Polaris World Resales

Just to cheer everyone up this afternoon.

I have just received a list of resale properties that have become available. Some bargains out there if you have the money available.

Penthouse Apartments

Jardines Units

Thanks for that Mike!  Really cheered me up whilst I'm stuck at work on this beautiful sunny afternoon!

A friend stayed in one of our apartments last week with the intention of buying on Condado.  However, her father got talking to people whilst he was out walking around the golf course etc who managed to put him off by telling him that PW are in financial difficulties and the banks are seizing some of the properties that have not been completed on, and also that they are not doing the other two golf courses, Oasis town centre etc etc!!!  All very negative.  With the result that they have now decided to buy on La Torre - but wait for this - a two bedroomed ground floor apartment, fully furnished with air conditioning and central heating radiators, south facing with views over pool and golf course!!!  The price - 120,000 euros!!!    Whilst my friend liked Condado, she did say that at least La Torre is a fully completed resort so is not really dependant on the financial position of PW. 

No point looking back I suppose.  We made our choice in September 2006 and are delighted with our apartments on Condado.    But it is a bit disappointing to see what bargains are available now, although our glasses are still half full!!!

I agree!  How could you Mike you can go to the back of the room and not show your face until class has finished!!  How could you do that to us! 

The same applys to you 2  Debbie and Paul!  We don't need misery here.  I must admit its all about timing and what the individual decides at the time.  I signed for this for a long term developement, I don't  know whats going to happen  along the journey but I'm still loving my "pad in the sun"...

we are all forgetting that the exchange rate has a bearing too:

Sept 2006 £1 = €1.48 (€120k = £81000)

March 2009 £1 =  €1.07 (€120,000 = £112,000)

In other words if the property was purchased for €165,000 in Sept 2006 by a uk buyer there is no difference in the sterling cost. ( however if the purchaser is in the Eurozone then they are worse off)

Whilst I know firms are in difficulties whenever I find something about PW it alsways seems to have come from ages ago and so isnt very current. Where has the info come from for Paytons info:-

''However, her father got talking to people whilst he was out walking around the golf course etc who managed to put him off by telling him that PW are in financial difficulties and the banks are seizing some of the properties that have not been completed on, and also that they are not doing the other two golf courses, Oasis town centre etc etc!!!  All very negative. '

I think you're spot on wiredout. The 'bargains' on the brand new apartments are basically Polaris adjusting their pricing to still try & capture the UK market. The resales could, unfortunately be as a result of people needing to offload property they can no longer afford. A friend of ours who has a Spanish mortage has seen his repayments go up by a third due to the exchange rate.

Still think we all need to remind ourselves that this is a long term project & I know we all have our own priorities but looks to me like Polaris is working to a plan (at least I hope they are) i.e finish the foro & Isla, finish the golf course, start & finish the club house. If they have any hope of getting any golf tournaments they know that they need to do these things so it's in their interest to follow through.

La Torre is good now but when we first went there in Nov 07 that too was like a ghost town so Condado just needs a bit more time to establish.

P.S. Deb think we bumped into your friends dad and we gave him our honest & I think very positive view. It's a pity that people who've bought into Condado want to rubbish a product they've committed their hard earned pennies to. I don't understand it!

Sorry...gone on a bit but I still think that what we've bought into is pretty special & will only get better as the site develops.

Hey guys, cheer up, we have a great resort that will be complete I would bet before any other development in Spain... this is Global, not just Polaris, I thank God we bought on Condado and not anywhere else.

Give it time, it is a brand new resort in an awful global market but 1 I believe will make it to the finish line..

Terry and Jill

Hi all,

My name is Matt and I am looking to purchase at Condado Al Hama.  I visited the development last July and I have to say I was very impressed.  Further to my visit I looked into purchasing a resale.  However, I decided to put my money elsewhere and give it another year for the development to progress. 

The resort now appears to be coming along nicely and I have been made aware that the first golf course will be completed this summer.  Is this true?

I am interested in buying a first floor 2 bed, in the Jardines.  In my opinion the resale prices are an absolute bargain !  Murcia as a region is said to be 16% below the average house prices in Spain, so even though the market is on it's knees eventually in 4/5 years i'm sure some healthy returns could be made.

I would be grateful if anyone could provide some information on the likely running costs of the first floor 2 bed Jardine apartments? (i.e. service charge, insurance, electricity, water etc etc).

I am currently living in Saudi Arabia, so would also be looking to rent the property for short term holiday lets, perhaps someone could provide a realistic indication of the likely rental value?  Having looked on the internet I would say 200 euros per week is a competitive price.

I believe it is Terry and Jill who run a property management  business, I would be grateful if you could confirm the cost of key holding on a monthly basis? meet and greet cost per visit? and possibly a cleaning price after visits (washing bedding etc) ?

Many thanks and kind regards

Matt

Hi everyone,

We were watching a programme on ITV last night (Holiday Homes from Hell or something) and listening to the stories being told on there where people had shelled out thousands of euros, have been waiting several years and still had waiting for their properties to be completed, some have been left with nothing.   My thoughts were "thank god we bought with Polaris".  We have to be thankful that our properties have been completed to a reasonable standard.  I love our apartment and although it has been a stressful process every time we go I get really excited about the whole development.

Welcome to the forum Matt.

Condado really is turning out to be a great place to go. There something different happening every time you go out which in this climate is wonderful to see. It might be only small things but at least things are still moving. I work in the construction industry over in England & there is very little work about and projects being released.

In my opinion Polaris are doing the right thing by scaling down the speed of the project at the moment and looking after their pennies. The Foro (town centre) shoul be open by the summer & the golf course by the end of the year, can't see it being any earlier myself.

The community fees at the moment for our 2 bed on Jardine 5 are around 100€ a month although some people are working hard to try and get this reduced as you have probably read on the forum. The electric & water we budget on around 30€ for each every 2 months. Not sure about rentals as we only use the apartment for family & friends.

Can't wait to go back out at easter, only 3 weeks to go. We've now got our apartment furnished and its time to relax, explore the area and have a few beers.

We too saw the program on tv last night and had the same feelings. We've thankfully got our property and fully intend to get out there as much as possible.

Hi,

Agree with most of the comments already made. I'm glad we chose Condado over all other resorts as it really is going to be fantastic. Also, don't forget that these properties are likely to be the last few PW are trying to get off their hands. Certainly the penthouses are those overlooking the planned driving range rather then the course, etc so whilst they'll still be fantastic they've been left until last because of the desirability of location on site. don't know if this is true of the Jardins but I'd rather they were sold and occupied by community charge payers than left unsold on PWs books !

Stay positive because its going to be great. Sadly, I now live my life waiting for our next visit - only 2.5 weeks to go !!!

Matt,

Welcome to the forum. I can only echo the replies to this post. We were out a couple of weeks ago and would add that there is a great deal to see and do once you are outside the complex. Within 20 minutes you can be either at the beach or the mountains with stunning views all round.

If you are seriously looking at buying onto Condado, I'm looking to sell my 2 bed appartment. The only reason is that I bought a 2 bed and a 3 bed but got let down by a buying partner. Therefore, I am keeping one place and selling the other. As you haven't made the minimum number of postings, I cannot send you a PM so you may need to get permission from EOS or alternatively reply to this posting with a way of me contacting you.

Phil

Thanks Phil

I have sent you a PM with my e-mail. 

Yes it really is a nice area.  My brother in-law has a villa just down the road in Camposol.  There is so much to see and do and Polaris is ideal for me, as I like my golf !

Cheers

Matt

Hi Matthew

Welcome to the forum.  We are Jeremy and Jane Price and we are also new to the forum and this is our 4th post.  We came out 4 years ago to buy in Spain.  I was not impressed with anything we saw although Jeremy was.  We were then brought to a dirt track and loads and loads of waste land.  We were informed by our agent that a company called Polaris World were possibly going to build rather a large golf course there.  I (Jane) became a little bit more interested.  We were then taken to the Port of Mazzaron which I (Jane again) thought was lovely.  The rest is history we came back year later and put a deposit on a property - still a dirt track and waste gound but Polaris World flags everywhere and motorways beginning to be built.  I believe that Condado is going to be something special and will remain positive so go for it.

Now back to our property.  Skell has e-mailed us regarding furniture etc but for some reason I don't seem to be able to e-mail him back - apologies.  I have noticed that some people new to the forum have had difficulty sending e-mails hopefully this will resolve.

What we were hoping to do was paint the inside of our property (because Matthew in case you didn't know this Condado buildings are very very white and can be seen from outer space) does anyone know of a painter who can do this for us.  Look forward to your e-mail.  Thanks

Jane

Thanks everyone for all the comments !

Regards

Matt

My 3 bed is worth £120k as that's all I'm prepared to sell it for .......... for me the glass is half full, but was actually full 10mins ago before i started reading this thread and will probably be empty in 5 more mins, but then I'll fill it back to the top again............