Latest on Ocean Greenery

Hi all,

My solicitor in Spain has recommended that we continue and buy the apartments as La Caixa is going to get the work finished on the public areas.

woodentops

Hello all,

I´m writing this in Spain on the last day of my holiday, which included a visit to the Castella site and to the Bank Manager!!

Yes, it does seem that the Administrators and La Caixa are tring to get it finished.

I wonder if we can campain for a discount because of the delays and our increased solicitor´s charges.

John

Just to let you all know that I have spoken to Isaac today who assures me that we can all now complete. He said he thought the development was finished apart from some communial areas.

I am waiting to hear more but am happy to proceed albeit with caution.

ocean greenery-anyone know up to date situation? looks like ocean estates have folded and i`ve received no reply to mail sent to zuuring solicitors! would love to complete -anyone else feel the same? have just read mail on this site that says bank may be liable for no issue of bank guarantee-any way we can get compensation for 3 year delay?

tina

Hello Everyone,

Happy new year. Let's hope that 2010 sees a satisfactory conclusion to the Ocean Greenery nighmare.

I have been making regular visits while coming to the Alicante region for other business. I came in May 09, Sept 09 and now over the 2009 new year period. I'm writing this while in Spain on the last few days before I return to London.

I was told in May 09 that 40 UK persons had signed up for flats, and 20 persons from other countries. That makes only 60 of the 128 flats with an intended sale. Thus it surprises me that not more people are making comments here.

Anyway, when visting Bank earlier in the week, there were smiles as they do believe Ocean Greenery will be completed. It was suggested to me that I would be in by the summer 2010.

I suppose we will have to wait and see as the new year progresses.

Best wishes for 2010 for all.

John

Hi,  they are now with the communial areas

Hi,

Thanks for your post.

If I understand your comment correctly, you appear to be suggesting they have recommenced work on the Communial Areas.

I did make a visit to Castalla and the bank in Alicante just before Easter, and the the bank said work would recommence April/May, but advised work was going to take 8 months to complete.

Perhaps we shall see the flats completed after all. However, after waiting so long and the fail in the value of Sterling, alas it isn't a good deal now, and more of a milstone.

cheers

John

This is really promising news. We paid our initial deposits and fees for No.7 and due to financial reasons have been unable to pursue any avenue of litigation to try and recover our money. I have always maintained that I would rather wait to complete and end up with the apartment rather than throw money at solicitors who may or may not succeed in recovering our money.

I wonder if anyone can help me with regards to a good solicitor to finalise things, we moved home and have somehow lost some of our initial paperwork. Andersons were acting for us originally but it would be nice to have someone we can actually trust and who answers emails!

Any help gratefully received.

Kind regards

Sally and Chris

Hi,

You all might be interested in this from my Spainish lawyer...

"The good new is about building works. There are people now working there, trying to finalize the stopped works, maybe before the end of this year, maybe. The administrator has confirmed what options would have the purchasers, which are the same you were informed some months ago. The best one is completing the property purchase of the property, as the purchase contract establishes. The other option is trying to obtain the money back, renouncing to the apartment. This last option is the most difficult, because there will not be any funds after the building works have finished.

Hi all

A few have been asking who my lawyer is, well if your interested he's called Ramon Villot and his email address is "legal at ayela-abogados dot com".

I've not had any update recently of what the current situation is so will try and get some details shortly.

Regards

Wayne

Hi All,
I've been a bit slow in posting about my visit to the site on the bank holiday week in August 30, 2010.
From the outside it was obvious that work had started in as far as the crane system on the left hand side had been removed - but the large wall area had not been finished. I suppose they might be waiting until cooler weather, on the otherhand I hope they aren't considering selling the flats with an unfinished outside.

Though my solictors and the administrators I did manage to get a phone number of someone who I could arrange to gain access inside, which I did on the 31st August. Now my Spanish is rather low and the guy I met English was also low, but we had some good sign language fun. But showing my passport and contrat he found the key to the flat itself. As you know the most of the two bed flats are long and thin. Once you're inside the flats are a little smaller than I had evisioned. The master bathroom is compact, and it could be that the bath is reduced length. The master bedroom is small and I don't think a full 1.9m length bed would give enough walkround space, but the width is OK for 1.35m normal double.

The second bedroom is even smaller but just long enough at 2.1 m to get a single bed in. I was thinking of putting bunkbeds in there. The second bathroom is a shower room as per the plans, and it is certain you can't swing a cat!. As you walk into the Kichen/Diner I was immediately struck by the dark. Now it was 11:00 on a sunny day, but what I had not realised from the plans is that the only light is from the sliding patio doors, which have a reduced with such that a normal size person has to sqeeze though onto the terrace - only suitable for one person to sit down. To me if the doors were french opening in doors you'd have much more space to access the terrance.

Looking at the kitchen I immediately realised that it was a joke..... It's not a U shape as per the drawings, but an L. There was no Cooker Oven or Hob and the position of them on the end of the L means that you cannot make it into a U yourself, as the vent hole is right there. Then the 80L hot water tank is on the wall in the corner and dominates the whole of the room. Ugh!

In the centre portion of the building there is a child's paddling pool and not a swiming pool. The area is all finished in brown teracotta tiles and looks aweful and cheap. I can't see myself sitting out there relaxing.....

So, my immediate view is that if I complete it's just not resellable. Even in 5 or 10 years, there will always been something else that will be more attractive. And I think of the flat as a summer holiday hotel room and not something I can retire to perminently. My research from Estate Agents is that prices in the area have dropped 20% from 2005 prices. So to complete at the contract price of 85k euros, would be hellish negative equity. Anyway, y solicitors told me it is an insolvancy procedings, so the Administrators are charged with getting the best income they can to close the insolvancy - so my Solicitors said they didn't think the contract price would hold. At present I've not asked the Bank what the deal would be - I can't imagine they would still offer the 60k builder's mortgage as that would mean a 100% mortgage to value, and I'm not putting in more cash. Also the VAT rate is now 8%

The guy at the site said they' finish Jan/Feb time frame, so I'm going to wait until I see the size of the car parking space - for me that is the last saving grace, cos then I can have a Spanish car and leave it there between trips.

What a cock-up. Not one of my better investment decisions, but I do like Castalla and think it's the best of the towns in the region.

bye for now, and I'll try to find the time to set up a website with all my pictures.

John

Hi John,

Its good to have found this forum about Ocean Greenery. I am an investor on the development but I did not pay any more to my Spainish solicitor on the insolvency process. I had received two emails from them recently asking me whether I am interested to continue with the purchase of the property. My natural instinct is that I have already put a down payment of 30% and if the price is right subject to inpection and what interest the administrator is offering then of course we can discuss. The latter email from the solicitor is that it will not be ready till Feb/Mar which suit me and it is consistent with your findings.

What I would like to know is how many of us from the UK have invested in this development?

Hi MingS,
Thanks for your post, and well done for finding this forum. I'm surprised after a saga of 5 years more people haven't google'ed and found here.

I was told by the bank manager that a total of 60 were "sold" of which 40 were to brits. There's a total of 128 flats (one less than originally envisaged, due to space for electricity instalations). Who knows what will happen to the 68 unsold flats and any of the "sold" flats that don't complete. That's our biggest concern - either they will be sold off very cheap, undercutting us. Or they'll go out to a big rental scheme. What the physically security will be like while our holiday flats are unoccupied I cannot predict - squatters, burglaries etc.

I was there late Nov 2010 and the outside is now finished. Doesn't look like a "quality" block; more like a cheap paint job!
In chatting to a local estate agent, he estimated that the two bedroom flats on the 1st floor (that is no solarium on roof), which were sold in phase II at Euros 85,000 are now worth Euros 60,000. Not an investment - but at least we didn't buy them yet.

cheers

John

Hi Everyone.

I've only just found this site and I'm so glad to hear I'm not alone.

I visited the site with the current 'contractor' on the 1st Dec 10. I'm not at all happy with the quality of the finishes etc. There is a pool but it's extremely small and only one. The tiling is pretty non-descript. Work is progressing very slowly and I doubt it will be complete any time soon. The apartments are very small and I agree with everything John says. However there is masses of garaging!

I am concerned that this is not what I contracted to buy and that the value is now so much lower than the original price. Does anyone know if the remainder are for sale and at what price?

Would like to talk more about this to anyone!

Bob

Hi BobS

Welcome to the Forum. As I've mentions before I'm surprised there isn't 40 english people here by now.

Yep, the "swimming pool" is a "paddling pool". Which is no help to me, lowers the value and ups the service charge for no benefit.

Was in Castalla in early Jan 2011 and work is still progressing but I agree, I cannot fathom why it is so slow.
I think the Administrators or Bank will start to contact us late Feb.

My current research is that a 2 bed First floor flat that was 85k euros in 2005 is worth now around 50k-60k based on sales values. But I believe Spain does not operate on a sales value market like the UK. It bases values on the build costs.

Tried to send you a private email, but the system here failed. Will try again in a few days.

Best wishes
John
 

Hello All,

My solicitors were contacted by a person from Sabadell saying that Ocean Greenery will be finished in two months.
Seems this bank has continued the works. So I wonder if La Caixa are still involved.
 

The end of this night mare is in sight....

John

Hi all

I was contacted by my lawyers early March saying that the development was near completion and wanted to know what valuation I now consider the property to be worth, since providing them with what I thought was a sensible value I would feel happy to pay they haven't replied back.

I was wondering if anyone else has had a similiar approach from their lawyers?

Regards

Wayne

i was also contacted by solicitors-dec by kristin at diana zuuring solicitors -to say completion would be march probably but no word since! i would like to sell my place for what i bought for before completion!!

martina

Hi,
I went to the site in Castalla over the easter period, at it's still not finished (on the outside).
Went to the bank La Caxia in Alicante on 3rd May and was told another one or two months.

You might want to sell it, but are there any buyers????
There are 128 flats in the block, and only 60 original purchasers. I wonder how many of these 60 originals still want it and will complete?

John