Fortaleza

They are buying so cheap there, they can afford to take offers of well under the market valuation of any given time and still make more off it than if they had it in a bank. Also, there's rental - and not the unrealistic holiday nonsense where owners charge the earth for a week (if they calculate what they actually make in a year, they'd be better off doing a 12 month contract where a) they'd earn more and b) the property would better looked after). If they can pull in €6000 a year in rent (just €500 a month) their investment is still working hard for them.

olivia

Absolutely! some poor folk will wish they had rented! and some others will be unable to buy and renting for years. The property market is surely in the doldrums!

chrismortley

I heard a similar sort of story on our last visit.
I was told speculators were looking for properties well below book price ( probable thinking of handing the keys back as a last resort ) & offering 50.000 euros less.
Some people with severe financial problems had no choice left to but accept.

Veleta

Have you ever been to CE? All the gardens are finished and all the pools are open. It's just that some people are disappointed with the end result. Laying him off wouldn´t make any difference if they have already finished construction at CE.

I would be more concerned about those people who have bought from other developers at CE whose properties aren´t yet finished. What is happening to them? Are they still being built? Have they gone out of business? We hardly hear anything about those people on this forum for some reason. It's all FADESA FADESA FADESA.

I´m having a long weekend away this weekend and am going over to Huelva province.....after all I read on here I don't think I am going to be able to resist a little sneek peeky at CE to see what all the fuss is about.

chrismortley

Please report back on your findings,
I go there quite often I normally play my golf there & I have my own opinion on the Esuri project.
It would be interesting to hear the conclusions about the place from someone with an un bias view visiting there for the first time

Mitzyboy

Take some pics, I'm interested too

EsuriJohn

I reported on here about 2 weeks ago that a big development at the gateway to Esuri Urb, Sea and Sun was being worked on furiously 7am till 8pm they intend to finish half by July and handover and the second half by December. There are other smaller developments going ahead as well. The big imponderable is Tasa right at the top at the back of the site that does not seem to be moving at all and since it is well away it is not noticed as much. The worst aspect is the Commercial centre right at the entrance and the hotel opposite the golf club. If somebody would take a punt on these it would make a huge differance to the appearance of the whole Urb. Generally where Fadesa developed and the infrastructure is looking pretty good with lots of green growth and well maintained gardens and verges. Both golf courses look fantastic and are being very well maintained and are growing in popularity as you can see by the numbers in the car park which include coaches and minibuses on some days.

Fortaleza

JDR was referring to Fernando Martin, the founder of Martinsa (Martin SA) who put his company into massive debt just to take over Fadesa by borrowing something like €4bn for a €5bn takeover deal, which when the banks called in the debt dragged the newly formed Martinsa-Fadesa into administration. He's the head honcho of the global company and getting rid of him wouldn't have any affect whatsoever on Esuri. What people affected by the MF fallout (and there are many of them) object to is that the man who brought about the collapse (and the loss of so many jobs) is still drawing such a high - or even ANY - salary.

Whilst Esuri seems to be a big deal, it is actually only a very small part of the Fadesa empire, and given that they consider their end to be completed, I doubt it is giving any of the administrators any concerns apart from the individual contractual disputes. Also, as there are around 1000 unsold Fadesa units (around 1200 are sold), I imagine the administrators would be keen to offload them as it is ready cash - even if they sold them off at just €100,000 each, there's a €100m right there.

True. There are people - not just Jose Public but in the media & press too - who when they refer to the Esuri site they use the blanket term Fadesa (or Martinsa Fadesa). Fadesa have completed their side of the bargain minus Commercial Centre and Hotel - people harp on about the Marina, but this wasn't part of Fadesa's original commitment. The other 3000-odd units belong to several other companies and if these are all still in business (that's a big IF) I would still doubt they would want to continue building at this precise moment and my guess would be they won't start again until the market looks rosier. I know a couple are rumoured to be going forward now and people have seen some activity in some areas, although it is my understanding that on at least one of them builders were sent in just to do 'clean up' work, preparing the sites for long shutdown.

Furthermore, if what I am led to believe is true, some of the supposed non-Fadesa developers are in fact related to Fadesa (whether a subsidiary part of the group or a completely seperate entity set up via Fadesa).

Make sure you have your jabs and bring your passport

EsuriJohn

The demise of MF has certainly hit the Spanish hard if you travel from Burgos to Sevilla on the new motorway you pass a number of Fadesa developments way up country that look so folorn with no activity at all. These represent thousands of properties spread across the heart of Spain on the outskirts of cities that ordinary Spaniards had put their deposit on to have a "home". This is where the heartache is they stand to loose everything. They were not speculating on buying three to flip two to pay for their home. They expected to pay a mortgage for years having begged borrowed or stolen the deposit to get started and it could be all gone since they did not get the BG that should have been in place just as it should have been at CE.

anna58

Well said, not investors, ordinary people.

Fortaleza

RIGHT - having had a several people contact me about trying to sell their unit since posting about the speculators yesterday, I need to stress IT IS POINTLESS CONTACTING ME - I am not an agent, have no intention of being one, and wouldn't know where to start!!! I was merely helping out a friend as friends of his - said speculators - were visiting Esuri but were worried about speaking English, so I just tagged along.

I don't have their email address, don't even have their address. Just a mate of mine from a local bar asked me to help them out. That's the full extent of my involvement.

I've no doubt they'll be back and as I've responded to those who have contacted me, I will pass on the basic info given me. My involvement stops there - I don't went to get embroiled in this.

Besides, the prices they are looking at buying at are a lot less than you are all hoping for.

gerrythephone

Go on Fort become an agent.You will then have the two most loved occupations in the world-Estate Agent AND a hack!
I can see it now FORT-ESTATES.ES

Fortaleza

With a Solicitors subsidiary to complete the hattrick!!!!

Wouldn't be the first time that would have happened in Ayamonte

chrismortley

Quite a few in fact

Fortaleza

Chris? What are you saying? Estate agents AND solicitors in cahoots??????? Surely not!!!