I spoke to them yesterday (to Theresa). An e-mail informing me of the changes had gone astray (misspelled e-mail address). As one of my apartments has "vanished" they have reallocated me one in a replacement block. The apartment is a like-for-like change. There are plusses and minuses with the new location so it needs some consideration.

To me the main concern is the slip in completion dates. The completion date on my contracts are December 2008. While I don't want the development to slip down the hill into the sea, an 18 month and a 27 month slip is not acceptable from an investment viewpoint.

It looks to me as if they were wildly optimistic about the engineering and have only now had realistic civil engineering advice (or maybe they were badly advised in the first place). In some ways I am encouraged - the developers appear to be adressing the issues and are moving forward rather than running off with our cash. On the other hand, perhaps these problems show inexperience on the part of the developers and who knows what will happen next.

I THINK that the final product will be good, but I'm still concerned about the road ahead.

Folks Please be aware that any of your concerns will not be dealt with by Compass but will have to go to the developer direct

This is part of the response I have received

" I thank you for your email and your comments. First of all Playa Vista is NOT a Compass developments and as such Playa Vista and Compass have NO connection other than Compass are the Moroccan real estate agent for sales."

has anyone got the new layout as i cant print it out from the email that compass have sent. Mine is in A block

Many Thanks

Block D15 has done very well from this, seems to have been promoted from 3rd to front line marina, where as D16 to D18 appear to have vanished, also B8 and B9 seem to have totally changed in design.  Time compass sent out another message explain al this - and what options are available to those who are losing out.

Can't imagine anything les than a refund plus interest to those who have vanished off the plan, same should be offered to those who have lost the frontline plot for which they paid a premium or a refund of the premium paid + interest - if they are willing to accept the second line position.

As for the rest i suppose Compass will say "thats the risk of buying off plan i.e. the plan is subject to change."

Lets see if Compass do the decent thing...

It could be worse !

One of the blocks with one of my apartment in it has vanished off the face of the plan.

 Another block has slipped back, and god knows when/if we will actually see them earning their keep !

The new plans are noted and the spin that goes with it. This full new set of plans seems to be about more revenue for the developer. It would be nice to see the brief to the engineers.

Reading between the lines. Does the 4m2 increase in balcony size compensate for any loss in parking spaces as I note the provision of the shuttle bus?

Would I do business with this company ever again.                      .....................Never !!!!

Russy,

The location of our apartment is in block B1, this block has been totally relocated. The apartment has moved from the end of a street with no thoroughfare to being directly adjacent a roundabout with the main access road behind it. Needless to say we are not at all happy about it. I have emailed a response based on this new plan.

The other significant factor is that our apartment was scheduled for Phase 1, it is now included in Phase 2. We believe this does not fulfill our contract.

We are now awating a response.

I am surprised that there hasn't been more responses on the notice board to the current information provided.

Unfortunately the spin on the new layout with additional facilities, increase in balcony sizes etc hasn't had the desired effect on me. I was more than happy with the original build schedule, the development and the location I selected.

Hello All,

I want to know who has invested in a flat in Block 07. I have a bought a flat in this block and the new plans have really altered the location and the views. This block has been pushed back one row, the angle of flats have changed for the worse and it seems as though an elevated roundabout is directly in front. I just want to know your thoughts and that of anyone who's flat has had it's location changed a lot.

Seems block A-7 is now definatley second line!!!

How are they going to deal with this one??

just got this>>>>

Re:       Very Important Playa Vista Update

The purpose of this letter is to provide a detailed update on Playa Vista.  Playa Vista is one of the most breathtaking locations on the Mediterranean and it is our intention to deliver one of the most spectacular front-line resorts in the world.

To this end and to the benefit of our purchasers, we have incorporated changes recommended by our civil engineering company. The director of this company has indicated that the challenging topography of the land requires a more detailed and slightly altered master plan in order to create the development successfully. With the interests of Playa Vista and its purchasers in mind we have decided to follow the recommendations made by the civil engineers. Please make note of the following:

Overall layout

The new road layout has led to an alteration of some areas of the overall layout. A small number of blocks have moved from their original location (please refer to the enclosed plan). We feel that this will not cause a significant negative effect on purchasers. See plan by clicking on link:

http://www.playavistadevelopments.com/plans/PV-Overall-Plan_optimized.jpg

Additionally, this caused the following blocks to be moved from Phase 1 to Phase 2: B-01, B-02, B-03, B-04 & B-12.

Completion Date
As a result of the changes to the road layout we have been forced to revise our estimated completion date for Phase 1 to October 2009 for all blocks with the prefix “A” (i.e. A-01, A-02 etc). Blocks with the prefix “B” are expected to complete in May 2010, with the exception of blocks B-01, B-02, B-03, B-04 & B-12, which are expected for March 2011. Please consider this letter as fulfilment of our contractual obligation to notify you of these revised dates.

Additional Benefits to Playa Vista Purchasers

Larger Properties:
As a direct benefit to the ground & first floors, we have extended the terrace area outside the master bedroom of every apartment. This creates an “L” shaped area to the front of the unit and

represents an increase in approximately 4m² to your unit surface. For most apartments this will be an increase of 6% to the overall size of the property, which will equate to a similar increase in value. We are offering this increase to you free of charge. See sample floor plan by clicking on link:   http://www.playavistadevelopments.com/plans/PV-Floor-Plan_optimized.pdf

Improved Facilities:
We have also implemented some improvements to the developer-controlled areas of the development, such as the larger residents’ swimming pools. The larger ones will now be heated year-round which we believe will have a positive effect on the rental market at Playa Vista.

Resort Shuttle:

We are also providing an internal Resort Shuttle that will transport clients throughout the complex.

Brand Name Businesses:
The Directors of Playa Vista are in serious negotiations with global brands that want to locate within the Playa Vista resort.

Marina:
We have extended the size of the Marina design to 220 berths and re-designed the arm and the boat berthing areas. This is expected to create a real financial benefit for all clients that are purchasing at Playa Vista.

If you have any queries related to this correspondence we will be available between 2 p.m. and 7 p.m. (Monday-Friday) on 0044 (0) 20-3371-9641. Alternatively, you can email info@playavistadevelopments.com. You will also receive a hardcopy of this letter by post.

Re:       Revised Completion Dates

We have revised our estimated completion date for Phase 1 to October 2009 for all blocks with the prefix “A” (i.e. A-01, A-02 etc). Blocks with the prefix “B” are expected to complete in May 2010, with the exception of blocks B-01, B-02, B-03, B-04 & B-12, which are expected for March 2011. Please consider this letter as fulfilment of our contractual obligation to notify you of these revised dates.

If you have any queries related to this correspondence we will be available between 2 p.m. and 7 p.m. (Monday-Friday) on 0044 (0) 20-3371-9641. Alternatively, you can email info@playavistadevelopments.com.

A hardcopy of this letter has been sent to you via post.

We will be in communication with you shortly to provide a more detailed update as to the development.

Yours sincerely,

Richard          

Richard Padgett

Director – Playa Vista Developments, Ltd.

latest e mail from playa vista morocco

Owe by the way tell her Dave D asked you to ring!!!

BCP Abogados & Solicitors based in Morroco Portugal and Spain

please my guest and ask for Nichola at their Spanish office Tel: + 34 952 862 227

well there you go surprise surprise!!! 

Well said PLAYA could not agree more, the minority play mind games and some silly wannabe investors take the bate.

SKYMAN - You have sold up so your questions are no longer important. bye

   hi all compass are monitoring and adding to this forum also vista rental are compass

   do you know how much a marina will cost to build millions so expect a revised

  plan

I have recently purchased and have just joined this forum.

I cannot believe some of the recent comments on this forum in particular skyman. I also trade on the stock market and been on share forums where someone claims they have sold their shares because it is apparently supposed to crash and will ask others to follow. What would they still be doing on the forum if they no longer have an interest? Well they want you to panic and sell so they can buy the same cheaper or they have a  competitive interest!!!!

Skyman please state your interest in this development as you sold up in March?

Let's take you through your posting history:

Friday, June 06, 2008

Despite having apparently sold up in March 2008, when someone posted on the above date asking whether they should invest you replied on the same day saying 'I hate to say I told you so!!!'. So I take it despite selling up in March you still monitor this forum daily. What are you some sort of good Samaritan warning people off this development?

Monday, March 31, 2008

Talking about being a good property advisor... erm no! Your post on the above date stated:

'I know perhaps a number of you may think I am totally negative about this development, but just let me give you an example, I bought an apartment on the Ian Woosnam golf resort  Balchik Bulgaria www.lighthousegolfresort,com in 2006'

The penthouse I bought  will be fully completed in May this year and the opening ceremony for the whole complex is in August this year.'

This ideal investment of yours has also not completed on time. In your own words on the Balchik Bulgaria forum:

'this summer almost all the complex will be finished and functioning, except the Lighthouse District and the private beach.So the soft opening is on 31 of august 2008,but the grand opening in 2009.'

 Ouch!

This is a classic example of trying to get people to follow you into your own investment ... the hint was a bit obvious'

Friday, December 21, 2007

Can I just pass the question about solicitors that you posed to newboy back to you? You r post on the above date said:

 'Please accept my apologies, my mistake I have spoken to a developer friend of mine who agrees that the complex is a good proposition.

 For once I did not use a good solicitor who perhaps should have got their facts right before recommending me to pull out today.'

I am afraid that you have been exposed and if you really are a good Samaritan then let everyone know which solicitors had been advising you and leave this board as you have no interest in the development.

By the way I am not some sort of champion for this development but just an investor and ask everyone to do their own research - do not make any decisions solely based on what people on a bulletin board says as you never know what their real interest is, especially skyman. I speak my mind because I detest people who lie for their own selfish reasons.

Good luck all. 

have a  nice 2 bed on jawhara if any one wants a place and is looking for a home resale all with top furnishings. good price done and been all through the problems english owner contact me pleae on octapussyc5@excite.co.uk or 004407988029566 poss sell half of the free hold.

Newboy

Simple question:

What does your lawyer think of this investment?

Of course, you did consult one before you went ahead with this project didn't you???

Newboy,

Don't you think your posts are a little bit wide of the mark.

The understanding I have from all these forums is that PV is the first real project that Compass have embarked on themselves. Mirador Golf was completed by another contracted developer with Compass selling - and if you look at the comments on the MG forum look where this one is at. Discontented purchasers abound and the pool still hasn't got any water in it. It is summer !!   Yes there are developments in Egypt and several developments in Morocco but these were all conceived after PV and I dont think any haved been completed. Correct me if I am wrong. "Track Records" are built on success. Please quote us some  successful projects Compass have completed and we can all do our own research. 

You need to tale a reality check. Take a step back for a minute and think about this. I am thousands of miles away and interested in purchasing an overseas property and see an internet advert for PV. I then do my research on the internet. Some have bought right at the very outset, have waited approximately 2 years waiting for some appreciable progress, then with progress being made they see that a full new frontline has been added completely in front of the initially sold previous frontline. No communication apparent from the developer and no recompense. This is a bit more than minor snagging issues don't you think?

Someone earlier asked why there are so many resales. I wonder why ???

I meant 60% which will be paid on completion.

What ever forum you look at you will always get a handful of wanna be investors who create mass hysteria which some people beleive.

Compass have a track record in Moroc and are building in other areas of north africa.

Yes there will always be snagging items and issues but allow the developer to put such concerns right before posting these posts.

The development will be built its in there interests to get the remainder 40% and all the commercial benefits that go with have a complex of 800 or so units.

The kingt of Moroc would not allow for such a high profile development to ruin the name of what will be such a good country for UK investors and tourism.

Skyman,

You are one of the lucky ones who managed to get out unscathed.

Any snippets on the solicitors meeting would be he;pful?

Also we were all promised update photos on the Compass website by the end of May. Still nothing and its nearly July. !!!!!!

I got my £2000 deposit back because I pestered and pestered Compass until I got my money back!!!!

All I can say is I used a damned good spanish solicitor who pre warned me of the dangers  I may face investing in PV.

I still not cannot understand how I did not get more backing from fellow investors when I voiced my opinion months ago and was basically ostracised by others for putting my feelings forward and that their own soliciors had not warned them against investing in this project?

Hi dave nju

Thank you for responding to my message.

What happened in Birmingham a few months ago?

I thought Compass owned the land outright in Playa Vista.

I went out to see Playa Vista in 2006 and thought where are they going to find all the space to build so many properties.

Although the video of Playa Vists looks fantastic and if the site will end up looking as good as this, then PV would be a great purchase.

Does anyone know if there are any guarantees or bonds on the money?  Will we get out money back if the site does not go ahead for any reason?

Why are so many people wanting to resell?

Any view would be appreciated before I part with any money on the resale I am thinking of purchasing.

I have one for sale

contact me off board if you are interested

beeb

Hello

I am thinking of buying a frontline resale in Playa Vista, Morocco.  Is this the right time to buy?  Any advice would be much appreciated.

Well folks

I hate to say I sold you so!!!

All,

Thanks for the recent updates on PV and the Mirador Golf posts. All amke interesting reading and I also am beginning to believe this is the worst investment in the world and am getting to the stage of factoring in writing off this investment and leaving the balance unpaid.

I have just viewed the updated plan of the frontline and am just realising the significance of the new front of the development and the impact for all who parted with cash, especially those down near the front  of Phase 1. 

Depressing is an understatement. This has to be the biggest own goal that Compass will ever score with credibility sinking to completely new depths. 

The recent development makes a complete mockery of "off-plan" purchasing. All would do well to check what exactly they have purchased and off what set of plans and how many others sets are in existence, yet to be rolled out.  Where you will eventually end up is beginning to look more and more like trying to do a spot the ball coupon without an "x".

This will no doubt involve more construction time and no doubt steep the development in needless litigation.

Very depressed.

"As you are able to see, the units will be below the apartment blocks
and will not be blocking anyone's view."

I have added a plan of the Comercial units to the progress photos, I  believe the 1 bed Front line Apartments are on top of these.

The date shown in the progress photos is 28 may 2006 4247 (not sure why) I also have a detailed overall plan but it is not clear on the upload (i.e. you cannot see it properly) if you want a copy send me a PM and I will forward it.  Put Playa Vista in the subject line.

I have been told the following:

The front front line units that are being sold are technically not in front of the units. The new units are actually underneath the garden area of the front line 2 beds. So, the view will not be impeded

Moonraker,.. again,.....

Has anyone any more info on this 2016 date. ???    .....also does anyone have an up to date site plan,.... or a link where to get one......

ps...............Anyone else from Scotland investing in PV..... ....????

Just discovered that Compass are now selling comercial units and further 1 bed flats at the front line of Phase 1.

As  i remember, I paid a £15k premium to be on the first line of phase 1, and now it seems they are going to build some apartments in front of them.

I am not happy at the moment and i'm contemplating asking for the £15k back.

Has anyone else bought a front line phase 1 thinking that no further apartments would be built in front of them?