it's not always doom & gloom

 I am going on an inspection trip with MRI in 24th NOV.  I am seeing Corvera County Club, Mar Menor 2, Condado de Alhama and Terrazas de la Torre.
Any anyone an opinion on which sites would be the better investment.

I know very little about Corvera Country Club so my option would be to choose one of the Polaris World Resorts. The power of PW advertising on TV has made many people (including potential future rental clients) aware of the PW dream.

I personally have invested On Terrazas de la Torre. At the time Condado had been put on hold indefinately, but even now after PW re-released Condado I'm pleased with my investment, mainly becuase of its location - TDLT is situated between MarMenor and La Torre golf resorts. Condado is abit further away from the coasts which may limit the rental market.

At the end of the day its all about personal choice and how much you are prepared to pay (and wait) for your property. 

 

 

Did you purchase direct from PW or did y ou use an agent. How was your buying experience?

Did you have to go to Spain a number of times prior to completion?

I am interested in PW but am still a little sceptical

I purchased through an agent back in April. To be honest I looked at several property options for my budget and decided on Polaris World TDLT because of the location, price and the whole ethos of what Polaris World is about.

I was not rushed into purchasing it and there was no hard sell. 

No need to be sceptical of PW because when the Condado resort was initially put on hold all buyers were then given the opportunity to relocate at other PW resorts (with a discount) or their money back. Not all developers would do this.  

 

I think all the PW resorts are very good (don't know enough about Corvera Golf) but for me TDLT or MM2 are the best. MM2 because it is largely up and running and it is the closest to the beach and airport. All the facilities are in place and work fantastically or TDLT because it is situated well, linked to La Torre and has the best properties (Penthouse styles from 138,000 euro). I would back TDLT but i doubt you could go far wrong with any of them.

I bought through an agent although Polaris handled everything including the tour! The benefit of going through the agent was a cashback deal they offered which i have already been paid (1% - not huge but free money!).

I like polaris because they will allow you to sell on the contract before completion should you get a good offer or your circumstances change. Very ethical people.

Got back yesterday from a viewing trip with my wife...the whole experience is fantastic!

We were very sceptical before we went out, mainly due to a lot of negative posts on the polarisworld forum. My wife wasn't interested at all and we were going to cancel the whole trip, we didn't cancel because we couldn't get our flight money back. For once i'm thankful for airlines not being too accomodating on refunds!

We went through Sunseeker homes (Mike Knivett) as our agent, and Mike was excellent thoroughout the two days. His knowledge and professionalism were first class, his advice was practical and most importantly - realistic. It is also nice to know that Mike has two properties of his own on Polaris. Mike spent the whole two days with us and at no time did he engage in hard sell tactics, which was a suprise to both of us.

The two resorts that have been completed (Mar Menor I), or near completion (La Torre) are superb -  they really do have to be seen to be believed!

We are in the process of purchasing a 'penthouse' apartment of Terrazas. It suited us as it was within our budget and a it has a great location. It's hard to advise on what resort to invest in as they all have something different to offer.

I wouldn't hesitate to recommend both Polaris World and Mike Knivett as an agent to any of my friends, and of course members of this forum. Mike can be contacted via his website - http://www.polarisworldspain.com

Phil

Having read through this forum I have detected a little hint of back slapping from the main contributer Mr.Mike Knivett. Why the need to promote yourself so much?

Hang on a minute - I provide an honest account of what happened to my wife and I and get accused of 'back slapping'!!

If people have had good experiences with an agent why shouldn't they praise them? I'm only trying to let people know what we experienced...isn't that the point of the forum??

 

Just back from my inspection trip with MRI - I had seen some negative press on MRI but I must say that our rep , Richard Bedford, couldnt have been more helpful and pleasant. We visited La Torre and Mar Manor - very impressive .  We spent a lot of time at the Polaris World HO with their staff - again very helpful and no pressure.  Reservation fee is refundable with Polaris.  Very few sites on Phase 5 left although I dont know why the are called penthouses.  They do all face NE/NW so no sun on terrrace after late morning.

All in all a pleasant experience.

I don't think you can go far wrong with TDLT...I'm still truing to find out if they have started to build TDLT yet. Is there anyone out there with this information?

Roscoe

I am considering my options after my visit. Some things concern me and I would be interested in any ones thoughts:
1. The rental figures I see on letting web sites for Le Torre are around £250 per week.  This seems very low compared to what has been suggested to me.
2. Resale in 3/4 years - It has been suggested that there is a lot of golf property around and that it may be not that easy to realise your profit.
3. The TDLT 'penthouses in phase 5 are all NE NW facing which means you lose the sun late morning. This would seem to me to be a down side.

After several emails, I have been told that "the ground has been prepared for construction and the building work is due to start around the end of the year".  I was also sent a Spanish copy of the "anuncio aprobacion definitiva del Plan Parcial Residencial" from the Boletin oficial de la region de Murica from the 3rd August 2006.  This sounds like planning permission to me but if anyone can confirm it might ease a few minds.  I am going to stay in an apartment in La Torre in March and speaking to the owner, the reason that the rental fees are so low (£250pw) is that building work is on going and not all the facilities are in place.  

Took a drive out to the site a couple of weeks ago when we visited, and all of the flags are up marking the boundaries. The road to the west of the site was having large pipework put in beside it. There was nothing else around so I assume this is the water/sewage infrastructure for Terrazas.

I would expect the access roads would have to be put in first as the roads to the site are not suitable for large vehicles. I definitely got the impression that everything was just starting to get underway. Polaris said that site construction would begin in the new year.

My lawyer has confirmed that all of the relevant planning permissions and permits have been obtained and are in order.

Rentals are definitely low at the moment because the sites are so 'young', as dday stated building is still going on and all of the facilities are still being constructed on La Torre. You definitely won't attract golfers when you only have a 9-hole course on Mar Menor and 9-holes open on La Torre. Once Polaris get their vacation club up and running in early 2007, there will be a lot more publicity about holidaying in Polaris, rather than just buying property.

Phil

 

I am still considering whether to purchase or not. One of my concerns is the level of rental that is currently being charged on La Torre. Also it appears that most of the rentals are to people who are out looking at the construction of theie own property.
I would also be concerned taht in 2/3 years time when you try to sell, there will be a lot of apartments for sale and you may not realise your investment growth.

Has anyone any thoughts on this

There is a post on rental on the La Torre message board, see below: -

http://www.eyeonspain.com/Secure/MsgBrdsPosts.aspx?thread=803&dev=L218&name=La%20Torre%20Golf%20Resort

 

 

Hi Hamletgrove,

On Condado De Alhama, they have just released the "penthouse style" apartments, frontline golf and at the same price as TDLT but all South facing!

La Torre has just released the second 9 holes of golf so is an 18 hole course. MM is still 9 holes for the near future.

Rents are low but will improve I think (although clearly a lot of competition!) the answer is to buy the best property - front line, top floor, south facing with good views to make yours stand out ( also furnish it well !) Buy as cheaply as poss with these points in mind and your yield should improve. Polaris marketing will drive tenants to you and the deals they have in place with holiday companies should also secure business for you. I think the real benefit is in capital growth though.

The real capital gain will only appear 2 years after completion, when the place is mature and the market has found its place (when the opportunist and desparate investors who overstretched have resold). Get an agent that gives you back a cashback to improve your yield, they are out there - I got 1% back and it paid my legal fees.

Jamie