Hi everyone,

Hi everyone just returned from visiting the apartments looking good but needs a good final snagging to common areas ie paint marks on the floor tiles, marks and scratches to the cupboard doors enclosing the utility metres, mastic needs attention to window frames  and window cills. This was only a quick walk through and I didnt see the poolside of the development I assume the developers will comlpete a full and thourough final snag soon as is the norm in the uk have had experience of this kind of handover on new work before and hope this is helpful.

Alan and Carol

Hi everyone . Our solicitor has informed us that the completion of Vista Das Ondas will commence mid September onwards. Have any of you given power of attorney to your solicitor? Is this a good idea or not?

Hi,

Can anyone recommend a decent Property Management Service in the Ohlos D'Agua area?

Also looking for a decent furniture package (complete for rental)?  Anyone used Villapac?

Cheers

Macca4

i have added some progress photos incase anyone hasnt received them as yet.

jo

Perhaps your message was deleted due to the quality of your furniture. If the service you provided to me and my sister is any thing to go by. Not only did pretty much every thing provided by you fall to pieces in no time we had to spend an additional 3000 euros to make your  so called furniture package  complete.l

Hi,

Valuation

I bought a 2 bed 2 bath (although it is called a T1?) for 256k

Valuation at mid July from Banif at 236E

I am told this is because the banks are being conservative.  Either way I still need to find the remainder of the cost but strange how if you need to borrow just 5% more, the bank's interest rate goes up.  Win - win situation for them?

Furniture

We are looking at the furniture package from MRI at 13k euros.  Looked elsewhere for the same itinerary but it came out about 20k euros.

Rentals

I know 18% for rental (8% for MRI and 10% for various letting agents) is a bit steep but I don't want to bite my nose off to spite my face.  Does anyone know of any other ways of getting a better coverage?

new to this so does anyone know how the community charge works?  roughly how much it would be?  how do you arrange changes of laundry etc. does the mri rentals include cleaning in between guests?  if not does anyone know of a good service out there?  (might do it myself for the right money!!)

Like everyone on this site I was told that you could rent for more than is reality now.  What I was told was that you could probably only get about 14 weeks per year?  Can't see them being empty the rest?  Anyone know the rental pattern in the Algarve?

Anyone know the exact address as my brother is going out and I want him to visit and get some pics?

Completion

We were told completion in Sep by our solicitor.  I have been told more dates of completion than there are complaints on this message board!

Lastly (for now) I agree with the majority of comments on the site about MRI and it took a major complaint to get a reaction from them.  But then again they are only in it for the money - not really the service to customers.

I AM EXTREMELY DISAPPOINTED WITH THE CONDUCT OF THE MODERATORS OF THIS FORUM.  I POSTED APPROX 10 DAYS AGO, EXPLAINING HOW, DUE TO A NUMBER OF FACTORS, I WAS PROBABLY GOING TO BE UNABLE TO COMPLETE.  I HAVE BEEN TO OHLOS D'AGUA  LAST WEEK AND RETURNED TODAY TO FIND MY LAST POST HAS BEEN DELETED.  WHY? I THOUGHT THIS FORUM WAS AN OPPORTUNITY TO DISCUSS OUR PURCHASES, SHARE INFORMATION AND GENERALLY HELP EACH OTHER OUT.  READING BETWEEN THE LINES, IT APPEARS THAT ITS' CONTENT MUST BE BEING CENSORED OR EDITED BY EITHER THE DEVELOPER OR THE SELLING AGENT, WHO ELSE WOULD BE SO AGRESSIVELY DEFENDING THE CONTENT THEREIN?

Afternoon,

I've been reading all your comments with great interest.

For what it's worth, I have today put on two listings, each for a T1+1 in Vista das Ondas; one at 242,500 € and one at 237,500 €.  My client tells me that one particular bank here in Portugal, has valued these at 243,700 €. 

We have a great network the world over and I will be marketing these to RE/MAX Portugal (215 agencies with over 3.000 sales consultants) and also to RE/MAX UK and Ireland - another 200+ agencies!

I will start to market these properties this week and it will be interesting to see what response I get from the market place.  Of course, I'm hoping that they will sell, largely down to the fact that they are in an excellent location and have good rental potential.

I'd be happy to keep you all posted as to what happens and, who knows, if all goes well, maybe I can help with yours too!?

Watch this space...

Declan.

Hi ALL

I understand that the deeds will be ready to sign in July.

FMG

has anyone looked at renting options?, mri are really sinking the arm in, the way they tie the rentals and furniture together, is there other rental companies out there?

donal 

Hi All, I too have purchased at Vista Das Ondas. I visited the development two weeks ago and was very pleased indeed with the progress. The landscaping is now in place and they were putting the final touches to the development. I am working through Barclays Bank in Portugal to get my Mortgage and they have been very helpful. Their Valuation is in line with the price I have paid which in light of developments eleswhere, is a result in itself. I am planning to source my furniture pack locally in portugal and will look to spend arond 6k on this.

Can anyone tell me when we are expected to close Sales. I understand that it will be soon. June 2008?

I guess it depends on whether you can afford to make up the shortfall in the mortgage(s) that is looking likely, along with paying for starter packs and any other expenses that  may have been overlooked. 

I am assuming that most people have gone for the 2 property scenario, on MRI's guidance, which means you will have to come up with double the amount.  Personally I am not sure I want to part with more money on something that is proving to be a nightmare and it might be easier to get out now rather than having to pay for 2 mortgages with minimal lettings and of course being unable to sell due to negative equity or lack of interest due to credit crunch. 

Maybe I am being negative but I am just trying to be realistic.  It all depends on the individual and which route they prefer to take, it could work out out in the long run if you have sufficient funds to cover everything for a few years as I do think Portugal has a lot going for it but it will take years to gain back any money on these places as I just think they were  over priced to being with.

If anybody has any other advice or information, I would be interested.

Hi All,

I am new to this site but some of the feedback seems valid in view of what I about to tell you all.

I had an independent surveyor (english) survey our two off plan site, one T1 the other T2.

the purchase price for the T1 was 199.2K Euro the valuation was 150K Euro!

The puchase price for the T2 was 260.2K Euro the valuation was 202K Euro!

The loss we are looking at is phenominal! I feel let down and would love to hear from you all as to how best to move forward.

Developer's e.mail address is eric@projectsolutions.ie

Tel:  00 353 2346912 or 00 353 214845105

Let me know if you have any luck?

Can anyone please give me details of the developer.

My husband and I are beside ourselves as we have just found out that we are probably going to loose all the money we have invested in this.

Mri have a lot to answer for.

I can't believe they have sent this e.mail.  I am almost embarrassed for them, their aftersales is a total joke.  The only way we can do anything is to make sure we comment on as many web sites as possible and let people know what they are up to.  MRI do not like bad press but they can't stop everybody.  Check out the rip off reports, there are lots of people out there who have already made complaints on how they treat their customers. 

MRI also have a complaints department, I do not think this will do much good but it would be interesting to see what comes back from them, if anything.

I do not think it would have made any difference if you had paid for their aftersales service!!

I think it has become clear we are wasting our time dealing with mri at this stagIe.Lesson learned,I will never deal with them again.Best to speak directly with developer.I was told by developer we will not be allowed to flip properties,but best to ask them yourself.
I m sure they would allow you access to your apt if you ask.mri have no right to tell you that you will not have access to your property pre completion.mri are the selling agent, no more.They are trying to fleece us at every opportunity,fees for deep cleaning ,snagging etc.There is no skill involved in snagging a property,we can do this ourselves and when you buy a new property it should be handed over clean.As regards their rental service ,if experience is anything to go by the only thing they are sure to deliver are broken promises at hefty prices.

In other words no answers to any of our questions. Did you notice that none of this was mentioned when you bought the property, you will not be given dimensions, there will be no problem if you buy 2 flip 1. We where told we will get a visit before completion but that has not happened and will not because you are not aftersales member. No Valuations either.

thought i would let you all know, eventually got my response today from MRI below.

Martin Brown'

This is a joke!!!!!!!!!!!

Hi all   

Received amended valuation  today from the bank .Actual  valuation is 271000,purchase price 276000.sorry for any confusion from previous message.Not too depressed with valuation considering how other property markets have declined over same  period ,notably Spain and Ireland.
Last  visited development in Oct 07 and building work well advanced then.Spoke to developer in late Feb 08 and said internal decorating in progress.Progress of development impresssive,on schedule.                                                                                                            

Hi all

I just got some info from CFP to say that one of the one bed apartments had been valued at 'just over the purchase price'.

Do you think that Banks are now very conservative in their valuations?  Wonder what MRI's valuation would be? Difficulty of course would be knowing if it was accurate?

By 'flip' do you mean sell before completing?  If thats what you mean then I was told 'yes', however MRI will not sell until purchase completed(and it will cost you 10%)

Hi Folks,

It's looking pretty grim for us all.

I personally had expected to have to cough up about €30k to complete on this apartment along withe €33k I have already paid (Including Furniture)and now I will have to look for around €40k more, going by the same percentage decrease that Norry has experienced.

This assuming the banks are willing to give us 80% LTV

I take it we have no recourse and if we can't complete we loose the deposit.

Donal

Hi Norry, have you been over to see your apartment, if so how did the developement look?

Thanks for info Norry

What % increase over the buying price was that?

Which floor? Looking out or in?

Same here, I take it everybody is in the same boat?

Norry,

How does that compare to what you paid for the apartment.

It does not look good for some of use, I paid more than that for my one bed.

DW

Hi all

Just got some rents for a one bed apt from MRI.

Ranges from 88E per night to 44E per night. (Per apt. not per person)

This is about 60% of rates given to me in writing at purchase stage!!

No mention of number of nights/weeks achievable rental per season.

I recon from my calculations that by the time you take off all the rental charges and costs I could just about make enough to cover a years running costs, nothing left to go towards mortgage

Still waiting for conduminium charges and valuation.

sorry ju, we are all waiting on this. I have also contacted Harte Holdings (orginal contractor) to see if they can update me on any information. I will post any details i get tomorrow.

Hi all,

Was wonderin if anyone, particularly those who bought through MRI, have had valuations of their property yet for a portugese mortgage?

Hi all

I will post with latest when I get another couple of replies, expected around the weekend.

Thanks for E addresses

Regards

The legal costs alone for my one bed has gone up £1500 with the Euro rate being low, and £15000 on the property extra will be needed, if we have a devaluation and get less of a mortgage then that will be loads more. I of course have e-mailed MRI but surprise they have'nt answered.

John (Mr Mugoo)

I think it is a good idea to pool our information, my e.mail address is lisa_b1044@hotmail.com. 

Are you going to rent with MRI?  I don't actually think its worth letting with them, this comes from information I have been given, they have a good system but it is in the early stages.  They will only take on so many apartments at a time and try to find rentals for them first before taking on new apartments, which I guess is better than signing everybody up but it is costly.  We were told 12% for letting commission when we first put our deposit down but this has since gone up to 20% plus their various other costs, it all seems to be getting a bit silly now, and we went through their figure on everything they gave us but it seems to have all changed and there is no come back at all on MRI.  I have been checking out apartment prices on the internet for a while now and the figures I am getting back worry me greatly, I have googled new builds, albufeira and you seem to be able to get a 2 or 3 bed with 2 bathrooms for half of what we have paid, but is is difficult to tell from a web site exactly what you are getting.  I hope the valuations do come back favorably but I no longer believe anything I am told about these apartments.  Sorry to be so negative.

Hi Joeyshoes,

I believe it is then that you have to come up with more money (the difference) or lose your deposit.  This of course was not mentioned upon sign up along with a lot of other stuff. 

This happened to a friend of mine with an MRI Spanish property also, who had to borrow the money to add to the deposit so it is obvioulsy not just a one off.  Its just a shame they can't be more honest and up front about it but I guess sales are more important.  My e.mail address is lisa_b1044@hotmail.com, just in case anything happens to this threads, on some of the other sites, they seem to have disappeared, something to do with MRI's legal team.  

L

Hi all

My solicitor says June including habitation license if they can be believed!

Applied for mortgage will see what valuation they give

Furniture. J&O 14K, I contacted them direct and they are sending me brochure. If you use other supplier additional MRI costs of 2100E for standard H&S items including standard sheets, towels,plates etc or 3500E including maintenance fee and 500E held. Seems expensive.This only if you are MRI aftersales client? If not there is deep cleaning etc

I am also dealing with Adobe who have showrooms in Algarve and UK. Will see what economice are like when J&O brochure arrives.

I would also like to know condunimium costs and how development will be managed(eg owners as management company?)

I have other info which I could send you if I had E Mail addresses.  Not much but if we pool resources it might help.

Joey, the only photos seem to be the MRI Jan progress ones?  There is a new Grand Prix circuit nearly ready in Portamio. Thought it might be a benefit? Also more 4*/5* hotels in the area.

Seems rentals are by development and not apartment? Do not know what happens if a client wants to book, who chooses which apt?  Any other good Rental agents about?

That will do for now. Hope it is all a dream and I will wake up at the first party in my apt to meet you all!!

Chins up

John

Yes i got the information about the grand prix and the universal studios(being built 20mins

away) What happens when we go to take the mortgage out and the property is devalued. Mortgages can only be 85% of the value of the property 

Dear MVP,

Can you tell me if the furniture package from Villapac that cost you £5,000 was for a one bed or two.  How long did this take to order?  I have heard good things about them?   

Does anybody know the nearest golf courses to Vista da Ondas?

Thanks

L

For more information on MRI google MRI Sunday Times October 2006 or MRI Irish Times Jan 2008. Very concerning reading.