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12 Feb 2007 12:00 AM by ZABBA Star rating in West Yorkshire. 4 forum posts Send private message

Hi Folks,

It appears that my partner and I have too been sucked into buying at MD by MacRealty on the premise of guaranteed rents to meet mortgage payments, demand to sell on upon completion, etc, etc.

We too wonder how many Brits have purchased at this very Spainish resort and how much of this initial development is still to build?

We can see the vision at MD and think it will represent a good investment in the long term and if borrowing is low. It appears most have invested to sell upon completion and now mortgages are killing the whole deal. 

We would appreciated others thoughts on who they are renting with and what plan they may have in the longer term also does any aftermarket sales exist, anyone sold on or know of anyone?.

We purchased 2 units, Aquamarina & Vistamar 3 and feel totally manipulated by MRealty and claims of MD.

Would welcome any input.

Regards.

 

 



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14 Feb 2007 5:24 PM by MartinM Star rating in London. 3 forum posts Send private message

Hi Zabba,

Myself and a friend purchased an apartment in Vistamar 3 (completed in April 06) and are still awaiting for the final snag list to be completed by MacAnthony before we can rent it out.  We were lead to believe that the rentals would easily cover the mortgage and if we did intend to sell then MacAnthony would assist in finding a buyer.

MD looks like a great long term investment, but the rental guarentees don't come close to covering the mortgage in the shorter term and we fear that we might just be pouring more money into this instead of cutting the losses and getting out. 

Ideally we would like to sell asap, but there doesn't seem to be a secondary market at MD and they just seem to be building more new apartments that are a lot easier for them to sell off-plan.

Again we would appreciate any feedback from those who have managed to sell their properties or know of people who have.

Many thanks

Martin



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