I am not a buyer on this development but I have been able to help a few people because of my local knowledge and the fact that a few people have switched to the La Cinulecia development
I do not sell property so I have no commercial interest in people cnacelling or continuing their purchases
There are lots of rumours regarding the financial status of San Antonio just an obvious winding down of their operation locally and some statements that they had already, like Sa Jose did, have gone into trading administration, which is not true
It would appear that the building work on the development has stopped, again form reports form local people, but no formal announcement has been made by the developer regarding the formal cancellation of the resort and it is difficult to get hold of the builders staff
The problem is, as demonstrated on the San Jose and La tercia Real developments that it can be better for a bulder to walk away form a development if they are exposed to low sales, reducing values and possible cancellations due to construction delays
The problem is that the only event that triggers a claim for late completion, if you have a BG, is the date in your sales contract which when passed allows you to make a claim and of course if they don´t announce the stop to building on the development then you have to wait for that date
It is the law in Spain that the developer provides a BG which gives you some protection if the developer folds but is more commonly used when the property is late but without a BG you are in an exposed position and if the builder folds, as seen with the problems at San Jose, you may just be another creditor. If the lawyer was provided by IAP and they did not advise you about the BG requirement you should be asking them what they will be doing to help. With no BG your only action is normally a legal case which can take 2-3 years to get to Court
Flipping is the term normally used when a buyer sells their contract to another buyer or perhaps upgrades to another property but I believe what IAP are looking to do is offer buyers properties on other developments like La Cinulecia. There is a rumour that they are trying to offer properties from other developers but I can´t see that the original developer would be keen on doing that. Also check the pricing of anything being offered using a local source.
There are property of key ready properties on La Cinulecia but the area and type of properties don´t compare with a property on a golf resort and you need to think carefully about why you originally purchased the property, investment or lifestyle as there is a glut of rental properties in this area and values have fallen with a number of distressed sellers
Hundreds of people are walking away form purchases loosing their deposits as with the euro rate and falling prices is makes sense for them to do this, on the other side mortgages are MUCH CHEAPER now, Eurobor plus 1.5%
The properties are still valued at the previous rates, typically they will have builders mortgages on them so they are reluctant to reduce the prices and to get a real indication on prices look at local property websites for resales which are normally furnished and where you pay less in transfer tax to buy
In order to bring any form of joint class action you first need to establish if the development has the necessary licences and is still being buolt by the developer and check the dates ans staus of your BG´s
I am sorry that I cannot be more positive about e situation but I hope this information helps