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HI does any body know why they are still building on Terrazes as there are many unsold properties on site.

This is driving down the value of the existing properties, and they do not seem interested in giving us more facilities.

Has anyone got any thoughts on this.

Regards  Michael

Could be because different banks, own different plots of land, that they inherited from Polaris Dept's

Yes Michael thre still building the sooner they get finished the better for everyone. I'm hoping when the blocks are built we may get more facilities.

resorts looking good , the volunteers have done a great job.

Hi Michael,

The majority of the existing empty properties are owned by the banks. These are probably the properties that are making the market rate at Las Terrazas de La Torre. If anything, these properties have put a floor under prices. In the more desirable locations, which are now in short supply, prices have started to rise.

Polaris World still own a large number of properties including the new properties that are being built. I don't think the new properties are driving down prices.

In my opinion the new properties being completed is a good thing. It will give the resort a finished look and will complete the west half of the resort (Phase 1, Phase 2, Phase 5 and Phase 12). It will also be good for the resort appearance when the cranes are gone from the centre of the resort!

New sales also means new owners, new contributors to the community and a reduction of debt to the community. Also a very good thing.

Development of the resort is another matter. Much of the land, including the Commercial Centre and the Golf Course is now owned by the banks. Their only interest is to keep them as a going concern and sell them on. Recently some of the commercial centre on La Torre was purchased by the Phoenix Group. Phoenix Group are involved in other real estate and tourism projects in Spain such as the La Quinta luxury resort in Marbella. 

In my opinion it will need a development company to purchase our course and commercial centre from the banks before any further facilities will be built. Of course, the more properties that are in private hands on Las Terrazas de La Torre, the more attractive the investment opportunity will look.

In the meantime, it will be down to us, the community of owners, to work together to make anything happen. Recent work led by the President of Block 19 has shown that there is a desire to continue to improve the resort.

This is my second year on Las Terrazas de La Torre and in addition to the excellent golf course, gardens, security and pools that the resort has, we now have more owners which in turn is driving improvements to the facilities and general appearance of the commercial centre.

There is of course plenty that we could still do for little investment and hopefully we can build on the work started by the president of block 19 and continue to improve the facilities.