Planting Palm trees...

This forum seems to have given up, has nobody got anything to complain about anymore?

What about the changes in the Residencia laws ?  http://www.boe.es/boe/dias/2007/02/28/pdfs/A08558-08566.pdf. in Spanish of course

Are the property prices in LRdM rising ? one Irish website has Penthouses as much a e329.00 and lots more in the e285,00 range,

last year they wouldn't sell for e240.000

Come on Guys

Nil illigitimous carborundum

Johnone

It is my oponion that prices will rise in LRde M this year and moreso next year.  If we can all keep the place looking well with ground floor gardens looking nice and with the maturing of the community gardens I feel that anyone would be tempted to buy here.  Other developments in Marbella are much more expensive than LRde M so this makes ours a good purchase and its still in Marbella and central with a very nice beach in Capino.

I think a lot is up to ourselves we can try and sell our apartments at 235,000euro or 285,000euro.  I would like to think that they will sell next year for over 300,000euro.  Remember every cloud has a silver lining and remember the Cock that crows in the morning is not as good as the cock that crows in the evening.

Best of luck to everyone with your investments.

i do belive everyone is playing the waiting game, we await the elections and hopefully some news on whether Pennoryra has done a deal with the intrim commitee. I havn't heard anything on the grape vine. I agree  that we need to look after our assets!! and the pendulem will swing in the other direction. The group of people who are suing the developers stirred up a great deal of bad press including a tv programme. We are very pleased with are appartment and hope to see an end to the saga we have all got caught up in! if you have any news i would appreciate an update. i have seen the proposed ring road on the marbella.es web site and the plans of a train along the main road. i believe this should all add to our site!

best wishes to everyone

james

The development of La Reserva de Marbella has now been completed for 9 months and is being enjoyed by all owners who have completed on their purchase.  Banks are granting mortgages on properties there having carefully studied the paperwork that Penarroya has correctly submitted to the relevant authorities regarding a license application which will most likely be granted in the coming months, after the local elections.  Owners who have chosen not to complete are accumulating interest charges and community fees on a daily basis as in the terms of the contract that was signed at the time each of us paid the deposit - fees that will need to be paid on completion of purchase or sale to a third party.

Anyone choosing to pretend that the above information is anything other than true and correct are likely to be the same people who are in the middle of suing the developer for the return of their deposits - a very costly exercise which always seemed increasingly likely to end in failure as time moved on. 

Living in denial of the above facts will most certainly be costly to the investor and potentially detrimental to the development as a whole.

Kenny e: your comment re. community fees is not correct.  Any 'owner' who has cancelled the contract & is taking the developer to court is NOT  legally liable for community charges.  The property has not been passed over to them & they are not living there.  People are worried enough without putting forward wrong information that mirrors the scare-mongering tactics of the developer. 

Unless you have access to everyones contracts at La Reserva it is best to stick to comments re. contract that apply to yours only. 

Hi Guys

Nice to see people posting again.

Has anyone looked at the (Irish) Daft.ie site. If you do you will probably guess how they got the name. They seem to have a lot of properties for sale at LRdM, ranging in prices from 230,00 to 329,000, All the pictures are similar, with shots from the original Show property, and others of poor quality clipped from brochures. I couldn't find one with photos of the any appartment it was selling. Some have shots from several different parts of the Area. They are still selling the myth of tennis courts and 15 swimming pools, and list extras such as Elevators ? ADSL Available,?  Sat TV Available ? On site Shopping ? I pity anyone who is trying to sell their property through this company

http://www.daft.ie/sales/

 Is it me ?

Suzie,

If you can read and understand English, all information contained in my last message is true and correct. 

I assume you to be one of the few who are clutching at straws to avoid completion in any way possible, including suing the developer for the return of your deposit at great expense.  Anyone suing the developer for the return of a deposit could only avoid the community charges if they are successful in their case - a very unlikely outcome which could take years to conclude.  Given that the development is likely to be granted a license very soon, I wonder on what grounds your expensive litigation case will be based.   

I am trying to avoid repeating myself any more than I have done so in this forum over the past 10 months already, so please take a minute to read all of my previous postings as the information contained within them is written in such a way that even you could understand, if you take your time.  I have read your postings and find them repetitive, completely misinformed and outdated.

For the record, I have completed on my purchase and know from first hand experience how easy it is to do such a thing.  My penthouse is absolutely fantastic and I enjoy my time staying there whenever possible.

Also, Johnone.  Sat TV is available in every apartment (as standard).  As is ADSL if you pay for the service as anywhere else in the world.  It is projected that on-site shopping will be available given that we have purpose-built locals situated above Manzana 4.  ´Elevators´ are the lifts contained within each and every block and if there aren´t 15 swimming pools, there are certainly enough to go round.

Finally, my penthouse valuation recently came back as being €350K.  My next door neighbours recently happily completed and theirs too were valued at a similar figure which makes the pricing structure you gossip about quite accurate and not in any way as ´daft´ as you would like people to believe.

Come back Graham Blackburn - all is forgiven...

Kenny,

Your assumptions are wrong.

This is an open forum for all to contribute to - we should all be able to do so in a mature manner without having to be at the end of your rude, personal insults.     You show yourself up. 

Suzie,

I have been reading your postings with interest and concern.  Kenny e is right and the facts remain:

• Interest penalties AND community charges are accrued daily and remain payable by the owner(s) named on the contract which was signed and made legally-binding with the deposit payment of 30%.
• ALL charges WILL have to be paid by the named contract holders on the day of completion or on the day of sale to a third party. 
• Even at the point of sale to a third party, the contracted owners will be held liable for these charges billed pro-rata from the day the apartment was completed (June 2006 latest) to the date of sale at the notary.
• Contracts cannot just be ´cancelled´ at will and they remain valid and running.
• The ONLY way that these charges can in any way be avoided is to win a legal battle for cancellation of a contract.  However, this is a very expensive route to take which, most likely, will end in failure, leaving the named contract owners still legally obliged to complete / sell as well as for payment of ALL fees anyway (including community fees) as in the terms of the contract.  This may take years to conclude at which point any interest penalties and community charges will be absolutely huge and will still have to be paid.
• The most cost-effecive way out of the situation is to complete as soon as possible (i.e. now)  and rent / sell in time.

I am very concerned as to the advice you are receiving and appear to be following.  Whilst this is an ´open forum´, it would be unfair of me allow anyone to be mislead by your misguided posts without stating the above facts.  I hope that you will not take any offence from this.

Kind regards.

James. 

More Good news

This is from Barclays Bank

Spain economy booming

Latest statistics from the Spanish government show that with economic growth at 3.9% (a six-year high) and a budget surplus, investors in property can foresee a healthy future, with 700,000 new jobs in the country, increased demand for homes and growing property rental opportunities. ¹

Spanish government announces property figures

A national average rise in property prices of 9.1% has been reported by the Spanish government. Central and northern Spain did best overall, with Lugo in Galicia top of the table with an 18.5% annual rise. Jaen, Seville and Castellon were also among the best performing provinces. ²

Younger buyers look abroad for first home

Some 40% of younger people would consider an overseas home as a first step on the property ladder, according to insurance company Hiscox. Respondents to their survey cited high UK house prices and a complicated housing market as their main reasons for looking abroad for a first home.

RICS 2006 Overseas Property Report  also had a positive result for Spain

So the opinion seems to be from the stats that Spain is still a good option if you use the right people 

John

Thanks John,

Its Great to hear news like this.  A growing economy is good news and the foundation to a good property market..

I remain hopeful for next year.

Hi,

Has any one heard how long it will take after the elections in May for us to be granted our LFOs?

Our Solicitor told us we should have them within a year. Always assuming that parts of La Reserva are granted legal status!

Only joking ( I hope) general concensus is that we will all be ok .

Only other cloud on horizon (should have known) is a short news report on web site yesterday about a real threat from terrorists via Morroco linked to al-Qaeda who think Andalucia should be Muslim land. Just what Marbella and us property owners needed after all the corruption scandal.

Talking of property anyone know of any one successfully selling at a realistic price on La Reserva and within a realistic time span?

I am reading up to 28 months on other forums (Spanish Property Insight) for CDS.

Talking of SPI if you look at that forum the forecast for Spanish economy, property prices and outlook is not that of Barclays 2006. In fact someone cites Barclays report as being off mark. SPI has in depth reports on economy and the recovery  property price wise is years, some quote 3-5 years.

Ray of sunshine for La Reserva horizon is the bank valuations posted here for Penthouses, prices seem to be recovering from Operation Malaya fall out.

Any news of Bloque 7's legal situation?

Hi.  Very grateful if you can paste the link to the PGOU map that you refer to.  Little confused as to any block that may be in dispute with a ring road as there a number of private properties surrounding the boundary of the development that would then also be interfering with any such dispute.  Will try to find out about AGM dates etc.

James this is the link to the map on the marbella.es web site

http://www.marbella.es/descargas/pgou/sintesis/plano03.pdf   

reading suzies message it seems the day of reckoning is nigh. if any one here's anything this week please let us know.  james

Thanks for the link.  Having studied it I think that the ring road that you refer to is not on the development but perhaps it is the old path that passes behind the development at the very top?  It seems to me that it does not effect us.  I will monitor the link with interest, thank you. 

We too await an update from Suzie and hopefully it will be good news!

This map would appear to confirm that none of La Reserva is currently occupying the green belt.  Am I right in thinking this?