As an old codger I find it impossible to get a handle on what centigrade actually means in terms of "do I feel warm/hot/cool/baltic" so I have added an easy calculator. I would like to be able to say that I would prefer to use KELVIN given that Lord K was a Belfast born man like myself but sadly I find it totally baffling.
There is also a calculator to show you how little your sterling is worth! I long for the heady days of 1.40 + Will we ever see their likes again? Possibly but not until we have all been fleeced by buying our properties.
Friday, March 20, 2009
Thursday, March 19, 2009
Bank Guarantees and Why Polaris Doesn't Want to Issue Them
Hi Anonymus!
Decided to post a response simply to celebrate the fact that someone cares!!!
Anyway I assume you have made 2 payments? I have not yet made the 15% payment which was due last July. I contacted them and told them my solicitor had advised me not to make the payment until I had possession of the initial guarantee.
What I had not realised is that the Spanish bank guarantee is very different from the system here. They must set aside the amount guaranteed in a seperate account and therefore it is "lost" to them as working capital. The only benefit to PW in having these guaranteed funds is that they have a certain amount in hand should a purchaser fail to complete the purchase and forefit funds paid to date.
If working capital is tight, as most people believe it must be, then it makes sense for them to retain use of my 25% - 70000 already held rather than hassle me for the 15% - 41700 for which I would then be hassling them for that to be guaranteed also. I have not pressed for the guarantee since July as I don't want to give them the next 41700 which I have on deposit @ 5%.
I believe they are working on the capital provided by those who haven't got guarantees and they are building only properties - no facilities - so that they can then collect as much as possible from completions to keep the company going.
The problem as I see it then comes when the resorts are almost complete. What incentive do they have to provide the suggested / promised facilities on the resorts? They will have got as much out of the buyers as they are likely to. The only prospect of getting the facilities would be in terms of preserving credibility assuming they wish to continue as resort / property builders.
We can only hope that PW survive and prosper if we are to get the resorts we want.
Decided to post a response simply to celebrate the fact that someone cares!!!
Anyway I assume you have made 2 payments? I have not yet made the 15% payment which was due last July. I contacted them and told them my solicitor had advised me not to make the payment until I had possession of the initial guarantee.
What I had not realised is that the Spanish bank guarantee is very different from the system here. They must set aside the amount guaranteed in a seperate account and therefore it is "lost" to them as working capital. The only benefit to PW in having these guaranteed funds is that they have a certain amount in hand should a purchaser fail to complete the purchase and forefit funds paid to date.
If working capital is tight, as most people believe it must be, then it makes sense for them to retain use of my 25% - 70000 already held rather than hassle me for the 15% - 41700 for which I would then be hassling them for that to be guaranteed also. I have not pressed for the guarantee since July as I don't want to give them the next 41700 which I have on deposit @ 5%.
I believe they are working on the capital provided by those who haven't got guarantees and they are building only properties - no facilities - so that they can then collect as much as possible from completions to keep the company going.
The problem as I see it then comes when the resorts are almost complete. What incentive do they have to provide the suggested / promised facilities on the resorts? They will have got as much out of the buyers as they are likely to. The only prospect of getting the facilities would be in terms of preserving credibility assuming they wish to continue as resort / property builders.
We can only hope that PW survive and prosper if we are to get the resorts we want.
Wednesday, March 18, 2009
ANYBODY STILL THERE?
It has been months since I have posted anything to this blog. The main reason is that there has been little or no news to stir my interest.
I am going out to Murcia rather unexpectedly in April for 5 days so I intend to take a good look at Terrazas and will post some photos on my return.
I thought prior to going out I would get my thoughts together on what news and rumours have been circulating since my last visit. I will try to confirm whatever possible on my return but so far this is the situation as I understand it.
As we all know completions have been proceeding on Phase 1 properties for about 2 months now. There have been many comments on the various forums that I use and invariably people appear to be delighted with their properties albeit some have the usual teething problems with utility connections.
In terms of forums I get most of my information from Eye on Spain, Polaris World Forum and the less well used Living the Dream. I also find Spain Expat quite good for more general information on aspects of Spanish life.
Photographs are harder to find and the best I have come across is http://www.fotothis.com/ which I understand is run by a snagging company. They require you to register but it has not resulted in any contact from them.
Back to phase 1, I have seen some of the early owners have been posting their intention to try to get together so that they can present a united front to Polaris World when it comes to starting a community with all the admin that comes with it. They are hoping to avoid appointees of PW charging over the odds for facilities as they develop, hoping in that way to keep down community fees. Sounds like a good idea worthy of support.
In terms of facilities I understand that a temporary bar and clubhouse were delivered to Terrazas but when I last heard they were empty. It seems quite clear that only 9 holes of the golf course are being developed at present, the nine visible from phase 1.
It is difficult to see anything further being provided in the near future and apparently any complaints are being addressed by suggesting that the comprehensive facilities at La Torre are close by. I noticed on the El Valle forum there was a statement quoting Mr. Polaris himself as saying "PW have not forgotten that El Valle is the flagship resort and that when the financial situation improves there will be greater facilities provided." He also said "building the Town Centre now would be a financial disaster" and given that he lives there it is pretty sure that Terrazas will be at the back of the queue in terms of providing a town centre. It would appear that the sign at Terrazas (beside the sales office) saying Town Centre Coming Soon is just window dressing.
For those of us waiting patiently for the Las Islas phases to be built, possibly even within the next decade or two, there is at least evidence that the lake has been formed and therefore it seems unlikely that they will be cancelled.
It seems to me that we are in for a very long haul before we see Terrazas taking on any shape resembling the showroom model particularly with regard to facilities.
The main encouragement is that fact that PW are still building houses with apparently 1000 now at work on Mar Menor 2. A look at the fotofthis site will show that it is progressing although it looks far from complete. My understanding is that this workforce is destined for Terrazas on completion of MM2. It looks like that is some months away and the start of phase 2 therefore doesn't appear iminent.
PW Customer Service are still saying that Terrazas will be complete by the end of the summer 2010. No doubt they also tell people to expect visits from the Tooth Fairy and the Easter Bunny.
I will post again before too long and if anyone gets to read this perhaps you might leave a comment just for my benefit to know I am not just talking to myself. Thanks.
I am going out to Murcia rather unexpectedly in April for 5 days so I intend to take a good look at Terrazas and will post some photos on my return.
I thought prior to going out I would get my thoughts together on what news and rumours have been circulating since my last visit. I will try to confirm whatever possible on my return but so far this is the situation as I understand it.
As we all know completions have been proceeding on Phase 1 properties for about 2 months now. There have been many comments on the various forums that I use and invariably people appear to be delighted with their properties albeit some have the usual teething problems with utility connections.
In terms of forums I get most of my information from Eye on Spain, Polaris World Forum and the less well used Living the Dream. I also find Spain Expat quite good for more general information on aspects of Spanish life.
Photographs are harder to find and the best I have come across is http://www.fotothis.com/ which I understand is run by a snagging company. They require you to register but it has not resulted in any contact from them.
Back to phase 1, I have seen some of the early owners have been posting their intention to try to get together so that they can present a united front to Polaris World when it comes to starting a community with all the admin that comes with it. They are hoping to avoid appointees of PW charging over the odds for facilities as they develop, hoping in that way to keep down community fees. Sounds like a good idea worthy of support.
In terms of facilities I understand that a temporary bar and clubhouse were delivered to Terrazas but when I last heard they were empty. It seems quite clear that only 9 holes of the golf course are being developed at present, the nine visible from phase 1.
It is difficult to see anything further being provided in the near future and apparently any complaints are being addressed by suggesting that the comprehensive facilities at La Torre are close by. I noticed on the El Valle forum there was a statement quoting Mr. Polaris himself as saying "PW have not forgotten that El Valle is the flagship resort and that when the financial situation improves there will be greater facilities provided." He also said "building the Town Centre now would be a financial disaster" and given that he lives there it is pretty sure that Terrazas will be at the back of the queue in terms of providing a town centre. It would appear that the sign at Terrazas (beside the sales office) saying Town Centre Coming Soon is just window dressing.
For those of us waiting patiently for the Las Islas phases to be built, possibly even within the next decade or two, there is at least evidence that the lake has been formed and therefore it seems unlikely that they will be cancelled.
It seems to me that we are in for a very long haul before we see Terrazas taking on any shape resembling the showroom model particularly with regard to facilities.
The main encouragement is that fact that PW are still building houses with apparently 1000 now at work on Mar Menor 2. A look at the fotofthis site will show that it is progressing although it looks far from complete. My understanding is that this workforce is destined for Terrazas on completion of MM2. It looks like that is some months away and the start of phase 2 therefore doesn't appear iminent.
PW Customer Service are still saying that Terrazas will be complete by the end of the summer 2010. No doubt they also tell people to expect visits from the Tooth Fairy and the Easter Bunny.
I will post again before too long and if anyone gets to read this perhaps you might leave a comment just for my benefit to know I am not just talking to myself. Thanks.
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