The Reef Club - Page 2

sharkboy · #11 26-05-2008, 06:27 PM

there seems to be 2 reefclub threads running. i am also after any advise, open or unopen source information regarding the development,market,rental for area and if its a good deal or not.

emanon · #12 05-09-2008, 01:06 AM

Hi Sharkboy, I am also on the waiting list. Have you decided to proceed with this development. Would be good to compare notes, as they are now starting allocation... I'm a newbie so can't PM etc. what's your contact details? Cheers!

emanon · #13 05-09-2008, 01:19 AM

As the last reply was 3 months ago - has anybody found out any more info (good or bad) on this development?

debzor · #14 05-09-2008, 02:27 AM

Quote:

Originally Posted by emanon

As the last reply was 3 months ago - has anybody found out any more info (good or bad) on this development?

I was actually at the developer's office (with friends who were interested in the development) on the 17th floor of the most expensive and high-tech building in Recife (overlooking the seafront) a couple of days ago. They occupy about one quarter of a floor, and a floor there rents for R$50,000 PER MONTH...!

Apart from getting a few basics wrong (like stating the minimum wage here is R$350 per month, Air Europa are already flying from Gatwick to Recife, that foreigners cannot own beachfront property, etc) , they admitted they do not have all the licenses yet, and had to be vague on the precise detail in some areas as the plans had not been finalised. They also very much exaggerated travel times and ease of access (not unusual), and hoped to have the whole project finished in 7 years. Knowing Brazil, I would estimate at least 15 years, if it goes ahead.

They did have an aerial plan of the site, but said the model is still in Spain. They also could not take our friends there at present because of recent rains (to be fair there has been some heavy rain at night recently), but I would have thought they could have got around that as they were dealing with potential clients visiting from abroad.

Nevertheless they sounded very keen and were informative in most other areas, and were able to answer the questions my friends asked. I was most unimpressed that they were reserving all the beachfront property for hotel and commercial development - not my cup of tea, but then I presume you know that...

emanon · #15 05-09-2008, 07:59 PM

Thanks for your comprehensive reply (and email) debzor!

I know what you mean about the beachfront ones. The pre-launch waiting list "first pick of all apartments" is actually first pick of Sector B within the resort - which is circa 950m from the beach (although allegedly frontline golf)....

I'm still unsure on this one, I've googled quite a bit but can't really find any other sources/opinions on the project....

davehoskings · #16 06-09-2008, 01:28 PM

Quote:

Originally Posted by emanon

Thanks for your comprehensive reply (and email) debzor!

I know what you mean about the beachfront ones. The pre-launch waiting list "first pick of all apartments" is actually first pick of Sector B within the resort - which is circa 950m from the beach (although allegedly frontline golf)....

I'm still unsure on this one, I've googled quite a bit but can't really find any other sources/opinions on the project....

No licenses for such a big project which is owned by a Spanish company? Deja vu?

I would wait until licenses are in place at least. You might have to pay more but it is better than having your money tied up for years.

You could also buy on a smaller development which is much more likely to be built, plus you can meet the developers which to me makes a very big difference.

Dotty · #17 06-09-2008, 03:10 PM

Whatever you do,don't part with a dime.There has been previous posts regarding mega projects in Brasil where people have paid a deposit and the projects never managed to get off the ground and they are trying to get their deposits back.

Always wait until licenses have been granted for any buy ,flat,house,land whatever these can take less than 2 yrs or more than.

Large resorts and small resorts still have to go through the same process , but it is probably less hassle with a smaller resort(even though not all small resorts get moving) ,but most are likely to be finished even if it takes while.

QUOTE=davehoskings;74199]No licenses for such a big project which is owned by a Spanish company? Deja vu?

I would wait until licenses are in place at least. You might have to pay more but it is better than having your money tied up for years.

You could also buy on a smaller development which is much more likely to be built, plus you can meet the developers which to me makes a very big difference.[/QUOTE]

davehoskings · #18 06-09-2008, 05:09 PM

Quote:

Originally Posted by Dotty

Whatever you do,don't part with a dime.There has been previous posts regarding mega projects in Brasil where people have paid a deposit and the projects never managed to get off the ground and they are trying to get their deposits back.

Always wait until licenses have been granted for any buy ,flat,house,land whatever these can take less than 2 yrs or more than.

Large resorts and small resorts still have to go through the same process , but it is probably less hassle with a smaller resort(even though not all small resorts get moving) ,but most are likely to be finished even if it takes while.

QUOTE=davehoskings;74199]No licenses for such a big project which is owned by a Spanish company? Deja vu?

I would wait until licenses are in place at least. You might have to pay more but it is better than having your money tied up for years.

You could also buy on a smaller development which is much more likely to be built, plus you can meet the developers which to me makes a very big difference.

[/QUOTE]

I think if i ever buy a parrot i am going to call it dotty.

debzor · #19 06-09-2008, 05:25 PM

I think if i ever buy a parrot i am going to call it dotty.[/QUOTE]

LOL, Dave

.

Another thing that could backfire on them (the developer) is their office space. I mean this is THE most high-tech building in Brazil. Fort Knox is easier to get into. And the building has a strict dress code!

Not only do you pay R$5 to park in their car park (to get into their offices), you have to have your photo taken and be given a special badge - if you remember to bring ID. No ID no entry. Then you have to indicate which office you want, on which floor. After you swipe your badge at one of several fancy electronic turnstiles, a display tells you which of several lifts has been designated for your personal use, and will only go to that floor. Repeat the process to get out.

Given that the groung floor foyer is about the size of a football pitch (well, a small one), and that there are only 2 receptionists and half a dozen security guards amongst all the plate glass, stainless steel, statues, floral displays, fancy A/C vents, etc, it is not surprising that each floor rents at R$50,000 per month.

The question is - are potential investors going to be happy that (at least) some of their money is going to pay for this... Does anyone know of similar displays of apparent unlimited wealth from developers?