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To all who are interested in Arenal Duquesa
I can tell you, without doubt, that this is a genuine offer. ALL apartments that are being offerred through Property Investments International are 140,000 euros. This deal has come direct from the bank and is not through the developers. If you go to the developers, you will be offerred the apartments at the normal prices. This may be where there has been some confusion.
Rather than argue the point, those of you who are interested, why dont you call Property Investments International, which is run by a well known local who has an excellent reputation in the area who will be happy to give you any information you require and you can then check it out for yourself.
That is what I did and I am perfectly happy with what I have seen and read.
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I will be interested to see what my lawyer says as I am still to complete from Phase 1 from 5 years ago on a purchase price of €195,000. Why would I now do that if they are selling them off cheap for €140k. Surley anyone of us who have not yet completed refuse to complete unless we are offered the same price?
Currently Im trying to get my deposit back as I have tryied to complete 5 times in teh past 18 months and everytime I do something else happens....everytime is doesnt happen have to get a new valuation at my cost not to mention the lost rental obver the last few years
Mike
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i feel for you mike. I know you have been waiting patiently and i cannot imagine if i was still waiting how i would feel.
Also it seems a little quiet on here these days, like people waiting are losing the enthusiasm. All i can say is that, for me, it was worth it.
Obviously, everybody waiting to complete will surely now cancel and re-purchase?? The developers must know this and must be very silly putting these prices out there. If, indeed, everybody has not cancelled and re-purchased then why? hmm.. i wonder?
There are messages appearing on the message forums from people just joined, first posts, informing people of these deals. Free advertising? i don't know but i would be sceptical as to what this deal really is. And also we dont really know who is who on here do we?
Anyway, it doesnt make a difference to me now as i am in. But those of you waiting, check it out properly, before cancelling. There is some catch here i think. Getting people through the door is what they are after, then a play with figures changes things, thats what i found anyway
good luck all waiting and also those buying at the special price ;-)
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Peps
Thanks yes its incredibly frustrating especially waiting so long.........when I see offers like this if there real its worrying...suppose i have to sit and wait to se what happens but I have been doing this for 5 years
Mike
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This latest info is unsettling .It could be that the mortage is 140k and that it represents 70% of the purchase price, as this is the maximum that they generally will lend to non residents. This would represent a cost of 200k.
Would someone who is on the ground volunteer to call into Cajasur and ask the Manager there if he can confirm this and indeed if Cajasur have a relationship with the Agent mentioned?This information should be readily forthcoming.
Any takers?
Limar
_______________________
Limar
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It is my understanding it that the offer is for real. I met Sheldon about a month ago in a local bar in Sabbi, he is a partner in the investment company offering the apartments (200 units in phase 1). He told me that they were offering the apartments for 140k plus his commission and they could offer a mortgage with the deal, if needed. To be fair I didn't take too much notice as I had already purchased and I did get a good deal with my apartment, but needless to say not that good, if I were looking now, I would jump at this offer. The apartments are in an ideal location and the development is beautiful.
I did not ask about the mortgage offer, but if you have 140k and 6K (for his commission) the apartment is yours. If there is a catch it is probably in the mortgage.... But if you can purchase without finance then at 156k they are an absolute bargain. I think this is desperate a measure the bank have arranged, for those of you awaiting completion at the old price, surely something can be done so that you complete at the new price? Speak with your solicitors or if it is still now possible pull out and re-purchase.
This will have far reaching implications for the area. Who in their right mind would now purchase an apartment, with a similar spec to Arenal Duquesa for more than 156k? There are absolutely hundreds of apartments for sale new or used in the area and they are currently going for a lot more than 156k, this will now cause serious reductions in the area and anyone trying to sell their apartment, will have to drop significantly to be in with a chance of competing for the custom. I suppose this is the effect of over building in the first place then having a worldwide economic depression. Unfortunately there will be winners and losers.
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Talisman Here again
Re the comment below from peps
There are messages appearing on the message forums from people just joined, first posts, informing people of these deals. Free advertising? i don't know but i would be sceptical as to what this deal really is. And also we dont really know who is who on here do we?
As the 1st poster to highlight this deal on the board i would like to clarify again for the record my personal position.
I have no connection whatsoever with the agent, developer, or bank or anyone else associated with the offer.
I purchased through McAnthony real estate nearly 5 years ago at 179k. Due to the problems i cancelled my contract [took some time] and received my deposit + legal interest back. I subsequently purchased in an off-plan development in Almeria[still to complete]. I have posted on the Playa Macenas forum on eyeonspain.However i have kept an eye on Arenal Duquesa due to previous involvement..
Any info i have posted is verifiable and i assume that any intending purchaser would perform due diligance re the offer.
If people can cancel and purchase at the reduced price then i think that would be great.
Personally i would like to repurchase in the development but i am already committed to Almeria and do not know if i could afford it long term. Still trying to decide.
Best of luck to all.
Talisman.
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Thansk for the update...here is mine...my lawyer says this is very suspect!!!!!! Im also waiting on numerous mails and calls to be returned from Property Investment....read into that what ever one needs to!!!!!!!
M
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i too had read the offer that the mortgage would be for the 70% LTV at 140,000. leaving the rest to be made up by the purchaser, bringing the actual price to around 200,000. I could be completely wrong and i was only suggesting people make sure before cancelling. If i was waiting, i would definately 100% cancel if the deal is ligit and licence hadn't been issued for my apt. Who wouldn't.
Mike? you could ask for an apt on phase 1 instead of waiting surely? why keep people waiting when they would be willing to complete on phase 1 now? so many things just don't seem to make sense. Those people who have been and still are desperate to complete in unreleased blocks could just have switched to another block and completed.
I am not accusing anybody of anything, and wasn't meaning to cause insult when i has suspicious of some of the posts. I just thought it all seems a bit strange. a post from iinvest? maybe nobody but an innocent investor. Its not just this site that things have been said and i couldn't resist putting my suspicions on the forum. after all, we;re supposed to be helping and discussing things no? Keeping each other informed? Personally, i think the whole thing stinks, and has done from start to finish. Problems with developers, banks, lawyers, not to mention the 'agents' being mentioned who sell them. I am lucky i am there now but i totally understand those waiting and what they must be going through in light of recent events.
suzanne
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Sue
Your right we are here to look out for each other and i would not worry what you said it all made sense to me...on your point on phase 1 woudl you beileive that I am Phase 1 block 7 first floor.....and i still cant complete
M
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oh mike, i thought you were on phase two... why on earth won't they let you complete? its crazy, people have completed in block 7. So, thats why you can't cancel. well, i would certainly get on to solicitor regarding the cost and get them to find out exactly what is being charged to others. don't suppose you have elena lopez?
you're the guy we all mention when we are together out there.. sorry, i get some of us a bit mixed up, more out there because you dont have the site to refer back to people. non of us understand why you can't complete yet? licence is there
suzanne
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Sue
I was ready to complete on the 18th of August mortage all sorted by the excellent Sharon....btw if anyone needs a mortage she is the lady to speak to she is brilliant..........
Anyway I was with Lloyds and we were doing all the neccesary when we found out that the end of buildings works deed is not registered and therefore LLoyds wont except until this is done....I can only guess you guys had a more flexible mortgage lender...teh consequence of this has 1) Cost me money and 2) Im still not in
Suzanne are you all in Phase 1 block 7 then? Whats it like is it fully finished and are you all in? Dont suppose someone wants to get my keys and check it over?
My lawyer is Anderson and Im dealing with Sergio then Rosa who have been excellent
Mike
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sorry mike, i was speaking to you about your snagging couple of months ago wasn't i, but then your completion got put back again. i remember now (well, i always remembered but got you mixed up with somebody else). i am in block 11, there are plenty in my block. i have met some of the people in your block but no, it is not full yet. its all finished though. Apparently, there is a problem with the water pump in the pump room in the car park for your block. its cuts off quite a lot but a guy that has completed in there was telling me the builder had shown him what to do if it goes off. They are working on it i think.
We did have a problem with our bank regarding the building works deed also just before completion, but they got it signed and i was given a copy on completion. it put us back a couple of days but came through in the end. my lawyer went herself and chased it i think. How the others have done it without i don't know. its just paperwork i think that they drag their feet with. i hope you complete soon.
Nobody will be able to get the keys to get in and have a look for you. they just won't let you in the apartments until completed.
suzanne
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Thanks Suzanne...are you saying you cant look at your apartmet until you sign and handover the money? Not being funny but it could be a sh!thole of have squatters in there....
Besdides all that how is it looking for short/long term rental?
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I spoke to the guy at http://www.propii.com/index.html and he assured me the offer was genuine, that the bank were willing to offer a 100% mortgage on 140,000 euros, and the extra costs would make it all amount to 154,000 altogether. I asked if there were other hidden costs and he said "No". They wanted a 6,000 deposit. He said the bank want to get the properties shifted. I was quite blunt really, and asked him what the catch was. He said "There isn't one, the bank just want to get these properties sold - it's costing money to have them sitting there." Margo
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i should imagine most of the 200 they are selling will be gone in the drop of a hat in that case margo. might buy another i love mine so much what do you reckon margo.
so, it really is true then, we have been ripped off!!! sorry, only joking before you all scream at me. i have paid an extra 50 grand for nothing tho, and then some! hope they dont want community fees off me for the next 10 years ;-) let the others pay it.
mike, i thinksome people may have looked at their own apartment whilst over there before they completed but they are few. I never got to go into my actual apartment until the day i signed. If you want to get into your actual apartment then i suggest you go over before you complete and insist, but i couldnt get into mine on any of my visits. It does seem unbelievable that that is how they do it out there. But that is what i was told every time i asked my lawyer. i could only get access to the site and show apt or any empty ones they had left open (i know, i have wandered into a few that simple have been left open).
suzanne
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I tell you what Suzanne, if I had the money, I'd be in there like a shot. It's not a nice feeling, knowing we've paid so much more for our apartment, but that's life and the business world is like that I suppose. We paid 183.00. These are very weird times financially, we've got big high street banks actually going bust - that's unheard of really - and I expect this lot in Spain are getting the jitters and trying to cut their losses, literally. But with property, it's all about long-term and I still think that we're going to be OK. But oh boy, I wish I had more dosh right now! I even know the apartment I'd be after! Margo
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