Deals at Polaris World

Hi Dave
This is not 'a legal view' this is my own experience.
We have a property at Peraleja, a very nice place with a golf course open etc.
Our house was 'deemed' completed in December '07 (as per the contract)
However it is still in the middle of a building site, a new house being built attached to ours.
No front wall to the security gate and various other things not finished.
We are completing next week because I was told that I had to now.
The property is finished inside, but I would not deem it completed as I would expect to see the development!

So the answer is, the can call it complete when they want to it would appear! Even if you can't live in it.
Stewart

Hi All

i have just received an e- mail from my lawyer in spain regarding my prefference regarding extending my bank guarantees, she also added that they have been informed by other sources, ( not corvera ) that building work has stoped at corvera and will not be continued untill after the summer, she has not said who provided this information.

i will reply and see if i can gleam any further information regarding this matter, she has been in talks with pablo at corvera recently regarding the bank guarantee issue and he has not mentioned the posponment of the building works during any conversations with her.

if this is true it is yet another case of non communication to us there clients.

dave

Thanks for the info Dave, at the moment despite the delays so far, I wouldn't be too disappointed about a further delay as it may (hopefully) give an economic recovery a little more time before completion. I've sent an email to Esther (who has been very prompt in her replies and helpful), asking her if the delay could be confirmed or denied, when I get a reply I'll pass it on.

kev


This message was last edited by kev2 on 6/25/2008.

I've just received an e-mail from Esther stating that this is just a rumour - there is still a lot of work going on at the site.  Is anyone planning to visit soon.

Anita.

Just to add that I had the same email  as Anita from Esther , simply saying that the delay is a rumour.

kev

Hi Kev

Why would anyone want to start a rumour of delays in building works, what purpose would it acheive, could it be a rival developer, i suppose only time will tell, it would be nice if someone was planning a visit in the near future, we could then see for ourselves what activity was going on.

Cant see them going over the 18 month period from issuing of building licence, it would cost them money in compensation.

dave

Hi Dave

 I agree, there would appear to be no reason why anyone would start such a false rumour (if that is what it is), but sometimes God only knows how they start. That being said, rumours can often be based on fact and although I trust that Esther is speaking honestly, she may not be aware of everything that Calidona management have planned, as you have said only time will tell.

kev

Hi all, just an update.  I have been in contact with Rob Watchorn from Clearwater Properties who, in the opinion of many including myself, is an extremely reliable source of information.  He was over at Corvera last week and in his words things were 'going full steam ahead'.  He thought it strange for works to come to a grinding halt.  Anyway he said that he would look into it for us.  If anyone needs his help in answering any questions or requiring photographs on developments in the region let me know and I will tell you how to contact him.

Anita.

Hi all,
            I have received an e-mail from Pablo today , stating my phase 3 property will be completed at the end of 2009. I expected spring 2010. Can't see a delay!

Arab.

Just had a reply from Rob Watchorn.  He has spoken to a reliable source at the Sales Office who has confirmed that work has not stopped, far from it, they are continuing at the pace that they have since the licences were granted.  He also said, but could not confirm, that work MAY continue during August.  This he could not confirm because August is much too hot if you are in the construction industry. 

Hope this helps.  

Anita.

Hopefully this will not have too much effect on progress at Corvera

http://www.typicallyspanish.com/news/publish/article_17235.shtml

Hey that's clever.
Edit out the "Advertising" but leave in the Hyperlinks to the businesses concerned !
Don't mean to be sarcastic but what's the point?

We were at Corvera last week, seemed to be a lot of activity, and even managed to see where our Tilo apartment is going up. Just to clear up a few points that have been raised here.
The demonstration outside the gates mentioned was a by a few construction workers about pay and conditions, not the locals !
Pablo is talking May/June still for completions, but as there are so many to be done this handover may take a bit longer.
Calidona, we were told by 2 lawyers we talked to,is well funded and one of the best in Spain. "They would be the last to go under" was the comment from both. I was reassured when Pablo stated that Calidona actually purchased the land at Corvera outright,they didn't borrow, so are more fortunate than many other developers and is obviously in their interest to fully complete the project. Sales are very slow now for last phase and they seem to be trying to "fill up" blocks to build and returning deposits for those only partially bought into.
Went to Roda and had a tour around..lovely 4 bed villa for a cool Million if anybody's interested! Club House was very nice, and Pablo said the Corvera one was going to be larger..like the golf course. The plans for the completion of the course are next summer, but will not be open to play on til late Autumn , he said, in order for the grass to settle in.
Drove into Murcia for a  look around and were very impressed.. felt a bit like Barcelona to me.Worth a visit as it's very easy and quick to get to. Park in the centre by the river, next to the Town Hall.
We both get a buzz when we visit Corvera, it's going to be fabulous. The site is deceptively big though so I think we are going to need bikes to get around when everything is finally built !!   Chris & Elaine

Did you notice if they've started to build the hotel? If they aren't going to build all the blocks then there will be fewer people and the facilities, including the hotel might be curtailed -- or am I wrong?

You have highlighted my main concern Twofish.  Whilst Calidona may be happy to complete phases 1 and 2 and therefore the final 70% of these payments, there is no contractual commitment to complete the rest of the development as demonstrated on Roda ie phases 4 and 5, and no hotel / shops  (let alone the promised sports facilities).  Whether this contract is abusive is a legal issue but naturally the present economic climate will not aid the situation.
On the positive side, I have contacted the De Vere group and that reconfirmed their commitment to both sites but no time-frame was given. 

Twofish/Simon. We did raise this point with Pablo. We and you are buying into the "lifestyle experience" if you like and wanted reassurance that the facilities,as advertised, in the prospectus would be completed. He assured us that this would be the case... but of course he can't provide a guarantee. I would however suggest,as we said to our lawyer, that the facilities are absolutely part of the reason we were encouraged to buy into the resort, so a failure by Calidona to complete on these would mean a breach of contract. Though the lawyer wouldn't commit himself on a point of law, I think we would have a case for legal action for compensation. I don't think it will come to this however. Famous last words?...I hope not.


This message was last edited by agfox on 9/23/2008.

No start has been made on either the Clubhouse or the hotel at Corvera. Indeed there has been no start at Roda on the Hotel or shopping/recreation facilities yet..unless you count the children's playground!!

Hi all

 I am also concerned that the facilities might be scaled down in line with the number of apartments sold (or temporarily put on hold). I also hope that Calidona complete their developments more quickly (as they have put the third development on hold), as Agfox has said they have not begun the Hotel or recreartion facilities at Roda. I agree with the sentiment that Calidona will have two excellent developments, I just hope I can hold out until Corvera is complete and I can maximise its rental (or resale) potential.

On another point I've just had an email from my solicitors, saying that I would shortly be offered the builders mortgage with the financial institution Bancaja. Has anyone else had this offer, or  does anyone have any information on it or comments about it? I would have thought it was alittle early for a mortgage!

Also my bank guarantee expires at the end of the month and I still haven't had confirmation that it has been extended, has anyone else had their September deadline extended.

kev

Hi Kev2,
We received the details of our developers mortgage this morning from Esther at Corvera. Have not had chance to digest it yet but the repayments appear to be based on the Euribor 12M + 1.20%. Not sure if this is a good deal or not but it is until 2035!

Steve & Laura

Hi Steve  & Laura

we have received the same offer, like you havent a clue if this morgage offer is a good one or not.

regards dave