Almost at Completion

Now we are almost at completion stage for the apartments we are purchasing on this development, i wondered what the feelings of other buyers were with regard to purchase prices, posible future values and the general situation.

Is  there anybody who is aware of any reasons or grounds they may wish to revoke there contract with the developer?. 

 Hi.i have just joined the forum,so not sure where to start,so here goes..I recently was at the development,and overall they have done a very good job,everything seems to be finished to a nice spec..My concern is how long does it stay this way!..Prosavi claim that they have sold 65% of the apartments,how many of those of us are actually going to complete in July?Also,6mths after completion the maintanence team that Prosavi are currently paying for to upkeep the grounds and security will be The Owners responsibility-how much is that going to cost us? ..I do feel that there should be some kind of price reduction as i am sure most of us bought on the promise of the luxury hotel,which they do not have the complete legal authority to build and even if they do are they even going to bother?..But when i questioned our lawyer on the legal rights on this subject if there is nothing mentioned in your contract about the hotel then it is just tough-so any price discount seems to me like an unlikely scenario..but would love to hear from someone who knows differently.We have been giving a completion date of the 10th July,has anyone else been given a date yet?..Before completing i really want to find out how many of us are going to be doing so because i am seriously concerned that if say it is just 30-40 of us is maintanence going to be a problem....Look forward to hearing any feedback or comments..Trevor.

Trevor

It is my intention to complete in July if possible, else shortly afterwards. My contract doesn't state anything about a hotel. But the stories about one have been around since the start of the project. Don't get confused over the permit to build a hotel, and the permit given to build the hotel according to the plans drawn up by the architect. The first one has been given, to my information, the second one Prosavi was waiting for when I visited the site last October.

I might be naive, but the 35% not sold are owned by Prosavi, so I would expect them to put up with the community costs linked to these flats as long as these have not been sold.

If the upkeep is poor, than Prosavi will have a more difficult job to sell the flats at the prices advertised. It is not in their advantage to see potential buyers change their mind on buying just before they enter the flats just because they see a dirty pool and poorly maintained surroundings.

I have not been given an estimate of the communal costs at any time. What have they told you?

milko

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 Hi All

Last June when the builder got the habitation Licence we applied for the mortgage mention in the Contract from the Caja Madrid Bank. They have failed to provide this mortgage as it appears they have no funds. The Builder via our solicitor redirected us to their own Bank in Barcelona.  We provide a mountain of paperwork to secure the mortgage 4 months, we have to date not received a decision.

We have on numerous occasions asked for the Builder via our solicitor for a reduction as Deutsche Bank will provide our Mortgage,but not at the price we contracted for in 2006. They say the value has dropped 30% and are willing to give us a maximum 50%Mortgage, but the builder is unwilling to accept a reduction, which is his right.

I am amazed that there is no current up-to-date information on the Forum and people do not seem to be using it at all, other than the Lawyer touting for business who states that the builder has automatically revoked our contracts.

Any information would be appreciated.

Catherine