Quote:
Originally Posted by olgashv55
Hi
I there anybody who knows what is happening with La Ensenada development?
Shall be gratefull for any information
Best regards
Olga
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Not good news Olga. The main agent has moved on and has put me in touch with the developer directly. He has been busy trying to find another investor to replace a previous one that was a victim of the credit crunch. His management of my expectations consits of sending several negative reports about the collapsing tourist industry, inability to raise loans and political instability.
Building operations have ceased until (and unless) he finds a solution and agents are being asked to remove the sales brochures etc from their web-sites. The bank on which the developer was pinning his hopes has recently declined to invest.
So...who on earth is going to invest in a piece of desert with a few partly completed houses on it in the current climate ? It's hard to see anything moving in the forseeable future.
The betting is that at some point the site will be sold to the Goverment at a knock down price and become a housing estate for locals. In which case we will eventually be left with the consolation that we have personally financed the housing of a needy family. In the meantime losing £40,000 hurts big time !!!
K