Paramount - Have we jumped the gun?

70 grand Jesus, did you buy one of those Jana cubes? At least mortgage rates must be lower than you budgeted for so you can hold out a bit longer in case things recover a teeny bit.  I just keep telling myself what i pay to keep it is much less than the annual holidays we used to take and no one say otherwise  la la la la la la la la........ 

Just trying to put some more beer into your half empty glass.

Hi

We paid about 130 euros for our Semi 2 bed on Condado but the interest rates were great. In reality, though the properties are much lower now the exchange rate is crap. So we do not think that all  things concidered we have lost much & we have agreat holiday home, more holidays a year than ever before. Made some great friends of different nationalities and are as happy as Larry that we took the plunge.

I dont know, Darren  if you have a morgage on your  home in the UK but the price of that will have gone down too. However if like us you have had your home some time you will still have made a decent profit..

The recession has happened in the UK twice to my recolection but eventually house prices have risen again on both occasions.

So hold on Darren, it might take a while but eventually you glass wil be overflowing 

Jan

Hi folks

I was very lucky I got 1,20 when I send my money over and I do not have a morgage

Darren you have not lost, things will turn around it may take many years, thats if you went in the long term, if you only bought to make a quick buck you have lost big time

patsy xx

There are no doubt bargains to be had on the resort and good luck to those that get in at the bottom of the market. I'd rather see all units fully sold if it means a vibrant Condado with some of the missing facilities we were promised e.g Clubhouse, restaurants, Sports zone etc

I feel sorry for those that committed 2-3 years ago and have subsequently seen their circumstances change and/or the recession has bitten so they have been unable to complete. They will have truly 'lost' money and waived goodbye to their deposits and stage payments. Similarly those that are reliant on rental income to service mortgages will have suffered from the scaling back of facilities.

For those of us that bought with the intention of enjoying the place, it is not a major concern what the properties are worth now unless you are planning on selling in the near future. We went into it with our eyes open and 2 years in are still very happy with our place despite the odd frustration with unfinished areas, lack of interest from Polaris etc

We are always delighted when we first arrive on the resort to visit and are disappointed when we have to leave, counting the days down to the next trip. That is a good enough benchmark for me

Russ and Louise,

That's pretty much how we feel too.

Of course things haven't panned out the way we might have hoped, but who would have predicted such a severe global recession of this scale 3 years ago?

So, the way I see it is, you either can mump and moan at every and any opportunity like Darren, or you can get on with it and make the best of what you've got. Well, like you we're very much the latter. PW are broke so they can't deliver the amenities planned, even if they wanted to. The sooner some folk just accept that fact and get on with their lives, the better it will be for them. I'm still hopeful the eventually Al Kasar will be full and we'll have most of the facilites that were originally planned, it's just going to take a lot longer that we'd all want.

We never bought for short term profit so the drop in value doesn't overly concern us, and in any case, why worry about something you have absolutely no control or influence over? I'm not saying I'm happy about it, but I've never lost a wink of sleep worrying about it. Property is like any other investment, it can decrease and increase in value for all sorts of reasons. You'd have to be pretty naive if you made a major purchase like this without knowing and accepting that losing money in the sort term is at least a possibility. That's the risk you take! I'm not saying Darren and the others should be happy about it, but if they feel they're victims in this, then it's only of their own naivity. But in the longer term (10 years +) I think it will still be a sound investment, especially if Paramount goes ahead (and I'm still far from 100% convinced it will) - time will tell! People who complain about the drop in the value of their property need a reality check - if you didn't accept that was the risk you tool when you bought then more fool you. Shit happens, move on. Having said that, I do of course have genuine sympathy though for people who through no fault of their own can't hold on to their property until such time as the value comes back up to the level they paid, and have to sell at a loss. It's those people who are the real and only victims of the current situation IMO. 

And although the facilities are limited we're still a lot better off in that respect than a lot of other 'resorts' in Spain. It's not perfect by any means, but IMO it's nowhere near as bad as Darren and some others like to make out. Like you too we love our holidays and breaks at CdA and count down the days to our next visit (59 days to go! :) ).

PS - Darren, I hope this doesn't accross as me having a dig at you, because that's not the case, I just used your name as an example as you're the most vocal of the 'glass half empty' brigade. :)  Of course you're perfectly entitled to your opinions and to voice them whenever and however you like. 

Hi Waddle

like you we too went into our purchase with " Eyes wide open " &  like you are always eager to get over & hate coming back to the uk.

We too are in it for the long term & though, for financial reasons Polaris cant or wont play a part in Condado at the moment I`m sure that when they are in a better state financially they will want an input again.

No one, even Polaris could have visualised a cash crisis this big & i`m sure many of the high earners are now in as much of a financial fix as the company they were involved with.

But no point in crying over spilt milk. @ 60 I thought retirment was great. I`m 63 now & guess what. i`m back working again, though I have to admit I`m really enjoying it. We have to do what we have to do in order to continue in a life style we wanted for our selves & as a result can have great holidays & deffinatly no regrets

Jan

hi waddle

agree with every thing you have said

well done

patsy x

Have to agree with most of the comments.

If you bought short term to make a buck then as an investor you should have been well aware that what goes up can always go down.  If you bought more medium-long term to use the place as a holiday home for you, family, and friends...then the current property prices are meaningless.

I'm happy for people to voice opinions about lack of facilities etc but I don't think anyone can complain about the value.  I don't believe more facilities will necessarily drive up prices as there is so much undeveloped land that can be used to meet any future demand.

I try not to dwell on the fall in prices on CDA because the next step would be thinking about the property prices in my neighbourhood and that would be really depressing!!