Cheap hols etc, offers on flights to the Costas

you can only get your refund if you bought off plan from original sales back in 2003/04 with the original contract from the developer.   we bought some time afterwards from somebody who backed out, therefore we cannot cancel and get our deposit back. his contract from the developer was transferred to us but  we could only re-sell independently now, otherwise we would be claiming back any profit the original purchaser had made off the off-plan investment. 

as i understand it, at the moment cancelling you would only get back original deposit. no percentage of compensation has been agreed to cover loss through costs etc. they will decide if a percentage is due once bank guarantees run out after june i think.  taking them to court is an option but i personally wouldn't risk the costs going even higher

there was an apartment in estate agents window the other day in duquesa for 239,000 3rd floor. thats what anybody would have to do to sell in my situation. my valuation last month was 260,000 and agents said to me that  the price of 239,000 in estate agents now is because people find that they cannot or don't want to complete as situations change etc. After completion advertised prices will shoot up to above my valuation they said.  i, like most of you, intend to have my apt for a lot of years so figures not so important at the moment.

I have had an e-mail from my solicitor today (they do not arrive as often as others) she stated that the bank guarantee will be valid until the developer gets the first occupation licence. I do not know if this would stand up as the Private Contract sets out 30th June 2007.

I just wish we were there in the sun and not here in the rain, but it will happen!!!

I think the deposits will be returned with legal interest which just about covers the legal costs. In effect you come out with what you put in, not a great return on 3 years investment. This is what happened to me on an apartment in Elviria but to be honest I was happy to get out of that unscathed as it was an illegal build. Not sure I would be happy to walk away from Duquesa with just my original investment after 3 years though.

Alan

yes, i think it would be silly to do that now at this late stage before the properties have the chance to mature.  duquesa is a great investment.  do you have other homes elsewhere in spain then alan?

suzanne

Hi Suzanne, no I was buying an apartment off plan in Elviria Marbella but things started to drag on and on. We were given all sorts of reasons why it was taking so long then bang we found out it was an 'illegal build'! We had our 30 % tied up there for 3 years but I just wanted to get my money out as quickly as possible even though it meant there was no profit on the investment. I am glad I did now as I understand some people invested without a bank guarantee and are still battling to get their money back. This is why I get a little nervous about Arenal Duquesa although I am sure there isn't that kind of problem here just the usual red tape.

Alan

Just had another terrific letter via the solicitors from 'Promotora Inmobiliaria' aka Arenal.    They say its a pleasure to contact me!  Changed their name.  they have had some sort of dynamic process.  Enable them to deal with our requirements and requests mor eficiently, couldnt get any worse!

Set up a Telephone Customer Service Centre (they dont mention its not in English)  902 23 22 44 - they are always at our disposal.

Firmly committed to gaining our trust!!!!  And they want feed back.  they hope this gives us peace of mind and send me their very best wishes.

but actually say nothing.  Love it. 

Elaine

Anyone cashing in the bank guarantee (unless exceptional circumstances) to get there deposit back from 2003/4 must be out of their minds - frustration is not a circumstance,  it is a by-product of the wait of something very exciting - anyone whose paid the best part of 30% on a sub 200k euro apartment which are now valued at 260,000 euros must be crazy to sell back to the developer.  These apartments are some of the best on the CDS and Duquesa (between Casares & Alcadeisa) is in a prime position.

All the doom & gloom about property prices is a load of old tosh as the Spanish shares have now gained there losses and would you rather be there in Duquesa port having a G&T in 30 degrees of sunshine or standing in the p****** rain in flamin june in the UK.  The times & telegraph ought to be ashamed of themselves for scaremiongering - they're probably not getting backhanders anymore and are probably really peeved that the fact the Spanish govermnet are now only asking for 18% CGT where in England many of us would pay 40% plus !!.  These papers said the same about the UK market in 2003 and after a small lull - prices continued to rise rapidly - if you'd have taken there advise then you  would bot be happy today !!

If you actually look at the bare facts - apart form the horrendous delays and poor communication (yes i know thats not good) we all have amazing investments/holiday homes.  We would bot have purchased them in the 1st place and handover that money if we didn't want them so whats the difference in a delay ??

I am of the opnion that the license won't be granted unless the roads are complete as the townhalls are stringent and to be honest can't see the license being granted until Oct / Nov - thats my realistic view

Chins up everbody - its going to be a party to remember !!

Hi All,

Just wondering if the €260K valuation is correct why  the developers are not prepared to give back the deposits without legal proceedings if they can resell them at a large profit..????

I too am not so sure about the valuations, has anyone looked at the agents Duquesa Estates recently............... there are resales below 200k

Regards M

I too am not so sure about the valuations, has anyone looked at the agents Duquesa Estates recently, they are offering resales at below 200k

Regards M

 Has anyone actually had their deposit returned plus intrest, without going to court?  As for valuations, im also supprised at a figure of 260K when there are many for sale around 200K and i dont think they are moving at that!, correct me if im wrong.

i have bought lots of new build homes in the uk over the years and the same thing happens over hear regularly.   just before all the properties are occupied on a phase you can still get a bargain from people not wishing to complete and builder getting rid of last couple.  as soon as all the apartments are occupied this valuation will stand. i knew people once who make a living buying new properties in the uk on first phase sites, once occupied and next phase ready they sell and jump on phase one on another development. 

you couldn't sell for 260 at the moment but the bloke taking me from airport didn't know what we had paid and new that prospected sales in the next few months were about 260 on the market. as i said i saw one in the estate agent window, 3rd floor in the 220's only last week in duquesa. this is the most crucial time and its not the time to worry about future value

suzanne

Well, hear we are with another month nearly gone and still no news.  My flights out for September now look in jeopardy and we are looking elsewhere for our annual holiday.  Even if the apartment does come in before early September, we think its not worth the trouble this year of furnishing it.

Has anyone got any news or photographs?

Another month gone by.