General Updates from Condado Residents please!

Hi

Remember the last recesion ?

Although not not widely known there was a slight impact on building projects abroad that  were aimed spacificly for the british market. Some of these building companies  building in and around Benidorm  found themselves  in a similar situation to Polaris

My sister & brother in law were in the same position to our selves now.,  A large project, half built., few facilities available & no more clients.

They were advised that the remaining  buliding projects were on hold indefinatly

Yes it took a number of years before the builder felt confident enough to continue . but eventually ( some six & a half yrs later) the complex was completed & all properties sold.

By this time my brother in laws financial status had incresed so, wanting a villa & not an apartment  they sold their Spanish property below the then  purchase price but still more than they had initially paid & made a   very good profit

I know the  financial situation  is on a larger scale but we are still very optiamistic that we will benifit in the long term

Jan

Hi Jan,

Just wondering, how did your brother in law manage to make a profit if he sold below the purchase price? 

Lisa

I am not sure now how much they paid originally. I think it was a silly price like £20,00.00. Once building started again the prices of the  newly built apartments gradually increased & by the time the whole site was completed I think they said there was an increase of  £8.750.00.  making identical properties worth £28,750.00. They sold theirs at £26.999.00 making a profit of £6.999.00

Now  I know you will probably think as I did that they had fees to pay over those six yrs so it probably cost them a decent slice of that profit but as they used the apartment every chance they had & sucsessfully rented out to people they knew. the rental ( so they say) gave them free holidays & covered most of their out goings.

I know that  £6 999.00 does not sound a lot but I am going back quite a few years now. they had bought their 4 bed home here in the uk just prior to the down turn in the housing market & paid £46.00.00 that house is now worth over £250 .00 even tough house prices have once again gone down

Not sure what the value of that apartment would cost to day but I can say that dispite our great roof terrace on Condado, their indoor & outdoor space was a hell of a lot more than ours.

Jan

HELLO ANT WONDER IF YOU CAN HELP ME HAVE YOU HEARD ANYTHING BOUT THE GOLF SUITES I CANT GET NO JOY FROM PW AS TO IF THEY GOING TO BUILD THEM AT ALL?DONT LIKE IDEA OF THEM HAVING MY MONEY WHEN YOU HEAR THEY IN TROUBLE AS I READ ON HEAR THANKS

tvr,

not sure what is happening with the suites, but i am out in the beginning of july and i will ask.

have you been out there yet? go out and have a look mate, the resort looks really well, and if you can afford(there are some good deals) an appartment it may be worth  your while??

cheers ant

Good Evening TVR

We are over for two weeks from next Saturday (20th ). If no one has updated you befoe we go away I will make some enquiries for you.

I agree with Ant & Andi.

The best way to get to grips woth the Condao Resort is to se if you can get a good deal with one of the apartment owners & grab a week or two or if not try a long weekend.

Jan