Stage Payment

This topic contains 40 replies, has 13 voices, and was last updated by  yelki 11 years, 7 months ago.

  • Post
    optiontrader
    Member

    Hi Anielka:- We also got ours today.

    Its looks as though construction must have started yesterday(March 10th), as the 3rd stage payment is due no later than April 10th.

    We are in Cor di Mar,and I know you are in Coladera,so construction must be simultaneous.

Viewing 10 replies - 31 through 40 (of 40 total)
  • Replies
    hammersteve
    Member

    A bit of help please guys. When I originally reserved a property about 18 months ago, I explained that I was likely to have a cash flow problem in 2008 due to some other investments. The developers were very good and allowed me to defer about 15k euros until May 2009. So far on a 210k euro 2 bedroom villa on Tedju, I have paid my reservation fee, the first 20% and the second 20% (minus the 15k deferred). A total of 72k euros. I am keen to make sure that in today’s climate, when I hand over the next installment I make sure that there are cast iron guarantees. I have no real understanding of how viable and solvent the developers are and don’t want to end up with egg on my face and 87k euros out of pocket. Any advice appreciated. Thanks in anticipation. By the way, when I looked at the interactive map on the website, there were as many plots as 6 months ago. Does this mean they have sold nothing ?

    optiontrader
    Member

    Hi hammersteve:- The developers had initial sales of 500 million Euros,of which the majority will probably be controlled by the banks to cover their guarantees. I am assuming the banks will release funds in tandem with the build i.e. at the groundworks the banks may release 15% of the funds they hold,at the initial build maybe another 20%,at the roof another percentage etc,so really the developer has incentives to complete the build,though in todays climate it will take longer than expected.

    Also expect to see continuing updated photo’s of the construction on the blog well before your payment in May 2009. Regarding current sales all developers are in the same position at the moment.

    Hope this eases your concerns.

    connorcv
    Member

    Are you sure 500 m initial sales is right option trader. How many properties are there in the total devlopment. If average property price was e200 thousan then they would have had to sell 2500 properties or to sell 5000 properties if average price was e 100 thousand. Is the devlopment that big

    optiontrader
    Member

    Hi connorcv:- I added one zero too many,the total sales are 50,000 million Euros.

    carol 888
    Member

    quote:


    Originally posted by optiontrader

    Hi connorcv:- I added one zero too many,the total sales are 50,000 million Euros.


    Optiontrader

    What is the total sales 500 or 50,000m ?

    carol

    kernock
    Member

    According to the initial press release, the planned sales for all 9 resorts totalled Euro 300 million, with investment of Euro 250 million, covering a total of 1400 houses and apartments over the 9 resorts. See http://www.pontabicuda.com/Backoffice/UserFiles/Files/DR_Press_Kit_07_EN.pdf for the original press release.

    optiontrader
    Member

    Hi Carol 888:-Third time lucky,current sales of the first three communities:-

    50 MILLION EUROS.

    dubberboy
    Member

    quote:


    Originally posted by hammersteve

    A bit of help please guys. When I originally reserved a property about 18 months ago, I explained that I was likely to have a cash flow problem in 2008 due to some other investments. The developers were very good and allowed me to defer about 15k euros until May 2009. So far on a 210k euro 2 bedroom villa on Tedju, I have paid my reservation fee, the first 20% and the second 20% (minus the 15k deferred). A total of 72k euros. I am keen to make sure that in today’s climate, when I hand over the next installment I make sure that there are cast iron guarantees. I have no real understanding of how viable and solvent the developers are and don’t want to end up with egg on my face and 87k euros out of pocket. Any advice appreciated. Thanks in anticipation. By the way, when I looked at the interactive map on the website, there were as many plots as 6 months ago. Does this mean they have sold nothing ?


    dubberboy
    Member

    steve virtually nothing is selling anywhere at the moment, the interactive map for sambala is the same as it was 3-4 montsh ago, on sal virtually no villas have sold in months, in fact when you take cancellations into account there have probably been negative sales on villas in the last 3 – 4 months

    all very very worrying i’m afraid

    what is concerning is that everyone is saying “prices havent come down, they’re just not selling”

    thsi is nonsense

    loggy
    Member

    dubberboy,

    very worrying and nonsense depend on your time horizon.

    the world is not going to be in recession for ever.

    the world population is expanding. people are not going to live with 4 generations and 20 people to a house.

    one day new houses will be built again and people will buy them.
    the more affluent people will buy in the best locations and will buy villas.

    yes my friend, one day another villa will be sold in cape verde.

Viewing 10 replies - 31 through 40 (of 40 total)

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