Hi Everyone,

I have 2 apartments in Bansko one of them in Mountain Paradise 2 (south) I have been to the complex 3 times after its completion to inspect the work.  I have also read through the contracts thoroughly and there are a couple of issues which anyone signing these contracts should be aware of (and maybe some you ahve seen which i haven't)  if anyone would like to have a chat with me about my findings and swap any other advice, please feel free to call me on 01204 326123. Andrew

Hello,

Has anyone got information on manaement companies, we are now starting to look into this and would like advice from anyone who has one.  Help please

Hello

  As a long shot is there any one out there who has bought in mp2 and not yet recived there notary deeds or all of there rental payments. I keep getting assured by Nadya that they are on there way but am thinking of taking legal action.

many thanks to any response

 T.W.Geeson

We bought in MP by the walnut trees via an english agent but have been emailed by Nadya from MP that they were accepted and act 16 is completed. They are awaiting our final payment and signing of notary deed. Can anyone either pm me or reply here how notary details as we have no immediate plans to go to Bg.

Again, has anyone any info re confirmed bookings? We did not take out guarenteed rental so if we accept their mgt contract (must decide this week) we must pay 1000 for use of facilities, 150 for internet usage and more. I must read it properly. If bookings are low, could I be at a loss at the end of the year? am  being very pessimistic?

thanks,

Hi Marias,

I am also a buyer of an apartment in MP by the walnut trees. As I understand it the progress is nearly complete but its already a little late ie expected completion by July!

I am going out next week to check progress but have been informed by my agents/developers that they expect the 'Permit of Use' document in the next 10 days - I guess we'll see!

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Does anyone have any experience of the 'Power of  Attorney' document. My agents have sent me a standard one which seems to give the person given such powers right over much more than the simple procedures related to the purchase of my apartment for me. For example, they will have the right to create new bank accounts etc. After speaking to them they state that this is a standard document and if it is changed in any way they notary will not accept it?

Any thoughts?

Hi Marias,

I am also a buyer of an apartment in MP by the walnut trees. As I understand it the progress is nearly complete but its already a little late ie expected completion by July!

I am going out next week to check progress but have been informed by my agents/developers that they expect the 'Permit of Use' document in the next 10 days - I guess we'll see!

-------------------------------------------------------------------------------

Does anyone have any experience of the 'Power of  Attorney' document. My agents have sent me a standard one which seems to give the person given such powers right over much more than the simple procedures related to the purchase of my apartment for me. For example, they will have the right to create new bank accounts etc. After speaking to them they state that this is a standard document and if it is changed in any way they notary will not accept it?

Any thoughts?

Hi,

This is my first post here but I have been a member for a while. i have bought an apartment in MP by the Walnut Trees.Just wondering if anyone knows how it is progressing? Any idea when it will be finished? Have the previous 2 developments been finished to satisfaction?

thanks for any info......

I don't have any occupancy figures, getting onto  Balkan Holidays is good news but we'll have to wait and see if they get the bookings.

I've asked for occupancy rates from Daniela but have had no response :o(

Hi all

I went for the hands off option - i can see how your option works well for you.

Really Good News !, Mountian Paradise is being offered by Balkan Holidays. The key to it's profitability is to tap into the main tourist flow. This is a big step in the right direction.

You can see it advertised on their website - It's categorised under *** which sounds about right. 7 nights for £300.

Mountain Paradise is finally  where I wanted it to be - at last!

We'll just have to wait for the occupancy numbers now, competition for tourists is pretty high so alignment with a major tour operator is excellent news.

MPI,

Ah, interesting...out of interest, whats the fixed rate? It was about 8% wasn't it? We opted for the profit share as it gives us the option to book guests ourselves, peak weeks of which we already did, so to be honest, it had pretty much out stripped the fixed return we were offered anyway. We reduced the lead time for notice from 6 months to three for own bookings.

Then again, we do market other stuff to rent so its easier for us to just tag this into sites and sell etc etc...the fixed option would be perfect if you are looking for a straight investment with less hassle.

Although the snow was bad, we had all four apartments let over both half term weeks and reports back from clients said that the complex was excellent, functioned well and they were very happy. Bansko slopes, they said, was another thing! So, even if we do( and i dont disagree) have a lot of competition in the town, at least there are stacks of people going there!

Any solid news( which i have been promised faithfully for this week), Ill pass on to you.

M

are you on a variable contract then? So you get paid based upon occupancy? All I want to know at the moment is what the occupancy rates are. it was a bad year for snow plus there is a lot of competition in Bansko so I'm not expecting much. You may find that your occupancy rate is zero, I hope not but let me know when you find out - i'm really interested. My rent is guaranteed so i have no idea of occupancy rates and therefore what  to expect when my contract runs out.

Any pics would be good !

matt - do MP owe you money? 

Dood I wish I knew!!

I cant get a whisper out of anyone there at all, no news, no money, no nuttin!

We took some bookings of our own for half term and the folks said although they loved MP, the slopes and lift system was way too busy. I know any resort will get this at peak peak like half term, but they did say it was 'horrendous'.

Begs two questions...one) when are the new gondolas going to open!? and two) MP should be nicely busy Id say?

Mat

Hi

Yeah, I'm aware that Tour Info is a company of the developer. It would appear that this company is responsible for drumming up occupancy. I heard about Thompson but it's gone quite - I wanted to know if they had signed a big/small name?

Mat - whats your occupancy rate like ? I have a gut feeling the place is empty - am i wrong?

MPInvestor, hi.  Im thinking you know already that Tourinfo is Lach's other company too, right? Lachezar being the owner/developer/brains behind the mountain paradise brand.

He will use Tourinfo to bring more trade to MP ongoing, particularly in the summer months, when there are plans to bring coach parties to the mountains from Sofia etc.

The other tour operator said to be involved was Thompsons, but I'm not sure if they did actually sign up.

Hi All

I'm releived to say that MP1 are honouring their rental guarantee.I've received rental from Mountain Paradise 1 this morning. It was a frustrating process but the bottom line is the rent is being paid.

In their defence this is the first time they have had to coordinate a rental payment. They need to gather fuel bills and rates in order to calculate it and work out taxes etc. Also an error in bank details contributed to the delay.

FYI they have a new website for bookings which I think is shaping up. If you google bansko hotel room - Mountain Paradise offer rooms on the first page (Number 1)

I was very nervouse about the late payment (i suspected default) but in hindsight they have delivered a lot over time - all be it late. I need to go out and have a look but the pictures of the lobbie, pool etc look really good. Their website is coming along. Things have progressed slower than first anticipated but it looks like they are getting it right. Does anyone know if there is a tour operator onboard  - how is this working. I know my agreemen tis with TourInfo but are the rooms subcontracted to any other tour operator? Can anyone explain this to me? Or are they just taking adhoc bookings from individuals over the web?

Can't quite follow the stage you're at, but you mention not having a notary here, so I suspect that what you may be asking for is to have the documents notarised before leaving the UK - I've had to do that several times with legal documents to go to BG and it's a straightforward process.

If you've no other way round the impasse you've reached and do actually need this, then I have a very good contact who works extremely quickly, and if you'd like his details, please PM me and I'll let you know.

Best Wishes

Simon

I would think your Bg solicitor could do it if he has a specific or general POA to do it, cant see why not. Have you tried the Bg embassy here, they can act as a notary and witness deeds, so you dont have to fly there to do it.

More orried that no one seems to be getting paid...they are not the most efficient company inthe world, but this sounds worse. We havent had anything from them at all.

Tom

You're right to be concerned. there is an outstanding  summons against Mountain Paradise because they have defaulted on the rental contracts for Mountain Paradise 1. From the outside it looks like they are in trouble. Mountain Paradise 1 was finished a long time ago and they were due to pay the owners rent in December. Nothing has been paid to date, hence the legal action.

Things do not look good, ask them about it next time you speak to them.

Any other Bansko Mountain Paradise owners concerned about this?

Has anyone been out to visit mp2 yet keep reciving limited emails from Nadya and am getting a little concerned that all may not be going according to plan. Anyone any info please.

Tom Geeson

Hi I was wondering if anyone could provide me with any feedback on occupancy rates so far. Does anyone know how many cancellations there has been so far due to the lack of snow.

Regards

Hi,

Can anybody confirm that Moundain Paradise 2 (south)  is now complete and ready for occuation?  I have received my final invoice but am reluctant to pay until I know it is ready for sure!

Thanks,

Jon

Hi A3L,

Did you go out there to sign in front of a notary or did you do it with POA (proxy) through an attorney? If you went, you should have all your deeds with you. Or the solicitor may have kept them for safekeeping, if you know them well.

Are you trying to market them yourself? We have 12 weeks already booked for coming season, all parties we have warned that the town is still in its growth phase and there is likely to be some ongoing building nearby.

My own experience out there is that they do like to look after the tourists that DO come, to the detriment of the builders (that's one of the reasons wh MP1 was late, couldnt build 2 shifts through ski season last year), so they will halt or radically reduce the building that is going on, so no nighttime drills/early morning wakeups!

The truth is that Bansko is still a developing reort, and if you are honest with people before they go, they will know what to expect and base their decision on that. Theres nothing worse than a shock on that magnitude. And dont forget why we all bought there in the first place, those apartments (especially bearing in mind the price) really are superb once you are inside.

Best, MAT

A3L

Hi, has anyone else paid the last installment on Mountain Paradise 1 and not received the last invoice receipt and not signed anything for the notary deeds? In short paid the last payment 4/5 months ago and not the legal owner yet. Will anyone really rent our apartments this season, plenty of websites but no weeks booked I notice. And if anyone does rent is it going to be like staying in a building site for them! Any help/advice is really welcome.

Harley, sure does feel that way doesnt it? Did you go the opening party? How was it? Place looking ready for business yet?

Needs a good dump of snow to cover all that mess out front doesnt it!!?

We've completed on four units in the first MP, also took up Lach's furniture package offer which was excellent. I'd say hang in there to anyone thinking of trying to unload, unless you are desperate. Bansko's potential is in the medium to long term, and MP1, with it's position near the yet-to-be-completed (isn't everything in Bulgaria!?) ring road, will come of age in a year or two.

Flippers should have been out a long time ago, really, now is for the letters and owner/occupiers. MP's letting contract is reasonable, I feel, offering a decent return on invested capital, depending at what level you bought, covering costs and allowing for capital appreciation.

From what I see, Bansko now is in its boomtown second phase, and the infrastructure and entertainment desperately needs to catch up with the development. This will keep a lid on the price hikes we have seen, but it is still a solid investment and will out-strip anything the UK could offer by far.

BTW, did anyone realise that EU membership for Bulgaria, even if it does come in 2007,will not mean access to the single currency until 2010? I had assumed it would be concurrent.

If you are still looking at Bulgaria, and I think you should, look at the reality not the hype. Surrounding towns to Bansko ( Dobrenishte and Banya particularly) are excellent value and will come up in price the way Bansko has in the last 5 years. They already have built in year round lettability with the spas etc they offer.

End of the day, its the lettability that determines the final value and hence uplift in capital.