UK car hire from Bristol airport

Hi all just wondering if there is much progress with the phase 1 clubhouse?

Thanks Dave

Hi

According to the communidad, its not going to open until next year at the earliest, as they are

waiting for somebody to take it on. They say there's not enough people out their yet.

Tracey

Hi

I had a chat with the spanish chap in the sales office - he was quite forthcoming...... he said that they had spent E4m on it so far and were looking to sell it for E20m - they have interest from about five "serious" companies however all require further progress in the development and occupation of not just PS but also the wider schemes to be built in the area.  There is no doubt that the whole place is very quiet other than during the main season so it is questionable just how viable a business will be - certainly if they are looking for such a high starting price and the incoming company has to fit out the building etc - a huge investment.

His figures sound very high but it should be seen as good news that they have invested so much in the facility and need to find a serious player to take it on.......... most residents I spoke when I was there last week feel the same way - the club house was key to us wanting to buy on PS and the sales literature played heavily on it being open - indeed some people were told it would be free to use or certainly discounted.  Clearly the market is quiet and sales will have slowed, yet they are continuing to build at pace on phase 2 - he said that they have sold about 50 of the 200ish properties on phase 2 (7 so far this year) and are hopeful that things will pick up from this point.  The market slowing will ulitmately depress the pace of building on other schemes and future phases - this could have an impact on the opening of the Club House.  There was interest is someone taking part and opening a bar or something - but this could give them problems with the overall sale so I can understand the resistance.  I hope they stand by the 2009 opening position - but have a feeling that it could be staying as it is for some time.

Given the facilities like this that are available (or lack of them) in Vera (the Hotels do not encourage use by non-residents for example) you would expect good demand for the spa, pool and restuarant, but we are in their hands until they get a buyer......................

On a similar note - he said that they were going to be sorting out the entrance after the summer so as not to disrupt the main season holidays - there have changed the designs and are going for some sort of arch similar to other Key Mare schemes.  They are also planning to put a play area into the empty space next to the tennis courts (autumn).

If anyone hears anything else please advise...................

Bye

db

 

 

 

 

Cheers for that information, very helpful !!!

 

Thanks again !!

 

Tracey

Hi,

Does anyone have any further update on when the clubhouse will open....

Hi

I was out there last week and had a further chat on the whole position......... Key Mare currently plan to proceed to finish all bar the very rear blocks on phase 2, have sold about 35% so far and are continuing to sell a property every few weeks.  This is pretty good news I would say as at least they are solvent and moving the development on.  There is a rumour that the Town Council will not issue the habitation licences if they do not complete the whole phase, (the rear blocks too) so this will need to be sorted out.  Based upon the number of properties, current number sold and sales rate of say a couple a month they will have quite an overhang of unsold apartment at the end.  This happened on Thalassa next door and there have been some sharp price cuts to get rid of about 100 apartments that were unsold a few months ago - again rumour so don't quote me.........

Key Mare maintain that they cannot get serious interest in the Club House until there are more occupations - maybe - but have we been misled ?

I haven't checked but don't think that the club house was part of the first phase - therefore didn't need to be completed as part of the planning permission.  Again from memory the standard contract was fairly loose giving them the ability to make "technical amendments" to the scheme and focussing on individual properties and common rights.  I have no idea about Spanish law but in the UK it would come down to a question of property misdescriptions and whether we were told that the club house would be open and when........ the literature plays heavily on the concept - two pools (the phase one pool is very busy now), bar, restaurant and spa facility.  What were people told and what does the marketing literature and web site say ??  Do other developments provide such facilities up front - what is the norm ?

Key Mare are saying that it is unviable for an operator to take a lease.  I would say that the main reason for this is because they have high price expectations, the building is half finished and anyone taking it on will have to spend a huge amount fitting out.  Therefore should Key Mare cut the price / rent and assist in the fit out to encourage an operator.  In the UK a developer would definitely face misdesription claims and buyers would take action for compensation or action to rectify.  When we bought we were told that it would be finished (we believed this, not least because the building was in advanced state even then (March 2006) and that it would be free to use.  This was later toned down to say we would be able to use the facilities at a discounted rate.  

If I were Key Mare I would keep my head down, play us off with promises and wait for an improvement in the market.  true they have invested a good deal of money in the building, but we have paid I higher price for our properties on the expectation of an indoor pool etc..........  

Does anyone have experience of Spanish law on this issue of property misdescription - is it even part of spanish law.  On a wider scale other development are missing golf courses and even their homes so our glass should not to totally half empty.  My personal view is that Key Mare will do very little other than play us off and conserve cash during the market downturn unless they are under some form of pressure.  If there is support on this I would suggest getting collective spanish legal advice on the issue and getting a meeting at a senior level with Key Mare to confirm out position.  If we have a case we can pursue them to complete the building or agree some form of compensation (this could be additonal works to the development or cash into the Community fund - worst case they might clean the windows on the place!).  

It would be unwise of them have a major dispute with a community where they have so many other development interests, but we must also consider that they may not be in the best financial health right now.   Most people I spoke to last week did have a concern that the building is starting to become a detraction and that this is the main issue in an otherwise excellent development.

I am back in spain next week and will raise this with May if there is general support to do something.......... otherwise I shall hit the beach.

Adios

David

I would agree that we need to take some form of collective action over this. If we all just sit back we could be waiting years and it will just sit as a white elephant!!

The down turn in the market will last a considerable length of time unless the Euro weakens significantly against the pound, interest rates fall and confidence returns to the housing markets both in Spain and the UK. I think we would be wise to meet with the senior management of Key Mare to try and get a firm time table of what will happen and by when. In addition they need to be in no question that if things are not delivered in a certain time scale that we will take further action. 

None of us I'm sure want to take legal action BUT we have all paid good money for a development that was sold to us as ulmost being unique in the area as having it's own Clubhouse and facilities.

The last point is also worth considering with regards Key Mare's financial health. In the UK we can check Limited / PLC companies accounts to check there financial standing. I'm not sure how we do this in Spain but the last thing we need is Key Mare going bust as another very large developer has done in Spain only last week. This would leave the development in crises with very little chance of resolution in the near future.

I'm also out in a couple of weeks and can discuss with May.

Owen

Hi,

Its best to take action through the group raher than doing this individually. Speaking for myself we would not have bought at Pueblo Salinas but for the Clubhouse and facilities. Since we are renting our apartment it will also hurt us very badly if it is delayed as we just cant charge the rent that would have once the clubhouse is available.

If the clubhouse does not proceed it is a very serious poistion so I agree its best to put our concerns to Key Mare to establish how things are.

Many thanks to all getting involved...

Hi. We feel cheated. They definately told us by the time we moved in we would have an indoor pool & a Spa, which is a big reason why we bought.  We bought because the complex was supposed to be luxury, you now drive in and you are faced with whats looking like an eyesore.  The other developments have much better facilities than us, which is wrong.  Something needs to be done. When we first purchased there was no mention of them trying to sell the clubhouse, before it would be completed. We were also told that we would have use of the facilities at no cost to us.  All lies!  

Surely if they can't sell it, as it is they'd be better off kitting it out to a certain standard let the owners use it and at least to any prospective buyer it may look appealing, especially if it is being used.  I can't see how it would cost that much to kit it out, install the pool put tiles in, put some simple gym equipment in and open it. I would envisage it would cost less than the sale of 1 apartment. They have the builders on site!! They could even lease exercise equipment.  If they can't sell why don't they give somebody a lease help them finish the pool and then it can be opened.  Would this not be possible with the community? Maybe forming a co-operative and let the community run it at least until the whole complex is finished.  There must be a solution, it can't be left like that for the next 3 -5 years we are all going to lose money!!

Thanks

Steve & Helen