What if you cant complete?

Hi folks 
                are any of you having the same feelings/ worries as us with the early completion on terrazes phase 1 .. will the golf course ever be built , will the town centre and bars shops etc ever come to fruition and if so how long will it all  take ? could polaris suffer the same fate as many big names in the current climate and go bust .. if so where would that leave us all ... on permanent building sites probably ... and finally if because of the increased risk these times bring along with banks tightening up on lending and the euro rate been so poor, airlines and holiday companies going bust , air fares rising and the impending reccession ( badly spelt) ...  we decide that we cannot afford the risk what are the options ?  is it simply a case of lost deposit ? or might polaris want more ? does anyone know where we stand if we cant complete ?

   any thoughts answers or comments would be greatly appreciated as at times it can feel impossible to any real answers from polaris land!

It is for this reason that I have asked about the habitation certificate.  We do not have to complete until this is available, and my understanding is that it cannot be issued until the phase is completed and there are some amenities in place.  I have had no response from Polaris, however.

I just got told by PW today that my completion is delayed from 31st Oct. until 17th November because they will not have the Habitation Certificate until then.

Nic W
Apt 2713

Yes it does not look good for the polaris buyers have a look at holidaylettings on the other polaris developments no rentals coming in vast competition community fees, local taxes people staying their when its empty ie rented on the side by a management team you thought you could trust speaking from personal experience expect to lose 10k sterling a year on a two bed apartment if 4 weeks holidays a year in the same isolated region of murcia is worth 10000 quid sign on the dotted line if not just walk away and put it down to experience

Hi everybody,

I think we are all feeling a bit apprehensive at the moment but I am sure it will all work out ok.I know somebody else who has lived in spain for 8 years and he had all these problems years ago and it all worked out in the end.I think this is just normal when you buy abroad.The credit crunch in the uk is'nt helping matters , there a lot of worried people out there but lets all try and look on the bright side.Just imagine next year we are all sitting enjoying the sun in our places in spain and hopefully we can all lok back and laugh at it all.

We are going over there on the 16th october till the 19th and would love to meet up with anybody else a have a drink.We are staying on la torre so anybody else up for it let me know.

Lynne

Yes it does not look good for the polaris buyers have a look at holidaylettings on the other polaris developments no rentals coming in vast competition community fees, local taxes people staying their when its empty ie rented on the side by a management team you thought you could trust speaking from personal experience expect to lose 10k sterling a year on a two bed apartment if 4 weeks holidays a year in the same isolated region of murcia is worth 10000 quid sign on the dotted line if not just walk away and put it down to experience

1.  Rod you say no rentals coming in, is that your personal experience, not mine I can assure you and others

2.  Vast competition, yes but work with the competition, if you have a query and cannot fulfil it pass it onto a neighbour and they may reciprocate

3.  Community fees and taxes are standard

4.  Dodgy management team, would you care to elaborate and name and shame, I have had the same keyholder on La Torre for 2 years and could not fault her

5.  What is your experience of losing 10K a year?  I have rentals that cover my mortgage and more

I dont feel that scaremongering people who are about to take over a new property is really the way forward, you have obviously had a bad deal somewhere but I am sure you are in the minority, we have made the most of our place on LT and visit as often as we can, all of our neighbours we speak to also have a fantastic time,

My advice as always, if you are renting be very pro active.

Dave


This message was last edited by davey2187 on 9/25/2008.

Davey
   I do speak from experience owning several spanish propertys i was giving my opinion over being offered a property on La Torre as a distressed sale 90k sterling some weeks ago ,i then looked at a number of availibility calanders on holiday lettings and noted owners are slashing prices to 99 pounds a week and still have less than a month of bookings going forward over the next twelve months ,it just did not stack up with the rising aviation costs ,poor exchange rate and other costs of ownership its not as good an investment as it was 5 to 10 yrs ago i thought it best to not buy.

My statement on the 10k loss was a calculation based on a 200000 euro property with 70% mortgage LTV and a 5.5% per annum interest only and the cost of raising deposit on uk property or using your savings and losing the interest on it  with on average 20 weeks at 150 pounds as advertised paying for cleaning average 50 euros a time , laundry 25 euros ,key holding service of 400 euros, community fee off 100 euros monthly and an air con bill of 1000 to 1200 euros per year ,advertising 250 euros a year this is not all the bills but most of the higher ones.

I hope these people who complete are succesful but i look at the numbers 

Perhaps you can give some tips on how you market your property so succesfully ,where you advertise to help the polaris buyers

In summary if you need to rent your property out to pay the for it be careful

I hope ive answered all your questions.

Good Luck with your ongoing ownership

Regards


This message was last edited by rod on 9/25/2008.

I agree that you have to be careful however if you are pro active then you can succeed.  I gain many rentals from different sources such as inter/intranet, friends and neighbours, very importantly returning guests.  Oh and I almost forgot, the local chip shop has come up trumps for me.  Those who rent out cheaply will rue the day, also if you ring the £99 wonders you will find that the cost mysteriously rises.

I still feel that there is no need to scare people off, if they ask a fair price and sell their property appropriatley then they will benefit

Yes i agree with Rod the competition is fierce we have an apartment on La Torre and we are losing money on it ,if only we had read his views sooner we would not be losing this money we may have to give the property back to if things dont get better we are already 5 months behind on the mortgage

Barbara J

How do you market your place Babs

Like most readers of this Terrazzas forum I do not own porperty in Spain but, albeit with concerns about exchange rates and the other issues already posted, I still cannot wait to get my hands on my apartment in due course.

I think both Rod & Davey make some valid points but I have to say I perfer Davey's postive attitude and advice to market properly for rentals. I stayed in 2 properties at La Torre this summer and in terms of having me as a returning customer one knew what they were doing, the other clearly not.

I have also been astonished that people advertising on sites such as Holiday Lettings think they can post 3 or 4 photos and a slightly tweaked version of what appears to be a standard template for ads & sit back waiting for bookings to flow in. I feel that I will have an advantage in location terms having what I feel is one of the 2 best locations on Terazzas (El Don the Godfather has the other) but I will certainly market it with a lot more conviction than I have seen in most adverts on the many sites I have trawled for this years visits and indeed for 2009.

Unless I am mistaken nobody has actually answered FLYINSTAR65's query. As I understand things: If you don't complete the purchase you will lose all monies paid to date. You have the option to sell the property NOW (ie before completion) if you can find a buyer (if you want to consider this option I'm sure some of the usual Polaris Agents sites will advise how to go about it.)

Regards
Dave

PS  BABS12, sorry to hear of your situation - suggest you send a private message to Davey , who sounds like a decent bloke and he might give some tips to get rentals moving. Good luck.

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