Question for Maria re driving licence

We originally bought on Condado del Alhama 2.5 years ago but transferred to Terrazas de la Torre when planning permission problems arose.  We were given a 10% discount from Polaris World and I notice that the price has hardly increased despite the discount.  We were influenced by the agent's positive marketing spin and we bought purely for investment purposes, hoping to either sell before completion or obtain good rental income.  It would appear from anecdotal evidence that neither will be possible and we will be paying for an empty property.   Any opinions would be welcome!

I read your message and thought ''I could have written that''. I'm sure a lot of people out there are thinking the same. I have good days and bad days. A good day last week when I saw the first construction photo's and saw how much progress they have made in the last couple of months! Many bad days when I ask myself ''what have you done?'' I am very concerned that after a couple of years, I still have nothing to show for the investment I have made. Prices have remained static and with so many properties still going up, I think that will be the case for a long time to come. I think that it will also be a struggle to rent with so many properties to chose from. I  did not purchase for investment alone, but I look around at how property values have risen in the UK over the last two year - and I know I have lost out big time!

Before we invested in Polaris World we did some research which suggested that short-term investment would be inadvisable. Seen as a medium to long-term investment LTDT is a good bet. Obviously when you purchase at the beginning of a development, rental income wont be great and prices will be static for a while, - after all, we're likely to be surrounded by a building site for some time and facilities wont be comprehensive. We went into this with our eyes wide open: planning for personal use, maybe renting to family and friends, possibly selling up in 5-10 years. No regrets whatsoever - it will be awesome!

People I know who own property in Spain tell me that it is impossible to sell second-hand properties.  Everyone wants to buy brand-new.

Holly you are wrong, take the time and market your place for rentals and you will reap the rewards, believe me it works

Hi All,

Selling property in Spain is very much the same as anywhere - including the UK. Most of it depends on price and location. I have recently seen friends sell property in a matter of weeks whilst I have seen others struggle to get people to even look at theirs. If you have something that someone wants and its at the right price in the right location for them - they sell. Most of the problems I have seen relate to those who still expect to make 30% - 40% profit on their property - but these days are gone in Spain so be realistic/competitive with your pricing and you will sell.

Quite right Craig,

Many people are buying second hand now, probably more so than new build for the first time in many years. Whether it is new or old - price, location & quality will determine if you sell it or not. Any "investment" in Spain should be a longish term plan now as the immediate hike we enjoyed in the past is no longer going to happen. PW is great quality, has a proven track record, is in a good location, at a great price - hold tight Holly - if you can wait you will do well. I'm sure of it.

The only thing I might consider if I was you is to "upgrade" your plot to one about to be released on the "Island" of Terrazas. These are being released in the next few days I understand and my agent says he can upgrade me from a penthouse to the Island and I only pay the difference! This style should do better from a capital gain point of view as well as rental income Im sure. So will investigate the details and pass it on if you want.

Anyway, hang tight - PW will come out trumps.

Jamie

 

Interesting! I am on Phase 1 on Terazzas...but I must admit the island sounds very interesting if I thought there was a chance they would let me upgrade. Only downside is I think the Island would be at least another year out from P1.

Yeah, Im still waiting on a likely completion date for the island - but i reckon 2 years away minimum - it suits me though as i think that has a better chance of earning me money before i pay the 60%. Im definitely trading up - my agent is sorting it out. PM me and I will pass on his details to you. He is somehow very friendly with a local PW office and he seems to get things done very quickly and efficiently. You dont need to have bought off him in the first place - presumably he is earning something for it somewhere - but i dont mind, he is quick, efficient and will make me money too! Its a no brainer!

Jamie

 

The 'island' properties described earlier are in fact the town centre properties located around the lake - as per the Las Terrazas masterplan and model (which I saw while in the PW HQ in August). A PW rep assured me that the resort will be as per the model - no major changes. There will not actually be an island on the resort - unless you include the island restaurant / bar. These properties will be 'penthouse' terraces like the ones to be built around the southern perimeter of the resort - not like the apartments arround the northern perimeter.

One thing to consider if purchasing one of the town centre properties is that the pools located around there could become very busy with people visiting the town centre. 

 

 

Does anyone know the cost of these?

 

Live the dream

My dreams are wet

Hi Havey,

Im looking at the price list now (was released this morning) prices start at 144,300 euro for a 1st floor but the view isnt great, the better ones seem to be from about  155k upwards (the most is a big 3 bed for 260k).  They do seem to be a pretty good deal to me - ive applied for an upgrade and fingers crossed i'll get it. My agent seems confident about it.

Andyy, I'm sure that the plans have changed as it is def a new product here. Im looking at the pictures! It is a replica of the properties on Isla de Condado - 4 floors angling in at the corners on the higher fllors. It is terracotta in colour and most apartments are 67sqm with an 18.5sqm terrace. There will be 3 infinity pools on the phase and the "island" clubhouse is no longer an island!

There is still another pool for the clubhouse area but the 3 pools on the phases are separate. I think it sounds good. I can send you pictures and plans if you wish as I have them all - it has changed from the original model but I think for the better.

Jamie

 

 

 

Thanks for the information.Could you please send me the photos and plans you have.

ian.haverty@nevilllong.co.uk

 

Regards.

 

Havey

Hi Jamie,

As you say, the 'isla' properties in the centre of the resort are the same (or very similar) as on Isla de Condadho. These terraced 'penthouses'  are also on the Las Terrazas model in PW HQ. But also on the model is the island bar/ restaurant. If this has been removed then that is another big change (and one for the worse as this was a feature unique to LTDT) to the plans which have change several times since the resort was first released.

Jamie - I would be interested in having a look at the pics and plans that you have.

This message was last edited by Andyy on 11/7/2007.

This message was last edited by Andyy on 11/7/2007.

Sure Andyy,

Send me a PM with your email address and i'll mail them to you. There is still a bar/ restaurant but it is no longer on an island. I hope that it will still be a feature but I admit it will be less striking. And the only beneficeries will be the owners on the island as it is less good for all the other owners. It is always very frustrating when the plan changes especially if you have been assured after questioning that it wont! I do think this is genuinely a new idea due to the success of the island on condado but i would still be miffed to say the least.

Jamie

 

Havey,

I hope that you also received my mail - looks good doesnt it?

Jamie

Thanks for the pics. i agree it loks great but I think its bad tha fact they they have now done away with the chill out Island with bar and resturaunt on it.

 

My Dreams are wet