Palmera Properties

Maria
We have been over to Spain to view some. They are not being offered at the prices quoted to IURA in their initial offering, which was for the outstanding mortgage. The prices offered are apparently being calculated based on the size of deposit paid and the valuation on the property. The ones we looked at were all quoted by PP as being well under bank valuations, but in reality they are being offered at current market rates. We followed up with other Agents to verify. In some cases we were told that if we accepted the prices being offered and then wanted to immediately re-sell, we would be in a large loss making position. This is just another scam to get more fees out of us. Take my advice and stay well away.
Regards
Dave Fulton

One other question for Vargas Lawyer, who now seems to have dropped "Lawyer" off their user name. If you really are acting Lawyers then why are you acting as a property agent? Or are you really an agent using the "Lawyer" element to try and get our trust?

Costa del Sol
Málaga bank manager sent to prison for ten years
By h.b.
Jul 11, 2008 - 8:37 AM

A Málaga bank manager has been sentenced to ten years in prison for investing client's money for his own benefit.
The Provincial Court in the city heard that the man had carried out high risk investment operations in the name of dead people, and had changed currencies without clients knowledge, with none of the movements being reflected in the branch's official accounting.

He also set up three companies in Gibraltar which he used to channel his investments and to avoid detection by Hacienda. The fraud occurred between the years 1988 and 1997.

The man was also fined 10,800 € and ordered to compensate several clients to the total of nearly 260,000 €.

The owner of a financial advice firm was also found guilty of collaborating with the bank manager who has not been named in reports.

As expected the deal he was promising is not possible.

Yes he has other completed developments 'he says'. However, just because 2 of us have enough deposits to buy one apartment outright is not the issue. The issue is that for him to do that, he has to clear the mortgage that he currently has with the bank. Of course, he can't do this without any real cash.

Regards
Stephen Hodgkiss

From: gotardo@mac.com
To: stephenhodgkiss
Subject: Re: TORREMOLINOS
Date: Sun, 27 Jul 2008 18:08:56 +0200

Gotardo,
 
I am very concerned that in April 2004, 4 YEARS AGO, I gave you a deposit of 45.000 to buy one of these apartments. After all these years of trying to get information from your staff and being lied to so many times about the lack of progress, you are telling me that Palmera Properties does not have the finance to even start the build.
 
You were gambling with your clients money. It is that simple.
 
You took money from clients, hoping that you could move money from one development to another, increasing your Capital each time. This is fine if it was your own money and not someone else's.
 
The building license is now impossible as you cannot get finance. Therefore, the apartments will never get built, and you must know that.
 
Why don't you sell the land and pay me back and the other clients on that development? Either this or move my money as i suggest to one of your other developments in full payment. None of this playing around with the price, so that the deal seems more attractive. We all know that valuations mean nothing at all in Spain at the moment, it is what someone will pay for it at the end of the day. This is how the property market has worked for many years.
 
I think your time is running out to find a real solution. what you have proposed is very clever but we have all learned from our mistakes. We can see through this offer and realise that you are just hoping to cancel our deposits by just offering another property with a ficticious reduction in the price.
 
The answer for me and my friend is simple. Sell us an apartment that is fully completed at Los Carvajales at a true market price (not the valuation) which is 142.000 euros. Both of our deposits would be used to fund this and we would agree to cancel our contracts of purchase if the apartment was transferred to us.

Regards
Stephen Hodgkiss

Yes it would have been a wonderful solution for Gotardo, we pay off the bank mortgage, the developers debt to him wiped out and us off his back ............... what do we get - an apartment we can't rent out and even if we could it wouldn't pay off the half the monthly mortgages costs, a high rate mortgage, a property we couldn't resell!!!

We have lost 80,000 euros and as SH says we too have 2 deposits but Gotardo has said the same they cant put them together against one property as it wont pay off the mortgage

So what are we left with -- a nice big fat legal bill ......

Cheers Gotardo