Price Reduction for 2 Bed Tee Building Appartment

[markandjill]

We were really worried to see this appartment advertised at a considerable amount less than we purchased ours for 2 years ago, when we were assured it would increase in value!!, - Are we missing something or have misread this link? Ours is in M12 Tee building

ttp://www.yourkeytospain.co.uk/properties-for-sale/costa-calida/murcia-102.htm

Jill and Mark

[Dave]

Mark and Jill

I would think this is a resale property, this is where a owner is trying to offload the property before they have to complete. 

We do know that the 2nd phase properties have increased in price, and if you look at the same website under new developments you will see UGR development and a starting price 135,000 euros

http://www.yourkeytospain.co.uk/developments/costa-calida/united-golf-resorts-la.htm

Dave

[markandjill]

Thanks Dave,

But I understood it was not possible to resell a property before completion, as it would not be legally owned by the original purchaser to sell until that point. I have contacted UGR for an explanation and will keep you informed, as it stands I will be reluctant to complete given the original assurances we were given of guaranteed price increases.

Best Regards,

Jill and Mark.

Mark and Jill

I would think this is a resale property, this is where a owner is trying to offload the property before they have to complete. 



We do know that the 2nd phase properties have increased in price, and if you look at the same website under new developments you will see UGR development and a starting price 135,000 euros

http://www.yourkeytospain.co.uk/developments/costa-calida/united-golf-resorts-la.htm

Dave

[Dave]

Mark and Jill

This topic maybe worth taking a look at.

http://www.murcia-golf.co.uk/forum/index.php?topic=411.0

Dave

[markandjill]

I've just received this reply from UGR reiterating your comments Dave, whilst it's understandable that after completion there is little control over market price, it's concerning that purchasers can change their mind prior to completion and devalue the market price accordingly, it makes a mockery of the developer's guarantee of %age staged property value increases. Thanks for your help anyway.

Jill and Mark.

Dear Jill,

 

Please be advised that I have accessed the web site provided and have noted that it is not an agent of ours. Noting this, I believe this to be a resale property somebody wishes to sell prior to the signing and therefore have reduced the price, absorbing a loss, for a quick sale.

 

Kind regards,

 

John Beirne

Thanks Dave,

But I understood it was not possible to resell a property before completion, as it would not be legally owned by the original purchaser to sell until that point. I have contacted UGR for an explanation and will keep you informed, as it stands I will be reluctant to complete given the original assurances we were given of guaranteed price increases.

Best Regards,

Jill and Mark.

Mark and Jill

I would think this is a resale property, this is where a owner is trying to offload the property before they have to complete. 



We do know that the 2nd phase properties have increased in price, and if you look at the same website under new developments you will see UGR development and a starting price 135,000 euros

http://www.yourkeytospain.co.uk/developments/costa-calida/united-golf-resorts-la.htm

Dave

[valerie]

Hi Mark and Jill

I think John Beirne's reply is incorrect, and that the advertisement is actually out of date.  The price for a 1st floor 2 bedroom Swing apartment M15+C Block 4 back in May 2006 was €112,660.


Val.

[markandjill]

This is becoming more worrying by the minute, I've just received a call from this agent after posting a general enquiry, it transpires he has a number of appartments available at a similar price at La Tercia, I'm awaiting details and will forward on receipt.

Jill.

Mark and Jill

This topic maybe worth taking a look at.

http://www.murcia-golf.co.uk/forum/index.php?topic=411.0

Dave

[valerie]

The same website is also advertising a 1 bedroom apartment on UGR for €94,799.  Again this corresponds with the price list in May 2006.

Val

[P and F]

Hi

I've just looked at this site and found a Masters apartment which is 2/3s of the price we contracted to pay in Feb 2006.  Have asked for details from them

Fiona and Pete

[markandjill]

Thanks you too,

Our concerns entirely, John from UGR contacted me yesterday to say that they had no control if someone wanted to offload their property at a loss, but I was contacted last night by a salesperson from this site after making a general enquiry that I some friends were interested in purchasing 2 bed appartments in La Tercia UGR, he assured me he had a number available at this price, -(around £20k less than we paid), and would mail details. I've had no response yet, he may have "smelt a rat" . But to anyone with any doubt about this being a mistake, please be assured that this is not out of date, or not real etc. Anyway the good thing is that we haven't completed yet, and currently have no intention of doing so, again given the guarantee of staged % age price increases. I would be interested to know if we were the only people sold our property in this way. We will be investigating all legal implications of this scenario, and will keep you informed.

Best Regards,

Jill and Mark.

Hi

I've just looked at this site and found a Masters apartment which is 2/3s of the price we contracted to pay in Feb 2006.  Have asked for details from them

Fiona and Pete

[Gary]

Jill and Mark,

I understand your frustrations with this, we are also Tee apartment owners, not that it really matters what you own. At the end of the day what can be done?

When you say 'given the guarantee of staged % age price increases' who told you that? Do you have it in writting? There are some unscrupulous agents out there who's employees work on commission and would tell you whatever you want to hear.

At least the property on La Tercia is completing - there are many in a much worse situation!

I hope everything works out for you.

[markandjill]

Yes,

Quite right to a degree Gary,

But that's why I'm curious as to how other properties were promoted, markets and values change after completion and we understand that there is little control over that,  however the point in case is the assurance from Capital Eyes,our agent, that property values would increase and be standardised as such at least prior to completion. I'm struggling with the concept of supporting a mortgage for the deposit for 2 years, and subsequently completing with a total purchase price of £20k more than I could purchase the finished for propery today, doesn't add up somehow?.I will check that these were an approved UGR agent.

Regards,

Jill.

Jill and Mark,

I understand your frustrations with this, we are also Tee apartment owners, not that it really matters what you own. At the end of the day what can be done?

When you say 'given the guarantee of staged % age price increases' who told you that? Do you have it in writting? There are some unscrupulous agents out there who's employees work on commission and would tell you whatever you want to hear.

At least the property on La Tercia is completing - there are many in a much worse situation!

I hope everything works out for you.

[JON AND SARAH]

Hi Mark and Jill

This advert could be a 'Hook' to intice people to contact the agent, only to be told that the property is no longer available at this price but they have others at a higher price that is still attractive.  If it is correct then it could be someone desperate to sell as they cannot raise the funds to complete.  I have heard of such a case this week.  This type of thing has been happening on other sites over here, but once these cheap properties have been sold it returns to a normal market value.  We think that UGR offers good value for money compared to other resorts in the area, and as along term investment may well prove to be the right choice.  If you were also buying it for your own enjoyment, other than investment then again we think its good value for money.

We wish you all the best in your decision.

Jon and Sarah

[Kush n Bob]

Hi Jon & Sarah
    Really hope you are right.
Has our man Q got an opinion on this subject?
If it nothing to worry about after all it will save
me buying a length of rope
   Bob.

[Sandra]

Hi all
Just to let you know I had a deep and meaningful conversation with Q and he is looking into this and will report back next week - but in the meantime and I quote "he smells a rat" or is also suggesting it may be a desperate owner trying to get rid of their apartment before completion.

Sandra