Planners Have Made Fadesa Change Alkudia Plans

[shak]

MY REPLY IN BLOCK

Shak,

You're losing me as one of your advocates...

NO, DONT DO THIS AS I NEED ALL THE FRIENDS I GET ON THIS FORUM.


Either Morocco is a seriously under supplied market or every property expert this side of Mars is completely and utterly mad.

I RESERVE MY VIEWS

I don't have any doubts that Fadsa will sell every single unit on Alkudia, and their next development and their next one... The only risk they have is if the quality of the first few units is poor, which is why I don't think they will be.

WE WILL JUST HAVE TO WAIT AND SEE.

If you think that the current number of developments being built now, or being built in the next 5 years will satisfy demand for apartments in Morocco, then I suggest you do more of your due dilligence on the tourism industry and foreign inward investment forecasts for the region...

MY FINDING HAS A DIFFERENT SLANT ON IT.



Secondly, those willing to take the risk of buying off plan are in the minority - hence the healthy resale markets in Spain or anywhere else for that matter.

EVEN AT THE HEIGHTS OF SPANIAH PROPERTY BOOM SECOND HAND PROPERTY WERE ON THE BOOKS OF THE AGENTS FOR AVERAGE OF NINE MONTHS AT PRESENT ITS WORSE, OFCOURSE IF YOU GIVE IT AWAY THAN THE SITUATION CHANGES


As such, even when Alkudia is only partially finished, there'll be a ready supply of buyers wanting to jump the queue and buy a finished or near finished apartment.

WE JUST WAIT AND SEE

Look, I completely agree with you that buying on Alkudia is risky. I wouldn't be showing any interest if it wasn't because no risk = no serious

ANY THIRD WORLD COUNTRY IS RISKY AND I AGREE NO RISK NO GAIN HOWEVER I DO BELEIVE TAKING A CALCULATED RISK AND MINIMISING KNOWN RISK FACTORS WHICH ONE CAN.

profit... The apartments might be crap when they're finished, but I'll bet my car with you right now that it will still sell for at least 20% more than I pay for it, within 2 years.

DEPENDS WHICH CAR YOU HAVE??????

IF YOU DECIDE TO NOT TO ADVOCATE FOR ME. I EXPECT IT WILL NOT BE ON THE GROUNDS OF DIFFERENCE OF OPNION AND NOT FOR ANY OTHER REASON.

shak Posted: Fri Oct 06, 2006 2:40 pm Post subject: no of units

[sabrina]

I hope you are right Romablade, i would want to be able to sell for a profit as quickly as possible.
I do think that there are alot of developments in Morocco and more planned. There are lots of Moroccan builders jumping on the bandwagon. There are completed properties in Tangiers which look desserted.
My biggest worry is that there are other developments in almost every country possible for holiday homes and investment property and as soon as one market crashes it will have a knock on effect.
I can't help feeling that 59K for a two bed one bath is alot to pay for Morocco. There are no cheap airlines flying to Tetuan either.
Other more exotic destinations are cheaper and have guarenteed rentals.

[shak]

Be careful guarenteed rentals, are front loaded. If you are in this situation ask the sales staff to give the equivalent % is discount. They will, no matter what is the state of the market

I am not trying to insult your maths but if the property is 100,000 and they give you 6% per annum for three years, you ask for 18% atleast plus a litttle bit of compunding interest for the 18%. have your reservation money ready.

As, I had said on the forum we have a choice and you have clearly highlighted them and I am talking about choices in Morocco and not other parts of the world.

Wether the builders are Moroccan, English, French Spanish etc, you still have to do your own researh.

knowledge of one builder should not make you sit in comfort zone that it would be all right.

[romablade1889]

DEPENDS WHICH CAR YOU HAVE??????

IF YOU DECIDE TO NOT TO ADVOCATE FOR ME. I EXPECT IT WILL NOT BE ON THE GROUNDS OF DIFFERENCE OF OPNION AND NOT FOR ANY OTHER REASON.

shak Posted: Fri Oct 06, 2006 2:40 pm Post subject: no of units

Shak - I don't know you so how could I judge you on anything but opinions expressed on this forum... I think alot of what you say is sensible and is stuff any right-mided buyer should be investigating themselves... However, recently - and I'm going to be compeltely open and honest here for which I hope you'll respect me - you seem to be losing the plot and are being wound up too easily by others on this forum and as a result you're starting to post nonsense, driven seemingly by a desire to be seen as radical...

We don't have a disagreement of opinion. Generally we're both on the same track. However, 99.9% of prospective buyers see Fadesa as a shining light, a very reputable award winning builder... Don't you see, these are the same people that would be buying from us in 1, 2, 3 or 4 years time... Buy from an unknown builder and you lose their reputation as a selling point.... For every sh1te build Fadesa have done, they've built another 5,000 that are seen as outstanding...

I agree with you. There's risk attached. However, although I'm waiting for the final plans, specs and T&Cs before I finally decide to buy or not, I see that risk being negligible. I'm happy to speculate on the fact that even if apartments numbers 500-1200 are crumbling jobs that make my efforts of DIY look quality, the first 500 will be perfect (or quickly made perfect). Put yourself in Fadesa's boots for a minute. You've built and sold, say, 250 units and have over a 1,000 still to sell off plan. Are you really going to want prospective buyers walking around the finished part of the site talking to disgruntled buyers, seeing for themselves a shoddy build quality...? Dspite the allocations debacle, the Fadesa managers aren't stupid...

[romablade1889]

I hope you are right Romablade, i would want to be able to sell for a profit as quickly as possible.
.

Sabrina,
Be careful and be realistic with your forecasts. Shak is right in the respect that whilst the other 1,000+ apartments are being built, you'll be competing with the off-plan apartmets for buyers.

That said, whilst there's still off-plans available, the Fadesa marketing machine will still be operating, attracting buyers to Alkudia that then might decide to buy a re-sale for immediate occupation...

I'm actually dissapointed that phase 2 has only increased in price by 5%. This means those of us that buy the first few apartments are only getting a 5% reward for the risk we're taking (again Shak is right - there is risk in buying off-plan and being the first to take the plunge - the risk of the unknown)... I would have been happy with a 15% hike, and comfortable with 10%. 5% seems neither here nor there. It really depends how many apartments are in phase 2. It could be just a few and they might quickly release phase 3 with another 5% premium. These are questions I'll be asking before I sign a contract for my apartment.

If you're looking for quick a quick sale, ensure the location of your apartment is good. Near the front, sea views if possible and close to the pool - preferably overlooking but not too close that it's noisy. And, if it is near the border with another 'parcelle' ask Fadesa when they intend to build on this. If you're looking to sell in say, 12 months time, you don't want building to be in progress right nextdoor. Preferably your neighbour's will be completed apartments or second best just clear land...

Then decorate it tastelfully. Focus on the essentials and don't worry about luxury items like plasma TVs etc as you won't get a return on that investment. Cheap but tasteful sofas, cushions etc. Remember, you're likely buyer will be someone who wants to jump the queue rather than wait for off-plan. They'll pay a premium for this, so ask more than the current off-plan prices. Also, make it look like the finished article, ensure you have the essential furniture and fittings in place - microwave, fridge, freezer, sofas, beds, bedside cabinets. Put up a few pictures and ornaments but don't spend too much as these are purely to clinch the sale. The new buyeers will probably replace them when they move in anyway. And get some plants and keep them alive. Look at some of the resale properties available on the internet (any country, it doesn't matter) and the most attractive ones are those with exotic plants on the balconies. If this attracts you, then it's bound to attract other potential buyers. They're buying in an exotic country, they expect a few palms and firns on the balcony and plants are cheap (providing you can get someone to water them for you - dead plants are a no-no).

Rental - if you're thinking of renting and don't need a guaranteed return, speculate a little and advertise it via the Internet. Don't focus on the English market initially as this is immature. Go for the Spanish. Keep an eye on the Moroccan market as personal wealth increases in Morocco this will take-off... The tents on beaches will start to disappear and Moroccans will be looking for more luxury holiday accomodation. but don't expect year round take-up. The Spanish generally only holiday in August (same for the Italians). It seems to be the same for Morocanns.

Hope this helps.

[ScottieDog]

Back to the topic - I asked my agent if they had heard of proposed changes and they said they haven't.

Anyone actually know for a fact that the plans have changed?

SD

[Malone73]

I called Fadesa and they confirmed they didn't get their full request, and it would be changing. New Parcelle PDFs will be released within two weeks. Just have to wait...

[mcneilee]

yeh i got called the day it looks like it will be reduced by 20% they seemed to have been told localy the plans where ok but the goverment said they had to reduce the dencity

maybe they could throw in aircon for all the hassel fadesa has caused

[cojty]

I hope you are right Romablade, i would want to be able to sell for a profit as quickly as possible.
I do think that there are alot of developments in Morocco and more planned. There are lots of Moroccan builders jumping on the bandwagon. There are completed properties in Tangiers which look desserted.
My biggest worry is that there are other developments in almost every country possible for holiday homes and investment property and as soon as one market crashes it will have a knock on effect.
I can't help feeling that 59K for a two bed one bath is alot to pay for Morocco. There are no cheap airlines flying to Tetuan either.
Other more exotic destinations are cheaper and have guarenteed rentals.

Do not forget that the season in Northern Morocco is actually about 5-6 months (3 moths of unbearable honess and 3 months of cold winters, almost freezing).

There will be 5 new Plan Azur developments and all of them have lots of ammenities.

[Pinky]

If you look around you will find that alot of the available properties on the med coast in morocco start at 90k for a one bed appartment. So I dont think we are doing bad at what we are paying!! Also, I am looking to fly out in March to see whats going on and have discovered that Royal air Maroc is now flying from Heathrow to Tangiers direct for £185 return!! Yippee, good news as far as I can see!!

[Pinky]

If you look around you will find that alot of the available properties on the med coast in morocco start at 90k for a one bed appartment. So I dont think we are doing bad at what we are paying!! Also, I am looking to fly out in March to see whats going on and have discovered that Royal air Maroc is now flying from Heathrow to Tangiers direct for £185 return!! Yippee, good news as far as I can see!!

[cojty]

If you look around you will find that alot of the available properties on the med coast in morocco start at 90k for a one bed appartment. So I dont think we are doing bad at what we are paying!! Also, I am looking to fly out in March to see whats going on and have discovered that Royal air Maroc is now flying from Heathrow to Tangiers direct for £185 return!! Yippee, good news as far as I can see!!

The supply of apartments is still limited, but in 3 years time there will be more than enough apartments in Morocco. And every single resort expects to get the million visitors/year.

[shak]

Hi Cogty
I fully agree with you re shortage etc and that every resort is expecting million visitors.

It seams that between now and 2010, all the beaches and spain, france, italy, portugal, croatia, turkey, bulgaria etc will be empty. Why? the whole world be in Morocco.

Some how this will not happen

[shak]

Hi Pinky,
Can you please tell me in which development/developments you get a one bedroom for 90K( irrespective of €/£) I know practically all of them and none of them are 90K

[Pinky]

My friend has just got back from Alkudia Smir who is also intersested in buying out there. She was shown many developments on the med coast and also atlantic coast by MCAnthony I believe and was quoted this price which she thought was over the top. I believe one was in Marina Smir or near it!! She then went to Alkudia Smir with Property Showrooms and realised the potential as well!! I generally have good feelings about the place since I went there in September. I believe I am the only person on AP1 to have had I site visit!! The price must be good for everyone to buy and not view!!.