I regret Janah you are mistaken. In early 2009 I went to your development after being offered an investment block of properties. I was appalled by the high density build, tiny living space of the apartments and the sheer number of properties.
As an investor common sense and experience told me it was a lose, lose situation. Simple knowledge of economics tells you when there is over supply the value always falls.
It was clear then Polaris were in trouble and had over reached themselves and the pie in the sky plans for the resort were unlikely to be ever built. I recall an artists impression of a huge island town centre, complete with hotels, medical centre et al. plus three championship golf courses. 😥 What now exists is a poor replacement.
I am delighted that you are happy with your investment. As I said before ‘horses for courses’. Some people can be content living in the same space as an average garage. However many are not and now cannot sell without taking around a 40% loss. If you search the web it’s easy to find properties where an offer of 70k would have your hand snapped off.
Here’s but one:-http://www.alhambravillas.com/web/en/searchEngine.php?content=5&loaded=yes&idvi=247630&idLang=1&newDevelopments=&salerental=¤cy=
To avoid bankruptcy Polaris handed over a large number of properties on your development to funding banks. When these banks decide they need to off load these properties to raise required capital under he new Basle 111 rules their value will fall further. Probably sell in my estimation for around 50-60K. To me that’s about all their market worth.
The Paramount plan may or may not make a difference if it’s ever built. However the recession is heading for double dip in Europe and America. Banks will not be lending unless it is to finance what they already own.