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Buyers of off-plan real estate investment property at Pirin Residence in Bulgaria

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Development Name:  Pirin Residence

Location: Bansko, Bulgaria

 

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MessagePosted by

Hi Mike,

The information about the open space between the two complexes was from the manager of Pirin Residence, who did seem quite knowlegeable about what was happening. They could easily accomodate a walkway as well as tennis courts which would be good.

I have not heard anything about another hotel planned for that space, that was just my concern.

Cheers

...Steve

swtiley
Thanks for the report and the pictures,  SWtiley,   where did you get the information on the space between Residence and Suites?  I see an earlier post that they are planning a walkway over to the outdoor pool,  but I thought there was another hotel that was to be built there.  Cheers MikemickyD
Hi All,
 
Have just come back from a couple of days in Bulgaria reviewing development of my apartment in Pirin Suites. I also stayed at Pirin Residence.
 
Pirin Residence : I stayed in a studio apartment which was pleasant enough, the general building quality of the complex was good but not fantastic as little things were starting to look worn already, such as wooden banisters in the stair wells. The main common areas (reception / lobby etc) looked brilliant and to a good build quality also very clean. The spa (containing, a general relaxation area, sauna, steam room, massage room, a small indoor hot tub, and a peculiar pipe smoking area with mattresses (took me back to my student days :-) was the best part of the complex, there was also an outdoor hot tub. The restaurant was fine but nothing spectacular. Wireless internet worked very well in the common areas, but did not reach the room I was staying in. Still no shuttle bus running and taxi's are becoming quite expensive to get to Bansko (between 20 and 30 Lev depending on time of day 10-15 Euro). The separate restaurant building has not been finished and had building materials stored inside it. The outside grounds were well kept. The shop areas are finished and look good (lots of glass) but are not occupied.
 
A small annoyance on my part, was that the water heaters are very small, and even on my own ran out of hot water, ok It was a fairly long shower, but I can imagine a family or group of people coming back from skiing and not getting very far - of course you could use the showers in the spa.
 
As for the surrounding area :
 
The following are my opinions, or is information that I have gathered by speaking to people around the Razlog area. Of course a lot of these people want to put their country / area or their property in the best light so please do take it in the spirit that it is more information that may be substantiated by other reports or are leads to follow up on.
 
There are now around 15 other complexes being built, the road has improved since I was last there 18 months ago and now does have tarmac, but will need to be resurfaced again. The trip from Sofia airport to Pirin Suites took 2:30 hours there and 2:15 hours back, so definitely improved since my last visit. A motorway is planned from Sofia, passing by Bansko but will not be completed before 2012.
 
Apparently there are 4 other golf courses planned in the area, one of these should be started this year and is about 1km from Pirin Suites.
 
The Golf course opposite Pirin Suites / Residence is definitely a residents only golf course - at the moment - a couple of people said this was for a two year period in order to get apartment sales (doubtful but can only wait and see) but I am fairly confident there will be other courses built in the area.
 
A new ski lift planned to a new set of runs in Razlog, not Bansko, but still about 4 - 5 km away. Have no timescales for this though. No further plans to expand the Bansko runs, although a new gondola should be forthcoming.
 
There is also a reasonable sized plot of land in between Pirin Suites / Pirin Residence, that is owned by the owners of these complexes. Apparently they are looking at what they can do with this, with current ideas including tennis courts / 5 a side football pitches. Although I do consider it a concern that they could build another small hotel in that space.
 
Other facilities in the area or from the hotel will include, the equestrian centre, mountain bikes, quad bikes, guided tours of the national park.
 
For those that don't know and I didn't (the Aegean sea is only 2.5 hours away) through Greece and now Bulgaria is in the EU border crossing is much easier.
 
The surrounding area is still very much a construction side and I reckon it will be a couple of years before we see the area settle down and become a very nice set of complexes with good amenities.
 
Absolutely no new news on any potential local airport.
 
In summary : I think I will be able to use my apartment (Pirin Suites) in the ski season 08/09 but without much else to do in the surrounding area, i.e. into Bansko for any entertainment. Summer 09 will be better with some amenities. Ski 09/10 will be great as everything will be fully functional, and hopefully the surrounding area / complexes will be nearly finished by then as well. However will not be getting a furniture pack before September / October of this year.
 
Hope this helps and I have posted a selection of photos, but feel free to message me if you have any specific questions. Have also put some comments about the Pirin Suites complex on that message board and also uploaded some photos there.
 
Steve
swtiley
actually bought through other agent and may be that is why i'm not so annoyed. i'm not sure if there will be golf course or new ski runs and gondola, but i made investment and i'm going to go for my holidays there. i thimk its' great place and it's going to be more greater. it takes time for this, you cannot expect to collect huge incomes instantly - its real life not fairytale.  Miki
as for my apartment,i was surprised how big it was,so i was happy with that,and i would class it as hotel & not residence,and the sauna area is very well done,only snags was lack of electrical sockets around kitchen area,and no work extention,which was on the plans,and i think the heaters are to small.apart from that,its ok,for 1 bedroom.i like the 2 bedrooms as you get 2 veiws of the mountains,regards.popeye
ok lets look on the positive side,as miki would say,   there is going to be a private walkway to pirin suits with gardens to outdoor swimming pool,and there will be a night club there,also atv & mx bikes, which i like ,shooting ect,and they said a ski gondola would be built there,also police station,supermarkets,casinos.   and it will be a new little town which they havent named[tombstone] ho ho..the road up there will be called panoramic road, the management & everybody else outside gated area are seeing mayor of raslog,thats all i can tell you about golf,  and satalite tv will be fitted for bulgarians/russians/british 28 channels.met some nice people when i was out there,we all shared our views.  i got my deeds in bulgarian,i told them copy in english , no ,i told them before i went ,its proberbly a plot of land in iraq,   thats the positive side,   the downside is its getting more expensive,taxis/meals/beers ect,  3 years ago ok,  now the greedy persons are taking over.    myself i would say 5 years time for profit with ski and golf,then good investment,  but if they keep putting prices up,  then people will go back to france/austria/ect,regardspopeye

Hopefully the new ski zone will be developed as planned right in front of Pirin Res.  Pirin Residence is a very good location, I believe the golf will be public eventually, if not there is another public course to be built very close anyway.  The other facilities of the golf course will be available to Pirin Residence,  Horse Riding, Restaurants, Shops, Tennis. etc.   Its a beautiful building, in a beautiful area,   its a real shame so many people were deliberately cheated/lied and pressured into buying here and are having financial problems because of this.  It was well known that Pirin Res. did not have access to the golf,  there are countless other improper business practices involved by  "we know who"   please dont mention there name,  the other boards are shut down because of this.    What they did was wrong, and people have suffered immensely because of their actions,  but its not fair to blame the developer, the building is first rate.   I look forward to spending lots of quality time there in the future...

hyperbg

i really don't think people are going to want to stay so far away from the gondola if they are just going for the ski - me personally, if i had to stay so far away for just the skiing i would chose the katarina everytime it was the golf course that made these apartments special from the others.  

the PR apartments were meant to be dual purpose of the choice of skiing and golf, making year round rentals possible and this is what they were heavily sold as.  3 years into this project and does anyone have any rentals yet?

So even if the apartment prices don't drop as a result of no access to the golf course - the rentals potential has just dropped by 2/3rds - which some people were relying on to pay the mortgage, again MRI pushed the point heavily that rentals would be more than all the other apartments because of the golf course.  Miki maybe you had a good experience or you just work for MRI

pharrop

Miki,

If Bansko does become a golfers paradise they will have no trouble finding accomodation , there are 20,000 empty properties in Bansko

senglish

To popeye & senglish: yes would,  i bought because of the ski, the golf was additional to me. anyway  people there told me that there will be more golf course in the region. the municipality of razloug and the bulgarian government got decision to develop bulgaria and bansko region as a golf destination and the golf tourism is with high priority now.  i saw brochures fro golf exposition in Spain.

So stop mumble and find more informaiton.  

Miki
miki,would you have bought in the first place,if you was told you couldnt use the golf course?popeye

Miki,

Our complaints are legitimate, we don't make them up..

Whether the golf is ready or not Pirin Res owners do not have access despite what they were told by MRI.

senglish

to popeye and other disaffected

have you ever been to pirin residence. i went ther e and actually like it very much. the golf isn't ready anuyway, but there are so many things to do. i'm owner and after looking at my property and meeting the managment of pirin residence i do not like the negativism that you are  writing with. stop complaining go check it

Miki
We all know the origins of CFP , so their shoddy practice should not come as a surprise.senglish
thankyou for kimr for backing me up,is there anybody else out there.popeye

CFP

I strongly believe CFP have misled most of us who have tried getting a mortgage with them  I have lost money on 2 mortgage applications and surveys.  They could not come up with the mortgage package I originally signed up for.  I pulled out and got an UK mortgage.  Has anyone else had problems with CFP. as I tried to get  a refund but to no avail.  

Thumbs up to Emil at Bansko Estates for snagging. Very thorough.

Kimr
i am now selling my property for £15000 british pounds,you pay the 70%,i paid £29000,20 months ago, it is a bargain,the property is in bucharest romania,which is a permanent rental and is finnished in may,,i paid 138000euro with mri,why i am saying this is because cfp said no problem with mortgage,just get your equity from pirin residence your mortgage will be paid for by rentals,now they say it will cost a fortune to transfer my money to romania,which i was never told about,but pirin residence isnt ready,there is no golf,so there is no equity and no nothing,in other words i have lost my money,and pirin residence and the rest is no money without golf,regards. popeye
look under pirin suitespopeye

Hi all

I have been contacted by Pirin Residence (rental) and spoke to a Mr. Gencho Genchev, they are keen to sign us up and stated 30 owners have already done so. He emailed me a contract etc which I am looking over at the minute. Has anyone else been contacted and if so are ye going to sign up ?.

Thanks Martina

martinamac

A few more photo's from our trip in February to add to those posted by Matt.

We're over again at the end of April so will take a few more to update.

Cheers

Paul

Clappers

hi everyone.

i have uploaded some more photos and have even more to go on next week, showing spa, bar, outside area etc..

check them out.

any questions drop me a line.

regards

Matt

mjhbiggs

talking about this one

http://pirinresidence.com/index.php?Action=36

the complex looks great ,finally!can't wait to go there!

 

 

 

Greg Johnson

Clappers,

 

Did you visit the same Pirin Res . as janbram

senglish

Guys and girls

Having just read through some of the comments, with the exception of a few, most of them make me want to lose the will to live. Luckily I have spent a fair amout of time in Bansko and at Pirin Residence over recent weeks and months and therefore am able to pinch myself and remind myself that there is in fact planty to be positive about.

The apartment I have bought, not through MRI I might add, is well finished and is now very comfortably furnished and we have already enjoyed 2 great family holidays there with our 2 daughters. Whilst there, even before the official opening, on both occassions management and construction staff knocked on our door to offer help and ensure that everything with the apartment has been ok and to complete any outstanding snagging issues and a few new ones. We were also shown round the complex just before the grand opening and the facilities are excellent and finished to a great standard. A shuttle bus service is son to be set up but transport to town can and will be arranged for you on request. A laundry service to soon to begin and much much more. I for one can not wait to go back and enjoy a long relaxing weekend, enjoying the facilities, enjoying a few drinks in the bar and whiling away a few hours taking in the scenery of the surrounding mountains letting my cares drift on by.

I did not attend the grand opening as we left the week before but my parents were enjoying a week at the complex in our apartment and attended on my behalf. The information they have gained from local people regarding the town, the improving facilities and the accecss to the golf course across the road is actually all very positive. We have got to get out of this downward spiral and stop talking ourselves into such negativity. MRI may well have totally misrepresented the situation for their commercial gain and I appear to have been lucky not to have had any dealings with them. But now you are owners, take a step back, do a little more research of your own and embrace all the pleasures and positives Pirin Residence and Bansko have to offer. Who knows, you may even get to like it!!!

Clappers

Hi all,

I'm proud to tell you that I had my first guests in my my apartment, that is the info from the rental company

Miki

I think we can safely say after the collapse of the property market in Spain that Pirin Res.. and Bansko in general is over it will be a case of sending back the keys to the lender.

Its over built over priced and wiil most likely end up a home for Romas.

If there is one consulation here its that MRI may loose as they have invested in land there.

senglish
It is on the grape vine that Ian Woosnam has withdrawn access for the golf course for all except Pirin Golf - we all bought in Pirin Residence with the fact that we overlooked and had access to the golf course, we certainly wouldn't have bought so far out from the gondola if we didn't have access to the golf course - and how much value have the apartments just lost - they were premium priced anyway with the option ski in the winter and golf in the summer - this was the main attraction for these apartments for us.......can we do anything to now get some money back for a clear case of misrepresentation?pharrop

Hi all,

have anyone get ther e for htw opening?

http://www.pirinresidence.com/?Action=52&GalleryKey=Promotion_14.0

any photo,? curious to check out

Miki
Hi everyone,
well i,m in slovakia on my way back to england after 4 days in bansko.
complex looks great official opening party tomorrow, didn,t time that well did i*

i have been told electricity has been handed over to owners but still to recieve my details so i can pay my bills..

i met gencho boss overall for developer and radi who will be general manger of complex, both very good guys , speak english and were very helpful.

get out there soon and enjoy your appartment.

few things still not in place like shuttle but radi will sort you out with transport to gondola etc...
still at last i can again be upbeat..
talk soon

excuse mistakes i,m on a slovakian keyboard,,, very differevt
mjhbiggs
Has anyone had any news on the when the official opening is?  i had an email to say that a new management company were taking over.....what happened to the last one, they were only in 5 mins - is a permanent electric supply in place yet? Anyone been over recently to have a look?pharrop

Hi All,

It's great to hear about the 36% increase in property prices in Bulgaria, but does anyone know anyone else who has managed to sell a second hand property in Bulgaria at any price not alone at a profit.

 

Dejected.

senglish
i must say that,georgia,tracy,tim,@ lubo, for mri  aftersales ,have to be good,my furniture has been fitted,and ready for rental?,these  people have been  wow,  e-mail  strait away @phone calls.ect,,but still not ready.i put the blame on legal independence,still not got my deeds ,and other people are worried if its in british or bulgarian.ray.popeye
** EDITED ** Libelous commentsajc

Hi all,

Another Unfortunate investor/victim of MRI/ Legal Independence.  Have been trying to contact Nevena from LI with regards to the deeds for our apartment for which we have long since paid in full.  After getting no reply  for a long time, we eventually got an email from her claiming to have no record of any correspondence from us.  I find this unbelievable as the correspondence and email trail have been sent to the exact email address that she is using. 

Has anybody else been able to obtain their deeds after appointing power of Attorney to Legal Independence? Very worrying situation.

 I have also raised the issue of compensation without much success other than an insulting offer of some useless freebies to amenities in Pirin Residence which still do not exist.

On the up side we were told by Dean Masters of MRI aftersales that the furniture package has at last been installed.  However when I pointed out the posting of mjhbiggs on Friday, January 04, 2008 & his revelation that the apartments are being abused, I was asked to raise the issue with my Solicitor Nevena.  Surprise ! Surprise! No reply.

Tarra
For my own curiosity, to Parrop and popeye did you get my private e-mails?rolymofo

Hi All,

I have appointed an english lady who lives in Bansko to look after my appartment.

Make sure no burst pipes etc..

Every week so far she has found that people have been in and around the appartment, she cleans the floor and vacums but next week all dirty again.

She is now changing the locks for me and giving her contact details to the developer should he need to gain access in an emergency.

all the small snaggs like leaking sinks still have not been fixed, i have been asking since November...i will be fixing them myself in February.

The reception is still not complete, all public areas are dirty and no shuttle.

Road is open but that is it.

Constant electrical blackouts as the developer has not gained permission to connect electricity ans is using temporary system.

I,m out there again in february and she has advised i book a hotel as i would be all alone in unfinished complex with no way other than taxi to get to slopes and could well lose electricity at night.

This is a badly run project from build until operation, i don,t even hold out hope of them getting their act together for 2008/09 season.

This season is certainly out the window.

anymore feedback from any one who has been out there recently would be appreciated.

regards

 

mjhbiggs

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Hi, we have just informed PR that we will cancel the contract, we will lose our deposit for this, although i believe they still have to pay us the late completion penalties - they were originally offering 3200 euros - not a fortune but may just cover my legal costs!  Is there nothing that the solicitors can do about the common areas, i mean PR informed me that the whole complex will be up and running ready for the season by 1st december 07, this isn't possible if there aren't any common areas and staff to assist the guests (if you can get any). Surely this must be breaking some kind of contract? As for the road and no shuttle, this complex just isn't finished! Anyone got any ideas to this, i am still in hope of a silver lining that maybe some costs can be recouped, but the solicitors just don't seem too bothered with it all!!pharrop

Hi All PR and PS appartment owners.

I have just returned from Bansko.

As you all will probably tell from my previous posts i am a very positive chap.

This trip was fun again, great food, drink and hoiliday makers.

The season started early on December 1st, just as i left (shame).

Still Bansko was buzzing with activity as the shops etc opened for the season.

Unfortunately still looks like a building ste with no thought to infastructure or keeping the roads up together...come on mayor there must be some pennies in the jar by now !!!

Main road to Bansko from motorway is now fab, two lanes where it needs to be and all new surface.

Ok so what about PR ans PS....well the whole area is still a building site !!! you have to use the bumpy road to get to it over 20mins to get there and another 20 to get back (40 lev journey into town by taxi) !!!! No shuttle.

PS is way way away from finishing and PR is far from complete, i inspected my appartment in july and all apartments were complete just the lobby, restaurant etc to finish.

Well 4 months later in December no further progress, lobby etc not finished all common araes filthy.

my appartment was cleaned and furnished in july and left spotless, however i guess i must have had visiters i knew not !!! whole place dirty, all rugs etc walked over with dirty shoes and as a nice touch, toilets all full of urine !!!

The sinks are great until you use them, then they leak all over the floor???

The varnish/stain used on all the balconies has cracked or faded away to nothing and will need to be re done asap or rot will set in.

hopefully all who have purchased in PR will kick up a fuss and insist common ares are complete a.s.a.p and cleaned thouroughly, also re varnish imediately.

i have e mailed lawyer so all others i would advise the same.

regarsd

Matt

mjhbiggs

I have just read rental agreement, It's a ten year agreement.

What do should I do??

I have already completed, bought the furniture package??

All I would like is to start renting the out, perhaps make some money.

Pirin worries
True, I doubt much of our 30% actually went to the developers, we've been paying for the fuel in their Audi TT s for the past 2 years.rolymofo
ya they charge 2% to release the mortgage after you paying them in the beginning to sort the mortgage out for you. This is another joke.rm
I've not signed my rental agreement, not much point, like RM due to morgage shortfall and lack of confidence in the market I'm walking away not throwing good money after bad, the banks now want to charge me for not accepting the morgage dunno whether to laugh or cry.rolymofo

Evening all,

Has anyone accepted the rental contract? Has the gun been put to everyone elses head to sign the contracts by Nevena Beshkova, or else we will forefit or deposits??

dannyc
The exact same thing happened to me rolymofo. I am furious lost almost 40,000 euro. They have ruined me. I wrote to watchdog also. I would have had to come up with 12,000 more to complete thats without furnishing it or insuring it. such a scam.rm

If anyone like myself bought on the promise of the appartments being 'self financing', they're in trouble, I'm having to forefit my deposit as the morgage came up short, the property once completed should have increased by at least 30%( according to the sales pitch) so a 70% morgage should have covered all the extras, and I,m not prepared to commit more if there's no rental market. This forum has seen more action in the past 2 weeks than the previous 2 years!                                                                                                                                                      Has anyone heard back from Watchdog yet?

rolymofo

Hi all,

1st time on this forum and I'm shocked to learn that so many of us find ourselves in this position!

I will be going on youtube after I have finished here...........is there anything else we can do??

woodchippings
Plenty of us interested in doing something about this. But after having lost almost 40,000 cant afford to pay any lawyers thats why he gets away with everything.rm

Hey every one, I am so happy I came across this webpage

I cant believe that so many of us have been so brazenly and blatently lead

astray, what is even worse is the completely rediculous rental contract that has been offered to us,

which appears as if its just going to continusously cost us money and hand over total control to the hotelier.

I feel I have nowhere to turn and am currently considering seeking legal advice, and if needs be launching a legal case, Is any one else interested??

dannyc

Having just read the management contract and introduction letter, does anyone think they can turn this around and get some rental income. Much to my surprise I have just had morgage approval, well 950 euros short but with the extras stamp duty legal fees etc need to commit about 5 000 euros to complete, not much point ifn there's no rental, I can't afford to pay the morgage on it, I was never supposed to have to " rental income will easily cover morgage repayments", I had drummed into me. I was actually told I would be offered a guarantee near completion time, not to mention the merger with World Choice Holidays chaneling their package holiday clients to MRI purchased properties ha! neither of which has happened I've already paid over 6k for a furniture pack gathering dust somewhere ( any offers ) what a mess.

rolymofo

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