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Hi,
I accidently clicked on a link on this forum which took me to a company that deals with PW sales and re-sales. I noticed a number of the Jardines are up for sale for as little as 90,000 Euros. I assume these are people desparate to sell before completion but I wonder if any of you guys who have been completing have noticed how many there are like this for sale and whether this has had any impact on the valuations when obtaining mortgages.
Regards
Phil
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There was no impact on my mortgage as I have taken builders mortgage, what was the link or company that is selling at this price?
Thanks
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Hi All
These people will have probably bought thinking they would be able to flip the property before completion making a quick profit without completing, often high risk and with the downturn in the market probably now looking to get out and cut loses as not able to get or make payment on mortgage. Or maybe just getting cold feet with the downturn in property at home and in Spain.
As long as you have gone into this as a long-term investment, like most property it should be a good investment and anyway in my case it will be the kids that have to worry about that one as we have bought for the pure pleasure of being there.
Regards
Phil This message was last edited by PGM on 7/9/2008.
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Hi All,
We have taken a mortgage via an independent bank on our 1st floor apartment. PW sold at 130.700,00 Euro and the bank valued it at 129.950,00 euro
Splitting hairs or what.
I have noticed there are a number of people trying to sell their contracts before completion, usually purchased off plan some 18 months or so ago when the euro / £ rate was 1.47 ish. I think the down turn in the exchange rate of 15%+ would have a dramatic effect if you where already stretching yourselves when you orginally bought.
As the other Phil said these have got to be along term investment, if for no other reason that the development won't be finished for 4-5 years anyway.
We are looking forward to many great holidays and making loads of new friends.
Phil
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Phil 
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Hope they're going to pay community fees on the 95 properties or we will be left to foot the bill, like La Torre.
The majority of defaulters are companies who have bought numerous properties and find because of the changing market, they are unable to sell.
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There is a thread on PW forum that is warning the owners that those who default on community fees run the risk of having there propertys taken by the authorities and thats after blatantly missing payment.
Apparently the law is very strict about this in Spain
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Never regret the things you've done...Just the things you aint !!
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When we first stated viewing the forum I read quite a lot of threads on the general threads about problems getting all the community charges from owners and how to deal with it- they didnt always sound successful. But I wonder if they are smaller developments or purely residntial developments that have to stand on their own two feet once the development is finished because many had the money going to a committee.
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Jan & Mike
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I was reading on another forum for Le Torre about community charges. There were complaints about the scale of charges, who pays what etc. Also it was stated that some owners had never paid any charges since completing.
My interpretation of what appeared to happen on Le Torre was that the people who did pay were asked to pay more to compensate for the non- payers.
Look at the threads for Hacienda Riquelme. The residential part of the resort is now complete and they are now looking into community charges, electing committee members etc. I guess we will be doing the same in the near future.
Has anyone any experience from the other developments???
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Phil
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