Resort?

I think you will have to wait until the full resort is sold before any further build will take place.

It is encouraging to hear people are still buying on the resort.

I think you've hit the nail on the head there Andy, great post. Who in their right mind honestly thinks they could have continued to develop the resort as was originally planned in the current economic climate, even if they wanted to? PW almost went bust as it is, if they'd continued to build apartments and shopping centres that nobody wanted and couldn't be sold it would have been commercial suicide.

Although the current resort and facilities are short of what we'd all like, we've still come out of this a lot better than many have. At least our apartments have been completed and we have basic facilities and a completed golf ourse, and we're not surrounded by abondoned building sites. A lot of people elswhere in Spain have paid their deposits and ended up with nothing when their builder went bust, or have just shell in a building site with no roads, water and electricity supply. I think a lot of people are just going to have to accept the reality of the situation we're in and get over it. It's not ideal, but it's far from terrible and a lot better than it could have been. Some folk really need a reality check, buying off plan is always a risk, and if they didn't know and accept that when they signed up then more fool them. Their 'toys out the pram' rants were mildly amusing at first, but now they're getting a bit tedious.

Good luck to those planning legal actions, but IMO you're just throwing good money after bad.

The current price of new apartments at CDA makes them absolute bargains.

What can you get in the property market elsewhere for that kind of money ?

The potential of the resort is terrific and the climate superb.

We have had 2 years there now, and really enjoy every visit. Sure its not 5*, but it still offers you a place in the sun, and a great relaxation bolt-hole, and it is very accesible from the UK.

Sit back, and enjoy what we have.

between €70,000 & €120,000  you think thats a bargin? thats 60k - 100k at the current Euro exhange rate.

repo's may be cheaper - but still no bargin

would you spend 85k in the UK, knoing what yuo know on CDA?  i know i wouldnt

at the moment it has very little or no rental potential.

Its  bargin if  you have the spare cash,  and are not bothered about the possibility of  losing this money. 

No matter how nice CDA is, we have to be a bit realistic.  unless paramount comes to Murcia - the prices on CDA will never go up, the complex will never get finished.   We have been flogged a dead donkey by polaris, and there is little any of us can do about it..

The people who bought off plan will probably never get back what that paid for the place unless paramount do come.

if they where a bargin, i am sure yuo wuold have investors pickign up the vacant ones -

This message was last edited by rich&bops on 12/01/2011.

This message was last edited by rich&bops on 12/01/2011.

You're not going to lose the money, at that level of purchase price, you will always get someone who is looking for cheap property to buy it from you. You can't buy much in the UK for that price

I agree that for rental, them the income recieved will not cover the costs, but if someone wants it for their personal use, then I still believe they are good value.

Rumour has it that property sales are bucking the current trend on CDA, and investors are buying.

Enjoy what you have got

The current prices are not bargains or they would have all been snapped up. Its just the current market value. I cant see that price either dropping or rising much in the next 5 years.

They have factored in Paramount with those prices and I feel that if it does not get built (which I suspect) then the prices could fall further, but on the other hand if it arrives, we could see some growth.

70,000 Euros for a new apartment seems like a bargain when you consider I paid almost double that 30 months ago, but without facilities rentals and resales will be hard to come by.

Sit on the money rather than buy, watch the market and I am sure you will still be able to buy at a similar price in 2012. You will then have saved yourself 12 months service charge!

Absolutely correct onecall, well said.

If you bought off plan for a quick profit in the short term, then it's a shame your gamble didn't pay off but hey that's life, get over it. Rule number 1 in gambling - make sure you're aware you might lose and accept it if you do. Surely you went into this with your eyes open, and made a decision to purchase only after long and careful delibaration of the risks, yeah? If not and it never even ocurred to you dabbling in property for short-term profit is a big gamble that you might lose, or if took absolutely everything you were told by salespeople as gospel, then you're been either very stupid, very naive, or both.

If on the other hand you bought for your own use and enjoyment and as a long term investment, then you've lost absolutely nothing and this is but a minor setback. In the meantime, pour yourself a long cold sangria, relax, and enjoy what you've got. :)

 very intresting thoughts

but no one has taken the 110% loan into considiration?! isn't that worth a lot?!

The only advantage if a 110% loan is that you can add your fees, so in effect you can purchase a property with no money down.

However you still owe the bank that money and you are paying interest on 110% of the purchase price, plus you have instant negative equity!

These kind of mortgage were offered in the UK, by Northern Rock and Mortgage Express, but are no longer available because its deemed as risky lending. If the purchaser defaults the banks are unable to recover their money purely through the sale of the property.

The only reason the bank is offering 110%(I suspect) is to get the property off their books, I dont see this kind of lending as advantagous really, unless you are looking for a "no money in deal"

I speak with authority on this subject as I have been a mortgage adviser for 15 years.

Sorry Darren, I thought you worked for the Samaritans, specialising in cheering depressed people, who had bought on CDA !!

Onecall, its the Britains Got Tallent live auditions at Manchester Opera House tomorrow (1.15pm & 5.15pm), you could be there in 40 minutes. I am sure with such comedic talent you would stand a great chance of making it to the finals. You may even get to perform at the Royal Variety Performance in front of the Queen and Duke of Edinburgh!

Good Luck!

 okej people

lets calm down...i didn't mean to upset you haha

Onecall and Cappieflow, you're spot on!

Conrad, probably only worth borrowing what you actually need.

 1098, do you mean what you have lost?

Negative . equity is an issue when  you want to sell the property , properties are normally held on a long term basis. If you believe we are now at the bottom of the market then it is a good method of financing a property for someone to live in against the cost of rent.  . The difference is whether you should use this method for a holiday home. Like all financial considerations ,ability to pay and personal circumstances can alter your recomendation in any factfind. Keep an open mind about the solution until you know your client , do what is best for the client  The Banks are big enough to look after themselves. I have no interest in protecting the interest of the bank let them take a risk. The return they demand reflects the risk they take.

Mortgage advisors are not authorised to give investment advice and frankly if  I caught any of my mortgage advisers advising people abount the future then a period of supervision would be called for. Personal opinion is one thing but making it sound like professional advice !!!!  If you advise someone to hold money in an account with a low return then what about the depreciation in real terms against inflation ? What if the market is at a low and you have pursuaded someone not to invest. For someone thinking about planning somewhere for retirement I would recomend it here.

I have had my lunch on the patio today chatting with friends and enjoying the warm sunshine . I use the facilities in the local towns and find great value for money in the local markets and cafes when I go to a nearby town or city. Health care has been excellent , I feel safe walking around CDA and cycle with no fear of being knocked over by a gang messing around or hit by a car. We have an administration that is very helpful and does a good job running things. I no longer have asthma that I developed when living in the Midlands , my wife  has less pain due to warm weather .

As you can see I am getting fed up of someone constantly knocking CDA. I have lived here for over 2 years and enjoy it. There are always problems where ever you live - but you adapt.

David

ex Building Society Manger and IFA of more than 15 years

No, I was merely stating not to borrow more that you need but as Dringman states it's dependant on your personal circumstances.

As for losses, well then I guess you wouldn't ever a make a purchase anywhere, as it's always a risk. 

Always buy for the right reasons but only you can decide that.

My disliking for the urbanisation is not to annoy anyone its just my opinion, that is all I am giving on these forums, my opinion. Not Financial advise!!

In Fact I cant see where I have criticised Condado on this thread? Dont get fed up with people knocking CDA, it has its far share of fans on this forum. I am just trying to balance it out

I know the financial aspect is important for those who purchased at Condado to make money from rental or resale and I agree that it has been a disaster for those folks. Its far more of an issue for those whose circumstances have changed through job loss in the UK or where the value of their pension income has changed and who are now finding it difficult to afford to pay for their home at Condao and their difficulty and any ensuing  'emotions' are real and we have to respect that and I can only hope for those people that they can sell their property soon and move on from the experience.

Saying that, I absolutly love Condado and its surroundings.  'Onecall' happens to be a neighbour of mine and I can't wait for the summer days when our families  lounge around the pool sharing where we have been/found/enjoyed/didn't like etc in the region around Condado - Happy New Year by the way.  I am online booking flights like there is no tomorrow at the moment really looking forward to the 'season' at Condado!     There is a community spirit growing amongst those of us who pop in and out of Condado and those who live there who are becoming immersed in the local way of life.  I love going into Alhama and spending less than €5 on enough vegetables to feed an army in the market, or finding a deserted beach in August to have a picnic on (no you can't have directions!!) or exploring the giant guns at Cabo Tinoso and my personal favourite= the €10 five course lunch at Antipodas in La Azhoia - easily one of the best vistas in Europe!!!! 

Just one possibly controversial comment on the 5* comments that are often made on this forum = WE ALL PAID LESS THAN €150K FOR OUR APPARTMENTS. In other parts of Spain a 5* appartment similiar to ours are up to £1million euros so we have to be realistic about what we are getting for our money despite the 'fluff' in the brochure and the world recession.  I am also not pinning any hopes on the Paramount project as the doomsayers are saying that Spain is in worse shape than Ireland but hey they have sunshine and that I am willing to pay for and if Paramount becomes a reality then it s a bonus!!!! 

Sorry if that sounds a bit 'I'm alright Jack so sod the rest' - I don't mean it to be that way - tomorrow I could loose my job and my outlook would change to a more pessimistic view.  

Bring on Easter and a nice long break in the sunshine.

Michelle Hill J200

As is normal when a thread develops along these lines you get the two main camps coming out:

1) Those who "invested" either for short term gain or a rental income

2) Those who bought a holiday home (myself) or to live

Both camps are not happy the resort hasn't developed as it was meant to.  The difference is that the latter are generally much happier as most people are still having a great time when visiting or enjoying the change in livestyle as residents.

The former are facing financial shortfalls due to low rent or dropping property prices.

We are looking at things from different viewpoints.  I'm happy with what we have as its perfect for a family holiday but I can understand the views of the "investors".  In saying that if you invest in anything you should be prepared to lose your investment or you are taking a big gamble. Some comments give me the impression that they "needed" a return and they don't seem to have a very objective view of their investment.

I suppose the point is we aren't going to agree on CDA as some people are judging it by the enjoyment they get out of it and others by the profit it is generating for them.

I fully agree with SMV, The Investors will be disapointed and the people who enjoy holidaying will be happy and the two camps will probably never agree. Wise words SMV!

Apart from the two camps you mentioned there is another, I am a mixture of the 2 camps. I don't rent out the property and did intend to holiday at Condado. However the Oasis never arrived and as a single person, with no children, who does not play golf, I find there is very little to do around the area, so I tend to take my holidays in America or other European resorts with more attractions.As my place is never used I then start to view is as an investment and as investments go it been a bad one.

In summary I bought the place as a holiday home with no intention of renting or selling for a profit, then once the place was finished and the facilities never arrived, I stopped spending holidays there and it just became another possession, one that lost me money.

I can see the attractions of CDA if you have a family (cheap holiday, safe environment for kids etc) or are a golfer (Nicklaus Course) so I never knock anyone for liking the urbanization.