[Anonymous]

Hi,

I Am looking for some professional onions in regards to some property that I have purchased off the plan in Mid 2008. The project was originally call Jardin De Los Reyes but has changed its name to or Los Pandos It is rural re-classification project in Almansa.

I purchased a plot for 70,000 euro’s and I am having a hard time finding out if should continue with this investment or to just cut my losses and get out before I lose even more.

I have been looking over the web for some solid information but it is very far and few between and since I do not live in Europe it is even harder to grasp how the current recession has impacted the this project.

I hope you can help me with some information and it would be muchly appreciated if you could as I am at a loss of what to do and who to ask.

Sincerely
geegee78

[Anonymous]

I purchased a plot for 70,000 euro’s and I am having a hard time finding out if should continue with this investment or to just cut my losses and get out before I lose even more.

I’m not sure that we can help you very much. In the end it is always a judgement call.

What does however set alarm bells ringing for me is your description of it as a

‘rural re-classification project’

. To my knowledge many of these so called projects are illegal, planning permission has only been granted by corrupt town hall officials and can often be worthless.

If you do decide to throw more money at it make sure you do your homework first. Whatever else you do get good, independent legal advice.

[Anonymous]

Thanks brianc_li

I might of gotten the description wrong. it does seem to me that they are going through all the legitimate channels to get the planning approved in fact they has been a bit of a delay due to the pre planning phase. They have teamed up with Fundacion Metropoli which I guess is step in the right direction as they seem to have done this type of thing before and seem to have a good reputation.

I guess the hardest thing is just knowing how the property market is behaving in that particular area and whether it will be a good investment in the years to come I can’t seem to find any info on land prices in Almansa. I purchase 500 Sq m for 70,000 e in 2008 so it is hard to tell whether I have made or lost money regardless of the project.

[Anonymous]

Have you purchased a plot of land or an off-plan property??

If the latter, then whatever price agreed in 2008 I would be pretty confident that if (not when) it is built it will have a value of 30~40% less than the 2008 price.

There is an enormous oversupply of property in Spain, I can’t see the need to build apartments for another 10+ years, there is simply no demand for the huge numbers of empty properties.

One way to look at this (from a psychological perspective), consider your full outlay for the property. Reduce this amount by 70,000 Euros and see what you can buy today (already completed and fully legal in an established area). I would imagine you can find a better property than the one you were originally intending to purchase. Also any property you see on-line, most vendors will part for 10~15% off the advertised price.

[Anonymous]

Hi JP1,

It was an plot of land with an option to build later down the track if I decide to do that. The developers are saying that the land will increase significantly once definitive planning has taken place??? Not really sure if this is possible given the fact that the property prices have dropped so much?

Any thoughts? Or are they just pulling my leg?

[Anonymous]

Well land prices are related to property prices. No demand for property, no demand for land. Also given that the Spanish people and it’s Government are slowly appreciating the damage done by uncontrolled and unregulated property construction I expect future approvals will be more difficult to come by.

If your 70,000 Euros is simply a deposit, then you need to think carefully. Your investment will only succeed if you do obtain legal planning permission and YOU get a buyer for your land. The former may be true but the latter is very doubtful for the near future. Any constructor proposing to build property must be crazy, unless the properties offer something over and above the other 3 million properties looking for owners. “Something” usually means a stunning location but then if this is the case I would carefully consider if it really does have legal planning consent.

[Anonymous]

Thanks JP1,

They are saying that Final planning approval has a dealine of 31 of Dec 2011 and construction will probbaly start around 2014. So iguess there is a bit of time between when I go to sell and the rest of the back log of properties being dsold on the current market.

Has anyone dealt with a leagl urban nature project? and if so was it successful?

[peterhun]

Didn’t the bank stress test use a 70% fall in land prices and something like 30% for property?

[Anonymous]

Hi,

I’ve been looking into this and I actually now think it seems above board. I was offered a chance to invest in the vineyard at Los Pandos in 2008 but declined because I wasn’t sure. It’s hard to tell sometimes whether opportunities like these are legitimate and I personally though there was no money in Spanish property.

However, if you look at the area itself it’s situated close to Valencia (where there is a major port). In addition, there is a rail line that runs directly through it where they have the go ahead to introduce one of those new High Speed train services operating in some parts of Europe. I found out that there are plans for a major European golf course and three ECO villages in the surrounding area. All of this would surely add value.

I would join me in investing, as a fixed return of 39% over 3 years is too good to pass up!

C

[Anonymous]

The two websites seem to confirm what I am saying above:-

lospandosinvestments.com
lospandosvineyard.com

I havent seen these before…they seem to be new!

Hope this helps 🙂

[katy]

SPAM!

[Anonymous]

Actually it’s not SPAM…just my opinion

If you feel that way then don’t invest…paranoid Katy 😉

[Anonymous]

I think Spam is a harsh word Katy. I agree it does seem almost too good to be true though and would be interested to find out more!

[Anonymous]

I just had a look at that los pandos investments site. It looks like a good deal to me and I’ve emailed them with a list of queries so hopefully I’ll hear from them soon.
When i hear back I’ll let you know

Jen

[katy]

1st new posters says……………
2nd new poster says…………………
SPAM

edited to say SCAM. Notice you have been spamming all the websites, even timeshare looks better than this pathetic way to get money 30%+ returns 😆 😆 😆

[Anonymous]

A vineyard in Albecete, of all places, offering fixed returns of 39pc against a backdrop of a global wine glut. Where do I sign?

Sounds like something Bernie Madoff might have sold.

teresaramrez / CharlieM / jamiedavidson / jen80 – probably all the same person trying to talk up Los Pandos. Now anyone who finds this thread looking for info on Los Pandos might be put off by this kind of deceptive marketing, I would think.

Let me make it clear that spamming this forum always backfires – often thanks to regular contributors who smell it before I do.

[Anonymous]

I think the words Investment and Spain in the same sentence are going to be mutually exclusive for a very long time!!!

(That’s whether it’s land, construction, wine, bullfighting, sunshine collection etc!)

[moi]

Hi, be warned about this project, IPIN and Paradigm, some company based in Belfast have raised a lot of money promising 50% return and are now one year late on paying it back

see link below

http://www.justanswer.com/uk-law/4ua80-entered-property-investment-two-half-years.html

my story is just the same and i have been waiting for my money since mid 2010. keep out of this lousy investment!

[Anonymous]

sorry if this seems harsh but the bubble had already burst when you invested did you not do you homework on this before investing.
25% over 2 years in a falling market would seem to good to be true and you know what they say about those investments.

[moi]

I know, and I am not crying on my poor self for not getting my money back. I am just telling people NOT to invest with IPIN because getting that money on fire or wiping yourself with it would be a better investment.

[Author]

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