Antequera

Was` called by MRI and also advised that the development is progressing. Kindly give feedback on this website if you get any relevant info. Much appreciated.

If anyone has bought at Lorca as an investment and was hoping to sell on before completion, can I suggest you also take a look at the the thread  'selling on before completion-how does it work'  as a number of posters have been kindly giving me advice there.

Cheers,

Dixie

Hi, bought an appartment here Feb 06. Est completion was spring 2008 - i would say this looks doubtful. Does anyone know if all the planning permissions and related legal papers are now in order so they can start the building work. I believe the golf course will be seeded shortly but the actual development has yet to be given the go ahead...according to the Lorca Sales Manager. I am also interested to know if anyone knows when the stage 2 payment is due?

And finally...do we feel this is a good investment?

Hello Jubug,

The sales guy at Lorca says 'the resort received its definitive approval in November and is now in the stage of verification by all governmental agencies before final licences will be issued.'  I believe the building of the homes can only start after the final approvals are received. He also says that they will begin stronger marketing of the resort once the golf course is complete, in early 2008 and values should rise after that.  I was originally told that the 2nd payment would be due in Jan '07, but now they are saying that installment won't be requested until 12 months after the buiding of the homes begins, which could be a year away.

You ask whether its still a good investment.  I don't know.  I doubt it will show a good return in the short term, but most people seem to make a profit long term. I don't want to complete, so I may lose out, but I want to release the money for a UK investment so I'm prepared to cut my losses.

Finally, I emailed MRI to ask why they hadn't got back to me and told them I thought they were just another organisation that draws people in with tales of over optimistic returns and then ignores them. I received a telephone call within 10 minutes and was told that my query had been passed on and someone with knowledge of the Lorca area would ring me the following day.  He did, and said he didn't know anything about the area but he had asked someone who did to call me the following day (have I heard this somewhere before?)  Anyway, I've heard nothing since. I do get the impression that their staff are trained to sidestep any questions regarding actual returns on property, or indeed their own (shady?) practice.

Cheers,

Dixie

Thanks Dixie

That is very useful information. is that official re the 2nd installment not being required until 12 months after building starts. if so that leaves me with a problem. What to do with the cash in interim?! If anyone else has other views we'd be interested to hear. Incidentally, now looking at Southern Italy for investment but I guess that's for another forum.

I have finally begun to get some response from MRI, but only after suggesting that the media might be interested to hear how badly they treat some of their clients!  To be fair  I have received a verbal apology for their lack of contact.  MRI tells me that although there is a slow down in the market, the Costa Calida is still performing well and sales and resales are still okay.  (The qiestion is, do we believe them?)They wern't aware that Lorca was saying that the second instalment wasn't due 'til 12 months after building starts so they are going to check with the lawyers and get back to me.  I have rechecked my emal from Cor at Lorca and he definitely says "as your next payment is 12 months after we start building, you have ample time to market and sell the apartment."

MRI won't offer to market the property until 4-6 months before completion because they say they would be incompetion with the developer who will still be marketing the first sales up until then.

I, too, am wondering what to do about the £25k sitting in my bank account that I thought I was going to have to shell out last month. It needs to be invested but ready to pay out I guess within a year.

Someone must have some ideas!

Cheers,

Dixie

Thanks KP. I've signed up for the email alerts.  Not often you get something useful for free these days!

Cheers,

Dixie

MRI now say that the building licence is imminent and completion of phase 1, provided building starts by the Summer, will be around March 2009!  A bit different to Dec 07/Jan '08!  I've asked a question on the 'buying property' thread if any other Lorca-ites want to follow progress.

Cheers,

Dixie

Hi Coco, MRI always advise against selling on before completion, I think because they have some deal with the developers not to create too much competiiton.  MRI have told me that they will not help me to market my apartment until 5/6 months prior to completion, though of course we are all at liberty to market privately at any time.  I'm just waiting to hear if the developer gets the building licence in June!

Cheers,

Dixie

I've had two emails from 'Karen' and sent two replies, but I'm getting the message 'member's email address not found' so I'll try here!

As I understand it, we are able to sell before completion provided the appropriate clause is in the contract.  My contract also says I can claim my deposit back plus legal interest if the building licence isn't granted by September '07 (can't remember actual date.)

The Lorca sales guy reckons the value of the apartments will increase once the golf course is seeded in May and once the building licence is granted. Whether that is true or not I don't know, but I've decided to wait 'til September and if the licence isn't in place I will try to recover my 15%.

Hope that helps.

Dixie

Hi Dixie

I have looked into the prices at Lorca Golf and I think they are overpriced but each to there own, the licences have been granted as all other licences in the Murcia region, the building licences will be released in states but I would not be buying here as an investment. If you like it and you are going to use it then that is great. It is going to be a long process. KP