thelassa beach resort

coxyammond


Joined: 21/06/2008
Posts: 7

Message Posted:
21/06/2008 17:11

hello all



i have just joined this site having made a reservation on a 3rd floor 2 bed and will be undertaking an inspection trip in a couple of weeks time. i would welcome your comments on my deal. it's a type a apartment with a west facing sea view in block 2 . it was listed at £79950 but i negotiated a 10% discount. finance package 2.9% over 10 years. what do you think? i was a bit concerned that sales had come to a standstill hence the willingness of savills to do a deal



has any work started yet?

coxyammond


Joined: 21/06/2008
Posts: 7

Message Posted:
25/06/2008 12:05

can anyone help with my query?

simbas



Joined: 16/07/2007
Posts: 5943

Message Posted:
25/06/2008 12:25

hi coxyammond , welcome to the forum , personally i have no knowledge thalassa apartments , but there forum thalassa owners , hopefully someone can give you some help , c'mon you guys out there , the help was there when you needed it , now it's your turn to help

good luck , simbas

Nunu1


Joined: 31/03/2008
Posts: 536

Message Posted:
25/06/2008 12:29

Hi Coxyammond, Dont know much about that development...It looks like it will be a quality complex. Im sure Ive heard that construction has started.

I would say you have done well, with 10% discount and low finance...



That will be worth quite a lot more buy the time you have paid for it and enjoyed it along with making rental!?



Good luck



nunu

Hot Hornet


Joined: 03/06/2008
Posts: 343

Message Posted:
25/06/2008 13:50

hi coxyammond

only can say that they are extremely reputable owned by Israelis - Kensington Development Group who have also built Turtle Bay Village and Savyon Village. Building quality is more than acceptable for here, and they are here for the long term. Everyone I know and have dealt with who has bought at either of the above devs have been very pleased, and also they have never really behind schedule either which is great.

Good bunch of staff as well who have been around a long time, so always someone there to help you.

Good for your for getting the discount, more people should do the same in current climate.

Skipper


Joined: 02/07/2008
Posts: 2

Message Posted:
03/07/2008 07:30

Hi Coxyammond - work is very much underway and can be seen on the Thalassa Blog as follows



https://www.blogger.com/blogin.g?blogspotURL=http%3A%2F%2Fthalassabeach.blogspot.com%2F



You need to join and then watch the building rise from the sand!



Regards



Skipper

Britbabe


Joined: 29/08/2007
Posts: 4

Message Posted:
06/07/2008 15:55

Hi everyone,



I reserved a 2 bed apartment type A1 2nd floor, (block number 4, apartment number 203, although these have apparently changed, the real estate company have told me nothing) phase one in September last year with unspoilt sea view (I paid a premuim for this).

The total cost for the apartment is £67.716 + £800 legal fee + £339 stamp duty. To date I have paid £7,910

I bought through 'emerging real estate' and am not getting any finance deal or guaranteed rental income.

They were given 12 apartments to sell and didnt even advertise, they called clients who had bought from them before.

I actually logged on to the site today to see if it was possible to sell at this stage (obviously at a discount) as I didn't have the 30% completion of skeleton funds available, which I was told would be NOW.

After reading the threads, it seems they are behind schdele, if thats the case, depending on how far behind they are, I may still be able to get the 30% together and not lose the apartment.

Emerging Real estate said if I didn't pay the next stage, I would lose the money paid to date, the whole lot! Does anyone know if this is true.

Sorry to be rambling, it's just that I came on here hoping that someone might be interested in buying my plot off me and had resigned myself to my dream of owning a property abroad shattered. But it seems that there may be hope yet. Any advice is greatly appreciated.

Will sign up for Stu's newsletter now.

my email is Les.northcyprus@spamex.com



With thanks

Les

Tysee


Joined: 24/04/2008
Posts: 13

Message Posted:
07/07/2008 12:55

You got on helluva deal there.. Prices have gone up by at least 15%, so you'd be hard pressed to get those prices again.



Yes, they are behind schedule as they only started the foundations in April, and not November 07, as planned Also they're doing the foundations from block 21 downward, so block 4, which has your apartment, could still be about 2 months off, that enough time to get some cash together?



If you've having problems, ask for a wee bit of an extention. If ERE can't help, maybe see if the Developer can help? If you've been on an Inspection Visit, then you'd have probably met Fiona Addington from the Cyprus Office. I'm sure that if you explain that you're definitely wishing to go ahead, but need a month leeway, they would not be too harsh, because the credit crunch is hitting everybody - even the developer, as he's dropped his interest rate of 7.9% to a ridiculous 2.9% and is doing discounts left right and centre. Last resort, call the Savills /Erna Low office in Cheltenham (0800 088 7966) and speak to Sam Perry and see if he can come up with a solution.



Bottom line, don't let go if this apartment too easily, it's a really good investment. Sell the car and cycle to work for a while... or have beans on toast for the next 2 years....

Tysee


Joined: 24/04/2008
Posts: 13

Message Posted:
07/07/2008 13:03

Les, I've just re-read your message, what are the stages of your payment plan - as laid out in your contract?



Tyce

Britbabe


Joined: 29/08/2007
Posts: 4

Message Posted:
10/07/2008 18:32

Hi Tysee,

firstly thank you for taking the time to reply and your words of encouragement.

The total cost for the apartment is £67.716 + £800 legal fee + £339 stamp duty. To date I have paid £7,910

with a 30% due on completion of skeleton

and balance on possesion

and the KDV and any balance or adjustment on completion.



Les

coxyammond


Joined: 21/06/2008
Posts: 7

Message Posted:
14/07/2008 09:36

Dear all. Thank you for taking the time to respond. I have not responded before now as I was out in TRNC between 5 and 11 July to look at the development and the place generally - and I don't like to look at emails whilst away.

By way of background I am a UK qualified lawyer who has been investing in property for the past 20 years - the last 3 of which in overseas markets such as Cape Verde (Sal and Santiago), Malaysia, Portugal (Silver Coast), Vietnam and now the TRNC. I currently in the process of setting up my own business as an International Property Investment Consultant, focussing on emerging and recovering markets.

Having conducted some research on the TRNC and visited last week I am extremely confidant that Thalassa Beach Resort represents a very attractive and sound investment in the mid to long term. Les, I agree with Tysee, do what you can to hold onto your unit and certainly see if you can reach some compromise solution to your financial situation. Speak to your lawyer. Can your contract be amended (I have not seen mine yet?) and/or can you see if you can obtain the finance options that are currently available.

If you are still in difficulty get in touch with me on colinehammond@aol.com and I will see what I can do. Don't worry there will be no charge!



As for anyone else, if you want to get in touch please feel free to do so on this or any other property matters generally. As I am only in the stages of a start-up I feel it's important to make as many contacts as possible.



Regards and thanks again.



Colin

Tysee


Joined: 24/04/2008
Posts: 13

Message Posted:
14/07/2008 12:08

Les, ok - not too bad a looking payment plan.



As you've said, you've got an apartment in block 4. Ok, so far as info is available on the blog, and from the KGD cyprus office, your block is at the backend of building works. Then you're on the 2nd floor, so it will most likely be at least 6 months before they should be asking you for your 30% for skeleton.



Nobody can ask you for money at this moment, because foundations for block 4 arent done, and neither is the skeleton of your apartment. In your contract states that this is the next payment stage, so that's it.



If in doubt and you're feeling ERE are giving you duff info, contact either your solicitor, or the guys at Cyprus and ask for written and photographic confirmation that your apartment is at the skeleton stage.



Hope this alleviates some of the stress.



Tyce.

Gooses


Joined: 16/07/2007
Posts: 60

Message Posted:
14/07/2008 13:31

I thought that Savills were the only selling agents... maybe that was a while ago though. Would it be any use talking to them as we purchased through them and have a slightly different payment plan. I dont know how ERE got their 12 appts but is sounds as if they are playing a tougher game than Savills or KDG - We are in Block 9 2nd floor and as far as the photos show the foundations havent got that far as yet. I agree with Tysee about photgraphic eveidence of build to date - We wont be paying out until we know for sure that our foundations are finished.

I am so sorry that you have had such a bad experience -