Almanzora

We have been purchasing an Eagle on Sierra Golf since May 2004 and fed up with the whole process. Finally we have been contacted by Masa and it seems that the handover should happen soon, but it is too little too late! We are now wanting to sell the property, can this be done prior to completion? Can anyone recommend the best method of sale? I am going to list on Eyeonspain but wondered about alternatives?

Hi marmalade

Sadly Masa will not allow the contract to be sold on.  Our family has a potential buyer, through advertising on the eye on spain site, but masa will not budge.  This means we have to pay all buying fees, selling fees, legal fees, taxes final payment of mortgage then early repayment fees for the mortgage -  just to buy and sell on immediately.  It is disgusting - but great for the lawyers, banks, council and developer. 

We are so despondent with the delays, the messing around and the change of policy in not allowing the selling-on of the contract -  with all the unwarranted and unecessary extra costs just because we have adhered to the contract and MASA have p**** all over us.  We will never recommend them to anyone.  We will probably sell the second house we bought on SG.  

Good luck, I hope you manage it successfully, unlike us.

Ola Marmalade

Saw the message about 'selling on' - have you checked prices with different agents recently? - Most agents are listing properties at less than MASA are showing on their own site.

Mags

Hi Marmalade,

We too were getting very fed-up with the whole saga and had also contemplated selling on as soon as completion was finished.

We then realised that quite a few others would maybe have the same idea , thus driving down selling prices -- also the £ Stg has been very high recently against the Euro , which would give you less £'s when you transfer the proceeds back to the UK.

I think that the development will stabilise over the next couple of years and that prices could even increase when more properties ; the infrastructure ; and the Golf Course are completed - don't forget also that SG is a lot cheaper than other developments in the area.

So , with all this in mind , we have decided to move there on a semi-permanent basis for about 3 years and take the bull by the horns. After this period , as we are retirees , we will not have any Spanish CGT to pay.

It is a bit of a gamble on our parts , I suppose , but at least we will have the Sun and we will be away from Blair's Britain.

Regards,

Roger and Fran Davis

I really do understand the frustation that everyone is feeling with these constatnt delays by MASA etc. BUT I´m sure it will be worth the wait. We had similar probelms on Camposol like every one else, but once you get those keys, it will be worthwhile. The other reason for the delays is that the local council are making sure that services etc. are in place before handover, in my opinion this is the right thing, otherwise we end up with the situation in Camposol, with no street lights, dirt roads etc. Saying that Camposol is still a great place to live. I know it´s difficult & frustrating, but hang on there .....

Regards

Kathy

Thanks for the various replies to my question, and I ask you the following:

 ********  -  It is interesting that you have managed to find a potential buyer through the eye, are you also using an agent? I agree with you regarding not being able to sell on the contract and so I will probably try to sell after completion. We visited SG early Jan 07 and I was so disappointed with the lack of progress (Golf, hotel, shops etc.) that I tried to cancel but even though they were in breach of contract because of late completion they would only offer a refund of 75%. I have been advised that to take them to court would be expensive and take a long time with no certain outcome.

MagnLoz  -  I have not checked the prices as I assumed that it would be standard, the only prices I am aware of is from Mercers.

Roger Davis  -  I understand your view point however things have changed for us since deciding to purchase in May 04, we now live permanently in Portugal and cannot see us using the place in Spain! Also the money from the sale would be very useful  and enable us to carry our some modifications to our new home.

Kathyandbob - I am sure that it will be worth the wait and agree that it is much better to live on a development where all the infrastructure is in place. However I am very disappointed in the lack of progress on the golf course and hotel. I have no idea when the golf course will be playable and when or if a hotel will be built.

Thanks again for all your replies

Marmalade

Hi Marmalade

We have only advertised on this EOS site, but consciously set a low sale price as family circumstances have changed dramatically since the first deposit in 2004 and we wanted to find a buyer quickly.  It is also a good property for the money in a good location.

We also tried to pull out of the deal due to the prolonged delays.  As an investment, my son would have been better off with an ordinary bank account, but that's the risk in property.  It's very disappointing as we thought it was a safe harbour for his money that was compensation following a near terminal accident, giving protection for any future treatment.  Luckily he has recovered quite well, shame we can't say the same for his bank balance.  We have too been advised that the only alternative to completion is to sue, and been quoted a figure of 2,000 euros just to open the case.  We can't afford to throw any more money away, so are not pursuing that route.

Our original information was that the golf course would be ready by 2008.  More recent information from the site office gives a playable date for all 18 hole as 2011.  Who knows ?  What we really know is that Masa have us tied up and must be laughing all the way to the bank.

It is a lovely location and will be a good place to live or rent, but at this rate who knows if it will ever be finished when we're still alive!

Best of luck!