Peñíscola Owners

we are disputing the valuation on a middle end apartment in phase four block 2 if anyone has same type apartment i would be very greatfull to speak to you as our mortgage company has told us due to a property slump our property has not gone up in value    even one euro       since we   bought     off plan  2 years ago  if you can help please phone me on

01639 814504  THIS IS A UK LAND LINE              CHRISTINE EDWARDS

 

We are living out here on Phase 3 waiting for the release of our apartment on Phase 4 and keep a watch on local property prices. What surprises me is that the value of your apartment remains the same as when purchased and has not decreased as the local signs would indicate that that might have been the case.

Hi all

In the last few months, due to the global sub-prime lending problems, all lenders, the Spainish being no different to the rest of the world,  are being more careful with their valuations. They want to be safe with their loan to value.

I have just received my money back after cancelling on Phase 4. and am happy to have done so as I have seen apartments on this phase advertised for up to 30,000 cheaper than I initially  paid off plan in 2005.

Between the general down turn in prices every where,plus the bad publicity and lack of information coming from this site.Plus the fact it is still like buying off plan as there are no facilities like club house golf course shops ready to use yet plus no indication when they will be completed it is almost impossible to see how they could rise in price for a long time yet.

 

In getting your money back when was the apartment due for release.We are waiting on a completion date of April 30th 2008 and I am hoping to cancel then.Is there any building work taking place?

Hi stevereed100,

What block on phase 4 are you in and when was the apartment due for completion ? also  who told you April 30th for completion or are you in a higher phase

 

Dave. 

Hi Stevereed100

 

My apartment was due for completion Dec 2006

I have always believed my apartment was in Phase 9,not far from the hotel.Never been clear on phase no. as arenal staff non communicative as you know since we put order in in Nov 2005.Manzanares are my legal reps and said recently that contract requires completion on April 30th 2008 and from then I have 15 days to give notice of withdrawal with legal request for repay of Deposit plus 10% plus interest.Anyone comment on that?

Folks, if the intent is to make quick money out of real estate speculation, I do not think Arenal is the right investment. This is a place in the sun with a luxury style of leaving at what I think is a fairly affordable price compared to other developments around the world. The delay in delivery is an issue but it is not unusual at all in these types of off plan development projects. I bought in phase 6 which was to be delivered on Sept 30, 07. There is a delay but I will wait so long as construction is continuing and there is progress...this thing in my opinion is going through a difficult birth stage but once it is all completed, it will be exceptional as there is no similar development project in the area.

Iweld

I do not know who your comments are aimed at .I do not think most people pulled out of Arenal due to speculating.It might well be a nice complex in the future.But I believe if you are promised a build in Dec 2006 you have a right to know what is happening a year later,and we are not just talking about the completion of the property we are talking about completion of the facilities.You might think it is reasonably priced compaired with properties in other parts of the world. But if finished apartments in the same complex are selling a lot cheaper how does this make it a good idea to hang on and wait for an apartment at a higher price with no information on when it will be completed.

I personally pulled out  because of complete lack of information.I was also looking forward to use of the complex.I did not buy hoping for a big killing although like most it would be nice to think what I had purchased had gone up in price.I do not believe any one buys hoping for a loss. I would not take the nonsence that is going on on this site any where else in the world.

mlaw, my intent was not to start a debate. You are right about the delays and the lack of information but lets not forget that the developpers have taken debt to build this project and are currently paying interest, they are the first ones to have a big incentive to finish the project asap as they are accumulating losses for each day of delay in completion. I guess the point I was trying to make is that, as is the case in any investment decision, you need to know when to exit but you also need to know when to stick around; in both cases, the decision has to be based on hard facts not emotions, rumors or hype.

 

Yes and the hard facts are that

1 The development has been at a complete standstill for over a year

2. That property prices and values have dropped and the market has slumped with the result that the contract prices agreed 2 or 3 years ago now appear far too high and do not compare well with actual bargains to be had in completed apartments

3.There is no indication as to how much longer Arenal Golf will be a building site

4 It is not good for any property to be left idle as these apartments have been left.

These are facts not rumours. It is doubful that any of the original purchasers who have hung in there still feel the same sense of excitement about the apartment now as the had when they signed up and paid booking deposit a long time ago - the whole experience turned sour and that is pure emotion!

Delilah,

Your points 2 to 4 may well be facts ,however it is innaccurate to say that the site has been at a complete standstill for over a year. We've been living on site for several months now and there has been increasing activity since September, we know that only too well,we're woken by the workmen each morning at 8am and the noise and activity continues until 6pm each evening and each day we see progress.

Bantam

I think Delilah is also quiet right on No 1) This site has been at a stand still for a year.The only information about what is happening is coming from you,and it has been appreciated.But it really is not good enough after paying 200000/300000 thousand euro for an apartment to have to depend on another purchaser for information.Can you imagine what purchasers who do not know about this forum are thinking.I think we would  all have paniced by now if we had not had access to this forum.With all the best intentions you can only tell us what workmen are doing from what you can see on a daily basis.As far as information on when apartments will be ready for occupancy and when facilities will be up and ready for use this complex is at a stand still.No information has been forwarded for over a year as to completion.If it had we would not all be on hear giving out different opionions as to what is happening.

  

 

My interpretation of the word " standstill  "is clearly not the same as that of yourself and Delilah. What you seem to be referring to is a lack of communication from the developer whch for me is a separate issue. My understanding is that the lawyers of purchasers are provided with updates from the developers. Some lawyers appear to pass these updates on either voluntarily or as is the case with our lawyers when we request them to do so.  Ideally ,of course the first point of contact should be the Sales Office or as it now states on the door "Information Office", however we gave up on that at the beginning of the summer and hence our postings on the Arenal Golf site. At the end of the day we all have two choices either to cancel our contracts or continue, and each purchaser will no doubt make a decision based on their own situation and perspective.

Bantam

I have said i really appreciate your write up on the Arenal site.I really wish I had been dealing with you.But the real let down is it was not you but the developer I was dealing with.He was the man with my deposite.He was the person I expected news from.This was not forthcoming and still is not forwarded to purchasers,It is good to hear from you that this bock or that block is being painted and certain things are being progressed ,but like all well meaning purchasers it does not tell us when this site is going to be ready for completion or when our apartments and ameneties would be ready for our enjoyment..As for information through our lawyers.Just read back from earlier letters on this forum .There has been several letters giving different information from several lawyers all of which have faied to  to bear any sign of truth.The developers have our money they are the ones we expect to clarify what is going on

I visited the site on the 2nd Jan 07. I again visited  the site at  Easter.

When I saw the site then, I was horrified that it appeared to be like a ghost town - deserted, dusty, neglected, half finished. I was completely turned off. Nobody could give any indication as to how long it would be before work would commence and would be completed. Some Work may have started again in Sept but if there was an all out effort to complete the phase , one would imagine that it should be finished by the end of Dec. Is it or will it be finished? Its not as if they can say bad weather is delaying progress. What are the workman  doing? We were in Duquesa in July, August, November . The Arenal development there also resembles a ghost town. It is down right creepy.! Not a sinner to be seen.

It is unbelievable the way the purchasers of units in Arenal developments have been treated. Maybe that is how it is done in Spain but the lack of respect for purchasers is shocking. Who do they think they are? My blood boils. It was very easy for them to take deposits, but everything after that is pure hasstle for purchasers. They break contracts, give incorrect information, ignore any complaints, - its is too bad if like us a purchaser booked flights to take advantage of early booking discounted flights and then ends up having to rent holiday accommodation instead of being able to stay in ones own apartment. The developer is not interested in paying any compensation for breach of contract, expenses incurred because of delays etc. Can you imagine having to chase the developer and get them to clear blocked drains from the dust etc which has gathered in the last 2 years.Id say once the developer collects the balance of the money , one will only see the dust from his heels as he flys off into the twilight.!

I dont think it is right to think that the developer is hoping for cancellations so as to resell at profit. The market presently would not support this view

for the benefit of those of us who have not been in Benalmadena since June can someone give an update on whether the site is buzzing with workmen finishing off properties and cracking on with the next phases.
To get an update from the developers....who are they now,where are they now,how do we get any plan of action from them?
i am assuming that our lawyers get no more info from the site than we do...they presumably only get involved when further money is requested or we instruct them to act to get us out of this.

As you say it is a major issue to pack up your life in the Uk and to not know at least when a realistic date of occupation will be set should be actionable.

please keep this thread going as i at least feel some benefit knowing there are others out there.

This is getting too emotional in my opinion. We are all entitled to vent our frustrations, but I think ithat t is more helpful to keep cool and share verifiable and useful information on this forum. Again for the delay, we are where we are, it realy does not help to blame. The facts on the site indicate that the developper is trying to catch up and that there is work on the site. The lack of information on the part of the sales office is an issue but quite frankly, it is more important to see progress than to squeeze an unrealistic completion date out of the sales office. Lets also not forget that there are external factors at play here too and these consist in the now very conservative attitude of the City Hall in respect of granting occupation licenses afte the Marbella scandal.

 

It is difficult not to be emotional and furious when one is treated like dirt.

I should have said I got an email from customer service Arenal in October 06 confirming that the apartment in Phase 4 block 6 would be completed in December 06 ahead of the planned completion date April 07. I was surprised and I telephoned the office to have them confirm and I was assured that yes the apartment would be completed in Dec 06. My point is if the developers are treating purchasers like this when they still have to collect money from them, what are the chances of getting anything done in the line of repairs or faults once the money has been handed over? It has been so difficult to contact anyone in the developers office during this last year, why or how could it become any easier to contact someone to report a fault once money has been handed over?