Are we thowing away our money ??

Hello CDE Messagers and fellow purchasers;     Following a trip to A Place In The Sun @ the NEC; and a visit to the Viva estates stand, we put a deposit on Block 30 Portal 101a Apt B2 @ CDS.  This was based on their news that 22 appartments had recently come back to the market as the investor who purchased from plan could not complete.  We have agreed to pay 290KEuros ( the original off plan price; we were told? ) for the Upper Penthouse Apt, following a visit to site two weeks ago.  I am told the TINSA valuation is 355k Euros, which we need to achieve to realise the mortgage we need.

We face North  / South with the Finca Golf's 16th green and fairway in full view looking North; and the pool and the sea looking South. We thought it would be a wonderful place to have a holiday home as we are both keen golfers. ( By the way Finca Cortesian Golf Club opened a few days before our visit and a splendid place it is too, we had a drink on the balcony, fantastic !! )

This is the first time we have bought in Spain and the investment, which is to be used as a holiday home and ( hopefully ) part rental in due course, is a very big purchase for us. 

We were told by Yan ( the Dutch guy in the office ) during our visit that the commercial centre  / sports facility locally was going to be built in three months time.  Does anyone have an update?

Truthfully; after reading many of the messages on CDS we are wondering if we have made a big mistake.

Does ANYONE have any positive news about the development ? 

Has anyone had a decent valuation on their property ?

Should we say goodbye to our deposit and go find somewhere else?

Ian & Jenny

We have bought two apartments in Phase 1, a 3 bed ground floor and 2 bed lower penthouse. Both were valued in May 2006 at 300,000 Euros each.  We have seen capital appreciation (on paper) but IVA and fees negated this.  Resales are non-existant at present, so you need to be planning to be in long term.  The sales people tell us the market will be bouncing back over the next two years, as our area becomes developed - the same people told us you could sell before competion!

On a positive note, there are good restaurants close by, Peurto Duquesa is beautiful and a delight for a meal or afternoon drink.

We read an article in a local paper that the Casares road  is to be made into dual cariageway for the first three kilometres.  Clearly the area is seen as worthy.

As with a number of others we have already stayed at CDS and are returning in a few weeks.  We like it.

Ian ,

I would try to get your money back from Viva. Without any feedback from the developer or MLH this development is going from bad to worse. 
Then whole place has been mis sold.

I am not a lawyer but I note you bought in England so you should be under UK law. This could make it a lot easier as agents have English law to abide by.

If they used words, luxury, tropical gardens, rental income etc, it is all a lie.

Agents are not regulated in Spain and as longs as developer delivers the spec as mentioned in the contract then they are safe(according to my Spanish lawyer)

Do not let Viva get away with it if you decide to withdraw. They have been marketing these as luxury when they are clearly not.