La Tercia or Corvera Golf holiday property

hello everyone

i am flying out from the UK this Saturday to have a look at a number of properties based both in Corvera Golf and La Tercia Golf. 

I would be very grateful for any advice received - the thought of parting with my money in a development such as these makes me quite nervous especially after seeing videos from expat in mazaron showing overgrown and abandoned apartment blocks in la tercia. Is there a risk that any property I buy could go the same way? Should I avoid these developments? We don’t have unlimited funds where we can just pay more money for somewhere nearer the coast but I am wondering if the best advice would be to save up more and buy somewhere not in golf developments which look like they are struggling. Are there better similar price properties in other developments we should look at? We are thinking of spending in the region of 50-55k euros and would like 2 bedrooms with communal pool  

Please help

thank you

Steve:

We will be pleased to review documentation of any property of your choice

M

Hi Steve.

I don't anything about Corvera golf however I do know a little about La Tercia. Reading your post I feel your worries are exactly right. I have passed La Tercia golf many times and it looks like a ghost town with many of the apartments empty and as far as I am aware there is no golf course any more. It's just my honest opinion but I would follow your instincts and save up to buy somewhere NOT on a golf development, (the community charges are usually far lower as you are not paying for 24 hr security and the upkeep of all the facilities). If you go to visit any development ask them to see a copy of the community finances

Hi Steve out of interest why have you picked them 2 resorts , is it purely on the price of the properties being low ?

Thanks Jarvi. I dont believe that Corvera or Tercia have the Golf courses open - which doesnt really bother me too much. It's more the worry that these developments will deteriorate in the future and owners may be forced to abandon their apartments if the management company no longer sees it as viable to maintain the area from the communal fees they receive. 

Stevehome1 - not really a golfer, but I've visited Hacienda del Alamo (near the airport), which is very impressive and may be worth a look - it may be over your budget though. 

The other golf place in that area which is worth a look will be Camposol - bit of a Marmite place - very big development, lots for sale and well priced.  Not played the course, but visited the 19th a few times - very pleasant under normal conditions.

Thanks Acer, I did see Campasol but was put off by some of the "holiday homes from hell" reports of subsidence etc. I also saw reports that at night time, there were no street lights as there was nobody maintaining the area. Not sure if it is still an issue but it wont harm to look further in to it. Thanks for the reply - it's much appreciated!

Hi. We're on Las Terrazas de la Torre Golf Resort & love it. Very clean, the best security and quite reasonable.  Have look on R/move Spain & search "Las Terrazas de la Torre". Monthly fees are quite high but you get what you pay for.  Remember to allow 14 - 15% for purchase fees & taxes. Get some independent recommendations on Law firms & take care when selecting estate agents that they aren't hiding any fees & also ensure you independently confirm anything they tell you.  

THANK YOU DCP 21.

That's very helpful and I will take your advice.

Much appreciated!

Steve

Not in any way qualified but would suggest values are not going to increase for the foreseeable future, many would recommend "try before you buy" and sit on your cash. There is plenty of supply so rentals are very reasonable. This way you can get to appreciate a particular urbanization and be sure it's right for you.

Dave

I have had a villa on Camposol for 13 years ..most of what you read on the net is written by people that have never been to the place ...the builders Masa got order off the Camposol site around 4 years back and the council has since taken over ...vast improvements have been made ...we have always had street lights but you will find the odd street that doesn't have any street lights the council are going through the site which is 6 X 4 klms in size a fixing the problem areas ...all of the unfinished properties that Masa the builders left have been sold at auction ..and have now been Finnish and sold on ...be warned before you buy anywhere in Spain you should rent before you buy ... please be aware that golf resorts are meant for holiday makers and will lack all the amenities for day to day living ... they tend to turn into ghost towns in the winter due to a lack of permanent residents...so if you are planning on living full time or for long periods you should consider a urbanisation rather than a golf resorts in the middle of nowhere...most of the so called golf resorts went Bankrupt around 2008 including the one you are looking at ...you should also enquire about the maintenance charges you will need to pay on a golf resort some of these charges can be up in the thousands ...on a urbanisation you don't pay maintenance charges you only pay I.B.I (council tax ) I pay £400 per year IBI for a large detached villa with 3 bedrooms/ 3 bathroom and a 9 X 4 swimming pool ...you can work the rest out for yourself good luck enjoy.

Investing in Spanish property especially a property on a golf course is probably the worse possible investment you can make. It depends of course what you expect from the investment. If it's just a holiday it makes no sense. If its a financial return it still makes no sense. If you are playing the long game of say thirty years and retirement you may just get your initial investment value back but not your costs. The investor's mantra - never invest capital in anything that comes with a substantial relentless cost attached to it.

Firstly all Spanish property purchases are loaded with buying taxes. Around 10-12% plus the exorbitant agent fee of around €5k. So you begin with negative equity from day one. Then the high cost of maintaining said property. Calculate €3k per annum on a golf course. That sum includes community fees, utility standing charges, property management fees and local taxes, maintenance. The list is long and increases every year. 

Don't be fooled into believing renting will cover your outgoings either. The Hacienda is clamping down severely on none declared rental income. Spain is awash with property to rent so you will be competing in a crowded market.

Back in the day, there was a time when Spanish property increased in value. Those days are long gone due to massive oversupply problems and the world economic downturn. You will struggle to resell and recover your substantial costs. That situation is not likely to change for years to come.

If you're not bothered about losing money, substantially increasing costs then fine go ahead. I would simply suggest there are better places to risk your cash that may well provide you with greater benefits. 

If you completed on an illegal property and subrogated the developer´s mortgage, you cannot sell the property now as being illegal BUT you can claim all amounts plus legal interests back ( pre an post mortgage if you subrogated developer´s mortgage)  In the meantime.... you can keep living in the illegal house..... and, possibly start searching for a legal one to be bought with the refunded money....

I am not dreaming

M

Also, if you have a property in negative equity.... settlements with the Bank can be achieved using the auction value of the property

M

Stevehome1 sent you a message.

Hello,

I have visited both resorts as part of my property search and would offer the following:

La Tercia also known as UGR. Golf course and club house are long closed with no signs of reopening any time soon.

The development does feel a little remote but the surrounding area is very pleasant. La Tercia Village feels typically Spanish and Balsicas has all you will need in terms of facilities. Sierra Golf is close by. The course is open and currently being extended from 9 to 18 holes. I enjoyed playing  there and clubhouse is informal and pleasant.

I quite liked the spec of the La Tercia apartments and the pools and gardens are well maintained. We did feel though, that although the property is well priced it was  not for us. Very quiet and a little remote with a little bit of a desolate feel due to the golf course being totally overgrown, fenced off and abandoned.

Corvera

We visited on a Sunday which is market day in the village. Lively pleasant Spanish village with all facilities you will need.

Again the golf course and club house are long gone with no sign of them returning.

The development is well maintained in respect of gardens and pools etc and the immediate vicinity is pleasant.

Property specs were good including decent sized terraces and many properties have a westward orientation. Good for afternoon sun and evening sunsets.

You can walk from the development into the village along well maintained paths and depending on your level of fitness it is 20 minutes down and I would say 30 minutes back up.

Corvera felt more occupied and less remote than UGC but again was not for us.

I liked La Terrazas and would have considered buying there but my wife was concerned about the lack of facilities on the development. Golf Course is open as is clubhouse and supermarket.

We eventually decided to increase our allocated budget and purchased on Mar Menor Golf which has proved to be the right decision for us.

Good luck. I hope it goes well.

Hi,

the golf course has recently been sold and a lease has been signed on the club house by someone who already runs a very successful clubhouse on another development.

corvera has been held back due to court cases etc. Hopefully that is all behind us and the development can move forward. The properties are selling quite well apparently and the place is getting busier with quite a lot of full time residents.

corvera is a working Spanish village all year round, so doesn't become a ghost town out of season.

but like all of these places, it's what suits each individual.

Hi,

If you want a Good golf course, Nice bars, safe cycling, and community pools then have a look at Hacienda del Alamo. Spanish pueblo 2 bedroom apartments may be in your price range.

Not far from airport and the local small town Fuente Alamo is authentic Spanish with great annual fiestas.

We have had a place here for a few years and we love the place.

HDA is a nice resort but the OP is looking for 2 beds with a budget in the 50k pluse , 2 beds are in there 70k mark. 

X