| Message | Posted by |
To Izzy
Seems to be a similar rental agrement problem at Panorama Beach development at Nessebar. | fergusmcmanus |
Hello to all
Will be happy to provide information about airport transfers to Panorama fort beach. Discount prices available for property owners. Contact for further information if interested.
Regards
Kiril | kiko |
Hi Sam
Selling prices depend from real estate agent. I know a agent who is selling apartments to russians cliens in Sunny beach, 250 metes from beach line, near Flamingo . Prices are 950 euro for studio and 1100 for one bedroom, unfurnished apartments. Best way to buy is direct from owner not from estate agent!
Regards
Kiril
| kiko |
I have been told that the developer is refusing to pay out rental. Can anyone give me any more info, as we are having this problem at our development.
Izzy | izzy |
| after reading your report darkwarning i can only assume that what you had to say must at some point been the same in spain to many properties for sale now look at spain and still selling | ash11 |
Hi,
I am a professional investor, working on a 20-man team that manages €8bn wordwide. I took an investor trip with to Bulgaria using MRI.
MRI are a good firm, and there is little misleading information from overzealous agents, in part because they've sold like hot-cakes and they have no need to mislead people.
On my trip, I never bought anything, and wasn't pressured.
BUT... it was clear to me that a) The Bulgarian market is in a severe bubble stage and should collapse within around 2 years.
People are no longer earning rental yields possible. Contracts for rental yields are being reneged upon.
No-one can sell their property. Have you tried to sell a 2nd hand property there? There's so many new one's that nobody will buy 2nd hand. So everyone is being told their property 'has gone up' in value, but in reality, there's nobody to buy it. The agents don't want to sell your 2nd hand place for 1% commission, when they get 10% on a new build.
When I went to Bulgaria, MRI did not show me a list of second hand properties, why would they for much less commission?
Nearly all these properties are bought on mortgages, soon, when there is no rental income everyone will try to sell before they have problems paying the mortgage. Prices will fall back to £20-30k, no-one will ever have made a profit.
There is also a threat with the legal structure of the sales. You never buy your flat, you buy a share in a business which owns all the flats. This has numerous risks, can a 3rd party take control of your property rights, can your neighbours vote against you on future key issues? Can your company go bankrupt, allowing someone to seize your house, even if you've paid for it in cash? If one flat in a 100 flat block goes bust, you may have to pay in 1% each to shore them up... now what happens if 10 go bust, the other 90 may have to bail them out. You could face joint litigation, for something a neighbour has done.
Development of Sunny beach areas is very low-class. As a result there is very limited upside to prices, people still prefer Spain, less flying hours, more sun, prices in similar low grade areas ie Benidorm are practically the same.
Be very careful. avoid 1) Sunny beach 2) Bansko.
The best advice would be to find the quarterly reports from Black Sea Investment Trust and copy them if you still feel compulsed to invest. They find lack of opportunities and are returning 1/3 of their money back to investors. | darkwarning |
| has any 1 sold there property yet | ash11 |
this site must have dird
| ash11 |
Hi to all panoram, investers
How is every one getting on would like to hear all storys about complex , ie how much you renting for private/agency/charges ect your overall veiws.
I will be there in august if any body would like to meet up
see you soon ash | ash11 |
45% occupancy seems good, the agent I used for 2006 season didn't get me 1 single booking!
| ylad76 |
Does anyone know of a good property management company for PFB. We used Orco last year and they informed us recently that they expect to secure at least 45% occupancy rate for the season in the period June 15th – September 15th. To me this is terrible. Has anyone guaranteed a higher rental income??
| adrian7 |
Can anyone recommend a good contemporary furniture pack provider... to include kitchen etc
cheers
| clattergate |
| I am hopefully going out in the summer at some point but not sure when yet will let you know if we are going to be out there at the same time. | sam |
| surely not the only one on this site with an opinion | ash11 |
| hi all buyers anyone going out on the 21st july if so like to meet up for a chat ash | ash11 |
| Is there anyone out ther e?? | miradordelmar |
| hi all app 133 e block here just found this site im intending to travel panorama july 21 my solicetor credo rents but as you have said better in 07 | ash11 |
| Does anybody know any reliable companies that I can sell my apartment through ? | sam |
| Hello Block A Apt 372 here!!!! Wondering how much a 2 bed is worth on there now. I am wondering whether to hold back on furnishing until next season if there are not many rentals to be had and also next year maybe hard for selling on if we are all rushing to sell when its completed!!We were not given any guarantee of rental at all by our agent | miradordelmar |
| Hi Tigertop. I also bought through McAnthony Realty. If you were only told there would be a guaranteed rental, then you are lucky. I was told there would be several options given to me. Guaranteed Rentals of 6-8% or else rent it out myself using them to bring in clients. I could expect €900 a week during high season, it was suggested to me that maybe when the time came I should consider renting it out myself and letting the money roll in! | 46forever |
| Hello, your right we are really struggling in getting peoplee interested in taking on our property to sell it.Having somebody recommend a good agency would be brilliant ! | sam |
| Hi, I see Sam is talkng about selling but there seems to be no resale market at the moment. Has anybody heard of anybody selling or can you recommend a good agency? | 46forever |
| Hi Debbie, hope you enjoy your holiday and more important your apt.We were amazed with the amount of building work that was going on last year. Dont be put off by it just imagine what the area will be like when it is all finished. We have used Property Management Services to rent/manage our apts, its early days yet but they seem really efficient and polite. We have only been on their books for 1 month ( we have 1x2wk booking in july so far, this pays us approx £560 after they have taken their fee.I will keep you posted if the bookings pick up (to be honest I am expecting a quiet rentals year with regards to local building work).We hope you have a great time in BG and that you are really pleased with your apt.Happy hols. | panorama |
| Hi there evryone, my husband and i have bought an apt in PFB, we have never been to Bulgaria before, so god knows what we are in for, as we have never invested abroad before either, we are going out 12th May with our family, to see our investment for the first time!! hopefully the furniture shop will have made a good job of equiping it oput with my chosen items and we have also sent over loads of stuf via Pickfords to give it that 'Personal English Touch' we just need to finf a managemet/rental company to help us out now? any one got a recomendation for this..and good luck to all our fellow investors!! Debbie & Martin | DebbieG |
| I have been told by a few sources that 2007 will be a better year for renting. They said that there is to much building work going on at present and the big holiday companies wont be interested until next year.I dont know if guaranteed rentals will be offered next year but it should be a better than this year. | panorama |
| No sorry I brought through Interlink Properties. I would look through all the paper work you have and see if anywhere states the guarentee of rental income. I am going to check mine as well. | sam |
| has anyone bought an apartment through macanthony realty? we bought one in block B and were told that there was a guaranteed rental this was one of the reasons tht we bought it.we have now been told tht there is not any guarantee,obviously we arenot very happy abuot it,has ayone else had a similar experiance? | tigertop |
| Hello. My apartment is in Block E. I am still intending to sell as I have an apartment in the Garden Of Eden and one in the ski resort of Pamporovo, I also have an apartment in Paphos which I brought 2 years ago, so I now need to sell to make some money back and start investing some place else. I have been informed that the studio apartments are now worth 52,000 euros. | sam |
| Hi Sam, My wife and I have bought 2 apts in PFB one in B block one in C block. This is a whole new experience to us (buying abroad).We are travelling out to PFB in May and we are hoping that all our furnishings and equipment are all in place when we arrive there.Which block are you in Sam? Are you still intending to sell. Hopefully in the coming weeks there may be more of us. | panorama |
| Hello, looks like its just the 2 of us then ! Do you have a property in Panorama Fort Beach ? | sam |
| Hi Sam, I have just signed up with EOW today and read your message.I cannot answer your question unfortunately but I am writing to say hello. Is there anybody else out there besides myself and Sam? | panorama |
| Does anybody know how much an unfurnished studio apartment would sell for at this moment in time ? | sam |