ISO advice for getting from Tangier to Huercal Overa

I was in Spain last week to look at the various options for sorting out my purchase at ACC.

 Anderson’s had given me a quote to recover my stage payments and the nice man from Huma was offering 10% discount on a built property at MCC or an option to sign for a property on their new Oasis development with a clause allowing me to transfer back to ACC at nil cost should the PGOU get passed in the mean time. The plan was to look what Huma had on offer, and if this was not satisfactory then go for a recovery through Anderson’s.

 Brian Rowlands, Cuffie and Craig Williamson had all given me some useful information prior to my trip.

 First stop was the Huma office at MCC where Keiko, who was very polite and helpful throughout, showed me the remaining available units which were 2 bed bungalows ranging from  e132,000  - e142,000 before discount was applied. I reserved one to keep my options open but in my heart this place just did not do it for me. The smaller properties in my budget were just rows of retirement units and the later phases were ever more closed in on each other. Having said that, the place had a very peaceful feel about it, which is what I guess should be expected with these kind of developments. Sorry if this offends any of you who are very happily living there as I know many people are !

 So, on to OCC. You take the road from Almeria city to Granada and turn off for Tabernas, the delightful little town 5 minutes away from the development. On the road up from Granada the scenery became more and more dramatic, this was certainly Spain unspoiled. I had a spot of lunch in Tabernas and was met by Carmen, Huma’s sales rep who took me to the site, which is flat with a panoramic mountain backdrop. There are some buildings about half a Km away which I was told are part of an eco-energy research station, but otherwise this area is unspoilt. As per ACC I was interested in an apartment with communal pool and landscaping and Carmen took me to the spot where phase 1 was released for sale. Standing in a meadow in warm March sunshine with wild flowers and butterflies did make me wonder how this development got planning approval. Phase 1 is part of three rows in a triangular formation, at the extreme peripheral edge of the site. But the interesting thing is that phase 1 patios/ balconies face away from the development presumably to give them a south facing aspect, whereas the later phases all face the pool area. For this reason I opted to reserve a top floor, solarium appt., therefore having both a private south facing balcony looking away from the site as well as the overall view from the roof.

 Next day I was back at MCC, having decided on OCC as the way forward. (Andersons were a realistic option but I did not want to throw any more money into this venture and the OCC  - ACC fallback option seemed the best way of securing the money I had put in so far).  Keiko got me some plans drawn up confirming my chosen plot and is arranging for the contracts to be drawn up and posted thus allowing me some further time before actually signing up. On the downside, if ACC does re-start and I go back, I guess I lose any penalty payments for late completion, but at least I feel much more peace at mind that my cash is now going somewhere again?  What happens in reality remains to be seen?

 Truff

Thanks for that Truff

Some people seem to think that all my posts are 'self interest and pro Huma' when like you it is just ' getting security' for our money and the fact that OTCC is quite nice is a bonus

Well Brian, you have always been very pro Huma - but I just feel that if you had said why you were so pro ACC people would have been able to understand more and perhaps have been less influenced by what you said.  You always were so sure that ACC would be fine that I was afraid people would be influenced by you to stay put - you know this, I have said it before.  Even now, I certainly don't think you should be encouraging people to switch especially when you are selling these properties.  It is an option and nothing more, and you have been so spectacularly wrong over ACC and the local plan, I think it not unreasonable to expect you not to chirp up with stuff about how fantastic it is - what a GO project - how everything is ok now.     

Bri

No more post as I am no longer a ACC buyer

ACC was live until the February 08 decision.....now life moves on

One day it probably will

Only pleased that those of you have contacted me have found the info some help

With relation to what has been said. Be careful about swapping - I had an email a couple of days ago - offering Polaris World @ 30% discount key ready. I wonder how many others did too!

That is the state of the market now and it must get worse in the next 2-3 years - all commentators agree worldwide. Property is a no no investment now!

From what I understand Huma are not offering any discounts on OCC  or compensation and only 10% on MCC.

You may think you have secured your investment - but if OCC is never built or Huma goes bust  or the banks pull support or Huma cannot sell the site - where are you?

If you go to MCC or OCC - could you get a property at 30-50% less in 12 months? Could you be left with a property that is in deep negative equity -unable to sell other than at a great loss or not at all!

I do not have the answers - but these are questions all must ask now.

I have gone down the court action path - I may be wrong and end up losing all - but you have to ask yourself if Huma gave you your money back in full and compensation would you buy off Huma again?  I know what my answer is.

What guarantee @ OCC have you that they will deliver what you sign for - how do you know it will be built or finished - what will the charges be after completion?

I have no answers - but I have thought hard about the questions and I think the property world has changed dramatically in Spain and worldwide over the last 2 years (even last 12 weeks) and what was right then is not what is right now. Will you get a mortgage on a property in 2 years time that is worth much much less than you contracted for - that's what credit crunch actually means!

I am an accountant and am involved in the construction industry - I know there are massive problems for housing (most large future projects have been canned in the UK) and commercial property will have a massive downfall after next year when investment funds & lending dries up from the banks. Risk ventures will be a thing of the past!

I am not trying to scare anyone. These statements are facts and I have more at stake than most @ 100k euros.

I wish everyone the best - but the present situation is full of worry what ever you all decide.

I have never hidden my full name, so stand by what I say.

John Fozard

John I have been reading your emails and listened to other's that criticism, but I have to lend it to you - if I needed someone to defend me in a court of law I would prefer you on my side.

You say it as it  is. Obviously you have done your homework.  

Are you an Accountant?

American banks have collapsed due to the credit crunch and investors are running scared. There is evidence that the Bank of England is nervous. It's over the news daily. Anyone that suggests otherwise is living in the Spanish dream!

I have invested reluctantly - I wanted Cyprus but my husband thought cheaper and shorter flights was more alluring. Now I still regard the Cypriots as genuine and ALL Spaniard's as thieving bandits - I really do regret the decision for Spain . If anyone dare to challenge - I would ask "Well what do you have for your money now... umm".

Yep this may be resolved one day - but I live for today and want results today - I am not getting younger. I want my money back now as there are thousands of key ready properties available NOW - so why wait. Locations in the Sun have some fantastic offer on.

John, "Do you trust HUMA?

I did contact the BBC like someone said (was it Sharon and Dave or someone) - I did this way back in July 2007 - several emails. To be honest they said it was  very interesting, but doubt if they could ever make a story out of it. CRAP - we need an MP or head of State to stop the Spanards making a mockery of the Brits. I made contact with Sarah Dias BBC watchdog - like everything "It's another Spanish disaster" oh and we are really sorry for you.

I cannot wait to wake up from this - all I wanted was a simple holiday home in the sun.

To be honest on the TV there have been a number of Mr Meanies about Spanish Developer's. It concentrates on builds that have been demolished because of "Spanish Rule"  Will the BBC really be able to help us .... I think not - the end result is that I am trying to help - remember I have your interests and mine at heart and I am on your side because I have so much money tied up.

REMEMBER if I had my money back - I am not sure I would re-invest into HUMA - to be honest there are other options I would choose to invest.

Some interesting feedback folks. Some more thoughts from a personal perspective:-

1.    Huma no more wanted this situation than us ACC buyers but must have taken risks knowing their initial ACC build license did not follow correct procedures. My guess is that many builds were carried out on the back of these’ micky mouse’  town hall licenses and developers thought they could keep getting away with it.

2.    We also took risks by buying off plan, albeit naivety also played its part for many, me in particular!

3.    The junta are quite right to introduce strict rules to prevent the concrete sclerosis that has blighted most of Spain’s coast line. Unfortunately we are amongst the many people who have suffered misfortunes as a consequence of this. The people who I really feel for are those who bought at ACC planning to live there 18 months from signing the contract. For me it was a only a holiday home, nevertheless paid for with hard earned cash.

4.    Huma are a commercial enterprise and their prime concern is to survive in a competitive and troubled market. This means juggling OUR money around between developments and retaining as much as they can to stay in business.

5.      Apart from signing the initial contract for a property at ACC my biggest regret is not pulling out 18 months ago when a full refund seemed relatively straight forward. Now all I hear about is long waits, expensive solicitor’s fees and cheques that bounce.

6.    So, in these turbulent and uncertain times, who knows what lies ahead? OK, money is the main driver on any decisions we make as individuals, but there are other factors such as our health and well being to take into consideration. I for one chose to switch developments rather than throw more money at a potentially stressful court battle. MCC was affordable and much safer but not for me. I now have to hope Huma sell sufficient plots on OCC to fully fund it and in the mean time hope ACC gets it’s approval to help consolidate matters. Both are superb locations and all I can wish for at the moment is in 18 months time to be handed the keys to one of them.