For those who haven't seen it on the Polaris World Forum there was disturbing news that apparently both the Town Centre at Terrazas and Las Islas phases have been indefinitely postponed.
Furthermore the suggestion was that the Las Islas phases could be cancelled completely.
I emailed PW and received a phone call yesterday 31st March. Just as well it wasn't this morning or I might not have believed every word they told me!!
In a nut shell, Town Centre will not be built until there is an economic upturn - this will clearly be soon given that Obama,Brown et al are meeting today, always assuming President Sarcastic of La France doesn't give a Gallic shrug & storm out as threatened.
I digress, the gist of things is that a "real" Town Centre" is some way off however they are building a temporary clubhouse,supermarket and bar, apparently as we were speaking!
I asked about when other phases will be built and in what order. The amazing response was that when they start, they will work on all phases together and the Town Centre will be built at the same time. Las Islas will definitely not be cancelled. Completion for the entire resort will be 2101 - whoops I meant 2010 and this has apparently been confirmed by Santa, The Tooth Fairy and the soon to visit Easter Bunny. So that should be fine then.
The lady also said that all 18 holes will be open this year albeit late in the year.
I am going to Murcia on 11th April and will tour the perimeter of the resort to look at the golf course but frankly I will be surprised if more than 9 holes are being prepared at present. Photos to be provided of course.
I also raised my doubts about the Town Centre given that Hacienda Rick still await theirs. She told me that HR was a different case as there are complicated planning issues given that the Hacienda is an ancient historic building. Good news then that the planners apparently don't give a toss about our own crumbling ruin referred to I believe in the marketing material as "the historic Casón de Los Saurines manor house" apparently soon to become a swanky drinking den of the idle ex-pat.
So what can we take out of this information? Not a lot I would suggest.
I am talking to a few agents at La Torre at present and asked one as to the truth of the suggestion that Las Islas has disappeared from the current price list of available property. One guy denied this and sent me the price list which obviously only had phase 2 penthouses.
When I pointed this out he replied that it appears I am correct that Las Islas is off the market and then told me that his information is that PW will build what has been started at this stage and then sit it out and hope for the much talked of but yet unseen upturn in the market.
I believe that what he says is more likely to be closer to the truth than what I was told by the very nice lady from PW who I suspect was telling me exactly what she has been told by PW and maybe even believes it to be true.
So as usual confusion reigns and we are no further towards a complete resort at Terrazas.
My contact at La Torre also told me that a company of solicitors are taking a case to PW for pre trial discussion demanding return of deposits. They apparently need a Power of Attorney to act for you in this capacity.
No doubt you will have seen various threads on forums on the subject and it appears to me that those who have been given refunds would generally have some reason other than simply being fed up waiting so at this stage I am not inclined to join this action.
Finally what may be of interest to those of you with large suitcases bulging with Euros, the lovely lady at Polaris did tell me that PW are happy to transfer you to a key-ready property. What she didn't say but you can bet your bulging suitcase on is that they will transfer you to a property of equal or greater price.
Don't think you will get the sympathy vote from PW by droning on about the horrific effects of the slump in the value of sterling or the catastrophic downturn in the housing market or even the global economic crisis. These people have their own problems!
Have a Happy Easter and do check back for photos and any new info I get when I am out there.
Wednesday, April 1, 2009
Friday, March 20, 2009
Hope you might find the gadgets useful
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.
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.
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.
Monday, October 20, 2008
More Terrazas Photos UPDATED 23/10/08
From the same source as last time some more photos with views of apartments and the developing golf course.
http://www.fotothis.com/terrazasviews/index.html
also added recently:
http://www.fotothis.com/terrazasgreg/index.html
more of theshow apartments and further progress on the golf course.
Looking Good!
http://www.fotothis.com/terrazasviews/index.html
also added recently:
http://www.fotothis.com/terrazasgreg/index.html
more of theshow apartments and further progress on the golf course.
Looking Good!
Monday, October 6, 2008
Good News - Look at these.
For those who are concerned about the progress of the golf course take a look at these photos:
http://www.fotothis.com/terrazasfirst/index.html
I must say I am amazed at the progress since I was there in mid-August. This coupled with the news that PW are claiming that facilities will be ready by Spring 2009 is certainly giving me positive feelings about Terazzas.
http://www.fotothis.com/terrazasfirst/index.html
I must say I am amazed at the progress since I was there in mid-August. This coupled with the news that PW are claiming that facilities will be ready by Spring 2009 is certainly giving me positive feelings about Terazzas.
Saturday, October 4, 2008
Terazzas Facilities in Place by Spring 2009
Great news - if it is true!
Mi amigo "El Don" was talking to customer service @ Polaris World recently regarding completions on phase one. I believe El Don is, understandably, not keen to complete until there are facilities in place and the response was to tell him that "the clubhouse restaurants and bars will opening in Spring 2009." This is also the date that Nicklaus Design estimate the golf course will open although they have not yet responded to my request for an update.
Whilst El Don and I are not holding our breathe about this revelation lets hope for the best. In what must be difficult times for the Polaris sales staff the existence of facilities at a fairly early stage could only assist the process for them.
We live in hope.
Mi amigo "El Don" was talking to customer service @ Polaris World recently regarding completions on phase one. I believe El Don is, understandably, not keen to complete until there are facilities in place and the response was to tell him that "the clubhouse restaurants and bars will opening in Spring 2009." This is also the date that Nicklaus Design estimate the golf course will open although they have not yet responded to my request for an update.
Whilst El Don and I are not holding our breathe about this revelation lets hope for the best. In what must be difficult times for the Polaris sales staff the existence of facilities at a fairly early stage could only assist the process for them.
We live in hope.
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