Site Update - Oct 2007

[davmel]

Hi All,
I just returned from a week long site visit travelling Fez => Chefchaouen => Tetouan => Alcudia Smir. In the process I gathered a few key take aways;

1) The country and location are both beautiful

2) The quality of the build in the show apartments is better then expected

3) There are very significant delays in the construction schedule (At least 2 years)

4) Only AP 1-3 and V1 have signs of actual building in progress

5) I think there needs to be some serious questioning before the 2nd payments are sent. There is not a single block laid in my apt (AP5) and they want more money...... Don't think so!!!!!!

I've loaded a series of PIC's on YouTube at:
http://www.youtube.com/view_play_list?p ... 99E8954323

Video of Site;
http://www.youtube.com/watch?v=HEvoP9JxlR4

I have other video footage that I will post over the next few days.

Rgds
Dave

PS - Anyone got ideas for easy sharing of video and pics?

[davmel]

Link to additional video footage showing progress from the Cornice, West of the Site & Motorway etc.

http://www.youtube.com/watch?v=xk--puSkeVQ

Let me know if you have any questions.

Rgs
dave

[jimbo]

Hi Dave, I am glad to hear your recent updates on the "progress" in Alkudia Smir, I too have bought in AP5 and have been on to my lawyers about my 2nd payment which is due now and I am transferring funds to their client A/C. At this stage I am still happy with the purchase but annoyed with the delay in completion but what can we do at this stage ?. I have been informed that I will have to pay no more payments until the final payment on completion.

[mcneilee]

hi much appreciatted for the pics & video

hi here theirs problems with a delay & the staged payments

this is the staged payments don't know if i'm giong to have to have a talk with fadesa about it

AP-7

1st payment
15% +VAT 173,296.09 DHS Before the end of this month

25%
Staged payment 57,765.36 DHS 15/08/2007
Staged payment 57,765.36 DHS 05/02/2008
Staged payment 57,765.36 DHS 05/08/2008
Staged payment 57,765.36 DHS 05/02/2009
Staged payment 57,765.36 DHS 05/10/2009

60%
693,184.38 DHS On completion time

[davmel]

I have now asked my solicitor (Manzanares) to formally request a revised completion schedule. I'm pissing against the wind on my own, but if we all do this i believe there has to be power in numbers.

They have 20% and done nothing to date so giving them another 20% over the next year without some committment is madness.

In any house purchase staged payments require progress by the builder. Even worse, my belief is that in Morocco it is illegal for them to demand payment before the foundations go in.

We need to limit our exposure in an uncertain market.

Rgds
dave

[Trapper]

Quick off-topic question for dave ~ how are you finding your solictors (Manzanares)? Are they any good?

[davmel]

Like all solicitors "CRAP". Their only saving grace is that enough people are with them for them to be listened to e.g. Bank Guarantees etc.

[ScottieDog]

davmel - the pics and video are great.

Thanks for the update.

SD

[1frenchy]

Thanks for the video

[Trapper]

Like all solicitors "CRAP". Their only saving grace is that enough people are with them for them to be listened to e.g. Bank Guarantees etc.

Dave ~ Are Manzanares charging you 1500 euros for their services? I want to comapre their prices vs. a couple of other solictors I have also asked to quote me. Thanks.

[davmel]

Hi Dave, ..............I have been informed that I will have to pay no more payments until the final payment on completion.

Jimbo,
If you check the details i think that some buyers have to pay an additional 10% in Oct 2008 and balance on completion (Whenever this is ordained to be). I've insisted on a completion schedule being issued.

Rgds
dave

[davmel]

In case anyone is interested this is the link to the Fedesa Property Servicing Company:
http://www.conforta.org/english/home.htm