Generator on Manzana 4, RVA 1 is now without fuel and houses (some but not all) have lost their electricity supply. Fadesa do not know when it will be refuelled.

Hopefully we can find a short term let on another townhouse/apartment on one of the other developments as i doubt there will be anything resolved this side of the weekend.

I will update as and when i here anything throughout today.

I am also a plot owner . What are your plans are you going to keep the land. I think all plot owners should get together on this site and discuss the best way forward . What happens if we complete .Will costa esuri still be maintained questions like this .

Hi Jag,

See you Monday. I think his is probably the most honest post so far from the coal face.

I have already committed so I do not feel able to contribute cash but any other help I can give I am at your service.

My deep felt view is that Fadesa are at the brink if they tip over the edge then the one thing that you can be sure of is that the purchasers will be near the bottom of list to get any refund.

Your analysis is spot on the debts of companies in this situation grow with time and the world situation is almost bound to mean their assets will decline in value.

The big unknown is what happens next in the bigger picture? If a FannyMac does go under somewhere else in the world the repercussions could cause Fadesa to tip over the edge. They have no control of the world scene so in my view you have to plan for he worst outcome and hope for the best.

The big imponderable for us plotters is the electricity. It has been a godsend to those who did not want to complete just yet. A perfectly legal way to hold off whilst committing Fadesa to get on and finish. This has now become our sword of Damocles we hold out too long and Fadesa are tipped over then the prospect is not good if we complete will the electricity come?

Each month for the last 12 Fadesa have told me that the power will be on by the end of the month, it has not been. It got so bad that they said the last time "if the builder has a big generator on site at the completion of your build we will pick up the hire and diesel cost until you are connected. Posters from Rago 1 show this to be a dangerous route to go down.

They have also told me and others that it is no longer them but Endesa who is now responsible and that they will connect soon. See Dantill's recent post.

Of course if we had each had a Bank Guarantee then it would not have been a problem those who wanted to could have activated it when the handover date passed. IF THEY HAD HAD A HANDOVER DATE IN THEIR CONTRACT to match the non-existent guarantee. I was very nieve in 2003/4 and did not know the importance of these things.

In my view there are a series of steps that plotters should look at:-

1. Does you contract contain a completion date and was a BG issued and kept current.

If the answer is NO then you have to decide whether to go forward or not? If the answer is YES do you activate it ?

2. If NO is the answer the electricity becomes the overriding problem. What is the truth and are Fadesa out of the picture? If they are and Endesa are responsible then it will come eventually and in the period between completion and finishing your build (12-18mths) it surely must be there.

There must be someone who is able to give a truthful answer to that question who we can trust and believe.

3. For those who cannot afford to complete in any event joining a group such as this which engages a totally neutral campaigning consumer Lawyer well versed in Spanish building/consumer Law might be the only way forward to salvage anything.

I do hope Fadesa survive so that we have time to take measured decisions and our homes are part of a proper community instead of a part completed building site.

Regards,

John.

There is a site on Brit Expats which may be a useful medium for plotters. It's called (I think) Plots at Costa Esuri.

I'm not a plot owner but on RAGO 1 so obviously the electricity supply is my problem. I have spoken with my solicitor this morning who has informed me that Fadesa are actually at the town hall today trying to sort the final connections with Endesa (how true this is I'll let you decide). I am due an update call later today so will let you know if anything comes of that.

All in all I believe the electricity will be sorted, it is purely a matter of timesclaes

Hi It may have been 20 yrs ago, but I feel you are spot on - having trawled a lot of the Spanish papers' articles they generally report simliar.

The projects in Morroco have been shelved and the % owned projects are looking to be sold to the partners.

They are looking to get cash in asap, so if the electricity is stopping the completion of the plots then I feel a lot of pressure will be applied to get this done - this time the pressure will be coming from banks etc - so hopefully may carry some weight.!?!

I agree with you it will be sorted but when who knows! I have spent more than I should convinced that it would be available by October when our build was due to finish. If it is not there I carry all the risk since I am the promotor (which is usual for a self-build in Spain) and the council will not issue a full LFO to me until it is.

With regard to Rago 1, this could well be outdated information and if so, apologies to all you Rago 1 owners. Good luck with your community………..!
But, as far as anyone is aware, as yet Rago I’s Community of Owners has not been set up. Fadesa are still “looking after” it.
Is anyone aware of community meetings taking place ?? Are community charges being made ??
Hence, no Community, no management company, no ADA.

People, people, people, let’s put this into some perspective -
Fadesa are on day one of bankruptcy with debts as quoted ‘in the region of €5.5billion’. The administrators are barely in the door in an effort to aid and assist.
Is it truly believable that one of their first and foremost priorities is to get on that phone to ADA to tell them not to worry about the generator on Rago 1, they will pay for it !!!!
Naturally, the banks, the many creditors, the government and everyone else are waiting on hold whilst ADA are on there, chatting about the generator for Rago 1.
Did anyone see those little green men last week up there on Rago 1 ?

Unless ADA are the officially contracted management company employed by the Community of Owners for Rago 1, how are they going to “contact all owners on Rago 1”.
Surely Rago 1 owner’s private contact details have not been forwarded to them by the developer, this is in breach of the Data Protection Laws that ADA are always happy to quote whenever presidents from other communities request information from them regarding contacting their owners.

And, ADA are going to “ask them to pay for the upkeep of the generator”……people, people, people, please realize that the generators are hired, the hire company does the upkeep of the generators and if they break down they are replaced.
Don’t be in such a hurry to accept this “kind offer of assistance”.
Better you establish contact amongst yourselves, organize ourselves and employ your OWN INDEPENDENTLY SELECTED management company.
Better you organize yourselves and if need be, those of you who can be bothered, collect funds and pay for the generator yourselves. It’s not that difficult.
Don’t hurry into this sort term fix with ADA. Take if from all of those who were forced by Fadesa into communities with ADA as their management company – your pocket will develop holes with cash flowing out faster than water.

JGB - ADA are the management company for RAGO 1, I have copies of the minutes from the meeting when they were appointed and they regular contact me to update me on situations. If anyone would like these minutes etc please PM me. I have contacted ADA today regarding the situation but unsuprisingly have not had a response yet

Any update yet they must have closed for the week by now?

I spoke to the Spanish Lawyer presenting my London lawyer - do not ask!
She was very good. She stated that the press are talking things up - they have newspapers to sell! She has spoken to Fadesa and arranged completion first week in August along with quite a few others - sounds like a big signing ceremony - conveyor belt style......

I agree on the electricity. This is now a political issue as well - so two large companies - not joined up in their thinking will also be an embarrassment to the Spanish Government. Everyone needs cash inflow and more importantly credibility to resolve issues.

No - nothing new there then

just got back from esuri rago1 after five lovely days,no powercuts.as we left had a good look at the diesel level on the generator, it was over half full.also took a photo of the new shop, well the sign! regards

excellent - my brothers there until Sunday so it sounds like he'll have enough diesel to get through