banana residential club

[marsdei]

Originally Posted by byadav

I have never been to Brazil & have conducted my research entirely from the net.

Hello byadav

Welcome to the forum! I am too new to all of this so understand your trepidation, and I have been enthused by my welcoming here

I was in the position like yourself of reserving a plot in a foreign country, without having been there. Thinking 'oh its just cost time and effort to go and visit, I am sure it will be ok'.

But I can only stress now, after my small but indepth learning curve that its impertive you visit a location yourself or at least have information from an independent 3rd party about the location and development before you sign. I have been to a development in another country I am investing in and was pleased with my choice and I am also going to go to Brazil when I find an my ideal development.

I am not sure of the date when the contracts for this development are to be signed / or if they have been, but surely there is no point signing the contract AND THEN going to see the location, for obvious reasons.

This comment would be for any development and not just Banana. Dont mean to cause you any further anxiety!

[byadav]

did you buy in the end? i have also reserved a plot

Originally Posted by ferriej

Could i ask peoples views on Banana residential. i am really thinking of reserving but as a first time buyer it is pretty daunting prospect being so far away. for all you guys that have already reserved can i ask what you expect from rentals and growth value. also does the fact the development is 2km from the beach make it any less attractive. finally will it be as good a buy as Natal which is close to the new airport. wish i had a magic ball to see how this will develop but the area looks absolutely stunning and the price aint too bad either
appreciate any thoughts

[byadav]

Unfortuntely, i do not have the time to visit such places i want to invest in (appreciate risk). All i can do is web search & rely on sites/forums such as these.

I have previously used this method for cape verde & malaysia so fingers crossed!!!

Originally Posted by marsdei

Hello byadav

Welcome to the forum! I am too new to all of this so understand your trepidation, and I have been enthused by my welcoming here

I was in the position like yourself of reserving a plot in a foreign country, without having been there. Thinking 'oh its just cost time and effort to go and visit, I am sure it will be ok'.

But I can only stress now, after my small but indepth learning curve that its impertive you visit a location yourself or at least have information from an independent 3rd party about the location and development before you sign. I have been to a development in another country I am investing in and was pleased with my choice and I am also going to go to Brazil when I find an my ideal development.

I am not sure of the date when the contracts for this development are to be signed / or if they have been, but surely there is no point signing the contract AND THEN going to see the location, for obvious reasons.

This comment would be for any development and not just Banana. Dont mean to cause you any further anxiety!

[WGTH]

Hi Byadev and others,

I have recently joined this forum also and have paid a holding deposit at the Banana Club also.
I have read with interest the debate around this particular development.
My current thought is that NE Brazil is a good location for investment, with all the money pouring in to boost infrastructure and tourism.

Banana club offers good value for money, providing the location is sound.
This is obviously where we are at a disadvantage, not having been out there. Feedback from those who have is so far mixed.

Anyone have current thoughts on viability of location?

[byadav]

Dear WGTH,

Nice to hear from another potential investor. Gives me some re-assurance that i'm not the only one. Who is your agent? Mine is Property Showrooms. So far they seem ok (though this doesn't really count for much).

I totally agree - NE Brazil does appear to be good area for investment and the price offered for a 3 bed villa is in my opinion excellent value for money (even compared to other nearby developments). The area i understand is already a destination for many europeans & brazilians & kitesurfers so i am not worried about rental potential. Though i do not have any details of the new golf course being built, i reckon this will be hugely beneficial also. There is also Latin America's largest water park not too far away also.

My current concerns mainly revolve arount the developer who by all accounts is a sole practitioner. There are also no bank guarantees being offered for payments which leaves us as the investors in a rather vunerable position. That said, the payment terms being offered are not onerous - 30% upfront, 1000 euros every month in the final 12 months & balance upon completion (via mortgage if required).

Who are your lawyers? Mine are Manarazes (recommended thru the agents). Have you received a draft contract yet? I have (but yet to review).

Ditto request from other potentail purchasers - would appreciate any feedback/thoughts, etc.

Thanks

Originally Posted by WGTH

Hi Byadev and others,

I have recently joined this forum also and have paid a holding deposit at the Banana Club also.
I have read with interest the debate around this particular development.
My current thought is that NE Brazil is a good location for investment, with all the money pouring in to boost infrastructure and tourism.

Banana club offers good value for money, providing the location is sound.
This is obviously where we are at a disadvantage, not having been out there. Feedback from those who have is so far mixed.

Anyone have current thoughts on viability of location?

[deedee1]

Good morning all,

When you purchase property especially in a foreign country you should always try to use an INDEPENDANT LEGAL ADVISER/SOLICITOR!!!

As normally agents and solicitors are connected to each other in one way or anothere and normally get paid nominal fees for recommendations!

This also means that the solicitor will be working on behalf of both you the agent and developer- so BE CAREFUL!!

As you may encounter problems later on, or you have not been told the truth or been made aware of any issues within contracts etc as they have kept this information from you and have hoped you will not find out!!!

Only thought Id mention it as I dont want to see any fellow brazilian neighbours get burnt here!!

Take care, good luck- happy hunting!!!

See ya D

[WGTH]

Hi DeeDee,

That is sound advice on the lawyer front. Can you recommend an independant firm who deal with Brazil property?

I would appreciate your input!

THanks,

WGTH

[WGTH]

Good morning Byadev,

Yes the agents are Property Showroms.

As I said, I am happy with North Brazil, just feeling a bit uncertain about the exact location of Banana, not having been there in person. This is something I feel the need to rectify!

With regards an independant lawyer, this is something I would insist on in the Uk. Being a complate novice in Brazil I have rather overlooked the potential conflict of interests using an in house lawyer. Again, looking into the options.

Anybody out there seen the resort and happy with the location??

Thanks,

WGTH

[olicombet]

i recommend jose cordeiro santiago
loyal, reliable and nice gentleman

[byadav]

Oliver,

Do you have his contact details?

Originally Posted by olicombet

i recommend jose cordeiro santiago
loyal, reliable and nice gentleman