BBC Watchdog feature on Polaris 7/11/07

I have just logged on to the BBC website & searched on Watchdog - Polaris World. This currently still allows you to view a video clip of the program, which is very interesting. Apparently, the golf course is m,any months away from being completed in full & I have been advised by Polaris themselves that they haven't even got planning permission for the Hacienda yet, so goodness knows when & if we will ever get our promised amenities!  So much for the Polaris Dream!!

At the moment, all we have is a villa, & as we have bought on Phase 3, (which is near the conspicuously missing Town Centre), & I imagine the noise & mess when & if they eventually do start work on the Town Centre will be horrific. I also anticipate that our shiny white apartments will be considerably grubbier by the time they finish this work, (which sounds like it could be 2 or 3 years away), & I wonder who will be exopected to fund the cost of repainting our apartments, us or Polaris, (given that this will only be necessary as a result of Polaris building the town centre)??!!

El Valle's own Centre is currently in the process of being built & the current progress of this & the 'communal garden' is shown in the video clip, which is not calming in any way!

A spanish solicitor examined one of the Polaris contracts that PW were refusing to refund deposits on, & he said they were breaking the law, but clearly they don't care & are working on bully boy tactics. Re pulling out & deposits being refunded, where there appears to be a get out clause- apparently, Polaris stated in their 'Watchdog Interview' that they would only pay upif a Court forces them to!! Very reassuring!

I am sure this type of publicity will not help the appeal or value of our 'investment' , neither will it hep the resale values of those that are trying to sell their properties before their contract comes up, or post completion.   

Jan & Andy

I think that one of the biggest isues not addressed is how you are going to be able to rent a property with no facilities and the building work ongoing

Many people have been sold these properties based on rental return and there is a vast choice of where you can stay in tis area

So you have a choice, rent on La Torre, or MMGR or Mosa Trajectum or RODA, all with established facilities plus there are some real bargains, less than €150 per week on La Torre and this allows you to play any of the courses

Rent on El Valle & Hacienda Requelme, the latter miles from civilisation

By the way the new facilities of of the new course Perlaje golf next door to Hacienda Requelme, are about to open

I belive that for the next few years rental pickings will be slim on these resorts but, as the attitude of the Polaris response suggests, they didn't guarntee you when facilities would be available and they have got your money now

 

I couldn't agree more Luckily I wasn't planning to rent mine, but just as well!

I am sure this will cause potential problems for lots of other buyers though & many sleepless nights!

 

Roy

Can I ask if you own a property in any of the Polaris Resorts?  Every reply you post is very negative and not very re-assuring to the rest of us.  I completed on my apartment in Hacienda Riquelme a couple of weeks ago and am absolutely delighted with the resort.  Obviously the town centre or lack of it is somewhat annoying, however from what I can see all the resorts are the same and facilities are always the last to be built.  Maybe it is purely for  commercial reasons that you are posting on his forum.

No I do not own a property but operate a property inspection company in Spain so I have a great deal of experience of the resorts and their infrastructure

I believe that the concept that Polaris have is right and eventually they will be excellent resorts however I have a big problem with the way in which they have bee sold and the poor communications from Polaris, and this will be a medium term issue 

The fact is that Polaris are learning and my sources advise me that the build quality is better at Hacienda with fewer snagging defects

People have been led to believe that when they take on their property there will be a potential for rental income and have often based their whole investment on this. They expected some facilities from day 1, which happened at La Torre as the facilties and the course were handed over not long after the first completion and, the Town Centre was at least started

Hacienda, El Valle etc have been totally different as they are more remote sites and you will be waiting, based on currebt estimates 1 - 2 years before you have facilities, far longer than on La Torre and Mar Menor

The only examples I can quote are other golf resorts that are also openning soon in the areas where the courses and facilities are complete at the same time of openning which will compete with Polaris for rental income

The Polaris resources have clearly been put into completing the properties which generate cash, not completing the facilities that is wrong in my view, they have trated their customers very badly, and we see the other side with upset buyers

If people cannot cover their mortgages then they will try to sell, and they will drive down the value for rentals, as seen at La Torre where you can rent an apartment for less than 150 euros per week abd with the high rate of service charges there may be some distressed sellers

Already the other Polaris forum has comments on regarding less desirable renters on La Torre causing problems

Generally the resale market in Spain is VERY SLOW, with lots of properties for sale already on all Polaris Resorts and you can already see people selling at well below contract value

If I was buying property today I would always go for a resales as there are some real bargains our there an example today being a Spanish report that property values on La Manga club are down by more that 30% due to a report of potential flooding from global warming

If you are not planning to rent and are happy to wait for facilities, golf etc then great but as I do not sell property I have no commercial motivation for the posts

What I was saying regarding rental rates in the area is true and just to continue on from my response yesterday I have found 5 apartments on La Torre that are available to rent for the periods up to January - May 2008 at  £100 pounds per week.

Some of these propeties have included a sofa bed in the lounge and are therefore promoting that they sleep which means that the charge is  £2.38 per person per night and they have the costs of electricity, key holding and site charges to account for.

These properties are on a golf course and this is the peak time for golf property rental and unfortunatley,as many of the properties are prety much the smae specification it is impossible to add value

On Hacienda you will not have any substancial facilities for approx 2 years, compared to La Torre with its Town Centre, supermarket, 7-8 restaurants and bars and the hotel which is well advanced 

I have a property that I rent out on another resort and I add value by having an agreement with a local golf tour company that is able to offer reduced rates for local golf courses and restaurants but even there my rental income was substancially down this year, and I have 5 courses available within 10 km and more than 30 restaurants & bars within a 10  minute walk

 

Haciendas town centre isn't on the scale of La Torre & won't take 2 years to complete when they eventually start. 

Roy

Can you please give me the details of these apartments at 100 pounds per week as I am coming out with family at the beginning of January for 2 weeks(2 apartments required).  I haven´t seen anything as cheap as this around.

 

Many Thanks

 

No problem follow this link and there are 2 on this site

  http://www.holidaylettings.co.uk/rentals/la-torre-golf-resort/28978

There are also 2 on The Holiday Rentals site

If you want them there are also Villas being advertised at 175 and a townhouse at 125

You have plenty of choice for oue 2 bookings

Roy, how many feet above sea level is Hacienda Riquelme?

Maybe that is a positive point for you to add to your overly cynical viewpoint of HR/PW!

Mozz72, which of Roy's points do you disagree with?

Regds

Mike

"Rent on El Valle & Hacienda Requelme, the latter miles from civilisation

By the way the new facilities of of the new course Perlaje golf next door to Hacienda Requelme, are about to open ."

Bit of a contradiction dont you think?

Criticism of PW is justified in some instances but when people's post's are totally slanted then I tend to think the authors have an axe to grind.

 

 

I wouldn't want to walk from Peraleja to Hacienda with a couple of bags of shopping.   Even if you could take a short cut over the wall.

Look on the La Torre thread for more info from Roy, I think you'll find it's a fairly balanced view, I think "totally slanted" is a little over the top.

Mike

Maybe his posts are balanced about La Torre, but on this thread they are negatively slanted.

"If I was buying property today I would always go for a resales as there are some real bargains our there an example today being a Spanish report that property values on La Manga club are down by more that 30% due to a report of potential flooding from global warming"

Maybe someone with less negativity might have added something along the lines that HR was well in land and probably well above sea level to be directly concerned about flooding and that may well add value in the long term as coastal owners are forced to retreat inland.

 

"I believe that the concept that Polaris have is right and eventually they will be excellent resorts however I have a big problem with the way in which they have bee sold and the poor communications from Polaris, and this will be a medium term issue 

The fact is that Polaris are learning and my sources advise me that the build quality is better at Hacienda with fewer snagging defects"

 

I think you've only noticed the negatives which are honest opinions. I think you'll find most people agree with Roy.

Mike

I am very happy to respond to these comments as I continue to believe that eventually Polaris resorts will come good.

I do not hide behind any anonomous postings so I stick by my comments and continue to provide free advice and write for publications

I rely on new build properties for my income however my professional advice to buy a resale property still stands

The key point is that for a number of years I have lived in Spain, operate rental properties, and work on many sites throughout the area including Costa Blanca Costa Calida, Costa Del Sol and Almeria and overdevelopment and lack of rental income is becomming an issue in all of these areas

If the Watchdog piece achieves one thing, to stop Polaris doing this to people again and to get their finger out to build the facilities then surely it is good news for buyers.

They still however refuse to give buyers any firm commitments when facilities will be open or that they have planning permission for the old Hacienda building, the centre piece for the Town Square 

Yes it is not practical to use the Perjalec facilities as they are too far away however people will be able to use the course

Rental income will be a real issue and there are many people that have purchased properties based on this return and that may suffer financial hardship if this is not going to happen and many people on La Torre with blank bookings on their website callenders

I now also hear that there are some queries over the dimensions of the properties, especially the terraces and PW are telling people that they don't have to meet the sales documentation as it states that they are approximate.

This is not a true statement as a recent test case ruled that a property should meet the specification of the sales documentation and all contraxts now have to show the actual dimensions and meterage of the property 

Under Spanish Law the buider can reduce the property dimensions by up to 10% without having to pay any compensation however 0ver 10% they must. Remember you must measure form the outer edge of any wall

There were some propertues on La Torre where the gardens were under specification and PW paid out so if you have any doubt measure the areas and register the defect on your snagging list, it is a defect against specification

 

 

I can confirm the details in the post from inspectahome concerning the difference between the size of the dimensions on the initial plans and the actual dimensions now that our apartment is finished.  We lost half the size of the balcony which was pretty dissappointing as we chose the apartment because of the large balcony.  We paid an increased price for this choice but were happy to do so because of the amount of outside space.

We went to PW customer service office before signing for the property regarding the issue.  They basically told us to like it or lump it but that we would not be getting our deposit back.  I have contacted PW by email since returning home but am not to hopeful of even getting a response.

Overall a pretty horrendous experience.  It makes you wonder why they call it customer service!

To all

We have all bought apartments on(HRGR) foedifferent reasons

To all

We have all bought apartments on(HRGR) for different reasons  ethier to live permant or to rent what ever the reason are at this moment all apartment are nearly ready for completion if polaris do not full fill what they said  (ie medical centre, shops ,resteurants, fitness center. suanas and so on and still adverdising on websites they are in breach of contract which there is no hiding place for them its about all being together we will get what we should be entilted to for the money we have paid lets see what happens but for those who bought to rent its a stickey one been no facilities for clients to rent its not good  we just have to go with the flow at the monent but ever dog as its day we haciendans we will have ours