should I bail out or hold on?

After 3 years of hassle and uncertainty, I have been offered a chance to get out of the development and get my money back. i will losse any growth on my capital over that period, but that is all.

I am part of a syndicate and have had virtually no hands on involvment with the developers or development.. It appears some units may be nearing completion but there are still plenty of hurdles to overcome - eg selling at a break even. Does anyone, who is closer to the situation, have any advice? Hold or fold?

Outapokit - If you want the amount you put in guaranteed in your hand - this is your chance. I wouldnt be surprised if you can get better value for money now as the Spanish property market is not half as strong as it was 3 years ago. So you could take your money back and spend it somewhere else with a bigger or better property.  By the way - how are you managing to get all your money back ??

If you want to gamble - you could get appreciation in capital in a few months / years time or you could use the apartment for your pleasure or you could potentially get rental income from it. All this is ofcourse full of risks. Depends on whether you are a risk-taker or not.  Also completion of condesa could very well be December 07 at best to complete all the paperwork, etc.

Lots of people have tried / are trying to get their money back as they have had enough of waiting or their personal / financial situation has changed. I believe, not all of them have succeeded in getting the money back.

All the units have to be completed before the Habitation Licence can be granted and paperwork can be started.

has anybody got their money back and if so how i would be interested to now

GMK - the normal procedure is to "execute your Bank Guarantee". What this means is that first of all you should have a Bank Guarantee for your specific unit. You take it to your lawyer who goes thro the courts and "executes" it, i.e. processes it to demand your deposit payment back. I have been told you can get your deposit minus the IVA (i.e. Spanish VAT) amount back. From what I hear this can take anything between 3 and 6 months. If you dont have a Bank Guarantee, then this process becomes far more difficult. Some lawyers are more reluctant to execute a Bank Guarantee than others. Whatever you do, my advise is not to get into expensive legal wranglings as you can end up paying huge amounts in lawyer fees and get nowhere. The Spanish Legal system is not as straight forward as the British legal system.

Perhaps I am fortunate. The advisors, who put me into a syndicate deal, have offered to buy me out and take the risk/loss/gain themselves. i am trying to gain a few more facts before I decide. Captain007's comments help. Thanks

outapokit - whatever you do, make sure you get ALL your money back. Theoretically, you should atleast get interest on the deposit you paid - but if I was in your place, I would take my deposit and run as fast as I could. And then spend it somewhere else that is already built and completed - if I was still interested in Spain.

Outapokit Hi. Good name by the way, though hopefully not entirely accurate

I think you are in a syndicate, not a sole purchaser. So if  the syndicate is looking to buy you out that is completely unrelated to any bank guarantee (pretty worthless thing in reality as you risk more to excercise it than you will ever get back) and so you have get out options not open to individual purchasers. So its a choice for you to make, get your dosh back now and move on, and let the syndicate take the profits later, or stick with it yourself.

A property syndicate would not normally offer to buy out its memebr to absorb your losses, they do so to get you out of the medium to long term picture in order to maximise their profit, but its a personal choice for you to make depending on your individual circumstances. Only my personal view, but if you are looking for short term profit on property, Andalucia is no longer the place to look for it.

But if you are already in there and can afford to wait, why sell out to those who are prepared to put their money where their mouth is and bear with it in the belief things will bouce back and they will scoop up your profit later?