Wots going off then! Last time I popped in we were back to normality and Jags Telly Who's been re-inventing themselves?

Why are CE owners so insecure, are they frightened of the illusion crashing down like a pack of cards. Golf anyone

I would be insecure there knowing Fernando Martín is still drawing 75,000€`s a month to continue with his cock ups of Fadesa.

If it´s in the papers then it MUST be all true!

But insecure about what precisely?

I think it was Fortaleza back along that said of all the developers at CE, Fadesa is the only one that has completed all their properties.

It is the other smaller developers that are stopping mid project, and that is far more worrying.

Ive removed a fair few off topic posts and troll posts

Hopefully we can keep on the topic of CE for the future and in a lighter vein

It`s a bit of irony, maybe you missed it. ;-))

Knowing that one of the people responsible for bad management was still being paid 4,000€`s a day to carry on doing what he is capable of, faff all.
Lay him off for a couple of weeks and all the gardens could be done and the pools open etc.

Naughty, I lost some karma. ;-(

You want Irony, JDR????


I spent a few hours today in 'enemy territory' with a couple of investors from Seville and one from Madrid. They showed me all the ones they have or are buying up, and want more. Don't get your hopes up though - it is not a happy story. These are guys that are stepping in to buy from those who are about to lose their place because of mortgae defaults. They are taking on places for a little over what is owing on the mortgage.

But from what they were saying this morning, they seem to think that it is even better rto work with the banks now as they are - according to them - not holding back and going for the jugular on any bad debt no matter how small. They said that they now might be better off waiting for the banks.

BTW - this is not just an Esuri thing, they are looking everywhere. It's just that they see Esuri as fertile ground.

Probably won't be of concern to many Brits with mortgages who may not be concerned that their credit rating is screwed in Spain after a reposession - yet I don't know to what extent countries share credit reports these days and if they are influenced by them.

It was fascinating (and a little disturbing TBH) to see them at work and what they have already accrued.

Thanks for the plug darlin'

I thought you were snapping up all the property on Christina & intend to make it a Welsh colony.
Are you going to be a dictator , president or perhaps King John has a nice ring to it

What????? Amd share all the sheep??? No chance!!!!

Seriously though Chris, I have to admit to feeling a bit uncomfortable with what these guys are doing. I knew they were doing it but I just thought it was the odd house here and there - they're snapping up bloody loads of them all over the place. And like I said, not just Esuri. I know it's just basic economics and all that - one man's crisis is another man's opportunity, but this is something else.

They wouldn't be doing it if they didn't think Esuri was going to come good again.
No interest on their money in the bank, they speculate.
Its going on here too. We should be feeling sorry for those caught up in it who have to loose out.

True, true. But the problem here is that they know that a) there are many people who bought multiple units in the hope of mutliple quick sales and massive profit which didn't materialise - so they now have multiple mortgages on which they are defaulting; b) they are buying at such a low rate they don't need the market to recover too much to make a profit - truth be told on some of the stuff I saw, if they sold next week at, say just not much more than €100,000 they would be in decent profit for very little work. Admittedly, they are banking on sitting on properties for some years until they can get exactly what they want out of them but it seems they are going to Esuri now more for the fact that there are so many pickings for them at the moment, rather that they see it as a place where they will reap massive margins. They told me that in Aljaraque, Portil, Rompido and some places on the far outskirts of Seville, whilst a safer bet for good margins when out of the recession, they are having to cough up a lot more now for each property than they do in Esuri - which is why it is attractive to them.

Being told about it was one thing - seeing it in action was frankly quite another

It will take 10 years or more for places like Esuri to pick up. Suppose they may as well take a chance though with interest so low it's not worth putting spare cash in the bank.