Andrew John Thompson

Does anyone out there know what has happened at phase 2 ?

We placed our deposit at the end of 2005 & viewed progress last July.   Things were running late but Grupo Sanchez's site foreman (Hans) assured us that by November the phase would be complete.

We have recently had a communication from our Lawyers - " Due to issues beyond the control of Grupo Sanchez, this phase will not ,now, be finished at all"  !!!!!

We have been offered properties on phase 1, but this was not our preferrred choice.

Any ideas ?? 

Likewise we have been told that phase II is not continuing and we have been offered a property in Phase I.

It is not our first choice.

After a visit to the site last week it was disappointing and confusing.

Elegance Dona Julia II is a bit far up the road from the coast and although nearly finished etc it is not our first choice.

It seems to be a bit near the golf course - different location to what we had had initially chosen.

Hence we are having some doubts of going ahead with this property.

We can't understand why they would not complete the site nearer the N340 as the prime location.

I am equally surprised to hear the news about Phase 2 . The promoter says the reason is they were not selling because most of them did not have good views .

I bought in Phase 1 and we have now been waiting some time for completion . Although we are told First Occupation License has been granted there have been delays in getting the electricity and water to the top of the hill . No problems for us because we had hoped to flip before completion . If anyone is interested let me know . We  have a superb location,ground floor with that lovely covered patio and views straight down the golf course to the sea .

Mike

Hi all

Grupo Sanchez started today the process of liquidation because they have a huge debt with the banks.

The judge will name new administrators of the company who will check all the finantial situation of this company.

If you ahve any queries please do not hesitate to contact me at this e ail address jose107@lawbird.com

Best regards

Jose

E mail address: jose0107@lawbird.com

Grupo Sanchez present Bankrupt:

The real estate controlled by Jose Antonio Santamaria and Pilar Sanchez Romero and headquartered in Manresa accumulated a debt of 97 billion euros that it is impossible to cope with guarantees.

 
The bankruptcy of the real estate group Sanchez was filed last week in the trial of Commercial Barcelona, and is awaiting the assignment of a judge hearing the case.

Sanchez Group thus becomes a new victim of the crisis in the real estate sector in Spain, despite its significant investment in a second home in Alicante on the Costa del Sol and on the beaches of Natal, in Brazil, where the real estate had invested Recently 38 million euros. On the sale of these promotions, which must be accepted by the examining magistrate in the case, largely depends on the continuity of the group.

Hi All

Does anyone know any more about the financial restructuring of Grupo Sanchez.? I am sure the lenders will be trying to get some arrangement in place.

We have applied for return of our deposit monies which are supposed to be bank guaranteed. I am not so sure if this will happen.

Regards - TempoGolf

We were in phase 2 but offered an alternative in phase 1. When i told them i would have to view Phase 1 they said OK but come quickly ! When I went out to view I didn't like the position ( see my earlier post dated 24th march ) Also nobody from the company could meet me as it was the Easter holiday week ! !

Regds TempoGolf

We are signed up for a property on phase 1 of Elegance DH. We have waited 5 years and like so many have suffered a lot of frustration, but are still hanging in as we like the property and have a great position. For us it was a longer term life style investment and we are now retired and want to get in this year 2008.

The latest news we have is Grupo Sanchez are in voluntary administration. The Administrator is now appointed and we have untill 25th May to pull out or continue. We are not confident that our deposit will be refunded and we are going ahead. Are we the only ones?

It seems to us that most of the buyers here are investors, who are now likely to make a loss on the current resale value.

If there are any other buyers out there similar to us and planning (or hoping) to move into phase 1 one day; we would like to hear from you. Date of posting 13th May

I wish Family Hart well with their plan to continue. Its nice to hear of someone like ourselves who bought to enjoy and not to do a flip.

We have decided after my visit in Easter to exercise our bank guarantee and claim refund of our money deposit. Our Lawyers believe it. I am not so sure !  Best regards

Yes Great news - thanks to our lawyers we also got our deposits returned for both properties on 3rd June. 

Hi TempoGolf and Mike Fleming,

Could either of you let me know your lawyers, we bought in El Patio de Dona Julia and would also like to pursue getting out deposit back, our lawyers have not been very helpful.

kind regards

flowerpower

Hello flowerpower

We used Lawyers of Spain Elviria Office telephone No. 952 839 514. The contact person was Nuria Bergillos and we were well served by both her and her PA Christel Muller.

Something tells me there has been a 'fall out' in that practice and Nuria has set up an office on her own. She will be glad to get the work.

I am abroad just now but can give you her number when I get back on 5th Jan. 09.

Regards

TempoGolf

Hi

My lawyer is Luis Heredia the younger , tel 952 778644 ; their office is in Marbella . Family firm . Nice chap and they certainly solved my problem and of several others who had bought in Elegance.

Best of luck

MF

Thank you both for the information.

kind regards