Reassurance needed

Hi I’m looking to buy an apartment for me and my family to enjoy, not to rent out. I’m a retired lady and will be living there for maybe 2 months at a time on my own. La Tercia has got what look like some great apartments for sale, but I understand the golf course hasn’t been used for several years.. so what’s the upkeep of the development like. Is it a good investment?

for gods sake dont do it, I put a deposit down on the dump 10 years ago ,im still waiting for my money back, there is no supermarket no golf course, no security, so many breakins, and obviously no clubhouse, ps whats "body p" mean?

Stokey, that's a little unfair, you like many others have had a rough time on that development and countless others.

What I would say is to do your research, visit the place (and others) to get a feel and true indication if it will be right for you. You will get both ends of the spectrum here - those with horror stories and others with good news stories. Only you will know what is right for you.

The OP asked for advice and Stokey gave his opinion as he sees it. Forums are generally about opinions and will differ. However asking if ‘’Is it a good investment?’’ is like asking what the winning lottery number will be this week. Only an estate agent will claim to know that.

I was going to avoid giving my opinion on this, but what the heck?.....

I know absolutely nothing about the development mentioned, not even where it is, but in answer to the question "Is it a good investment?" - it really depends on what your definition of "investment" is. Google defines it as "the action or process of investing money for profit", but even that is open to interpretation. If you are looking for a purely financial profit, then you should probably be looking at something other than Spanish property. Unless you can foretell another crazy boom (& the subsequent crash), the sheer costs of buying & selling will almost certainly wipe out any potential gain you might make over, say, 5 or 10 years. 

If on the other hand you hope to "invest" in a lifestyle and profit in a less tangible way (e.g. happiness, bragging rights etc.) then I'm best leaving it to others to comment on the area you're interested in.

Sadly this development United Golf at La Tercia is a mess. The golf course has been abandoned the banks have foreclosed on the developer; the excellent golf clubhouse has been smashed to pieces by vandals. One apartment block is suffering subsidence and will need to be demolished. Thieves are slowly removing anything they can get their hands on from empty buildings.

It’s a terrible shame since there are some stoic determined residents still trying to make a go of it in difficult circumstances. The access roads and some of the gardens are still well maintained. There are no services except in the small village about a mile away.

Banks and some residents are attempting to sell the apartments at very low cost but actually, on balance they are probably not worth investing in unless you have an eye for the very long term like thirty years.

In reply especially to the last comment and of course to the OP

It is a lovely place to live, just because the golf course closed doesn't mean it is as Mr Finn described ( why do posters like himself comment if they don't live there ? )

 We have lived here for a while and love it, it has a bar on site and a wonderful community, it is well maintained and property prices are a bargain, come and have a look and speak to us residents before you make a decision I am sure you will be pleasantly surprised. 

Hi Sox.

well thank you for that positive response. Yes I’d love to meet up with you. I’m planning to visit the development Monday 4 th March. Maybe we could meet .

I'm sure it is a wonderful community but unless the OP was only interested in positive responses, in investment terms, I see things as they actually are. Beauty, as they say, is in the eye of the beholder. La Tercia could still be an investment worth taking if some very rich determined entrepreneur saw some future potential in a resurrection.

Re-reading the original post the community may well be perfect for what she seeks.

mib 150, I dont want a row but I disagree with me being unfair my block is the one that should have been demolished by now, please can anyone tell me who is  on site if it has been , mib, I paid a hefty deposit, and after ten years im still trying to get it back, we were threatened with court action if we didnt complete, by j bierne and his side kick who I cant remember, but come on mate, you have seen the block and pool would you  have completed on it ?

This message was last edited by stokey on 25/02/2019.

Hi pal - no defo do not want an argument. I feel for your pain and I'm sure you are not the only one. As I said in my orignal post - some have good news stories and other horror stories (as definitely seems to be your case).

I haven't seen the block, but have heard about the subsidence :( .

This is why I always advise people to visit and speak to residents to get a true reflection before any potential purchase.

Sorry if I offended you.

no worries mib, my mistake was buying off plan, so we couldnt see the finished product when we paid the deposit, or talk to residents at the building stage, are you an owner mate ?, just for my info can anyone tell me if the block has been demolished yet, by the way mib if you are on site my block and pool will gobsmack you, if its still standing, but wear a hard hat,  yours stokey

I don't know the place at all, but anyone buying there will want to look at the wider picture.  If there is subsidence or damage to any part of the urbanisation you need to know if the repair costs will impact on other owners, not just those directly affected.  For example, it is possible that any repair of the infrastructure may be shared by all.

You really need to know the full story and be able to identify the cause of the subsidence to know if it will be repeated elsewhere on the development and of course know when the repairs will be carried out.  The spin-off from this might be the distribution of the Community Costs - will the reduced participation affect the level of the amount paid by others?  Be careful what you sign.

Not saying "don't buy" just be extra cautious and have everything confirmed in writing by a solicitor of your choosing before you even consider putting down any deposit etc   From the outline I doubt if I would want to take the risk, but if you are able to find a good solicitor, then prepared to take your time to research fully (don't rely on the solicitor in Spain!) and it is really a cracking deal...who knows? 

Be interested to hear how it pans out.

The estate agent will have all the knowledge. It is unlikely current owners will admit they have bought a pup.

As previously stated, I have no personal knowledge of this place. I don't think I really need it though.

Acer may not be exactly saying "don't buy" (in so many, or few, words) but....

There could be 99 glowing testimonies on this thread, and ONE disaster story like Stokey's. I know which one I would pay heed to. There's no reason why anyone would bad-mouth a development just for the heck of it. There's no smoke without fire, as they say. Seriously, there are so many alternatives to consider - such as not buying in Spain, or, if you somehow have found a way to justify the financials (ignoring the so-called "investment" aspect), buying elsewhere where there are no known issues....Yes, you can get yourself a good independent lawyer, get everything in writing, double check and triple check everything (as you should anyway), but why put yourself through so much potential stress & take such a risk? Is it really worth it?

mib150: sorry if my comments offend you; nothing personal, and I'm genuinely happy for you that you appear to have been one of the lucky ones.

P.S. just seen Angeleyes' post: hilarious! Yeah, you can definitely trust whatever the estate agent tells you 

There are rules of disclosure.  hilarious! Yeah.

Statutory Instruments 2008/1277 and 2008/1276, respectively.  The regulations are based on European Union directives, which, in relation to real estate matters, require a minimum level of protection to be provided across all member states. Substantially the same rules therefore apply across the European Union, although some member states may have adopted more restrictive legislation.

In the most straightforward property sales, the material information that you should give to consumers may be quite basic (the asking price, location, number and size of rooms, and whether the property is freehold or leasehold). However, depending on the circumstances of each sale, material facts could include the length of the lease, the level of charges payable under a lease, known ambiguities concerning title, significant issues or occurrences at the property, major structural defects, status of connection to mains services/utilities; as well as things which could have an impact on the property such as potential developments, planning issues, highways issues, conservation areas, etc. This information should be provided as early in the marketing process as possible and not left until a potential buyer expresses an interest in a property.

http://www.propertymark.co.uk/media/1043356/ntseat-guidance-on-property-sales.pdf

Excellent use of copy & paste, and very interesting link, although in the context of Spanish property I'm not quite sure of the relevance....

Meanwhile, back in the Real World: when was the last time you saw a Spanish estate agent advertise a property for sale with so much as a valid EPC, or nota simple? It's all well and good quoting rules & regulations and statutory instruments etc. etc. etc. Perhaps we should ask Stokey how that's worked out so far - 10 years on, that is.

Sorry Roberto

As far as I am aware Spain is part of the EU and therefore European Union directives apply. If Spain chooses to ignore EU directives and treat EU membership as irrelevant then that might be why the Spanish law enforcement is exactly as it is. I was only quoting the law; being a nobody I am not responsible for enforcing Spain’s laws.

Glad to see you edited your post to correct the bizarre statement about the cause of Spanish culture. I think maybe you're starting to confuse even yourself!

But anyway....quoting laws that (as nobodies) neither you nor I are responsible for enforcing but more to the point are often loosely (if at all) enforced by the Spanish authorities, is hardly reassuring for the OP - which is the subject of this thread. As Stokey and many others can testify, the wheels of Spanish justice turn very slowly (if they turn at all) and my opinion is simply that it's best to avoid the need to turn to the law in the first place. Perhaps you disagree?

By the way, until your post about "rules of disclosure" etc. etc., I actually assumed you were being sarcastic about the estate agent having "all the knowledge" and my "hilarious" comment was more of a compliment than the criticism you seem to have taken it as. Unless I'm very much misunderstanding you, I now think you actually meant that the OP should trust whatever the estate agent says??

ok shipmates ive got one for you, nine years ago I contacted my mp for help, he said contact your mep, well I got as far as his secretary she said "no he doesnt deal in these matters", so I said what does a mep do exactly ,well she went off  on one like a banshee, but it was a genuine question, she obviously thought I was taking the mick, BUT I WAS NOT ,the way I see it was we were supposed to be all under the same rules in the eu, I dont know much about laws but under uk havent we  got something like a ten year building guarantee, so why should not a fellow eu country follow the same rules without dragging it on untill its too late for many of us to enjoy the money we worked for , ps folks call me a dumb dicky, but what is an "op"  that some of you drop in, yours stokey