Golf Suite Owners unite

Hi all - I wonder if all other Golf Suites owners are as frustrated as we are at the (lack of) response and information from PW about OUR Golf Suites :-

I think we were all promised availability in "Summer 2009" - and we have already made 40% payments for our apartments - over the last couple of months I have called / e-mailed and had our solicitor contact PW Customer Service to try and find out "WHAT IS HAPPENING?????"

we have received all sorts of answers :-

"there is a delay and we are waiting further specifications" ?????

"we don't know why it's delayed"

"the front line are all sold and are being built"

"all the Golf Suites are sold out"

"it will be mid 2010 for completion"

"Golf suites will be available sometime in 2010 or 2011"

"we are not in breach of contract because Golf Suites are only delayed ,therefore, you can't have your money back"

I know there's a 'credit crunch' on and things are difficult in UK and Spain , BUT, I find it unbelievable that PW don't know what they are doing about Golf Suites - thay are a professional multi-million pound organisation and MUST have plans and financial/cash flow obligations to KNOW what they are doing in the next 12 months - at the VERY LEAST they should KNOW if/when they plan to start building Golf Suites (or cancel the project) either this year or next.

I hope that all other G.S. owners will join me in contacting and "pressurising" the PW management to 'come clean' on thier plans to let us know "WHAT IS HAPPENING" about our investments - if we have to wait till FEB / APRIL / SUMMER /AUTUMN 2010 for our apartments then I could live with that if only I know "WHAT IS HAPPENING"

Please join me in keeping the pressure on PW to at least be honest with us and give us some straight answers about our "place in the sun" - let me know if you have any other information - thanks all - c ya        

The lack of any credible information is becoming farcical.  My solicitor has tried all avenues and has made little progress.  On the main forum, there is a thread concerning a recent meeting between some Spanish residents, the management company and PW President (?).  They appear to have received assurances and dates for PW to complete some of the facilities.  This would be good news for us if only we had a start date for the GS phase.  So, is there anyone out there with enough clout, or who knows somebody high enough, to get an answer from the PW President?  Patony is spot on, and we can't just go on like this with our fingers crossed.

keeve

Good on'yer Keeve - I thought that I was the only one thinking that we are being given the "run around" by PW - other G.S. owners PLEASE help BY COMPLAINING to PW - if anyone knows name of president and any DIRECT contact info please let us know so that we can express our frustrations at lack of definitive info - c ya Patony  

I have emailed PW asking for the actual reason for the delay on the Golf Suites if it is not budget related.

No doubt they will call me over the next week or so (notice they have never emailed me i.e. put anything they tell me in writing).  Will revert once I have an answer.

David

Hi all,

I see from the GS members list (just found it) that a number of owners joined the forum late 2008 / early 2009.  Can I ask anyone who purchased around this time, if PW gave any indication of a construction program or any other development information.

A private message I received indicated that when the foro was complete, resources would be transferred to our site.  Anyone heard similar rumours?

keeve 

Hi Keeve - where's the GS members list ??? - I'm with you, if any "new"owners were given any information on the START date for Golf Suites - PLEASE - share it with us - it would be fantastic if we had confirmation that GS were to commence immediately after the Foro (anytime in June ???) - please let us know  if you have any info - thanks all - c ya - Patony

Hi Patony,

Under the GS CdA Community which you first go to, and where it gives the Latest Forum Posts, there is a section near the foot of the page 'Neighbours' which lists all members of the GS Community.  There must be around 150 names, so if we are all owners, then that's about 6 million euros PW has of ours sitting in their bank - or is it in the foro!!!!

keeve

Hi Keeve,

They are probably not all owners in the GS, more likely they are just owners in other parts of CdA like me that have joined the forum.

Phil

Hi Phil,

I appreciate that, but there must also be owners out there who don't know about or contribute to the forum.  Either way the situation is dire and I for one find it infuriating the way PW are treating us and our legal representatives.  What would be our response if this was happening in the UK?  Not the same I'm sure.  One thing is sure, there's little on this forum to suggest that anyone is having any success whatsoever in getting answers from PW.  No doubt our individual solicitors are chasing things up, but let's be fair, they appear to be getting the run around the same as us.

Does anyone have any suggestions on how to move forward?

keeve

Finally got an update from PW today.

Customer Services called me to inform that a decision on the Golf Suites will be made by 30 June.  The outstanding bank guarantees will be dealt with at this point too (if applicable).  It would appear that there will be three potential outcomes:

1.  PW board of directors give the go ahead for the Golf Suites (with bank guarantees being issued as appropriate);

2.  PW "cancel" the Golf Suites with full refund for those who have bought (no need for bank guarantees in this case); or

3.  PW "cancel" the Golf Suites and offer properties elsewhere on Condado to those who have purchased (no need for bank guarantees as purchasers will be completing).

I remain ever optimistic about outcome 1.  If outcome 2 comes to fruition then there are gains to be made on the change in exchange rate (assuming PW repay funds at the current exchange rate).

The message is to sit tight until 30 June, by which time all should be clear regarding the future of the Golf Suites.

David

David (Steeley 1981),

If I remember correctly, on a separate thread you stated that you were quite willing to sit tight and wait for things to happen on GS.  I'm sure PW will be most encouraged.

As for their call to you yesterday, I would comment on the outcomes as follows:

1. Why would they give the go ahead, when they stopped marketting and selling a half-sold GS months ago?

2. Refund? Cheque in the post?!  I think not.

3. Haven't we already reached this stage?

There is nobody more than me who wants a GS luxury 5 star serviced apartment overlooking the lake and 5th fairway on CdA. Right now my glass is just a teeny weeny below half full.

keeve

Keeve,

Don't shoot the messenger. 

We are not at stage 3 as unless anyone can tell me differently, the Golf Suites have not been cancelled?  We can all speculate as to where we are but the fact of the matter is no one knows except the decision makers at the top of the PW tree.

As for saying I am happy to sit tight, what other option do we have other than to start (costly) court proceedings to recover stage payments?  I will see what the plan (if any) is come 30 June and then rethink strategy if necessary.

David

Hi everyone

                  spoke to pw cust services today and they said gs will be built backend of next year and have not been cancelled will find out more in the next month or so , so maybe things are moving on a wee bit im ringing them every 3 weeks or so to pester them  i would reccommend every one does this .so maybe good news, we will see

Haven't entered forum for a while. We paid our initial deposit in 2007 and are waiting like everyone else. However, we spoke to a representative at PW yesterday and have been told that there will be a meeting in the next few weeks that should determine the outcome of the Golf Suites.

Moving on PW have already agreed that we can transfer our deposit to another PW property on any site, the down side of this is that PW are still looking to get their "list" price when the resales are  20% or more cheaper.

Was in Spain three weeks ago and all works seem to be on the Foro town centre, the golf course and general finishing off. There is not any new residential building started anywhere on Condado.

Trev & Lin

Hi Trev and Lin,

It was reported earlier that PW would make a decision on GS at the end of June (coincides with my deposit 2 years ago!!).   Everyone is hoping for a positive outcome.  A number of buyers have been given the option of an alternative property, though I can't recall anyone accepting.  These would probably be the unsold ones overlooking car parks and the like.  Fingers crossed anyway that the market may pick up in the near future, and turn our fortunes around.

keeve

We are over in Spain and visiting Condado on Monday 13th July - I am meeting Polaris (Customer service !!!!!!) rep. to try and find out about Golf Suites AND any other options 'on the table' for our 40% deposits - will let you know what's on offer when we get back - at least it will be good to see what's happening with the Foro, golf course, etc, since we were last there over a year ago - I'm afraid that the stories about Polaris trying to restructure their debts to the banks don't exactly fill me with enthusiasm for any short term new building - I'll be in touch - Patony 

Patony,

I agree that the stories around PW restructuring debt do not read well.  I have still got my fingers crossed that the Golf Suites get the go ahead (if they don't I would like to investigate the resale route given that 2 bed properties are now available for less than the cost of my apartment!).

Still got the 30 June deadline in my head.  Once this passes I will be on the case with PW to get answers.

David

Hi all,

I received this email today from Parador(Spain). Anyone else heard anything?.........................................

CONDADO – GOLF SUITES

At a meeting with Polaris on 17 June 2009 they confirmed that there are no plans to develop the GOLF SUITES section of the Condado site in the foreseeable future.

They said that all buyers have been contacted and offered the opportunity to swap to a similar property.

Anyone who has not yet agreed to swap will be contacted again.

If have not yet been contacted or are currently resisiting the move to another property please contact us urgently to discuss the situation.  ocspan@paradorproperties.com

The Jardines area of Condado has been finished for some time and most are now occupied.  The Los Naranjos townhouses and penthouses are also finished and partly occupied.

The sports centre in Jardines is fully operational.  The café-bar and mini-market are also open here. 

The El Foro shopping centre is well under way and some shopfitting has already taken place. The El Foro supermarket should be open in July.

Current photographs of the various areas of Condado, the El Foro Centre and golf course are available in the development sections of the  www.paradorownersclub.com website.

We received same e-mail from Parador - now waiting  to see if POLARIS make any official statement  - if they are "officialy" cancelling GS we should be eligible for refund of our deposits 

Received email today from solicitor in Spain who has been enquiring about Golf Suites. She has confirmed that these will not be built in the near future and is going to ask for the contract to be cancelled and deposits returned.

She has enquired about the bank guarantees and these would not appear to be in place.

However, her advice is to accept an alternative property offerred by PW as due to their financial situtation she is concerned that PW will not be able to refund all of the money paid. Sounds good if PW will negotiate on the price or allow us to purchase a resale but not so good if PW are holding out for their list prices.

Our concern is that Condado will suffer as a result of PW financial problems. Are any other properties or the Oasis Centre ever likely to be built. Will the Foro be occupied by retailers or will there not be enough custom for anyone to bother. Also will the community charges escalate as there will be fewer owners than originally planned so less people to cover the costs of maintaining the Golf course etc. On this point we have heard that on Jardines the community charge was set at 130 euros a month and although this is being looked at we beleive the original estimate was approx 70 euros a month.

Has anyone heard anything else, or does anyone have any thoughts?

We, like everyone, will have to decide how to proceed and any information would be helpful.

Tre & Lin