car boot sales

When I was over last weekend and driving around the perimeter of the development I did actually wonder what would happen if it all went ***s up for PW.  I doubt very much if we would be left to go it alone.  The site and the developments are far too valuable a proposition for other investors with money in their pockets to walk away from.  Even as things stand, the project is still worth a fortune as a business concern and someone would, no doubt, step in very quickly to lead the way and progress the development.  As it has been ppointed out many times before, PW have immense financial backing and seem to be one of the few builders still delivering on time/early and, in the main, what they promised.  It is actually quite reassuring that they are taking a very prudent approach to Mirador and 'combining' the town centres etc.  Everything else will follow in time I am sure and, as we keep reminding ourselves, this is a long-term project and patience will reward us all eventually.

Agree with Waddle, Mike and Dawn and Alison's song. No use panicking over something out of our control, I also think polaris are managing things ok so far, again really sorry for the Mirador buyers but hopefully things will come together there soon as well, if the plans are in place they will complete sooner or later. Ride the storm as they say.
                               Chris.

Ps welcome to the forum Bob and Anne.

Big Ola to everyone on the forum especially Chris and Tracey.  We feel much better about the situation after reading everyones comments.

Bob and Anne

Hi Bob & Anne welcome to the forum

This message was last edited by danseex on 9/26/2008.

I'm normally cautious and have some poor feelings about Condado, namely delay in airport, cheap flights drying up. Local issues are the golf course delay, no local Jardines shops as they have now been moved further away and joined with naranjos.

But if you put a sensible head on then pro's are,
- I believe these large communities are the way forward, people want facilities close by and not a small development miles from any shops.
- this is their biggest and best resort, you could say flag ship. They cannot afford for this to go wrong. All the other resorts have been a learning experience for them.
- delaying the other resort makes perfect sense, in the UK builders are putting new developments on hold. People panic about UK prices but just remember demand helped drive up the prices, there is a UK shortage and things are being made a lot worse by stopping building.
- financials, I'm trying to mind the specifics but when we completed I'm sure I saw details the showed my deposit had been used to cover PW build mortgage so there up front costs can't be huge. I wouldn't be surprised most of the 60% i paid at the end could be all PW profit. Building on this scale must be cheap. 
- Once built the real money should be in recurring community fees as you can't build houses forever, I would hope PW have all this tiedup, make a margin and have a steady income stream for the earlier resorts.
- Polaris are still actively marketing with newspaper promos' etc. I still haven't seen then openly discount prices unless it's the unwanted few they can't get rid off in crap locations. 

Overall remain positive be more worried about losing you UK job or not being able to get a remortgage :)

You made some very good points there Michael.

Of course some people are more highly strung than others so people are going to react in different ways to the current situation. Most on here seem to be taking a calm, pragmatic long term approach and are keeping positive. Others though seem to get some kind of comfort from spreading their own panic, misery and gloom. It's almost like they're angry that we're not panicking with them!

Thankfully the former seem to outnumber the latter, here's hoping it stays like that.

George.

I think lack of relevant information stirs all this because if you search the internet there are many forums where buyers are voicing their concerns but no-one has anything from the horses mouth. Nor are we likely too, I expect we'll be the last to know if Polaris actually go bankrupt. On one forum I have just been reading a poster has been making the point that the Polaris company are one of the main employers/organisations for the Murcia region and as such they have council's support because the whole region could be affected if Polaris went to the wall. Most seem to be taking the view that tightening up on building projects not yet started shows financial sense- however disappointing for those who have deposits on those properties. Also, the fact that the massive loan was made to then so recently when the credit crunch was already upon us, seems to being seen as a positive.

For CdA focusing on the Foro does mean that owners can offer rentees facilities sooner rather than later especially when the golf course is up and running. Originally we were told not to expect these things before at least mid 2009 anway, so not to buy with the expecation of being able to rent regularly immediately-  therefore any bringing forward of these facilties has to be good.

Maybe we should all contact our original agents and ask them what they are hearing- although  I suppose they wont want to tell us any gloomy news because they are still trying to sell Polaris properties?




This message was last edited by JHMurcia on 9/27/2008.

I agree with a lot of the points on this post , the size and  financial strength of PolarisWorld is what enables them to keep producing a quality product on time, think about it for a while, we in the Jardines were expecting delivery of our apartments in Oct or Nov but they started to be delivered in June , allbeit without certain facilities which was disappointing at the time but these facilities are starting to come on stream now. 
I was told the Habitation cert would be ready when I came to sign the final papers for my apartment, of course it wasn't ,at the time disappointing but do I care now?NO
The Foro in the center of the Jardines has been moved, VERY disappointing, will we be as disappointed in 6 monthes time ? we will see.

As for the credit crunch , I bought with a long term view A very long term view , the credit crunch will only affect those who bought with a short term view  or speculators who bought to sell on a short time scale.
Is my glass half full? it will be when I go out to my apartment in October and when I empty it , it will be rapidly refilled,  we have all had problems and disappointments along the way and may encounter more but when we get out of our hire car for the first time to check out our new holiday home I don't think we will be thinking about what happened in the past but what will happen in the future,,,,,,,,,,,,,,,,,GOOD TIMES.

Ken
 

Like your style Ken, soon as the glass is empty fll it up straight away. Looking forward to the drinkS.
                                     Chris.

Hi all, last week we emailed pw saying we would like second payment bank guarantee yesterday they emailed back saying that there will be a 16 week plus wait for this as there has been huge demand for same and that we should complete in november regardless as the bank guarantees are only valid during construction of the apartments and these are now complete. Bit worried.
Bob & Anne

Hi all

I am just back from Condado and work is continuing at a great rate and there is no sign of it stopping.  When I was at cutomer services last week I was told that the development would be completed by 2010.  Find this hard to believe but if progress continues as it has been then anything is possible.

Linda

Bob & Anne

I never recieved my 2nd bank guarantee and are completing in 3 weeks, my solicitor told me not to worry about it as I was so close to completing.

If your place is built and nearly ready for completion then I guess the bank guarantees are not necesary as they are only issued to protect your payments until your place is built. ( a bit late now!!!)

Dan

This message was last edited by danseex on 9/30/2008.

Hi Dan,yeah you are probably right, just worried mildly as they can`t furnish local gov in murcia with bank guarantees for the 4mil they owe them,we are going out on the 8th nov to complete , see what transpires between now and then.
Bob

One thing to remember Bob is the debt they owe is from a another region & resort Mar Menor, which is a separate PW company.

I would of thought 80% of what is being constructed on Condado was sold off plan so I'm hoping all will be OK.

Dan

Dan you`re right [i hope] and i still intend to complete in nov and i suspect many pf us have got the jitters right now,uncertain times for all.
Bob

Hi Bob & Anne,

We did not receive our bank guarantees and were equally concerned. Our solicitor was happy to withhold payment until we gave authority to release but did advise that our money was safe as the building had actually been built. The guarantees act as your security and are handed back to Polaris on completion and are in effect exchanged for the habitation certificate. 

Because of so may completion dates coming forward so quickly we suspect that 2 things are happening:
1. Polaris are meeting themselves coming back 
2. They don't really want to pay for the bank guarantees if they can help it

We are due to complete on 24 October and will not complete without the habitation certificate as this seems to be the key document. 

Content at the moment as we have recently seen our apatrmnet and we trust our solicitors - they have been superb. Our discomfort is the fact that this is all new to us and we are so far away. Never felt the need to speak Spanish more that right now!

All,
We are due to complete end Oct and got a similar response from PW and our solicitor regarding second bank guarantee. As I said in an earlier post, these are uncertain times but all we can really do is sit tight and proceed with completions. Hopefully everything will get sorted but at least we'll have our apartments in our ownership following completion.

Dan - Did you get my PM re-meeting up when we are over ?

Thanks Gary & angela, true why fork out money needlessly when conservation of funds are necassary.
Bob

Kevin

Did you not get my reply?

Hi Bob and Anne,

We are completing on the 12th of Nov, hopefully, so will be out there 8th to 15th. 

Joint celebrations in the bar if all goes as planned

Phil