Tiger Mosquito... They're back.. Early too....

I purchased an apartment in Arenal Duquesa phase 2 in October 2006, and was assured it would be finished by April 2007.I have had no information on the actual completion date from either my solicitor or estate agent. I have had more information from my morgage broker in this country. Is there anyone on this forum who have  puchased in phase 2 and could give me information .? 

Hi

We also purchased in Phase 2. From reading the posts on this forum the most recent update was May/June for completion in Phase 2 but you always have to take that with a pinch of salt! I think that Phase 2 will complete before the end of this year and I'd guess (and hope!) for October/November. It has never been too far behind Phase 1 and the main delay at the moment is the completion of the road which is holding up a lot of Phase 1 as well. I suspect that once the part of the road outside the development is completed, then the access road to the parking for Phase 2 will be completed and then the LFO could be issued. I suspect that none of the completions for phase 2 are likely to happen until everyone in Phase 1 has completed. Hopefully if that all goes smoothly it should be straightforward getting the LFO for Phase 2 and we can watch with interest what happens with snagging, electricity supplies etc in Phase 1 and learn from that. I think that once Phase 1 is done and people have moved in successfully, the valuatiions for Phase 2 might be higher too. And in the meantime hopefully the pound will gain a bit of ground on the euro (ever the optimist!). I still feel it'll be worth the wait, especially after seeing Suzanne's fantastic photos. Like you, I haven't come across many people who have posted here who also purchased in phase 2, it is a lot smaller though.

Fingers crossed.

From what i have seen this week, i think that phase II will be closely followed by phase I as they are practically complete too.  If the road is what delays the rest on phase I then maybe some of phase II  may make it in before some in phase I.  But i am sure they will not delay any further unecessarily.  Most of the problems stemmed from the problems with access from the roads regarding access (which i saw being worked on), not to mention the take over. However, Gerens are much better to communicate with.  They are a secure company who will not cause problems from now on i think.  This is only my op[inion though through dealing with them!! i must add!! 

Whilst i was out there, we could contact direct and our representative was on mobile contact.  We could telephone the representative on site for Gerens and he arrived at my apt pronto.  Don't expect too much from 'jodie marsh' in the sales office, as it is obvious, even speaking the language, that they are there just to sell and don't really know how to help with any problems i had. 

Those on phase II will benefit and learn from what we post, providing people don't just disappear after completion.  i know what it is like relying on snippets of information and i will try and keep you all up to date.  i will ask the questions now i am in on further progress.

In my mind, i don't doubt that valuations will recover. Especially seeing the high finish we have.   In fact, i have now come to the conclusion, after research, that some of the banks deliberately value low to get more out of the mortgage.  One of the professional mortgage advisers on this site once said to me that the valuation from the bank is not worth the paper it is written on.   Once things are settled and we have a real community established i am very confident that valuations will be back to what they were 8 months ago.  Even higher. 

Even phase III (or is it IV adjacent) has come on tremendously. 

suzanne

Whilst I have not posted on this forum before as it has always been on topics related to Phase 1 I have been very interested in the progress that has been reported.  Like everyone else I have been unable to get any information from my solicitor or the developers and have been relying on what has been posted here to get my information.

It seems a very long time ago that we put down the deposit on our appartment in Phase II with competion promised for July 2005.  My grandson was about 7 months old when were were out there viewing and is now over 4 with a younger brother and almost another younger brother.  I really hope that our completion does not take as long as for those of you that purchased in 2003.  It already seems an amazingly long time.  Having the money tied up for so long and paying interest on it with nothing to show or nowhere to go is getting really frustrating.

I really appreciate the information that people have posted as without this forum I would have been much more stressed about it than I have been.

Sue

Sutton Coldfield

& hopefully sometime soon Arenal DuQuesa

I received an email from the developer's bank yesterday informing me that I would be due to complete in April/May and could they give me a quote. This is certainly earier than I expected but I don't know if even the developer's bankers truly know when things are likely to be finished in Phase 2, and this may just be a routine mass email for people in Phase 2. Did anyone else receive this?

I'm over in Spain at the moment, Today we visited the site and viewed our apartment  the first time since we started in I think 2003 could be 2004.  Really pleased with the apartment and will post photos once back in UK.

 We asked when the rest of phase one would be released, but told once again only when the main road was finished in one or two months  no one is working on the road though, or at least not today.

Phase 2 could be released at the same time as ours, apart from main gates to underground parking needing some work everything else looks finished and they was showing people around.

Paul & Linda

Block 15.

I've also received the letter from the developers bank BUT it is almost identical to one I received from them over a year ago.  I am therefore not taking a lot of notice of it at present.  Last year I made the mistake of arranging my own mortgage based on the fact that they had told me that we would be completing.  Big mistake.

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Sue