Latest on Ocean Greenery

Hi All,

Anyone heard any news....
Now my solicitors are back from their summer break they will try to find out during week starting 5th Sept.
It's now over two years since the Administrators started to complete the complex. Anyone know why it has taken so long?
It makes me worried that there is some continuing problem.
I also have a worry that the new vendors will force us to complete at the 2005 original price.

I'd be interested to hear your views.
Best wishes
John
 

Hi All,

This might give you some comfort:

www.eyeonspain.com/blogs/ley5768/3926/ley-571968---an-explanation.aspx

www.eyeonspain.com/blogs/ley5768/3904/ley-5768-on-amounts-paid-in-advance-for-the-construction-and-sale-of-property.aspx

www.bankguaranteesinspain.com/preamble.htm

And I'm being told that the Deposit must be returned at 6% interest.

rgds

John
 

All,

Do fill in the Petition at:

www.bankguaranteesinspain.com/

but there is only 405 entries, so I don't hold out much hope.

Why only 405. Don't people care about the mony they might have lost?

John
 

THEY ARE FINISHED

Habitation Certificate is being applied for

John
 

Not heard anything from my lawyer for some time now, interested to note that habitation certificates have been sought.  Expect to hear from my lawyer very soon!

Regards

Wayne

Hi all

Can anyone advise what is happening with Canizares & Dominguez, Abogados?  The last we heard from Isaac Dominguez was in March this year when he was going to look at the file of our penal action.  We have not heard from him since and when ringing the office there is no answer.  E-mails to all the directors are returned undelivered?  Anyone know anything or can ask their own solicitors if ours has gone bankrupt?

W3ndya

We haven't heard from Isaac since March.

If you are who I think you are I have just emailed you with my phone number.

If not:

Maria del Castro is willing to take up our case to get our money back and her fees are 5% of the money claimed.

Are you willing to accept her as your lawyer as she says the more claimants there are the lower the fees will be.

Kind regards

woodentops

Hi All,

Visited Ocean Greenery (inside) again and it's definitely finished.
Swiming pools a little bigger than a paddling pool. About a metre deep.
I guess we'll all be contacted very soon

John
 

Available for Completion...

Just got an email today (yes, on a Saturday) from the London office of the Bank informing me that Ocean Greenery is ready for completion.

I guess you'll all hear too, soon

John

Hola Everyone,

Am here again in Alicante for the New Year....
Drove past Ocean Greenery on Tues 27th, and it is clearly still unoccupied (but finished). There were two builder's type fences in front of the front door and garage entrance.

I heard from my solictors on Monday with a copy of a "letter" from the court administrators for me to sign to confirm that I am not going to continue with the purchase. Fortunately there wasn't any problem about me saying this, and this letter confirms that I will become a normal creditor - and would get some money back if there is money when the insolvency is completed - but I doubt whether there will be. It could be that the Insolvency will pay out a small proportional to the unsecured creditors, or nothing. I'm not going to hold my breath. So I'm resigned to loosing the deposit. But since the £/E rate was better in 2005, it's bearable in £.

What a six year nightmare.
Alas, I have no money now to buy somewhere else in Spain (unless it drops out of the Euro and devalues by 50%, ha ha!)

Let us all know if you're going to complete your purchase

Best wishes for 2012.
John
 

Hola Everyone,
Well I'm now out of it.....

My solicitors informed the Court appointed Administrators that I didn't wish to complete. That gave rise to a formal signed letter between myself and the solictors for the Insolvency, confirming my exit.

I'm now a registered creditor for the insolvency, and would get my monies back if there were some monies when the insolvency is finally completed - but I doubt whether there will be as I expect the Spanish Tax man and all the administrators take their fees.

I submitted a surveyors report (in Spanish, from a Spanish qualified surveryor) itemising some defects, which I thought would cause me onging costs. My withdrawl was accepted without issue or comment. So, my concern over being "forced" to complete was unfounded. What I don't know of course is whether they were expecting me to complete at the 2005 contract price - which would be another 60k euros and 30% negative equity. So, in losing the deposit, I've still made the lost but don't have the milestone of the 60k to pay back.

Bit sad really. After 6 years, I was feeling emotionally attached to the flat.

Sorry I won't be your neighbour. But I hope you're going to invite me round for a beer, coffee or lunch. And I'll show you my 6 years of pictures of it being built.

Back in Spain late March, and I'll post again with whether there's anyone living there.

bye

John

Hola Everyone,
While everyone was celibrating the Queen's jubilee, I was enjoying a couple of weeks in Spain.
I drove passed the QG site on two occasions - 28th May and 10th June, and it's STILL the same - there are building fences over the front door and garage entrance, and clearly still on a "builders" electricity supply.

I think QG should apply to the Guinness Book of Records for the longest time taken to build a block of flats.

Is anyone still going ahead?

John
 

if anyone is interested i was inside the appartments today took few pictures will be happy to share them .

Hi,
I've been in the one I was going to buy, twice.
So what do you think of them.
Assuming yours is a one or two bedroom, don't you think the Master Bedroom is rather small?
J

the whole thing is a disgrace i meet with administrators at the apartment today the apartments are 95% ready, no light fixings, no shower cubicals, no lifts working ,not cleaned ,no gardens ,pool is full of mosquito lavas and no filtration system and the admionistrator was selective in the english he (supposidly) understood if you spoke positive in regards apartment he understood if you spoke negative or price he didnt understand . The simple truth is that they are trying to get all people with a intrest in said development to walk away so they can do what they want with property they are happy to show you said development but are unhelpful if you try to get any awnsers in regards your options, they maintain you have 2 options firstly buy at 48300 euros to a develpment that is deralict or secondly walk away so they can make there money by getting you removed from develpment intrests and selling on aqnd making there profit margins

I do think you are miss-undertanding off plan property purchase.

no light fixings  -- this is normal for an off-plan purchase

no shower cubicals  -- this is normal for an off-plan purchase

no lifts working -- there was when I went round. It's running off a builders supply, with no maintenance being done by the community of owners.

not cleaned    -- this is normal for an off-plan purchase

no gardens -- there never was a garden; the advertising literature is artistic, and it is the community of owners that improve the common spaces.

pool is full of mosquito lavas -- it wasn't when I saw it. (Sept 2011). There is no maintenance being done becuase there is no community of owners

no filtration system -- there is a large filtration system in the corner of the open space, and clearly to save money, it is not switched on.

This is a Court appointed group of Administrators who are finalising a bankrupty where they maximise the sale of the assets - just the same as is done in the UK.

But I do agree the terms for an original purchaser are not favourable, and favour the outside purchaser that has not paid any original deposit.

J

 

I checked with my own Solictors and I've been told the terms set out in the letter are legal in Spain, and would have been approved by the Judge that is overseeing the bankrupty case.

Clearly, if prices were increasing it would be a good deal (assuming they were kept the same!), but in a falling market it clearly disadvantages the original purchaser.

Basically it means that if you want to guarantee getting it, you will buy into large negative equity.
You could take a punt in offering a low price, but you'd be in completition with others that had not paid any deposit.

I wish I'd know these terms in 2009 when the Administrators first contacted me.
I could have withdrawn then, and save myself a lot of wondering during the next 4 years.
My solicitors didn't know this and in fact thought I'd be sued to force completion.

I wonder if all bankrupties in Spain are like this. And if so, would the EU accept such terms

1. In case you are still interested on buying the apartment, the price must the one which is detailed in the private contract you signed before.

2. You, or any person who is interested in buying either an apartment or garage, can submit a writing offer including the price which you might be interested in paying. However, in this case you will not have the opportunity to discount to the offer the money you had already paid in advance. It also means that your offer is going to be considered as the rest of offers, we will hand it in to the court and the financial entity which has the apartment’s mortgages. If nobody rejects the new price we can ask for an authorization of the new selling price. In case this happens, you must have previously rejected the contract you signed in advance for your apartment.

rgds
John
 

This message was last edited by jrad on 30/06/2012.

Hola Everyone,
Are there any of us still monitoring this thread....?
Are there any happy Qcean Greenery purchasers...?

Just visting Spain on my Easter holidays and could not resist visiting Castalla....
Guess what.... Ocean Greenery is STLL not open for business.

Builder's barriers across the front entrances. Send me a private message with your email and I send you a picture....

I bet the Bank and the Court wished they'd never tried to finish back in 2009.

Prices in Castalla have dropped considerably, especially in Castalla International.

best wishes to all

John
 

 Hi, John,

I'd like to see a photo of OG.

You have my email address.

Pat Woods

Evening

Have you seen this recent thread on this site, search for the thread on this site which ends /blogs/ley5768.aspx, it makes interesting reading and was wondering if those involved with Ocean Greenery may have a case!

Interested to know what others think.