28 Feb 2007 11:50 AM:

Sping, Mark

I've sent you both personal e mails, can you confirm if they have arrived as i'm new to this and not sure if it has worked. 

Thanks anyway for your help.

Community thread: restaurants near almoradi

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27 Feb 2007 11:54 PM:

Mark, all of this has made me very suspicious of prices and valuations...... I am still a little bit old fashioned in believing that the real price can only be what somebody is prepared to pay, or what lowest price the same item is available for in the market place now.

I think if you look at the furnished 2005 top floor tulipan available on this website, you get a guide where the market is and where you and I are placed....... best of luck selling yours, i've taken the cancellation route.  Manuel says it is very easy and straight forward should be concluded in a few weeks.  This chat room suggests that they are quite good, so i'll take him on his word.

My logic is detailed on instant access thread.... not sure if you agree, but it has made my mind up.

cheers

This message was last edited by smylesy on 2/28/2007.
Community thread: Help needed please!!

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27 Feb 2007 11:36 PM:

Thanks sping.... I appreciate and to a certain extent, i agree with your logic.  However, I view things a bit differently, see if you agree.....

I signed for this property purely and simply as an investment....carried away on a wave of enthusiasm, I fell for all the instant access blurb (bought 2 properties in UK as well..... both of them were overvalued and impossible to rent as well !!)

Spain : The 42,000 euro I've paid out, as far as I am concerned has been spent and i owe 98,000 plus expenses.... so where do i stand now, what asset do i have and what is it i am actually going to complete on?.

Well, a top floor, fully furnished 2005 tulipan is on this website for 135k euro - not sure if up to spec for security or air con. (guessing from what i've read would take 130)

Given that top floor was valued 17,000 euro higher than mine (lets say 13,000 as time has gone on and not brand new)..... so mine would be worth (somebody would pay me - not these bank appraisals) at best 122 k but more like 120k after completion if furnished....

Now to get me to that situation , i need to pay the 98,000. Furniture would cost me approx 6,000 euro, IVA tax 10,000 euro, legal fees and mortgage funding costs approx 3,000 euro.(mortgage costs could be cut as i could buy it outright, but then you need to factor in opportunity cost of not having that 120k+ cash working for me), travel to spain a couple of times 2,000 euro......plus say about 1,000 misc expenses and budget overspends.  All this equals around 120k euro. 

So in summary, going forward I will only end up with an asset worth the same as the money that I still have to pay..... none of the 42k will come back.

However, if I cancel, I get a refund of 14,000 euro and no more outgoings, no more worries, no more rental uncertainty...... basically no more risk.

Even if I have slightly over inflated the outgoings, there is little chance of being better off by completing..... To get any of my lost 28k back, I would do better by joining the buyers market and looking for a resale than persevere with this overpriced venture or use my capital in a different field and draw a line under foreign property and move on .........

Best of luck to Mark, if you can sell before having to complete and save these outgoings......that is the best scenario (time not on my side), 2nd would be to cancel........ I feel completing is not a prudent option                  INSTANT ACCESS............. THE WORDS ALONE CAN MAKE MY BLOOD BOIL........ !!!

Community thread: restaurants near almoradi

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27 Feb 2007 12:41 PM:

Mark,  Not sure if you are aware but just spoke to Manuel at Parma consultants and if you cancel, San Jose keep 20% of of the 157K not all 47 deposit that you paid..... might help, work it out, sad situation i know, but not that bad when you look around and see some of the prices you can buy at in the same resort.

Community thread: Help needed please!!

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27 Feb 2007 1:49 AM:

Hi to all,

Very interested to read your comments.  I am in a situation that I was told by Tony Mckay  (COO IAP) that my purchase was to be cancelled due to so many lies inside track have told me in last 3 years, however, this has not happened and I am now facing a swift attempt at purchasing the unit.  I have paid £30k deposit and approx £72K left to pay (ex furniture).... should i try to fund it or just lose the £30k in cold blood....... What are middle floor Tulipans valued at now?..... is it a nice place?  I believe the habitation licence has been granted.... how long do i have ?

Community thread: restaurants near almoradi

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