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About AndyK2

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  1. Please explain something to me. I understand that you couldn´t get a mortgage if you were buyiing off-plan on release, and if this true, what difference does this "news" make? Thanks, Andy
  2. Upward, Why are you buying Astram Towers. It´s 30 miles outside of Istanbul and got nothing going for it other than a supermarket. What is your investment strategy? Andy
  3. No Brian. The initial offer (as referred to by AI at the beginning of the thread) had the option of a bank guarantee at a premium. The current offer (I believe) has an insurance bond covering the deposit to protect the investor.
  4. Hi Soup, I remember that the 207% quoted was based on the premise that if you invested at 65K, waited until definitive planning was approved (still several years away) and then resold for the proposed figure of 135K, this was supposed to represent a gross figure of 207% ROI. Once VAT, CGT and commission is taken into account, the net figure is around 45% - and I believe that this would have been a more responcible way to market the product. I feel that the resale price of 135K is probably attainable in a few years for the best located properties. Many of us in Spain feel that there is a new cycle about to begin for Spanish properties and this would be the sort of development that makes it for the investors who took a chance when the market was quiet. In answer to your question - quietly confident Andy
  5. Good points DB, and a scourge that has blighted genuine real estate agents for over a decade. Possibly when Spain first took off, returns of 25% were the norm, but as you and I know it rarely happens anymore. Furthermore, what the agent isn´t telling you is what the net gain is. In many cases where property has actually appreciated 25% and has a resale value (applies to the best located properties only), closing costs when initially purchasing the property and taxes/fees when selling it, negate the profit. There are clients who buy 10, or even 50 units at a time, but these are extremely rare, and I have only seen it happen twice in my professional lifetime. What the agent isn´t telling you is that he had to take such a big cut in commission, that he would have been better off allocating the time spent on brokering this deal to a couple of his regular clients, and would have made more money! Your final point about clients buying multiple properties "all over the world" does happen more frequently than you would probably believe. If a client has £100.000 and wants a mixed bag of investments, it´s possible to have 4 or 5 investments in different continents which will all perform to a degree, and one of them will perform spectacularly. This is more by luck than judgement on the agents behalf, but he (or I) will concentrate on the one that performed spectacularly to all his future clients, rather than the moderately performing investments. I would like to believe that irresponsible agents can no longer get away with "blagging" clients because of the volume of information that is available on the internet and forums such as this. I hope that the future would see agents offering justifiable investments with a transparency not so commonly seen in the last 5 years, and also clients who will accept that 25% net gains and 20% rental yields are just ridiculous requests.
  6. Hi Soup, Apologies for the delay in replying - Christmas and stuff. I still believe the original offer was a very good one. The one you may have been contacted about is for smaller plots at the back of the proposed resort rather than the front line golf plots that Austrailian Investor initially posted about. When the original plots were offered over a year ago, these were priced at 65.000 €uros. They are much larger than the plots you refer to and much better located on a south west facing hillside overlooking the proposed golf course. I think that if an investor got involved at the very beginning they would be happy now, bearing in mind that they have the option of flipping it now and taking a small profit (remember that only 20.000 €uros has been paid at this stage) or hanging on for either the "dedicated resale program" offered by the developer or build a property on the plot once definitive planning has been awarded. In terms of planning permission progress, the path is long and arduous (although not quite as long and arduous as in the UK). The initial plans were submitted in September last year together with enviromental and socio-economic reports backing the application. There are several issues that will need to be addressed (such as the relocation of wildlife) before outline planning is permitted (the uplift of the land status from rural to urban) and then the definitive planning will be applied for. There are clauses in the contract that state should outline planning not be awarded by December 2009 that all monies will be refunded, so it´s not really possible to lose out as far as the investor is concerned, and (in my knowledge) the project has always been promoted as a long term investment. Construction is not scheduled to start until 2010/2011, so investors should be aware that if they were considering building on their plot and either renting it out or living in it, the earliest that they will see the completed project is 2012. I hope this helps, but please don´t hesitate to get back to me if you have any further questions. For any cynics out there - I am not an agent selling this resort!
  7. Hi DB, I don´t know about Turkey, but 10 years ago I opened a savings account in Bali when the rates where really high. Put a small amount in there and I´ll see what it´s amounted to one day (AKA Restaurant at the End of the Universe). Best people to speak with are probably isbank.co.uk - a Turkish bank in London who might be able to advise you. As for Astrum Towers, it´s about as far outside of Istanbul as Watford is from Trafalgar Square. Invest in central Istanbul if you can, but I wouldn´t go for a domestic rental two bedroom apartment because it´s near a big shop, when you can buy a three bedroom villa on the coast for the same money.
  8. Hi DB, Wow! Haven´t done this for a while, but here´s your answers......... First of all, agents want to sell the item that offers them the greatest commission. Some agents get as much as 15% from some new developments (This isn´t the norm, but I´m making a point). A client would never dream of paying that, because after the CGT, their investments are non-profit making. Secondly, what you (or the investor) is trying to sell was last years "fashion". Whether it´s Saidia, Bulgaria or Cape Verde, and irrespective of what a good deal is still on offer to second wave investors, these investors want subsidised inspection trips, and there´s simply not enough profit in it for the agent to warrant this (and it´s a one-off investment, whereas in Saidia, for example, most agents have got contracts with all the developers and there is a huge range of choice). There are also several other issues which make the sale difficult. When a selling client has paid (say) 30% of the purchase price and wants to take his profit on a contract resale, the new purchaser might have to put up (say) 50% of the revised asking price. And then there is client greed. They see the developer of their project asking 40.000 more for an adjoining propertyand assume they can get it themselves. Where the agent should make the effort is by explaining to the second wave investor the truth in why the contract is back on the market, but as one of those ex-telemarketers who did actually resell a contract for an investor and then never saw a penny of commission, you lose a little bit of faith in the concept of customer care and returning business. Agents are no angels (!), but it´s six of one, half a dozen of the other in my opinion. I´m happy (as an agent now) to promote anybodys contract resale, but there has to be an investment angle in it for the new purchaser, and a clean line to purchase - ie if you are selling the product YOU provide all the due diligence, floor plans, building licences, details of moneys paid and required etc. You are an experienced investor DB, but many would not know where to start, and I´m not a charity! Happy for you to pass my name on to anybody who feels they are not getting a proper service from their agent, and let me know if I can be of any further help Andy
  9. Hi Soup, Been working as an independent since August. Still in touch with the guys at Property Showrooms and there may be a couple of opportunities for us to work together in the future. Andy
  10. "Fair cop guv". Been nicked by the Forum police. Rule 1. Never post any solid investment opportunities that might benefit the subscribers of this forum. Going to pack my saffron robes and head off to Burma. I hear they are more understanding there. Oh - before I go. Yes Catara, I used to collect stamps too. American retirees used to move to Panama when they could borrow money from American banks. Now they can´t. Fortunately, Canadians (who don´t default on their loans quite so often), still regard the Dominican Republic as a nº 1 holiday destination. Adios
  11. Catara! Yet to see a positive post from you about any investment! Do you have a life beyond criticising other peoples threads? I have not got the time (or the inclination) to go through all your postings, but imagine you have dissapproved of any country or investment that might actually generate a real profit. I very much doubt if you would recoginse a good investment if it bit you on the ar5e! As for Panamajack - why does "everybody" claim that Panama is this years "fashion", yet nobody wants to buy there? Seen you disapproving of Morocco, yet fail to see what alternative you can offer (really!). The bus has gone in Panama. The bandwagon is rolling along the street, and anybody who jumps on it now is on a long, slow ride to nowhere. You´re as guilty as all the rest of jacking up prices beyond an exit strategy - well at least I´ve found a genuine investment opportunity. Boys/Girls - if you can´t afford it, you cant have it. I don´t waste my time posting adverts all over the internet. I source good investment opportunities and let people know about them rather than keep them to myself. No doubt Catara will be back on here with some septic rebuke, but this opportunity is good - is very good. If you can´t see that, that´s your problem chaps - not mine! Thank you. I´ve had my rant. Andy
  12. A tenner? Maybe there´s somebody out there who wants to make more than 10% of a tenner every year. Moose - try one of those Eastern Europe "emerging markets". There´s always an agent out there happy to take a tenner. Good luck buddy
  13. Hi, The deal is at the Punta Perla Resort in Dominican Republic - normally 8% for 5 years - but they have a client who urgently needs to pull out of two 2 bedroom apartments ($425.000 each) and a two bedroom bungalow on Star Island ($1.100.000). The developer wants these sold quickley and is offering 10.70% for a ten year period. Deposits of almost 50% are required. Please email [email protected] for more information Thanks, Andy
  14. They already have, but for a prophet and saviour of mankind, I was suprised you didn´t already know that!
  15. My mistake - I thought we were talking about investment opportunities. Yep, a big bomb in (insert name of resort or city) will do your investment no good at all. Neither will accellerated global warming (watch out Cape Verde!) nor a financial super-crisis (good morning America) nor a change in what is deemed as fashionable (night night Montenegro). At the end of the day it´s your choice based on your own due diligence and perception of what your investment will do for you.
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