Overview

Due to complete on a Los Patios apartment in June of this year having first visited the site and paid initial reservation fee in May 2005. I am delighted with the way the development is looking having just received some updated photos from the Med Group. With regards to valuations I have recently been supplied with an updated bank valuation completed by Banco Andalucia ( i.e. Med Groups Mortgage Lender) and this was very pleasing. Our intention is to use the property as well as rent it out. Has anyone spoken to any rental agents in Mojacar with regards to how they feel the development will rent?

Hi - We bought los patios 63.1 in October 2005 - have decided to sell straight on when handed over May 08 - visited 2 weeks ago and Med Group are offering to try and sell on for us for commission (awaiting actual rate) - any ideas of what they may go for ?

 

Maurice

If my bank valuation is to be believed they should fetch about €310,000.  I think they will be best kept on to for 2-3 years.  At this time the hotel will be finished and the beach will look better.  Hopefully they will have built the promenade from Playa Macenas to Mojacar Playa.  Also the market may be in a better state by then.  All these things should contribute to a much better sales price. 

Hi Henrya

Out of interest what is the m2 of your property as just trying to guage a realsitic valuation for mine at present?

Many thanks

 

Los patios 55.2 (72.30 m2).
I had hoped my bank valuation would have been higher as the apartment is 2nd floor and front line but I guess the market is quite depressed at the moment. 

 

Thanks Henyra - not good news as thats about the price mine will have cost me !  Hope its looking better in a few months time when apartments are released.

 

Maurice

I notice several of you seem to have handover dates are these confirmed or just verbal speculation from Med group sales team.

Has anyone made a payment in the last few months and not yet recieved the bank guarantee??

 

Hi

We haven't had a date confirmed even though our completion date has passed ie first Q 2008.

Anyone got any further updates - has anyone actually completed yet?

Bones

The Med group have written to me a couple of times suggesting I complete in April.  However, my solicitor has not yet received the habitation certificate so we have not agreed a date as yet.  We are now well past the contract date of Q4 2007.  My solicitor has told me this is not a large enough delay for a court to rule that the Med Group are in breech of contract.  I have spoken to local FAs and they agree that reallistic valuations of Los Patios Apartments are around the €300,000 mark.  This delay has cost me a lot of money both with exchange rates and ever changing mortgage deals.

Henrya

 

have you been to the site recently, last time I looked in mid March I cannot see how any property could be ready for handover because of the work going on all over the site.

The main problem seems to be that the main access to the site is through the front adjacent to the los Patio block

 

No I've not visited since August 2007.  I was hoping to come over in June to furnish apartment but I can't see me completing by then unless the habitation certificate turns up soon.  I'm still wating for mortgage approval from Banco Andalucia.  I sent all my documentation to them about 6 weeks ago but I still haven't heard anything.

Hello to all,

It is really nice to find this forum.

We made our deposit back in Jan 2005 (seems like a million years ago!) and here is what got us involved in Macenas. Although I was brought-up and have lived most of my life on the Costa del Sol (I now live in Madrid), I am very sad to see how the costa [del sol] has been let to become the mess it is. The first time I went to Mojacar was about 20 years ago shooting a commercial, and fell in love with the area the first day I got there. It is completely different to the rest of Spain's coastline, in fact, it is very unique. Playa Macenas has achieved by far to maintain that magic Mojacar and I only hope Med Group have the financial backing to FINISH IT ALL overcoming this slowdown, and not leave it partially done, because this would be awful. I have seen so many beautiful resorts collapse before completion back in the crisis of the 90's, leaving many owners living in the middle of a building site, that this really scares me. We have all invested in properties that are not cheap, hoping not only to enjoy the benefits of a very special resort, but also to eventually get a good payback to our investment.

I have tried to find financial information on Med Group on the Internet, but have only come across press releases, which means nothing. I have also purchased a financial report from a credit surveyor here in Madrid and the official information is very good, but not good enough as it is a 'Sociedad Limitada'. However, we all know what business is all about and what it takes to turn around your strategy. Does anyone have any inner information regarding what Med Macenas long term strategy is? All these local greenpeace followers trying to bring the construction of the Westin hotel to a halt does not make you feel any better. Has anyone got good news to share?

Thanks and regards to all!

PD: BTW, I was there in March and it looked fantastic. Patios and the semi-detached villas where almost completed.

Hi Christian

I was a little surprised to read your post re the Med Group and their possible financial strength as I was not aware of any current issues with completion of the development.

Surely any group backed by George Soros and also owners of La Manga would not be short of few quid?

I would also have though that given the developments proximity to the nature reserve, there would also be added pressure and indeed incentive to complete the development to a high standard.

Do the developers not also have a legal responsibility (subject to finance and plans) to complete the project as per the brochure so to speak. After all that is what we all bought into?

Anyway hopefully will all turn out good in the end or be it a bit slower than were first led to believe !

 Hi Sloppy,

I am sure you a right and my doubts are not justified. The reason I am concerned is that during other difficult economic periods beautiful projects went bust. Take for example Puerto Sherry in Pto. de Santa María, the Marbella Hilton (which never existed), the Atlanterra hotel in Zahara de los Atunes, the orginal Benal Beach complex, the Torrequebrada. Now I see it happening all over again when very large Spanish building companies are going under. On the other hand, as you well pointed out, La Manga Golf / Hyatt Regency is a success story and I am sure there is much more business for Med Group in Playa Macenas than simply building flats and villas. But sales dropping 75% and so much ahead still to be built… I must admit does concern me. This was the reason for my previous question.

I've been trying to access an English version of the Med Group site for Playa Macenas but they all fail. The Spanish link works OK. Anyone know if there's a link which works?

Visited our apartment 3 weeks ago -development all looking very good and of high quality - will be completing in next few weeks and will be trying to sell straight on with hopefully small profit. Selling via Macenas who will charge 5% commission . They still have a few new apartments to sell including some front line but we'll see what happens with ours .

 

Hello to all! 

I have just got back from spending a day at Playa Macenas and all I can say is that it is stunning! 

I have uploaded 48 photos for you to enjoy. 

All I can say is that this is one of the best resorts I have ever seen –and I have seen plenty of them. It is going to be so exclusive, so elegant, so distinguished, that I simply cannot wait to see that Beach Club at its full. 

I hope you enjoy the pics! I was really lucky with the weather too. 

Maurice, don't sell it yet -wait a year and your property will be worth even more.

Thanks again Christian

Unfortunately however good the development I think anyone trying to sell now will struggle. Better to wait a few years if at all possible. 

W

hi welshman. i have purchaced casa de la loma and live in south wales. can you tell me where you are from?

Hi Martin

I'm originally from Bridgend but now live in Welwyn Garden City in Hertfordshire.