Should i buy!!

We put a deposit down on tee17 nearly two years ago but have now been told they will no be completed for another 2-3 years!! so i am being offered a fairways property and am aiming to go out at the end of February to view them.

However reading through the comments on this forum i am very concerned that buying a property on this site would be a grave mistake. Have the issues with the guarenteed rent be sorted?? how long does it actually take for the rental to kick in? Is the golf course actually any good? Is the sports centre completed or even been started on?

Please give me feedback both good and bad.

As far as I'm aware no one has actually received any rental income.  As the facilities are also not likely to be completed then ask yourself why would anyone want to rent there anyway.  Remember the original marketing?  Horse riding school, 5 star hotel, sports complex, shopping centre etc.  The resort is nothing with out these and rentals will never come.  Don't l;isten to Peninsula lies.

Hi There

I am an owner on  Medina Elvira 23

I know of several people who had some rental income last year, and have had some this year.

You sound like you have only been out a few times. The site is in a great location, only 10-15 mins to the center of Granada in a taxi, We skied at the end of April/May ! the ski season runs from Nov to May most years, it only takes 35- 40 minutes to the top of the mountain to the ski village of Pradollino. There is a small village about 5 minutes by car called El Chappael, that has several bars and a couple of local restaurants

The golf course is above average and Medina Elvira 23 and Fairways are both very nicely finished The golf club has a restaurant and bar that is open to all and the food and staff are lovely

The guaranteed rental scheme is on hold until more people join, until then if you sign up and buy the furniture pack you can join in with the variable rentals and share in the total revenue Peninsula Resorts earn from the total rentals, they pay you out every month. You can use the apartment as often as you like for friends and family, but have to book ahead the weeks you want.

Once more people have completed and are signed up, they will then agree a date to start the Guaranteed Rentals then you are only allowed 2 weeks use of the apartment and will get for 3 bed 998 Euros + VAT back every month.

I do not agree with The Looney, I do think the site will be OK, but it will take time, it has caused us a total headache, but I really do think it will be a good investment but not in the short term..

Lesley

Reds,

No offence mate but I would probably be saying the same thing as you if I had completed to try and draw more people in so that perhaps one day the guaranteed rental promise would be fulfilled.

Call me an old traditionalist but isn't guaranteed supposed to be exactly that and that was after all what we signed up for.  ME23 may be getting there but Golf has seen no action for over two years. 

If I was looking for a holiday then I would be looking for a bargain price on an appartment in even your development.  After all, where are the shops, riding school, hotel, sports hall, security.  These are the things that attracted me to the development but right now I would pay far more just to go the Costas.

Despite all that I think everyone is entitled to their opinion, perhaps others are inclined to think like you and are borderline to be swayed into completion.  Perhaps you could take a few photos of the resort in its full glory and post them somewhere for us to see?

Hi There

Lets face it, the past three years have been unprecidented in the developing world - especially in Spain. Peninsula are no angels and they have dragged their heels, but lets face it, they have had people pulling out left right and centre and are obviously struggling to try and keep it all together.

If they and we can get through this year, I am sure things will turn around - I still maintain it will be a lovely development, maybe not as complete as was promised, but certainly enough to make a really lovely place for a holiday near a fantastic major tourist city such as Granada. It is an all year round proposition with the Skiing and the Golf, We have visited Granada during all the seasons of the year, it is great place to be.  I am looking forward to being able to introduce lots of my friends and family to this beautiful part of the world in the coming months and years. 

I will be visiting in March sometime and will take plenty of photos and post on the site for all to see,

Lesley

I agree with Reds; no-one should be buying property of this type expecting a quick return given the current state of the economy throughout Europe, and anyone wanting to buy on this or any other development should make sure they have a lawyer who will do all of the necessary searches and checks.  As I understand it Peninsula is not the main developer on the Medina Elvira site and when the shopping centre etc is built is not within their control, although rosy promises were made at a time before all hell was let loose on the economy.

We have stayed in our apartment in ME23 and are returning again this spring, we believe that given time the site will fulfill its earlier promise.  What people want out of holidays is very personal, we are used to looking after ourselves and exploring the local area, Granada is a fantastic city with lots to offer for all types of holiday maker, the nearby towns of Albolote and Atarfe have all that you need to stock up on provisions, or eat out - and free tapas are still served with drinks in many bars and restaurants in the area.

We have received rental income on the variable scheme since last July although not huge amounts as yet.  The guaranteed income has not yet started which is disappointing, we are told due to a shortfall in the number of owners who have signed up as a minimum number of properties are needed, although onthe other hand it seems Peninsula are also being a bit picky about accepting apartments which have not been furnished with their own pack.  We, along with a number of other owners I have heard from, may be looking to rent through a local company rather than Peninsula.

I think anyone looking to buy in the current market just as an investment for income should be very cautious, but that would apply anywhere. if you are looking for a property to enjoy and have some rental income then it has to be a personal decision whether it is the property for you.  When we last visited in September Fairways was looking very good externally.  I wouldn't be pushed into purchasing a different property just because the original property is delayed, I would want to make sure the property would work for me - and at least it is possible to see what you are getting with Fairways.

Dands

dont go near this and im with the looney. Talk about potential/location/ski slopes  and lovely holiday location -this  is true but hearts are  ruling heads here.

If the original intention was to buy as investment and hold for a number of years and sell at profit- a not unreasonable objective- your not a flipper looking for quick return- this is still now a lousy investment- you will lose a fortune- nobody  will ever make any money. There are too many unknowns to make a rational investment decision.

If you just want a holiday home and  love the area and have very deep pockets and dont mind throwing money into a big hole- then go ahead- but doubt most people are in this situation. Just rent if its a nice holiday your after.

you know whose going to buy these properties if any ? the vultures waiting on sidelines to pick these up at a fraction of original price from distressed sellers. 

Get out if you can and try and get your deposit back- dont let romantic dream s of what ifs cloud your judgement

good luck