electricity question.

Hi everyone, I am new to this blog but was wonderring if anyone knows about future properties on Medina Elvira.  I heard somewhere that they maybe releasing another block of apartments and they would be a lot cheaper than the current ones. 

Hello Chicoafe

 

Where did you "here somewhare" of this news

 

Highlander

Dear chicoafe

If you have any doubts about properties in Medina Elvira, I encourage you to call Peninsula +34 952 90 20 20 (Ask for Inma Mediero) or visit the web http://www.peninsulapm.com

Regarding other developments in that area, please take a look here: http://peninsulapm.com/ingles/our-developments.aspx

regards

Max.

Hi Everyone, (also posted on Fairways thread due to similar concerns on GRS)

I just got back from visiting the Medina complex on Friday 14th March 2008. Please feel free to ask me any questions you wish, may be we can all help one another out. I also have lots of pictures that are just a few days old.

I am purchasing in ME23, ground floor, phase 1, and I suspect that to complete early April. Some of the apartments still didn't have kitchens or light fittings in them, and the ground workd around the pool was no where near complete. I also spoke to one of the ladies running the Guaranteed rental scheme face to face - always a good way to judge the honesty and integrity of a person. Sarah Bowden of Royal Executive - who are running the guaranteed rental schemes - seemed honest and had answers to a variety of my tricky questions. I believe rent is paid 6 months in arrears to cover themselves should an apartment not get rented out for brief periods. Margaret Corley was back in the UK talking directly to the tour operators, I believe.

It does look like we will pay for wear and tear, but not damage, obviously - a similar situation to dealing with any rental company in the UK. We also pay for laundry out of the rental contract, I specifically asked that the 5% is gross, and we have decuctions from that, and I did see an estimate that about 70% of that 5% will be paid to us. After speaking to everyone I was left still pleasantly surprised. With a global housing market down turn, we have good valuations on ME23, (I believe the valuations will be complete this week), and a near enough 5% pa yield could make these properties look attractive - well that is my hope any way. It keeps me from getting less stressed in the current climate anyway!

If you need any more information then please post a message.

Hi Maxheadroom and Highlander

Thanks for your comments

I was chatting with someone in a bar on recent stay in Granada.  He said that there was going to be a new project called Eltos or Altos I think?   Have looked on Peninsulas website as suggested but i couldnt find anything.     If I find anything out I will keep you informed

Hello All.

The Management company for Peninsula s projects is Royal Peninsula.  The telephone no. is +34 952 76 8302.

English, Spanish and French are spoken, and they can help with any questions regarding the different developments.

Office hours (local time)  10am to 7 30 pm.

 

 

 

Hi, stumbled across this when searching the web for info on the Medina Elvira developments

There is a development called Altos de Elvira, it is being sold by a company called property finder online, they are located in Nerja.     I know the people (Ben and Andy) that run it, as I bought my place in Nerja from them.  I cannot post a link to their website, but if you do a search on Google for "property finder online nerja" it should come up.

To be honest, they have some apartments from around E 90 K, which seems really cheap.  I have not been to the development myself yet, but I am hoping to go when I am next down in Nerja in June.

Has anyone been to this development yet ?

(I am assuming that you can email me, or do we have to "mesage swap" via this board ?)

Hello everyone,

This is my first posting on the forum. I had been looking at the development for over 12 months prior to purchasing an apartment in Tee 17. During my initial investigation into the viability of the development for rental and investment purposes, I spoke to a number of people at Peninsula and Royal Executive including Margaret Corley, with particular reference to the guarenteed rental scheme.

I am very interested in Taxexile's comments relating to receiving the rental payments six months in arrears to allow Royal Executive to 'cover themselves' should the apartments not be rented out. Margaret stated that the tour operators have signed up to the development for a stipulated period and will have to honour any payments to the management company even if the apartments are empty. From this information it would seem that the people who would be 'loosing out' are the one's who have taken all of the risks and purchased an apartment ie. us.

I would be interested in any views you have on this, and any comments from Margaret.

PS - I went to the development in February whilst on a skiing trip, my previous visit was in August last year. The development has moved on considerably. The shell of the school is complete, along with the clubhouse. The structure for Tee 17 is well under way. Starting at Block M, the floors and supporting pillars have been completed upto about the 4th floor from M to J and the 2nd floor through too Block G

Hello there !

I think this is a misconception: the 6 months period is to ensure that the resort / urbanisation itself is suitable for rentals (there is still a lot of construction underway) and to allow for the installations to be complete and ready for use.

Myself and my team were inspecting the resort only 2 weeks ago, and as you say, the site is coming on in leaps and bounds.

We are being cautious as the last thing anyone wants is to be surrounded by dust and noise on holiday.

This is an incredibly exciting and long term project:  if everything is 100% in the begiining, everyone will reap the benefits for a very long time to come.

 

If there are  any questions anyone has about the projects or different urbanisations, our office number is:

+34 952 76 8302  between the hours of 9am - 7pm Monday to Friday.

 

We will be moving premises shortly, and once the phone numbers have been confirmed, we will post to let everyone know.

Best regards

Royal Peninsula

 

 

 

Hi,

I too have come across the latest development at Medina Elvira, ie Altos de Elvira.  The fact is I am very concerned about the price of the units, which appear to start from only 90,000 Euros for a 1 bed unit.  I bought at Tee 17 last year on the understanding that this is an exclusive development and paid well over the price of these latest units for my apartment.  Can anyone explain the reason for this drop in prices in the development?  It is really making me concerned.

Regarding Margaret Corley's explanation for the reason why rent will be paid 6 months in arrears, does this mean that this will only apply to the owners of Medina 23 as pioneers, ie if the area is already established by the time Tee 17 apartments become available, will we be getting our rent on a monthly basis from day one?

Sabber

 

 

Hi Saber

I recently made a few enquiries regarding the new development in Medina Elvira through a google search.  This is where I found the website for altos de elvira . com

From what I have been told, the developers bought the land a long time ago when it was cheap. Because of this, they can afford to release 60 units at the low price to get things moving.   Looks like a great investment to me!! 

Anyone have any information on the delays at Medina Elvira 23. I believe many owners have been told that completion is now postponed until August?

I also have purchased a ground floor apartment medina elvira 23 and I have had no info from peninsula about the delay
I also haven't been told when to expect to make the 2nd payment 
this was due february 2008 and it is now nearly september 2008
I haven't received any receipt for my first payment either

Hi breynolds,

I have recent information from my solicitor that completion will be in the next couple of months. Mine has noticed there are problems with connection of certain utility services at the moment which are delaying things.

You shold have received receipts for your payments on the property to Peninsula, I would recommend you get your solicitor to chase this? I have also passed the Guaranteed Rental information to my solicitor so the contracts can be gone through in legal detail.

TaxExile. 

Given the state of the housing markets in Spain, are these still a good price?  The apartements at Altos de Elvira look much better value ?

We are buying at Tee 17 and after investigating Altos believe our original choice will be better value for money...but only time will tell!!

We are buying at Tee 17 and after investigating Altos believe our original choice will be better value for money...but only time will tell!!

I can only say as regards value that I make a purchase upon what I believe it will give me. This is what made me a purchaser in 2006:

The developments near Granada, Medina Elvira, Tee 17 etc, are in a beautiful location, with close links to Granada. I suspect that Granada will upgrade it's somewhat tiny airport. That should lead to more tourism. The properties here have a Guaranteed Rental scheme (although we are all yet to see it in action), so that means managed income; hopefully.

This is what I say now in 2008: Property over the whole of Europe is going to get tough, but I suspect that eventually it will recover, just not sure how long that will be. I would rather have something in the right area, with a good income from tourism to protect me in the downturn. Let's see if the current developments at ME can do that...