| Message | Posted by |
Hello All,
Extremely interesting forum given that I too am in the process of purchasing at Crystal.
I have been given a final completion date of November 2008, given the delays that have already happened and from reading a few of your comments, what do you think the chances are?
Another one guys, does anyone know how the units are to be let?
Alex | AlexJW |
| Hi GraemeH thanks for clearing that up. I took a look on google earth and if I am right Crystal is on there!!! Def good news if the 2nd gondola pulls off but won't get my hopes up just yet. I'm still not clear when I will have to make final payment, but will investigate further when/if we get more info in June about Act 15 & 16. | Skibunny |
| Skibunny
Sorry about the confusion re the photo named due for completion in 2010, that's in relation to a large hole in the ground behind (to the west of Crystal) which had a notice board saying it's going to be called the Royal Spa.
I did wander over to have a better look at the site but security guard seemed to take exception to me having a look and as he did not speak any English I was unable to get any information from him. I believe it is due for completion in 2010 as some friends who I went to Banso with me met someone who had purchased in this development we believe and they said it was due for completion 2010, so I'll loose my view and have a building site to look at for a couple of years!
I've personally paid 20% so far and was due to pay a further 10% by end of April however Regnum have agreed to be paying nothing further until act 16.
| GraemeH |
Hi,
Im in exactly the same position so glad to hear you are feeling positive. Im looking to hold on to this place and then sell within 3 - 5 years. I think I will be making my final payment in October 08.
If anybody has info on how the project is developing then I would love to hear about it.
Dave.
| davehague |
Hi Everyone
Thanks GraemeH for the updates and the pics. It's looking very promising  One of your pics said due for completion 2010 I must be missing something but what is?
I did ask for the footbridge to be added into the prem contract but it was refused but I was told it would be built. I'll believe it when I see it a bit like the 2nd Gondola!
I wasn't this synical until I started on this project, but I am very optimisitc and positive and think that in the long run it is a good investment after we have taken full advantage as a bolt hole and enjoyed plently of good skiing.
For anyone who purchased pior to Regnum taking over the development - I've already paid 40% and in my contract I have to pay 60% once notified of issuance for act 16 not on completition is anyone else in the same boat?
| Skibunny |
Dave
Regnum's website
http://www.regnumhomes.com/index.php?mod=development&op=project_construction&p_id=7&area=1&development_category=5
| GraemeH |
Hi,
Does anybody know where the new Crystal apartments website is? The previous site was very useful for looking at construction photographs. Thanks for the info Graeme. Im more interested in this development for investment purposes which sound pretty average from what you guys were saying. Oh well, lets hope it all comes together.
Dave.
| davehague |
| It got to be 100m plus from the ski road to the river adjacent to Crystal, think when/if they build a footbridge paths will be warn across from the ski road to the bridge and if there is enough snow may be able ski / pole across! | GraemeH |
Thanks for all the info. Was thinking that myself about the gondola. My thoughts were, if it is going were Regnum are saying it will go, the only reason I can think they would put it there is to open up the other mountain.
So when the bridge goes in will it be possible to ski to the front door? Can you ski from the ski road to the river?
I'm still happy to give it time as there will always be problems with any developing area in the early years. I do think that some smaller developments will go bust but think Crystal is well placed (especially if gondola goes in were you say) to come out on top. Can't wait to get out there myself sometime in the summer hopefully. | wizzy_wiz |
Was only there for 5 days could have done with more, considering time of year the skiing was fairly good. Tended to go to the gondola 10am to 11am each day but never saw a queue of more than 10 minutes.
There are only two chair lifts that take people from the top gondola station up the mountain and on a couple of days due to high winds one was not worked. They need to sort this out as there were big queues for the remaining chairlift. But above that was not crowed at all. Ski road was ok most of the way down, snow ran out about parallel to crystal so if they put a footbridge over the river it will be ideal.
Re the investment I have a few doubts mainly around the amount of development going on and the fact that Crystal as well as other developments have large numbers of unsold apartments, by all account's very few are buying now given credit crunch and the weak pound.
Difficult to talk about the quality of Crystal's build, the overall look is going to depend on how well Ace fit out the interior of the apartments and the common areas, externally I think it looks great.
Re being a good investment, would probably have been better putting my money elsewhere, but as a holiday home still happy, I liked the resort and most bulgaian's seemed very friendly, not sure why they sometimes get a negative press.
My plan now is to wait and see, if there is no sign of the second gondola and ski run expansion by the time Crystal is complete / or Crystal is not complete ready for the 2008/2009 season then I will give serious consideration to pulling out.
On a positive note though we stayed at a catered chalet, Chalet Rozov in Dobrinishte and the couple running that were very optimistic regarding the area's future, they showed me the draft plans for Dobrinishte's ski run expansion and also said that they thought there were plans to expand the Bansko ski runs to the west of the existing ones. If this is the case then it suggests it's more likely that the second gondola will also be located to the west of the original gondola than the east. I'm keeping my fingers crossed!
| GraemeH |
Hi Graeme,
Thanks for the update and pic's. So did you have a good time?
Are you still happy with your investment and are you pleased with the quality of what you sore?
Apart from the overbuild to the east what was your view to the potential for Crystal? If the Gondola is going to be to the west of the river then the people in the large built area to the east are going to have a long walk.
Was it busy? and was the ski good?
Sorry about all the questions ;-)
| wizzy_wiz |
Just got back from Bansko having met with Regnum and Ace representatives. This is what I found out / they told me.
About five people on site at present, there was no sign that they had been doing any minor (quiet works) although construction was happening in near by developments. They advised that they plan to recommence works around about the 16th / 17th April once the building ban in lifted and intend completing by the end of October / November this year. I'm a quantity surveyor by profession and have worked on projects of this size and type (although not in Bulgaria) and would estimate that there is another eight or nine months of work to complete including all external works, so they will need to get a move on it they don't want to miss their latest deadline.
Regarding the present state of the development as can be seen on Regnum's website the external envelope is almost entirely complete, internally the main areas are still the concrete frame with major walls in place and some first fix M&E works. Looking around my apartment and poking my head into a couple of others within block E, first fix M&E is in, base coat plaster to walls and ceiling is complete plus all external doors and windows some with and some without glasing. Hopefully this link will take you to some photos I took.
http://s286.photobucket.com/albums/ll118/GraemeHa/Crystal%20Apartments%20Bansko/?albumview=grid
Presently there are no completed roads in this area of town, so I've got concerns regarding power and water and road access by the end of the year. Bansko authorities have a lot to do!
I asked about the footbridge which they confirmed that they would definately put one in but were still awaiting permission form the Bansko authorities. The other side of the river is apparently green land so can't be developed (but this in Bulgaria). I don't have any mension of the footbridge in my contract does anyone else?
The second gondola will definately be started within the next three months (not sure if I believe it) and will be located on the west of the river approximately 250 m up from Crystal (they did not state this distance, I paced it to the location they pointed to). I met someone who's buying in the Royal Spa development still a hole in the ground directly behind Crystal who was told the same thing.
Given the issues around the large utility bills as discussed elsewhere in this forum I asked about what was being installed. All apartments will have their own meters for water and electricity, heating via wall mounted electric heaters and hot water by an electric water cylinder located in the bathrooms.
Someone asked me to enquire by rental yields, all they would say was Crystal's location would be excellent when the second gondola's in! Even though I was expecting a lot of development, I was still surprised at the level of it. I don't think anyone will be doubling their money for some time in Bansko. | GraemeH |
Dave
I recently received a joint letter from Ace /Regum (which I assume everyone must have been sent) advising that the project is in delay due to Force Majeure. The letter says they plan to complete development by end of 2008 but will be a position to provide an updated forcast of the completion date sometime in June. If you have not seen this, send me a private message with your email address and I'll forward it on to you.
I'm in Bansko myself over the Easter weekend so will take the oportunity to view my appartment plus as much of the common area as I can. I'll report back on my findings plus take some pictures of the inside of the development . | GraemeH |
Hi,
Does anybody know when Crystal apartments is likely to complete? Any updates out there?
Dave. | davehague |
| wizzy wiz
I'm no expert re rental yields, my agent was quoting €300 to €350 low season, €400 to €450 mid and €520 to €570 high season for a one bed, with a 30% uplift for two bed, but I have no idea how accurate / optimistic this is.
To be honest I'm purchasing more as a holiday home rather than a straight investment, but your comments below I feel are valid re waiting a few years and re the development's quality and location.
Hopefully the second gondala is built this year and located close to Crystal, this would certainly help.
Regarding the furniture packs, interesting but very expensive, I have not received any info on the furniture packs myself but out of interest I looked up "solution furnishings" on the internet and their suggested prices are in a different ball park to the prices quoted! | GraemeH |
Hi Graemeh
Just spotted that myself. Just to let you know I spoke to someone on the TalkBansko site who received there furniture package info today so looks like we'll be getting that soon.
Do you have any idea about what rental yield we are looking to get. I've seen between 6%-13% advertised on the web.
Regards | wizzy_wiz |
Regnum have posted new pictures on their website, shell looking fairly complete now!
Click here | GraemeH |
I think with the location were Crystal has been developed means we should have a good investment on our hands but we might well have to wait 5-10 years for Bansko to mature to realise it's full potential.
I like the fact that we will have a high quality good location complex which should hold us in good stead for the future. I expect some builds which are a good distance from the gondola and with little amenities could well see little to no rental.
With Crystal we are close to the gondola and the second gondola should be even closer and when the bridge is built we will be able to ski to our front door. Location location location thats what it's all about.
Regards
| wizzy_wiz |
Do you know anything further about Bansko? Rental demand, property market etc, etc? I bought a apartment in Bodrum and its proving to be a bit of a nightmare. Hoping this one works out better!
Cheers. | davehague |
Thanks for the info Dave.
Have changed my pounds to Euros for the final payment at 1-382 Euro, a week ago. Currency firm expect the pound to keep falling to around the 1-33 Euro Mark. Not sure when next payment is due but thought it was better to get fixed in now.
Happy new year !
| wizzy_wiz |
Hi,
For other users - This project is now delayed and will complete between March and October 2008.
Dave.
| davehague |
Hi,
Anybody else out there invested into Crystal in Bankso? All seems to be going to plan this one. Bulgaria seems to be the place to be and the smart money is going on Bankso!
Dave.
| davehague |