Joint Approach

Hello everyone,

Reading various comments posted here I am seriously worried about the future of CDP. Like many of you we have put a chunk of money down years ago and are totally fed up with the lack of accurate infomation given by the company, it seems they are quite happy to keep clients in the dark feeding us a spasmodic diet of bull***t.

We are on ph 5 and were told completion was definately scheduled for Jan 2009, I know the house is ready but no habitation licence issued yet, although with the state of the pound currently I`m not in too much of a rush.

Rowleyhouse made an interesting point, regarding asking Peinsa for a `deal` to be struck in order to expidite things & provide them with seemingly much needed cash, maybe if we adopted a joint approach perhaps along the lines of `sort things out or we may all withdraw and sue for a refund of deposits etc` if we could get a solicitor to front the approach it may just trigger a positive reaction when they visit site next year.

It would be interesting to hear what others think.......

Cheers,

Roger & Stella

There is certainly  lot of fear around regarding the financial status and some unconfirmed rumours

What buyers should do is read the article in last weeks Costa Blanca News regarding the closure of the La Tercia Real development and the growing number of legal cases building up for people re-claiming their oriiginal payments as I believe that it will have some impact on this development

There are quotations from the Peinsa sales manager Yolana that Peinsa have no money and that people without BG plus that have hdrefund cheques issued have little chance of getting their money back

Our advice is that you should not complete without a COH however people are now choosing to ignore this as they are nervous because if the compnay folds, and they have no BG, tht they don´t want to loose everything nd just become another unsecured creditor, this happens s seen with the current San Jose situation

The most important thing to do is consult an independant lawyer, the first conference will normally be free

Peinsa have a lot of unsold empty completed properties around on a number of sites which typically are mortgaged so will have ongoing  financial commitments

Agree with Rogers comments about the situation.

We are planning to go down in Jan (also PH 5) to try and understand what is happening.  If they (Peinsa) were managing the overall situation a communication should be issued to all explaining the real position.  No one appears to know what the exact position is - including the solicitors? 

mick phase2 although i completed on friday does phase 2 have a habitation license or did i complete without one

The quotes talked about from the Costa Brava news can be found by googling "La Tercia Real Owners" its another forum for another Peinsa site. Worrying news im afraid but worth a look.

From past experience, you will get no sense or honesty from the local office.

We have waited 3.5 years and chose one of the phases closest to the front - phase 7 and whilst completion was to be Jan/Feb 09 this is looking increasingly unlikely.

January will be an interesting time for progress or non progress on the site and possibly a make or break situation.

A combination of the climate in the UK and Spain, leading to difficulties securing mortgages, weakening euro means the houses are costing 35% more for some of us means the investors probably have a short window of opportunity to get this site moving.

Probably the most effective and sensible approach of doing this is those willing and able to complete to do deals on early phases, which have licences and are completed.

If you fall into this category - if you wish to share through PM your details, including Plot and phase details, I will happily take this forward with my contact on our behalf for the investors to consider.

Please note we are away 28th Dec -12th Jan so some delays will be experienced on responding to you.

Rest assured, we are fellow buyers on this development and have no connection with any agents etc.  But being in the banking/property industry in the UK we have a reasonable understanding of how things work (albeit we are buying in Spain and not the Uk!!)

Good morning Rowleyhouse

Thanks for the offer. I have PM you my details. I do believe that this is a sensible approach and worth pursuing. The more people that are willing and able to complete the better for us and for the developer who can proceed knowing there will be an inflow of funds if he does the work.

Best regards

Sean

Hi Rowleyhouse,

Have sent a PM.

Hope to hear from you soon, and all the best for the festive season.

Ray & Ann
 

Hi Rowleyhouse,

Have sent you a PM today, good luck and a Happy New Year to all.

I was at the CDP sales office on 30th Dec inspecting my property on Phase 4 and met Patricia.

Due to the high demand for COHs there is still no license for Phase 4 but Peinsa are talking about a compromise agreement to enable completion.

I asked Patricia whether Peinsa would supply my white goods as compensation for the 2 year delay and to incentivise me to complete soon.

She informed me that Peinsa would not do this as they have no money, even though she admitted others before me had received this compensation.

I then asked Patricia about the financial position of Peinsa and she just said "sorry". Wheter this means sorry I don't know, can't tell you or they are going bust, but I doubt if she knows.

Like others, this is now a risky position - my deposit is at risk as I only have a BG for half of my deposit & without a COH completion is also risky as I would be dependent on using Peinsa's supply of electricity & water.

The dilemma is whether to complete ASAP regardless of the COH to protect my deposit or hold on for the COH.

A few points regarding snagging that might be helpful: All doors need door stops to stop the door handles smashing the wall tiles, the grouting everwhere is poor & on the top floor terrace is almost non existant where the floor meets the walls, there is no 'proper' U bend or trap under the kithcen sink. Peinsa will supply shower hoses on completion.

Regards,

Colin

Most of the defects that you have listed are normal for properties built by this builder but you should also check the loading on the electrics, and that the window frames fit securly without draughts

It is normal in Spain not to have U bends as the system used is to have floor traps which are in the floors beneath silver covers and this is where, if you get a blockage things collect

Good tip on the door stops but don´t forget a smoke alarm, extinguisher and fire blanket

The diema on the COH is one that hundreds of people face and i am sure that you are aware of difficulties if you are on builders supply and the builder doesn´t pay the bills as you cannot get a connection without a supply and you can end up stuck between a rock and a hard place

Firstly, thank you to all who have sent PM to us regarding potentially switching plots to secure completion on earlier phases than originally secured.

We have had a number of fellow buyers make contact - our contact has visited the site on the 7th Jan and we are awaiting an update (please note we have been away until yesteday, hence this is the first opportunity for us to provide an update).

We will PM everyone shortly with an update.

Regards

To all those who have PM us - a further meeting with the local office is taking place on site tomorrow morning.

We have established c15 properties on phases 1-3 with habitation licences are available - possibly more.

We will PM all those who we are in contact with regarding interest in switching to earlier plots hopefully with an update this weekend.

Who said, buying a place in the sun was fun!

Coastal Property Prices Report

A survey analysing 14 coastal municipalities carried out by Sociedad de Tasacion shows the variations in coastal property prices in Andalucia for 2008. Almeria and Fuengirola were the places where prices fell the most, by 11.9% and 11.5%. Marbella remained the most expensive after a 5.7% drop. The national average fall in prices for the year was 6.1%.

As we have been discussing property values - thought the above may be of interest.

Hi all. I live in San Juan, and all the permanent residents here are really angry about the situations here as well. It is heartbreaking to hear that some people have no bank guarantees. There are some other unfinished developments here, and the town looks like a building site. The unfinished road to Jaravia is not helping either. Prices here have nearly halved from a couple of years ago, and are continuing to go down. Please be very careful as many developers are going bankrupt every month.

Please note that I will be making contact with those who PM with an update following the site meeting last week.

The PM contains an update, together with our contact details.

If you have not received a reply from us - please can you PM us asap - we require clarification around the bank guarantee's that you hold.

For those contacting us through PM under the joint approach initiative - please can you also share your solicitors name.