Returning monies???

Hi, just found this blog and wondering if anyone has any advice. Been waiting 3 yrs to  recieve keys!!! A little frustrated now especially with it scosting me £30k more. Solicitor a nightmare to contact, and agent even worse presume they are working for each other. Your comments about liquidation a little concerning. Any idea on getting funds returned?? if so how do you go about it.

Any advice would be greatly appreciated.

2005: 165,000 Euros + IVA @ 1.45 ex rate  = £122K

2008: 165,000 Euros + IVA @ 1.00 ex rate = £177K

Difference = £55K plus drop in market value, plus loss of rental income over 2 years another £10K

Absolutely gutting

Can anyone tell me if anything is going on in terms of builders returning on site after the holiday period?

ALL WE CAN DO NOW IS JOIN TOGETHER and demard completion of our properties.

HOW MANY ARE WE??       

I will start the list Phase 2 number 19

We spoke to Patricia yesterday. She estimated phase 7 would be ready by December. According to her Peinsa are negotiating with another sub contractor now to replace Obralia but there is no sign of any work starting soon. We went to speak with a new solicitor regarding our options re getting our deposit back. He gave 3 options. 1, Demand a refund. This in his view was not a good idea, if we had asked this 8 months ago he would have said yes but we would be too far down the list of creditors if something were to happen to Peinsa. The 2nd option was to get a bank guarantee which we have never had & be able to execute it in 6 months if building is not finished. The 3rd option was to apply for ownership & complete without the habitation license then at least we would own the property but he said he would not do this unless there were alot of people in the same road doing the same as we would find it difficult to be connected to water, electricity etc. Hope this makes sense!!

Hi all. I live in San Juan. For all of you that do not have bank guarantees, contact your lawyer and demand that Peinsa issue them. Developers must issue these by Spanish law. In this climate they are so important. I have not seen much work for several months, and completing without a habitacion certificate is not a good idea. There are generators there for electricity, and you do not want to rely on these possibly for quite a while. Also please remember that prices here have fallen considerably, and will continue to do so for the next year or so.

I agree with Dave Chis and can only add that if you have any way of getting money you have paid back from this development, do it now! I' m not a builder, estate agent or connected with the housing market in way shape or form but even I can tell that the developers are not coming back and that the Caals del Pinar site is never going to be finished. It will remain just another hideous blot on the landscape of Terreros

What a pity that expats living in Terreros now feel free to excercise their pessimism on a forum that is for purchasers on Calas Del Pinar. I have no objection to non purchasers passing on factual information but I certainly do not see why they think this is a forum for them to spread unfounded rumours or that they feel Terreros should remain, "Their Quaint Village".   The Developers "Peinsa" have never left site!!  There has always been Peinsa staff on site. Unfortunately the contractors, ETOSA & Obralia are not continuing construction at this time. We have all heard various reasons why this is so but no one but Peinsa actually knows. I am sure like all construction companies in Spain & indeed in the UK are struggling through this "credit crunch". The only good news that I can forward is that some ETOSA personel are back on site this week, only a few, and working on remedial work on the completed phases. This may not be very exciting but at least it demonstrates that ETOSA are still on board! The Calas Del Pinar site is one of the neatest construction sites that I have come accross. Yes it is at the town centre but anyone who has experienced the never ending construction (?) of the new road to Pulpi will know, that is doing more harm to the appearance of Terreros than CDP. I should state that I have lived on CDP since 1st July 2008, I would not want to live anywhere else in Terreros. 

You are absolutely right Bernardo. I am not arguing that Terreros should remain a quaint village. in fact i would be first in the line to argue that this town needs more people, more shops and more amenities. However, the area relies on tourists and holiday trade in order to survive. Holiday makers will not come back if there is nothing on offer but half finished building sites and, as you rightly point out, half finished roads.  I am not a doctor of economics or a sooth-sayer but i do try and pay attention to what is going on around me. I know the builders of Calas del Pinar have gone bankrupt and I am also aware that the developers have applied for bankruptcy, though this was rejected by the courts as at this time the company has too many assets. What happens when they are declared bankrupt though? A half finished property is of no real use to anyoneand what will people do without electricity or water. Neither endesa or galasa will connect individual properties. I truly hope that things work out positively for those living on the site or planning to move on to it soon, but for those who have paid deposits it is a big gamble to take. By the way, I never said I wasnt purchasing on Calas del Pinar.

it amazes me the amount of people who bury their head in the sand. the developer is in big trouble and unless there is a massive upturn in property sales soon they are going  under. if you can get out do it but check your bank gaurantess as on their other  devolpments they are contesting most of them. for those with no bank gaurantee you have a big fight to get your money.

I never spread "unfounded rumours". I have been very tactful about what I post on a public forum, but I am well known in Terreros. I have unfortunately spent a fortune (7 figures) on property here and in Murcia. I know some of the developers quite well, and I certainly have a great deal of facts. My great concern is that people are generally given inaccurate information, and stand to lose a great deal.