Hi

Just wondered if anyone could recommend / knows of any management companies for sourcing rentals and arrange maintenance / cleaning etc., between lets.  We are currently using MRI who are frankly less than useless.  Any ideas?

many thanks

Hi

Does anyone have details for a local 'reliable' cleaner? - we are using MRI but are also trying to source our own rentals - can anyone help?

many thanks

and this used to be such a nice polite message board....

Hi everyone, I am just back from our apartment lotte 79 Block E.  Just wanted to say a big thank you to the person who ripped out the small drain cover at the front of the apartment (these drains are plastic and break easily as I stepped thru the other one on my last visit, it did not cross my mind to steal one of my neighbours drain covers right enough).  My 15 year old daughter twisted her ankle when her heel fell down it. A word of advice for the the stupid sleekit, selfish thief, the site foreman will happily come and replace them, free of charge, with stronger drain covers, oh and he has siliconed them in.....

Apart from that the apartments are lovely and we had a great time.

Hi all

We wont have completed by early August and may take a trip for 2 weeks - July 31 - Aug 13 approx.

Anyone with a T3 who's renting interested please get in touch

Many thanks

Johnny

Hi all,

Would anybody be interested in buying a 2 bed apt, lot 77 ?  Due to a change in personal circumstances, we'd be interested in selling prior to completion (due to hand over Dec 08). We'd be willing to discuss an attractive price for a quick sale.

I look forward to hearing from any interested parties.

Best regards

Charlie

Hi All,

If you know anybody that would be interested in buying a 3-bedroom apartment, ground floor, Lote 81, please let me know. We would like to sell pre-completion and are willing to sell at a good price.

Regards,

ZM

Hi Everyone,We are just back from our first two weeks holiday in lotte 80 block D. The apartment is superb everything we,d imagined.One area of concern however.is the lack of a boundry wall at the entrance at block D and E.. This gives an impression of being unfinished . Al the other blocks have such a wall , but the developer is unwilling to erect one . If anyone else feels the same ,please let me know.

                                                                                         Graeme

Hi,

Just back from another trip to our apartment - we are really pleased with our place and enjoying it - not at all happy with MRI but we will know next time. We are happy with the builders, the apartment (and the neighbours!) though.

The lettings agency haven't really reaped much in the way of reward - we have had a few enquiries but mostly people seem to want somewhere cheaper and we are loathe to devalue the whole development by letting our place out cheaply.

We visited the developers and were told that the hotel plans are still with the Camara so that is unlikely to be starting any time soon - at least we will have our sea view for a little longer.

Kate

Hi Folks

I have been reading your chats.

I am in a similar position in Vista Das Ondas in the Algarve.  It is due for completion end of June.

You might like to read the comments there(Its on this site somewhere).  Johnny 2 sums it up well. A good development ruined by M*I and their apparent money grabbing exploits have turned a pleasurable experience into a nightmare. 

I and a number of others are in the same position as Johnny2.

I know 'buyer beware' plays a part but you do have to rely on someone for accurate information when making financial decisions.  Rentals now are about 50% of what they told me in writing at purchase stage! Need I say more.  There must be some message we can get across to future buyers and the good developers who get mixed up with them.

Its just an opportunity for MRI to enter your wallet, (like pick a figure between 1 and 1,000). For what its worth, I'd get the developer to clean it up and do the snagging list yourself.

Personally, I have made it very very clear to the developer that their use of MRI in this development has hugely undermined their position and made very negative what should have been an exciting buying expereince.

Also, I no longer take calls from MRI as there's no point, they just see you as a revenue stream.

re the query some weeks ago about valuation, who knows? With Sterling Euro rates and the Irish cooled off, not to mention the credit crunch generally, its probably a long term investment.

And then there's the fact that those nice people at MRI were responsible [largely] for the sales/pricing phase..........

In other words, take 10% - 15% off the price tag of 2 years ago, and if you can live with that you're ok. Does that unrealsitic folks or am I just having a bad day!!?? :-))  

Having said all of that, Portugal isn't boom and bust like Spain, and it *is* a nice development and *if* the 5 star hotel happens, it should hold & build value in the medium to long term.

Johnny2 (still trying to make my mind up to complete or not)

Hi all,

We have just had a call from MRI to say the our apt is nearly ready and the cost of snagging % cleaning in E500.00.  This seems excessive to me. They did say it was to clean up spilt cement and paint etc, I'd have hoped a good developer would already have one this.  Has anybody else used this service ?  Any feedback would be appreciated.

Also, does anybody have any experince of how long it takes from completion to the habitation licence to be approved ?

I've seen a couple of  2 bed apts on owners direct, I'd be very interested in knowing how people have got on in getting tennants.

Thanks in advance for your help.

Best regards

Charlie

Hi Kate,

We bought a T2 last May.  Our fiscal representative got our council bill for ~600 euros in March of this year (50% to be paid by the end of April and the rest for the end of October).  You might not get a bill until next year.

Carol

Doe4s anyone have any information on rates for completed apartments? We have been in since January but haven't yet had a rates bill so have no idea how much it will be.

Thanks, Kate

Thanks for posting the photos. The development looks good.

Has anybody had an recent valuations from banks etc for mortgage purposes ? I'd be grateful for any feedback on recent valuations on a 2 bed apartment.

Regards

Charlie

Hi,

Back from a visit to Lagos and the Porto do Mos development as our T2 in block 80 is nearing its completion date. The bad news for us is the exchange rate which has made us consider a euro mortgage. However, the good news is that the apartment blocks (and other villas) look great and our apartment finishes were to a high standard.

Other news from my meeting with the developer is that the plans for the hotel complex are with the town council and they expect to start work May/June this year and are looking at a two year biuld time.

For anyone interested, I have uploaded 5 photos taken last week to this forum; one each of block 77, 78, 80, 81 and 82 (no photos of blocks 79 and 73 as they are complete).

Lastly, for anyone who wants to see the beach and part of the development (the rest is unfortunately hidden behin palm trees) on a regular basis, go to this hotel site to view their webcam which is situated to the east of the Porto do Mos valley and looks west along the coast:

http://www.vivendamiranda.com/webcam/webcam-general.htm

Hi Zm

We were looking to rent either a T2 or T3 for a visit in April to view our own T3 which is nearing completion; we got sorted with a T2 rental thanks

Johnny

Hi All,

Is anybody using MRI to rent their apartment and if so what is your experience of using them?

Also I notice somebody, Johnny, is interested in a 3 bed apartment is that to buy or rent?

Thank you,

Z

Hi Philippa

There are a couple of bars / restaurants down on the beach and a few in between Porto Mos and the town but we tend to go into the town. It is about 20 - 25 minutes walk to the town walls. There is also a big supermarket that is about 5 minutes drive away.

We are renting our place out so if you know of anyone that would like to use it do let me know - we are using owners direct and a network of family and friends.

Kate

Hello all

We are due to exchange in May in Plot 80 and have already had some interest from people wanting to rent.  (Not from MRI though mainly family and  friends) However, its been almost two years since we have been to Portugal and are not due back until May so just wondered if anyone had been out lately and knew what if any facilities are available within walking distance - i.e. bars, restaurants, shops etc., or do you have to go into Lagos?

Also if anyone had actually walked into Lagos from Porto Mos - and just how long it takes?

Many thanks in advance

Philippa and Eric

Hi Johnny,

Try casasdobarlavento.com - there are several apartments from lot 79 listed there although I think they may all be T2s.

Carol

Hello,

I have finally decided no to go with MRI V&A anyway - the story that emerged was that if you bought through J&O they would charge you an additional 348 euros for a 'rental ready package' but if you bought through another supplier that they didn't know or decided to do it yourself they would charge you a whopping 5,000 for the upgrade and use of the V&A service. I didn't feel confident that MRI knew what they were doing or that they weren't mis-selling as the pictures on their website are not of the Miralagos complex at all but of the much more expensive JD Griffiths complex.

I have posted a couple of pictures of the J&O furniture so you can see what it looks like - be aware that choices of colours and fabrics is down to the purchaser rather than standard as with MRI.

Cheers,

Kate

Hi,

We have investigated sourcing the furniture ourselves versus buying the MRI furniture package and found that there wasn't a huge difference in price and a lot more hassle with sourcing everything ourselves. However when investigating this I was informed by MRI that you would have to buy a "RENTAL Upgrade" package if sourcing the furniture yourself. This package included such items as crockery, bed linen, fire extinguisher and a health and safety check (all mandatory items if renting in Portugal). This cost of this package is just short of €5000.

However MRI have now told me that the furniture package could take between 12 & 15 weeks to deliver and an initial deposit of €1000 euros is required with the remaining balance 7 days later. YES 7 Days later. This is not what I was told last year. So I have been in contact with the supplier directly (Jose & olivier) and they have assured me that if I deal with them directly the original Ts&Cs apply. That is initial deposit 50%, 1 month later 45% and teh remaining 5% once the snag is complete and a lead time of 12 weeks from the date of order.
I have not ordered any furniture yet but think that I will order it direct from the supplier. Does anybody know that if you do not order the furniture package direct from MRI are you entitled to the industrial clean that is complementary if you are a lifetime after sales member?

Another question I have is what is the average % value increase people have seen in their properties since the initial deposit was paid?

Thank you,
Z

HI all,

Just a note to let you know that we have been told our completion date will be end of FEB this is for block 80.Has anyone else been told of completion date.Also has there been anymore valuations recentley.We were going through estate agents in lagos and found a first 2 bed apartment  for sale at Porto De Moss for 385.000 euros.This gave us a bit of a lift as our valuation was well short of that.Also have been looking at furniture packages and cant quite make up our minds on who to use any recommendations.

                                                                                                                          Graeme/Sally.

Hi Everyone

Its time for me to get off my backside and go look at progress on our apartment (due completion in May) and look at furniture etc.

Does anyone know of someone who's up-and-running with rental available (pref 3 bed) - and/or where theyre listed. Support your local team, sort of thing!

Johnny.

Hi to everyone,

We are buying 1st floor 2 bed apartment on plot 78. Banif bank have today valued our property at 365 euros. Whilst  this is much less than MRI had intimated it could be; I am also fairly confident that when the whole site is finished, then the value of all the properties will be much higher.

Regarding MRI, I feel a little let down by the service they have provided. The aftersales web pages are not up- todate, they keep moving the goalposts regarding rentals whilst trying to scare me into buying their furniture pack and I always seem to be getting a different contact looking after me with every correspondant. However, I am very confident that this will prove to be a very good investment and I must thank MRI for pointing me towards this complex.

Hi All  We Had expected the valuation to be higher than the 295,000 it came in at. Our valuation was by Millienium bcp,who did an on site visit.We hope to get further valuations done soon.

                           Graeme

Hello,

A little bit of good news... we were out at our (now complete) apartment in block 73 this weekend. we are REALLY pleased with it - the finish and attention to detail is fantastic and the staff at Miralagos couldn't have been more helpful. The MRI aftersales staff in Portugal have been very helpful but we have had similar experiences with MRI V&A in Spain, they are very keen to take the money but then do absolutely nothing with it. We bought a furniture package from Jose and Oliver in Almancil and they too have provided a top class service and great furniture. Rather naively we did go through MRI to Jose and Oliver this time in order to access the V&A service but we certainly won't be doing that for our second apartment - we will go direct to Jose and Oliver.

The valuation on our property from Banif was slightly higher than the one you received but not much - agree with Tem though that the complex looks better every time we go and it will be really special by the time it is finished and that is when we will see the capital appreciation.

Kate

Hi Graeme,

We are in the process of arranging a mortgage for our apartment also in lot 80, so will find out what they say soon. Do you know if a valuer actually visited the site or valued it on paper? Also did they mentioned anything about the valuation if the whole complex was finished including the hotel?

Are you satisfied with the valuation, Graeme, or feel it's low or a reflection of lender caution?

Once the complex is finished with the promised faciltiies and the complex is on the rental map, then I feel good capital appreciation will be made, though this may take 2 to 3 years.

On the subject of MRI Rentals, Rabj, your experience does not make good reading; we are considering using their service so have nothing to report yet on this system. If your property's ready, now's the time you want it marketed on the network. Did MRI manage to give you any good reasons for the delays? Would you be comfortable publishing your development so we can see what MRI's site is showing?

We are owners of lot 80 block D and have recentley received a  valuation of  295,00 euros for our 2 bedroom 2 bathroom apartment.Has anyone received any higher valuations.

Rgrds

Graeme.

We're thinking of using a local company Casasdobarlavento.com for renting, but this will mean management fees, commission etc.  I think using Owners direct may mean less overheads (ie: no commission).  We were impressed with the old MRI system but are less impressed at having to go through Spain. We would be keen to hear from anyone who had actually used the new MRI system.  We're concerned that MRI would still expect 8% of the going rate (for meet and greet, inventory checks etc) even if we were letting family stay there for free.  Be aware that if you haven't bought your furniture package through them, then there are additional costs.

The appartments are on a building site at present, but there's not much noise and dust at the front of plot 79 so you tend to forget about it.  Hopefully once everything's finished they will go up a lot in value and we'll be able to charge more rent.

Thanks for your info and comments, Kate and Yoyoman.

Kate, I'm not asking for any specifics, but how did your apartment valuation compare to the purchase price if you don't mind me asking - has there been appreciation or depreciation since you placed your deposit? Our apartment should complete Jan/Feb and am looking into mortgages now so thanks for your info on your provider.

On the MRI rentals side, I recall from the terms that the contract period is for one year minimum but is recurring until cancelled. However, the cancellation notice is 100 days, which may be construed as being on top of the one year. 

Tem

Thanks for the info - we are quite far along I think - we have a mortgage with Banif which seemed fairly straightforward although the valuation was rather lower than we were led to believe it would be by MRI.

With regard to rentals - we have gone into some depth with MRI Villas and apartments and are pretty sure that we will go with them in the short term to see how it goes - just need to clarify how soon we can get out of the contract if it is as much of a shambles as some of the rest of the MRI stuff.

If you have bought through MRI - Pavlina in the Vilamoura office is very good and helpful - unfortunately the lettings side of things is done through the office in spain.

There is an apartment in the first completed block for rent on owners direct - they seem to be charging quite a low rent - especially considering the comparative costs of an apartment at say Clube Porto Mos on the other side of the valley.

Kate

Hi...all,

A few comments on fees & rental.

I note that fees in buying the property amount to about 15k pounds this not only seems expensive but I do not think that MRI were not very upfront about this, any comments here?

Has anyone had a confirmed valuation, MRI states 350k+ euro but will not put this in writing not even an email. I am sure there will be good long term value but not short term if someone wishes to sell quickly!

I too have been looking into the rental market its very hard to determine what the true value one can obtain. Only 5 mins walk from the beach we can rent at 5 pounds (yes 5 pounds) a night out of season per head (3 star 1 bed apt), outside of MRI comments re their new rental scheme  rental in peak season does not seem as sold......comments welcome.

We have been looking into barclays and Banif (portugal bank) for mortgages.....any comments or recommendations??????

On a final note has anyone looked into selling or knows anyone that would like to buy?????

Look forward to hearing back from all.

Yoyoman

Hi,

Nearing completion of our apartment and so have been looking into the rentals side of things. MRI have seemed to have changed their system since last summer. It now appears to be better integrated with established travel networks, however, the overall fees seem more than proposed on first buying the unit and the system is not yet fully up and running, and therefore no expected rental projections can be made.

MRI take 8% handling fee plus a minimum of 10% for the tour operator. Unofficially, we have been told that the maximum would be capped at 20%. So we're looking at between 18-28%. On top of this, there is the MRI Short Term Property Management which is 'free' if you're a Lifetimeaftersales member before a certain date. These percentages do not include cleaning, etc.

Obviously, if one needs/wants to rent out the apartment to cover all the costs (marketing, management, services, condo charge, cleaning, maintenance and the increase in mortgage payments due to increased mortgage rates), getting the apartment rented out for the lowest cost is important. This has to be balanced with the success of the marketing and the number of weeks the property is rented out - however, this is an unknown with the new MRI system.

Has anyone else looked into this rentals system with MRI? If so, I'd be interested in what your take is on it. Or has anyone got any info on or experience with other rental marketing agencies?

On another note, I have been in contact with the developer regarding the Hotel complex, however it does look to be running very late. He has said:

"We are making the Hotel architect project, and hopefully we are going to start the building works by next April, in that case the completion date will be Feb/March 2010."

And on the make-up of the complex, he said:

"The Hotel has 2 stories in the west side and 4 stories in the east side, will have several bars and Restaurants, shops, health club, Spa, tennis court, etc."

If I receive any more info, I'll post it here.

We usually stay at Clube Porto Mos - which is just the other side of the beach - it's easy access to the apartment and the rooms have self catering - it was also built by Miralagos. I wouldn't bother with the breakfast though - it's pretty ropey...

Eating - lots of good places - the Lemon Grass Thai place in town is very good - just off the square where the slave market used to be. Antonios on the beach is good for a cheap and cheerful meal and there is also a place on top of the markets on the main drag that is good for seafood...

We were out there this weekend as our first aprtment is now finished (Lot 73) and the habitacion licence has been applied for. The apartment looks great and we are delighted with the quality of the building. We found the staff in the Miralagos office very helpful too.

The portuguese mortgage process seems to be fairly straightforward although I would concur that MRI were a little 'over-ambitious' with regard to likely capital gain and resale values - and therefore valuation for mortgage purposes.

Not sure about realistic rental values although there is a significant change depending on season in all other accomodation around there so I also wondered why MRI are putting everything on at a flat rate.

Has anyone got any experience with letting agencies or 'owners direct'?

Suggest caution with furniture packages through MRI - they have been sitting on thousands of our money for 2 months now and hadn't even placed the order - even when chased they are refusing to give the company any cash and prologing the completion so that they get to earn interest on the full payment from us that they demanded in order to 'get things moving'.

Will post some photos later today - despite MRI we are really pleased with the apartment, the developer and the people who actually produce the furniture!

Kate

Hi all,

Has any got an up to date valuation of the apartments?

MRI told me it may take 6-18 months if we wanted to sell which was a bit or a worry...any feed back on this?

.....also been looking at rental, MRI stated 895 per week....searching the web looks more like 150-500 per week depending on season....any feed back?

Did any one go for a portugese mortgage....any concerns?

Thanks

yoyoman

Hi All,

Google Earth recently updated their imagery around the Lagos area including the Porto de Mos development. My guess is that it is was taken around spring or early summer 2007, but there's no date reference.

Anyway, I have attached a snapshot of the development from Google Earth in the progess photos for anyone who may be interested in the overall layout.

Hi Charlie, as for plot 77, the latest from MRI (Late Aug) is "Plot 77: Work is still to commence on this section." And I have had no feedback on resale values.

Many thanks,

Tem

Hi,

Has anybody visited the Porto Do Mos site lately ?  I have bought plott 77 and was wondering how it was progressing.

The coments on the development all seem positive. Has anybody had any feedback on re-sale values. I'm not entirely trust worthy of MRI figures on these.

Thanks

Charlie

Hi   Just back Mon 8th oct  I am owner in Lotte 80 Block D. We are very pleased with the progress and spoke to the developer about planned Hotel. He assured us this is happening but was pretty vague on starting .

                                                    Graeme Thomson