PW's Health....A slight worry......?

Phil et al

My post was only to clarify that I thought you hadto be full time resident to hold president position (should engage brain first and remembered you do a great job for your garden as a non resident----DOH!!!) so apologies. I am not on here to knock anyone especially a thankless role like Garden President.

It is obvious that you are relient on info from RPM/PW re owners within garden which has obviously not been forthcoming.

Paul

Hi All,

This has gone well off track from Nick's original post. Has anyone out there got any news locally from the media or any other source about what is actually happening with PW??

As for the community charging issues I reckon whilst its very annoying the percentage of people electing not to pay the CC is very very low. We have been in contact with RPM so many times on the phone and via email its riddiculous. We signed all the paperwork DD's etc in Dec 2008 and as of September 2009 they had still not taken a bean. Countless calls and emails made no difference I even offered to pay direct into there account via international bank transfer but they were unable to accept it. Eventually from Oct 2009 they managed to start taking 490Euros approx a month over two months (luckily we had kept money aside for it) so to date theyn have taken nearly 1000 euros. We have no real idea what this is for as there no statements or anything. We went in to the office in early December to try and get some sence of it all and to be totally honest it all seemed shambolic. 

RPM, nice people.......are a shower I'm afraid, totally incompetitant and we have lost faith in them completeley.

All the best 

Jay 

We have been owners of a villa jana on los naranjos since 6th March 2009 but despite repeated requests have not paid a penny in entity, have not recieved any contact from RPM or whatever they call themselves, in December we were told by the lady in the office on condado that they would be intouch in January to sort out payments etc I confirmed my email address, not heard anything yet!!!!!!!!!!!!!  its now 21st January  and we dont even know how much a month they are expecting from us.  So god help us when they want it.  the old saying "couldnt organise a P***up in a brewery if the ale was free" springs to mind both with RPM and Polaris world me thinks.

Take a look at the Hacienda Riquelme forum on EOS.   It seems that PW are off on a major construction spurt there to get their town centre finished.  They must have found some money down the back of the sofa!!

Just for information I have now received information from a reliable source and seen the first offer on properties via a 3rd party

The news was that PW have had to sign over a large number of empty unsold properties to a number of banks that are the main creditors, resulting the righting off of some of the debts.

Often these properties will have mortgages on them granted by those banks, based on the costs to build the properties

The banks are now starting to directly agressively market these properties, which they haveaquired for under the market value, at large discounts and preferential mortgage terms, 90% mortgages and asking prices of less that €100k for properties on Condado and I have seen the first offers coming though already via CAM Banks direct selling arm

This si obviously not great news for buyers or owners trying to sell or just completing 

As I look at it  we bought our apartment off plan but we selected the one we actually wanted.  The properties remaining unsold are perhaps the least popular and therefore you would have expected Polaris to have discounted them anyway to get them sold.   Obviously it is the people who are trying to re-sell their properties who are the losers which is unfortunate but that is the property game.

The only positive would be if they sell them reasonably quickly and increase the overall occupancy on the resort without depressing prices (anymore than whats happened) for an extended period of time.

Hi All,

As you may remember I originally posted this thread to inform fellow Condadians about PW's decision to pull-out of repair & warranty issues for at least 6 months.  I expected there may be others like me who had got unfinished work / claims who woulsd be concerned but more importantly would need to get things sorted.   The thread has now gone off-piste to cover all sorts - which is a big problem on this and most forums I guess. No matter

Deep down, if we are all honest I think most are all a bit worried about PW's health - but that is not a new problem, it's been that way since the world fell off it's axis 15 months ago - and upto recentley I think PW have survived the recession quite well.  Particulalry pleasing has been the ongoing steady progression on Condado during this time.....Al Kaser, Shop, Course etc.   Yes nothing to get too excited about ,but none the less good progress during very difficult times.

Personally  I really do hope PW survive.  The concept of the Nicklaus golf trail etc is a good one & I am sure in the long term would be very good for renters etc, but now the Signature Course is finished I am less worried if they were to go bust.   But if they don't I am sure the investment & infrastucture already poured into the site would be very attractive to a number of potential buyers......Dubai, Chinese, US etc.  As someone else pointed out recently, there will always be an oportunist somewhere ready for a bargin -even in the current crisis.

The thread was not meant to be negative, half-emty, doom & gloom etc - that some continually point out........far from it.....it was just to let peple know of our minor problem & to inform those who maybe in a similar boat - only that. 

It is though, total bolloc*s just to talk about only positive situations.  Dream on to those people who are in denial in some sort of mythical wonderland!!  Reality is another matter.....We need all news on this site - good or bad - to allow us to deal with issues as & when they crop up. 

One question I have.......accepting that RPM are a waste of space, is now the right time to dump them?    Do we not have enough on our plate with the PW scenario without sorting out another property managment company?  Why rock the boat even more.  I am interested & very happy to be convinced by others - much better qualified than me

Regards

Skell

I'm with Skell on the RPM thing.  We probably do have enough to contend with at the moment without throwing another unknown quantity into the mix at this juncture.