitor did warn that this could delay the license for the Penocillo side of the developement however thos eon that side - blocks 1, 2, 3 4 etc will have an idyllic finish and better acces to the facilities.

why did i cancel ?? - though Priensur may have been offering monies back to clients to finance the development of the penoncillo road as despite what we think they don't have an endless pot of money.

You will also see on the photograph of the sign re works to the 'Penoncillo road' the Priennesur Duquesa development in the background- again this MUST be superb news for Manilva, Duquesa and Sabbi

thanks Pistol Knight - was Block 1 - boo hoo

http://manilvalife.com/latest/agreement-signed-for-new-penoncillo-road-20070903.htm

The Mayoress of Manilva, Antonia Muñoz, signed an agreement last month for major improvements to the El Peñoncillo road, of which all costs will be borne by the developers currently building in that zone.

These include Ros y Falcon, Prienesur and the Junta de Compensación SAU-3 El Peñoncillo who have committed 3.5 million euros to the project which will involve a dual carriageway running for approximately 1.5 kms from the road’s junction with the old N340 by Pueblo Mexicano, until approx 150 metres past the turn off to the Las Viñas secondary school. There will also be three roundabouts at junctions with the new urbanisations neighbouring the road.

The new road, explained Muñoz, will be an important improvement to the Municipality’s infrastructure providing an alternative connection between the coast road and Manilva Town, as well as giving excellent access to the many new houses in this area. The councillor in charge of Infrastructure, Mario Jiménez, who was also present during the signing of the agreement, went on to confirm that the project will be overseen by the Town Council, through the Geuma planning department who will be responsible for ensuring the quality and progress of the project.

The promotors involved in the financing of the new road, all have developments in the vicinity, and will contribute according to the built area and their border with the road.

Apart from the dual carriageway and central reservation their will also be a footpath and some parking provision included along with service infrastructure such as drains, sewers, conduits for electricity and telephone cabling as well as streetlamps.

Works are expected to begin in two months and should take a total of 18 months to complete.

 

Community thread: Viewings on development threads

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04 Aug 2007 11:44 PM:

upgrading my property in the UK and the recent arrival of our 1st child swayed the decision - but only just. I stand by what i said that people whose circumstances have not changed drastically from when they reserved on Phase 1 around four years ago would be mad to let go as all they have done is fund the development.

I have been out four times to duquesa since reserving and know that it is a superb location - if i could then i would hold onto the apartment but i simply couldn't.  the recent increases in UK interest rates has also not helped my situation.

Elaine - i didn't think anyone was a bunch of 't*******' - i respect everyones decision as this has been a tough and stressful time for us all.  Ultimately a decison has to be made and i made mine.

best of luck !

Community thread: EOS Video

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03 Aug 2007 5:52 PM:

All

just to let you know my solicitor has today contacted me to say he has received a cheque back for my 33% deposit with legal interest of 4% - so the insurance companies have started to pay up.  Please note that the refunds of deposits has nothing directly to do with developer (in fact my lawyer did not even speak to the developer as he knew they have given the go ahead for refunds) - all solicitors simply do is call the insurance company on the bank guarantee and then they will pay up within a three to four week period.

My solicitor also advised that compensations for late payment are an absolute no-go - the developer would rather give the money back rather than pay compensation.  The push for compensations would be slow & extremely painful (via courts) and there is nothing in the contratcs re this point.  It is generally down to goodwill and those of you who purchased early from Arenal at sub 180k euros will get nothing for late completion - as mentioned you can have your deposit back and get out.

There is a tinge of sadness about this as even my solicitor has pointed that compensations for late completion tends to be the norm and no developer wants to lose sales and allow buyers to cash in bank guarantees especially in a market that is over supplied and with prices falling upto 30%. My lawyer has stated that the market (though over supplied with new builds) has not crashed and the economy is buoyant with property  prices fairly static (like they are here !!).  The only cheap apartments are the off-plan buyers who cannot complete and they will soon be gone.

Those of you thinking of cashing do need to think how on earth you can buy something like Arenal at that price in a location like Duquesa -  Though i am thankful to have my deposit back i do feel that i have let go of a bargain property in a superb location.  I don't actually feel that happy and i even feel the developer is not doing anything so most of us cash our bank guarantees in !!

cheers

Pistol Knight - block 1, top floor - and despite the commercial centere there were sea views !!

Community thread: EOS Video

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19 Jun 2007 2:11 PM:

Anyone cashing in the bank guarantee (unless exceptional circumstances) to get there deposit back from 2003/4 must be out of their minds - frustration is not a circumstance,  it is a by-product of the wait of something very exciting - anyone whose paid the best part of 30% on a sub 200k euro apartment which are now valued at 260,000 euros must be crazy to sell back to the developer.  These apartments are some of the best on the CDS and Duquesa (between Casares & Alcadeisa) is in a prime position.

All the doom & gloom about property prices is a load of old tosh as the Spanish shares have now gained there losses and would you rather be there in Duquesa port having a G&T in 30 degrees of sunshine or standing in the p****** rain in flamin june in the UK.  The times & telegraph ought to be ashamed of themselves for scaremiongering - they're probably not getting backhanders anymore and are probably really peeved that the fact the Spanish govermnet are now only asking for 18% CGT where in England many of us would pay 40% plus !!.  These papers said the same about the UK market in 2003 and after a small lull - prices continued to rise rapidly - if you'd have taken there advise then you  would bot be happy today !!

If you actually look at the bare facts - apart form the horrendous delays and poor communication (yes i know thats not good) we all have amazing investments/holiday homes.  We would bot have purchased them in the 1st place and handover that money if we didn't want them so whats the difference in a delay ??

I am of the opnion that the license won't be granted unless the roads are complete as the townhalls are stringent and to be honest can't see the license being granted until Oct / Nov - thats my realistic view

Chins up everbody - its going to be a party to remember !!

 

Community thread: Cheap hols etc, offers on flights to the Costas

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13 Jun 2007 4:22 PM:

Mimie

your 14,000 works out at an additonal 7% on a purchase of an apartment at 200,000 euros - therefore if 200k is your re-sale purchase price then they are hitting you for the IVA twice.

This is definelty ilegal and if the developer is insistng on this they are basically now not allowing the transfer of the contract prior to financial completion which by law is not allowed anyway.  It basically stops off-plan buyers making profit and paying no taxes.

In effect if a transfer of contracts is not allowed prior to financial completuion then this 7% has to be paid by the original buyer as he must comply to IVA regulations - you shouldn't have to pay it twice. you then only pay it on your agreed purchase price - hope you catch my drift

Speak with your lawyer as every one who buys has to budget at around 10-11% on re-sales therefore you may be misrepresented.  ALso if the percentage is higher then re-sales would not take place and the market then would come to a shuddering halt - who wants to pay near 18% in taxes - thats never gonna happen.

Have you gone to private purchase contract - if so your solicitor should have clarified this before going to PPC - if you haven't and they insist on this then i would pull-out and be grateful you are only losing around 6000 euros in a deposit.

anything else come back to me

cheers

Pistol Knight

 

Community thread: Can someone shed some light for me ! ( and hope)

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