leaseback in manilva

[Anonymous]

does anybody know anything about this project in manilva, pros or cons etc?

thanks

[marios]

Give us a clue?

[Anonymous]

i cant i dont know anything!

[marios]

Is this it

http://www.manilvalife.com/developments/terrazas_cds.htm

[Anonymous]

looks like it, cheers marios.

that seems to be the pitch, i ewould like to know some REAL info on it! 😆

[Anonymous]

Be careful, I owned an apartment on a similar development but did not sign the rental agreement, I kept the apartment for my own personal use. Everyone that did sign ended up regretting it. The service charges were very high and if they cannot fill the apartments with golfers or holidaymakers you wont get paid. In pricipal great idea but………

[Anonymous]

Hi Aidan,

so how does that work? I thought they guaranteed to pay you no matter what happened??????????

[Anonymous]

We were promised the same, if the development is a success this one might work. Our one still had building going on around it for years after the apartments were ready and the bookings that came demamded their money back etc etc. So at the end of the day unless they fill the units with fee paying clients they will go bust. In essence they want to fill it with people paying top dollar pass some back to the owners then take it back with high overheads. My one was in SeaGolf, Alcaidesa, great apartments rubbish management back then.

[mariadecastro]

I just sent an email with a request of info. Specifically: the contracts you sign for both buying and renting the apartment.

[Anonymous]

thanks maria! thats great!

[mariadecastro]

It´s OK. I always learn out of this all. Manilva is close to Algeciras, where I live and work.

Best regards,

[mariadecastro]

No answer yet. One day.Let´s see.

[mariadecastro]

I have got a reply now. He emailed me:
María Luisa de Castro

Thank you for your interest in Terraza Costa del sol. We will be delighted to inform you on this and any other development that you may be interested in.

As a company we will only sell on behalf of promoters who have all the relevant paperwork in palce. We also seek out promotions that offer guarantee rental return schemes.

We currently have another such development in the south of spain, although not in a costal area.

What information would you like in particular on the development?

Also should you wish, we have staff who are fluent Spanish speakers.

If you can provide me with the precise details you require for Terrazas del Sol, I would be happy to help you further.

Once again, thank you for your interest.

Regards

David King
Coast to Coast Properties SL

I emailed him back with the specific question:

I want the two contracts to be signed by prospective purchasers: sales contract and renting contract.

Let´s see,

[Anonymous]

this should be interesting!

[Anonymous]

any news on this Maria?¿

[mariadecastro]

No news.

I asked them to send to me the two contracts: sales and renting on the 11/06/2006 19:33. No answer yet.

I will send a reminder. Let´s see.

Best

[mariadecastro]

Sent.

[mariadecastro]

I have got an email: Let´s keep waiting then:

Maria

I have again requested for the contracts to be sent to me by the developer, I understand that the guaranteed rental return has been amended.

As soon as I have them today, I will send them to you.

I tried to phone and have left a message for you regarding the above.

We also are about to work with developers in the area, and will need a contact for the region for conveyancing and legal matters.

Regards

David King

Coast to Coast Properties SL

---

Original Message

---

From: Maria Luisa De Castro – Costa Luz Lawyers [mailto:marialuisa@costaluzlawyers.es]
Sent: 15 June 2006 16:15
To: Sales
Subject: [Fwd: Re: Terrazas Costa del Sol]

Dear Sir:

My clients are reiterating that they would love to have the drafts of the two contracts. Would you mind, please, sending them to me by email?

Best regards,

María Luisa de Castro

—
María L. de Castro
Abogado. Lawyer
Conveyancing.
Edificio Mercado, Entreplanta B
E-11201 Algeciras
(t) +34. 956.653.699
(f) +34. 956.654.025
(m) +34. 652.195.554
email: mldecastro@costaluzlawyers.es
http://www.costaluzlawyers.es

[Anonymous]

the plot thickens!

so now the rental return has changed as well by the looks of it, can´t wait to see what the contract says!

[mariadecastro]

I already have the documents. They sent them to me today. Please let me know what you want to know specifically. I will chek that out and will give to you my legal appraisal. I can also sent them to you, but they are in Spanish.

Best regards,

María Luisa de Castro

[Anonymous]

I understand and respect the nature of this forum and as a person working in the industry I have not posted here.

However someone has posted on my behalf and therefore feel it right to reply.

I sent the information to Maria regarding the development in question.

It is being developed by Pierre & Vacances, one of Europes largest holiday providers. They own and operate Centre Parcs and MGM holidays.

This is a touristic holiday village, if you buy, you can not live in it all year round. The guaranteed rental income is calculated by the number of weeks you use the property each year.

We only deal with developers who guranatee the return.

I will not put all the details on the board as it is not appropriate, however as my details were posted with my knowledge, I felt it correct to reply.

Should anyone want more information on this very good and strong developement, please contact me directly.

Regards

David King
Coast to Coast
0034 952892517
David@c2cproperty.com

[Anonymous]

Hi David

thanks for the reply

I´m just confused with how they can guarantee rentals all year round in the light of the state of the rental market on the coast right now.

[katy]

I am confused as well, but, wouldn’t touch any rental guarantee, not worth the paper they are written on. Once they have your money its easy to go into liquidation..don’t fall for it.

[Anonymous]

With respect Pierre Vacance are going to operate a holiday park here like Centre Parcs, which is a brand that they own.

They are a major developer around the world, with over 55000 apartments under guarantee.

You will buy a free hold unit on the development, that you can use at any time, however the more you use it the less return you receive each year.

This system has been running in france for a very long time, all of their holiday villages are run this way, including recent Centre Parcs developments.

I agree that many offer schemes, but you ensure that the money is bonded and the scheme is insured, if it is not then dont touch the individual company.

As this is not a commercial forum, should anyone want to discuss this, please contact me directly or through Private Message.

Regards

David King
Coast to Coast Properties
David@c2cproperty.com
0034 952 892517

[Anonymous]

Pierre Vacance are going to operate a holiday park here like Centre Parc

s,

this company has properties all over France operating this leaseback proposion – they work by renting your unit to people visiting the Parc so people going for the weekend or week. As the Parc has a consistant record of occupancy they can “guarantee” the number based on history of other units.

It has been operated (as far as I know and I dont see any French leasing nightmare websites) for a while – but then again French law is draconian if you get denounced and taken to court. (unlike Spanish law 😥 )

[katy]

So its just an expensive timeshare then 😉

[Anonymous]

Katy

I can understand what you are saying, however with this scheme, you always own the FREEHOLD of the property and therefore it is very different to timeshare.

I understand people frustration with guarantees, however there are major world wide tour operators who take units or indeed whole developments for 10 years or more.

To protect your interest, ensure that the guarantee is indeed bonded and insured, so if the company goes bankrupt your money is guaranteed and subsequently paid.

There are companies out there who offer this, we work with some, but only if the guarantee is in place and bonded as stated.

Hope that this helps.

Dave

[Anonymous]

so if you were to buy as an investment, and not use the unit, you could be guaranteed a minimum of 10 years rent???? at what percentage would that be?

manilva isn´t exactly the holiday hotspot i must say, how would that work?

[Anonymous]

Spain

I think that this is best if this is conducted as a private message as I dont want to fall foul of the laws of the forum

Regards

David

[Anonymous]

Cant seem to be able to send a PM

Can you PM me and I will reply!

Cheers

Dave

[Author]

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