Aureus Update

Hi Everybody

I visited the development last week and took some photos which I shall post later.  Everything looks great, the development is complete and seems to be very well maintained with mature gardens, clean pools, and a full time receptionist - who is paying for this, I  have no idea.

The following information was obtained through speaking with people living in the development and also some estate agents in La Linea, how accurate it is, I do not know.

Currently only 60 apartments have a license.  The license can only be obtained if the sale has been fully completed. Most of these properties are currently being rented, a two bedroom is earning in the region of 600 euros per month. There are notices all over the place with contact details for the agent who is trying to sell them.  The prices do not  seem to have dropped.  Properties which do not have a licence cannot be rented.  I managed to get inside my unit and it is in good condition with all the furniture in situ.  Currently there is no movement with the judicial administrator, perhaps he is waiting for the market to recover as nothing is selling in this area at the moment.  There are lots of glossy marketing brochures by Next Century SL of Blue Storm group  in the reception area and also a  full scale model of the development so obviously somebody is being proactive.

Having seen the development up and running, I am not as concerned as I was prior to my visit, like most of you I am keen to get my deposit back with interest as agreed and am happy to pursue the matter if necessary.

Hope this was helpful, any comments greatly appreciated.

Irish Iris

Thanks for the update and as you have suggested this does seem to be more positive on what we have all been (or not so in most cases) told by our lawyers.

It would be good to see the photos when you upload them

Regards

Mark

Has anyone heard anything recently, emailed our lawyers and still not had a reply.

All I get from my lawyer is that they are waiting for the units to be resold before any monies will be forethcoming, and they can't put a timescale on it.

Is it time we banded together and coordinated a joint effort through one lawyer?

I've just read the latest Eye on Spain Newsletter and there is an interesting article, Breach of Contract - Off Plan Success Story, which references lawyer Maria del Castro. I have read previously that she has been successful with other problem properties also.

Maybe it's worth us getting her views??

We are certainly interested, we are not even getting replies from our lawyers now. We are with DVA is anyone else with the same firm?

We filed for a refund over 2 years ago via Maria del Castro but she has not been able to get one for us yet.

Have any of you seen the latest marketing for Aureus ?  If you try to rent a hotel room in La Linea, the Aureus apartments come up in many links! They appear to be serious! Let's hope some people start renting some apartments so we can eventually get our refunds. I tried to give the link in this reply but it was rejected (not allowed to give links!). So just google aureus hotel La Linea, you will see what they are doing.

Does anyone know if anyone who has actually moved into Aureus? I am curious! At least the development in FRONT has been stopped! Too bad it even started, Aureus would have been more attractive if it was still front line. I am not sure the development in front will ever be built. So sad to see all the half-built places on Costa del Sol.

We have just had this update from our lawyers:

This is to inform you that the lawyer representing the promoter has been recently in contact with us.

 He says that their company is in extremely serious financial difficulties. He emphasizes that due to the real estate market recession they have not been able to sell a number of properties, and in the mean time they have spent the whole of their sources in bank interests for a number of years and the unforeseen costs of the administration appointed by the court.

So, it is very probable that the company goes into receivership and the banks would take over the properties as settlement of the loans.

 He hardly recommend that our clients complete the purchase of the properties as it is now virtually impossible that they get funds to reimburse the buyers for resolution of their contracts

Hello,

can you pls advise who the developer is for this complex? Is it Allerton holdings?

thanks

Alex

I think it was something like Blue Storm but will check later when I get home from work.

http://www.bluestorm.es/en/

Does all this mean we now have no claim on any refund and will have to complete?  That's the implication I'm getting from my lawyer.

Our lawyer has said this in writing, we are not happy with the situation and to see that the developer is still advertising on their website is rubbing salt into the wound.

I am in a similiar position with this company, although in a different development (Sea Golf Regency) and have just received the same email. The whole thing stinks. All of a sudden the judical administration has been lifted with no prior warning from the lawyers and then the developer is almost in receivership so we will all probably lose our deposits in a very short time.

The strange thing is that the developer I bought this from, who was the one under investigation was Allerton holdings so I dont know how Bluestorm are involved. I am not sure if its worth considering legal action as a collective force for all of the people this effects becuase I for one do not trust my current lawyer at all, although I have been hesitant until now getting another lawyer as thought it might be throwing more money away.

It's been a while since I have posted any comments, but we have only just received the same eMail as posted by smithl on the 26 Nov 2009. If we are not all very careful at this stage, we are about to see our deposits disappear down the pan! The eMail I received is exactly the same word for word, including the bad translation in the last paragraph. Did we all receive the same eMail and was this from the same source?

It would seem to me that we are now suffering from a series of dirty tricks that will not only loose us our deposits, it could result in individuals being pursued for full payment (this is possible under the law as I understand it).

Read the comments by Irish Iris (LETS DO SOMETHING ABOUT THIS) posted 26 Aug 2009. Has anyone acted on her suggestion that we all act together? Any information would be appreciated. It would seem to me that the authorities are determined to brush us aside without fair treatment. I feel that the current global financial crisis (created by the banks) is going to be used by the banks to take our money. If we do not act as a group, I think we have no chance of ever seeing our money returned.

I really worry that our own inaction is going to prove fatal.

Please respond  

Hi Irish,

I would be keen to do something if anyone has any good ideas. This does not just effect ths development but there are others such as Sea Golf Regency with the same issue so potentially effects a lot of people. I am not sure if it was the same developer for all of them or how these various companies / developments are linked but I believe there are a number of people including our lawyers who have hiding the truth on this matter for a long time. Did anyone ever receive proof from the lawyers that the judge authorised refunds? Also, who would we actually try and get compensation from?

thanks

Alex

I had this from the lawyers in Oct 08

I confirm that the developer is now ready for delivery. Therefore, the

reimbursement of your funds should take place shortly. Nevertheless,

they will have to delivery some properties before they can start

refunding the purchasers that have decided to pull out.

  I am in contact with the legal administrator acting on behalf of the

developer’s company. I will inform you accordingly.

 It would be interesting if the lawyers all used the same wording to us all.

I had this in Feb 08

In reply to your email, please let us inform you that we have just received the Court Order from the Tribunal of First-Instance nº 5 in Marbella (document enclosed) authorizing the cancellations of the Private Purchase Contracts requested. At the same time the Judge authorizes to proceed with the completion of those properties that owners decide to carry on with the transaction.

I'm also keen to be part of a concerted group effort, I feel this will be our only chance to take on the authorities but as it appears all our lawyers leave a lot to be desired how do we choose one to represent us?

 I'm not sure what way we should go forward, but I am determined not to just let my money disappear without  a final push. It would seem that we have all had the same or similar experience with Spanish lawyers. In my case I don't think my lawyer is tied up in any grand conspiracy, he is just a lazy arrogant b*****d! Unfortunately I have had a similar experience with other lawyers in Spain (my original lawyer was the man behind the whole "white whale" money laundering scheme that has caused us all to be in the position we are currently struggling with). For further details go to

http://www.independent.co.uk/news/world/europe/spanish-police-crack-huge-moneylaundering-racket-528340.html

I feel that I (we) should consider using a British law firm to help us deal with the Spanish lawyers. We need someone who can straight talk with them and perhaps sort the legal issues out. Lets face it, at the minute I feel that we all have opinions on what we would like to see happening, but it is like the blind leading the blind as none of us really know how to go forward. I know this would incur further costs, but at the minute I am loosing everything, If I have to spend some money to get some money back I would be prepared to do so.

As Irish Iris mentioned, I think that we were all told that in the event of any collapse of a building company involved in the project, we were covered by  bankers assurances (whatever they are worth these days). I think that it is time to get someone to give us hard facts on this and other promises made to us. I am based in Belfast so I don't know if any law firms here would have enough experience & "clout" to do this. If any of you have suggestions, please put them forward. 

I am considering contacting Steven Nolan in Belfast to see if he is interested in looking at this issue (for those who don't know him, Steven is a Belfast based journalist who works for the BBC, with a regular spot on Radio 5 live. His phone-in show asks awkward questions on current issues). Some years ago he did a local television show, a little like "A Place in the Sun", where he traveled with local people to help them find properties in Spain. If nothing else he has the kind of "enquiring" voice that I would like to hear going into the ears of some of the people I have dealt with in Spain (Ocean Estates immediately spring to mind!).

To sum up how I feel, one of the main factors that has held me back for some time is the embarrassment  of  people I know finding out that my great Spanish property project has failed. I am no longer worried about this. I want answers on why I can't get my money back and I want the people involved put on the spot. I could do with the support of those in the same situation. Lets get this moving. If you are serious about going forward with some kind of group action, please contact me. I am not going to commit myself or anyone else to spending money before we know that it is being spent wisely. I have no personal contacts or tie-ins with any legal practitioners, property firms or media organizations. I am doing this because I am sick of being messed around and I am now prepared to kick the hornets nest.

I may still loose my money, but at least I will go down shouting!  

Irish Buyer

Regarding your question on the bank guarantees I recently asked the same question, this is the response I received...

In reply to your first query, let me inform you that in order to enforce the guarantees it is an indispensable requirement firstly to request the refund to the promoter and only when this one refuses the refund of the monies, it will be when it is possible to start the repayment/devolution process through enforcing the guarantees.

I'm no expert but they appear to be saying that because the promoter (or in this case the courts) did not refuse to honour my refund request the guanantee could not be invoked.  Now the property has been completed so the guarantee is no longer valid.

Is it me or does this all appear a very convenient series of events.....for everyone but us.

In terms of utilising a British lawyer, this may be a good approach but I for one don't know of any that have any experience in this field either.  Has anyone had any experience with Maria Luisa de Castro, she is a lawyer with Costaluz lawyers and is an active blogger on this site, reading her blogs gives me the impression she has been succesful in similar cases.  Any comments from people who have or are using her sevices would be appreciated.

I have had this from R Bright but she is unable to post it.

I have had this reply but Rose has not been able to place.