stop building

Hi Gina

It would be worth looking at the thread 'liability and walking away' where the topic has been quite extensively discussed. I believe the general consensus from people who have fed back to the forum from their lawyers (and what I believe) is that in our particualr case our liabilties are limited to our deposit so far paid, ie if we walk we pay no more but we of course lose whatever deposit we have paid so far.

hope this helps

That's not a bad idea Mr Happy, if there are lifestylers out there that are in a strong financial situation on later phases, that would like to proceed sooner rather than later, I would also be up for a swap.

kev

interesting thread , i am an owner on phase 4 of roda , still an unfinished development and no sign of the alleged hotel , delay after delay and appalling customer service the problems being faced by everyone concerned at roda and corvera lay firmly at calidonas door had they delivered the products on time as promised at point of sale they would not be facing the issues they are now , and to take the attitude of "well its spain" is rank stupidity we would not accept it in the uk so why accept it in spain? the attitude of well i dont have to complete for a couple of years is great apart from the fact that prices are not predicted to stop falling in spain untill 2012 so you will be completing on units worth quite possibly 50% less than you paid !! i would suggest to go ahead on these developments at these prices is quite simply financial suicide . engage the services of a good commercial lawyer not the convayancing ones who gave the advice in the first place and you will e suprised at the options open to you . 

Wangy 1421..........Finally, a voice of reason among the rose tinted spectacles. I agree, it has now become financial suicide to complete.

If the choice is walk away and lose about €60,000 or stay and have a property allegedly worth about the same amount less than it''s original value, I think I'd rather keep the apartment. At least there is a good chance that you might get your value back in the future, whereas money given up if you walk away is dead money.

I have to agree with Frank.

I shall most probably take over the mortgage that Calidona has on my property and hope for the best.

Rav S

Unfortunately there is a lot more to it than that (use the tools and property purchase calculator at the top right hand corner of this page) not to mention the community fees, insurance fees, utilities and other ongoing costs.

You may also want to google "corvera resales" and hit the first link - I've looked at this closely and witnessed the prices fall and the number of properties available increase.

Hey roley poley if your going to attempt to write IRISH at least you could do is spell it right 

DONT TAKE THE PISS!!!!!

hi erinzak,

i am the product of two great hard working irish parents, the old fella from ballyhaunis co mayo and my mum from ballinasloe co galway, i myself i might add have an irish passport and is very very proud off my irish heritage.

having a bit of a craic in these difficult times, so put your dummy back in.

                                          all my love noel!!!!!!!

to the best of my knowledge calidona have never completed a resort yet , ie roda phase 5 mothballed indefinatly , no hotel in sight , delay after delay and all this in the boom times !! now that things have turned sour and the outlook for the next few years is dire the question has to be asked will they ever complete a resort to the standard we were lead to believe on roda or corvera  ?

What;s the betting on the hotel at Corvera being finished before the one at Roda so that Calidona/De Vere can fulfill their obligation to the European PGA in making Corvera the Winter Headquarters?

Moreover have either actually applied for planning?

This is how it works guys

Sell phase 1 to fund phase 2 and so on until sell phase 5 to fund hotel and commercial centre

So if they dont sell all phases bingo No Hotel or complete resort

Steve I love your optimisum but beware or you will fall hard

I am a property developer with 10 years exp

The only way Corvera will be a success is if Calidona drop there prices 50% which they wont because the developement will come in well under budget

There are resales at Corvera going now 50K cheaper than the going rate so how much will they be going for by time the 1 million plus new properties are sold across Spain

They are going for 50K cheaper but I would guess they would have to drop another 30-40K to get a sniff of any deal

The only hope would be to mothball Corvera for 5 years

I have just walked away from a simular situation at Roda and lost my deposit which hurts but will stop all the heartache further down the line when things go from bad to worse

Always remember in hard times luxury things like holiday homes and expensive cars are first to go

The economy at home will take five years to recover so how low will the prices take to to stabilise in Spain

well said wangy,

we will put our cash into something more profitable for 5 years then nip in and grab a bargain.

So you've already paid 30% which you are willing to surrender. The remaining 70% you are going to invest in what exactly to restore your 100% in how long with interest rates being bugger all?

stockmarket will recover long before property steve lots of cheap under valued stocks out there.

good luck.

Steve here are for example figures

Purchase price now 250000 Euros

30% deposit   =     75000 Euros (Lost)

2-3 Years time going for 50% of price = 125000 Euros + 75000 Lost deposit

Gives you a grand total of 200000 Euros for your dream property and your investment will then start to mature in price less all the soul searching people are doing now and peace of mind

Not being an investor, the only property I would like to buy on Corvera is the one I've already put my deposit on. What are the chances of getting that exact same property in five years time at 50% off? we just look at things from different perspectives methinks.

Yes Steve your right every man to themselves

I am Mr Cautious by the way according to her indoors anyway

But havn`t slipped up yet.....

Sorry Wangy - love your wit and wise comments (at times) but come on, you say you haven't slipped up yet admit to buying on Roda and Corvera !

Just a quick question were there any repercussions when you walked away from Roda?

Hi Carole,

Good question, if all I loose is my deposit (much and all as it hurts) I'll take the hit. Its the fear of being pursued for the balance that I find most frightening.

Gina