New investor – perplexed by Corvera Golf and Country Club

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This topic contains 4 replies, has 4 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 4 months ago.

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  • #52092
    Profile photo of Anonymous
    Anonymous
    Participant

    I have just spent two days in Allicante, and had a two day tour with a buying agent recommended by a friend who took me to Corvera Golf and Country Club. WWW. coveragolf.com.

    1800 plots, I provisionally booked a plot for 243000euros. Completion March 2009.

    Having read the Spanish 😯 insight articles I feel that I need to look more around not only Spain but Ireland, France and possibly Bulgaria.

    Anyone have any experience of Covera Golf and Country club, much appreciated

  • #64483
    Profile photo of barrymc1
    barrymc1
    Participant

    Hi Graham,
    I responded to your message on the board referring to United Golf (I think it was anyway).
    In short Corvera will be a great resort – it just depends what you expect from your property as to whether it is the right one for you.
    Cheers
    Barry

  • #64496
    Profile photo of katy
    katy
    Spectator

    I can’t imagine why anyone would pay 30% deposit for a property that won’t be delivered until 2009 (probably be 2010) and having read this and other forums. There are lots of new and nearly new properties on sale and you could be using it or renting it within a month from now. The bottom fell out of buying off-plan about 3 or more years ago. There is no market to sell them…because buyers all want to buy their off-plan 🙄

  • #64507
    Profile photo of Anonymous
    Anonymous
    Participant

    Katy thanks for your very objective remarks… its very easy to get carried away with all this stuff .. especially someone new to the game..

  • #64513
    Profile photo of Anonymous
    Anonymous
    Participant

    I think the attraction of off plan is hope value. The expectation that prices will appreciate in the period between booking deposit and completion. The fact that this speculative play has worked previously for other buyers makes it an attractive proposition. However it is a bet on the continuation of capital appreciation in real terms, which is dependent on wider economic factors,

    1. The cost of borrowing (interest rates)

    2. The availability of mortgage finance (lending standards change at different stages in the economic cycle)

    3. The emergence of competing product in the lead time to completion.

    4. The implied supposition that economic conditions now prevailing will exist at the time of completion.

    I imagine that it may be worth taking a view on these factors, prior to making a financial commitment, the success of which is reliant on a narrow band of probabilities.

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