Sorry another question

Hi to all

We purchased in Naxos and were due to complete in December 2005, 8 months on and we have no notification of completion. We have engaged our lawyers in Spain and are issuing a lawsuit against the developer. We would be interested in anyone else who is in a similar position. The legal action may take upto 6 months,however we have been advised that there is a serious breach of contract.

Please feel free to add info on your plight

Sandy

Thanks for the messages Jerry and Pat

Any legal action will cost money ,however a serious breach of contract has occurred. The note suggested that the developers had a water tight case....what may that be

Interested in comments

Hi Hylander

We bought in Khios which is the first block to be built and it was supposed to be completed December 2005. I have now been told it could be ready in October. They are waiting for the Occupancy licence but i wonder if they are having trouble getting this until all the other blocks in the first phase are finished. they applied for the licence back in June. Our contract says if there is a delay the builders are aloud up to 4 months. It has now been 10 months and counting. I was over in Duquesa in Early August and Khios was finished . They were just doing the grounds. My friend who lives there had a look last week and said hardly anything has been done since i was there. He saw only 2 men working on the site. There is got to be a problem with the licence.

from Dronk

Dronk

I e-mailed the developer last week and asked did they still think the licence would be granted in September.  He e-mailed me back saying that is what they still believe.  Can I ask who told you the date has now moved to October?

Hi Pat and Andy

My Estate agent Ocean Estates keep me up to date with this situation

from Dronk

We have an adviser on the ground and he suggested that the habitation licence will not be granted until all 1st phase is complete. This includes swimming pools and gardens, as such these are still outstanding and in addition the interiors of a number of blocks are behind schedule.October is somewhat optimistic according to our adviser.

Dear All,

A warning

My wife & I purchased 2 apartments in phase 1 through Ocean Estates, together with 2 options for Coto Real back in June 2002.

Once Ocean Estates have your money they give you continuous bull-shit. The developments were originally due for completion in December 2004, but when we received the actual contracts phase 1 had been put back to March 2005 and on Coto Real the developer had so altered the contract that we withdrew and both he and Ocean Estates refused to refund the reservations fees, despite the un-agreed alterations to the contract.

The devloper finally received the habitation licence for Phase 1 in April 2006 a year after the contract date, but refuses to agree any compensation despite being in breach of the Civil Code for failing to seek an extention to the contracts (he cannot do this unilaterally).

Phase 1 is more or less completer and now has many occupiers. We are due to legally complete 1st week in October.

when we last spoke to others on Phase 1 they estimated that Phase 2 would be unlikely to be completed before late October or November.

All

We were due to complete on an apartment in Milos but decided to pull out. According to our lawyer, Ros y Falcon feel that they have a very god case for not giving refunds back on late developments. We have cut a deal on another apartment that we've purchaed through Ros y Falcon in order to get out of Coto Real.

We have received all our funds back due to breach of contract...........................back to the drawing board.

According to a number of agents Coto Real may be a building site for 3-4 years ,

Caveat emptor

Hi Deband,

Have you now rece'd you money back from coto real, if so when and was any estate agent commission deducted

cheers

sarahazama

Hi Andy

We have talked before - we decided not to go ahead with the apartment because of the long wait for it, the terrible view, and the fact that you wouldn't be able to rent it with so much work going on around you.  We are in the middle of that process now.

Good luck with your apartment - I'm sure in the end the development will be lovely.

Pat

Hello everyone

Have just discovered site.I have apartments in milos and afer speaking to agents.I decided best thing to do was to ask lawyer to see prospects of getting money back.Due to long delay and development being a building site for next 2 years or more(making rental very difficult).But he has just informed me this is not now possible as developers have obtained 1st ocupation licence.

Can anyone confirm this.Also would be grateful of anyone elses information on resale values and rental oputunities.I located in milos.

I think it is important we stick toghether as i beleive we are dealing with a very hardnosed developer from what i have heard

thanks Ronnie