Investing in Monte Santo

[JES]

[quote=Rikki;35413]

Originally Posted by JES

Hi Jenny & Richard and Mike & Angela

We have extended our stay to 10th-19th April if you would like to touch base

Rikki

Hi Ricki

Richard and I will be in Carverio 10th and 11th April if you want to meet up. We are meeting Azy Leite on 7th. It would be good to meet up and compare notes.

Jenny and Richard

[blackersmanda]

[quote=JES;41461]

Originally Posted by Rikki

Hi Ricki

Richard and I will be in Carverio 10th and 11th April if you want to meet up. We are meeting Azy Leite on 7th. It would be good to meet up and compare notes.

Jenny and Richard

Hi all,

We've just caught up on your messages as we've been in Australia. We can't get out to Portugal until 15th april, and probably stay to around the 18/19th depending on flights. Where is everyone staying? We're looking for a hotel in Carvoeiro, does anyone have any knowledge of any? Did you have to book an appointment to see Azy Leite or can you just turn up at the site? If anyone wants to contact us direct, it's mikedotblackwellattalktalkdotnet. It would be good to get peoples feedback on the rental issues, it seems everyone is in the same boat, having been given very optimistic quotes, but even factoring these down to be more realistic, the rents being quoted on the sites are much below this and don't exactly suggest an exclusive development.

Look forward to talking more.

Mike and Angela

[ourhomealgarve]

i agree with lysos in most they have said,
BUT more interested in what BONES has just asked! as Portuguese banks only give mortgages on loan to value,has anyone had an independant LTV on these properties?

[Vanessa King]

Hello

I have just registered after finding this forum today. I too am a purchser of a T2 apartment purchased through the agents with 3 letters who offered high rental value returns. I would be interested to know who your lawyers are as we have signed a 3 year DRAFT rental agreement with Imocom (albeit on the basis that Hilton were involved) which I would be keen to review. It is news to me that Hilton are not now involved. I have today received a package from IMOCOM with details of the rental programme offering much lower rental values than expected.

Look forward to hearing from you.
Many thanks
Vanessa

How did everything look when you were there earlier this month?

[Rikki]

Originally Posted by Vanessa King

Hello

I have just registered after finding this forum today. I too am a purchser of a T2 apartment purchased through the agents with 3 letters who offered high rental value returns. I would be interested to know who your lawyers are as we have signed a 3 year DRAFT rental agreement with Imocom (albeit on the basis that Hilton were involved) which I would be keen to review. It is news to me that Hilton are not now involved. I have today received a package from IMOCOM with details of the rental programme offering much lower rental values than expected.

Look forward to hearing from you.
Many thanks
Vanessa

How did everything look when you were there earlier this month?

Hi Vanessa

I have also just received the 08/09 rental rates and the other info. We, and other owners whom I have spoken with, have been advised that the year 1 rental rates are lower than they will be in subsequent years to enable the resort to get bodies through the door to bring in some rental returns asap, and also to establish a client base.
Given that the doors will only be opening on 1st July at the earliest this would seem logical.

We have also signed a 3 year draft rental agreement. Our lawyer is a relative of a friend from home

The resort is moving along very well. The townhouses are virtually completed and landscaping of that area was starting while we were there. The apartments, although not as advanced, are also nearing completion and should be ready by the end of June. We were very impressed with the outdoor pool area and the clubhouse. The pool integrates into the clubhouse balcony area via a large set of curving steps. The clubhouse itself looks huge and I believe will be a major selling point for the resort, differentiating it from other "similar developments". We will be back in late June by which time we will hopefully see a completed development - unfortunately it doesn't look like we will be staying there.

Hopefully meet up with you at some stage in the future

Regards
Rikki

[blackersmanda]

Hi Vanessa,

We have purchased a T2, but after prolonged argument with our lawyers (Martinez-Echevarria Perez &Ferrero Abogados) who the agents with three letters introduced us to, we managed to negotiate a one year rental deal with the option to carry this on if things work out. I see Rikki has updated you on the progress and explained the reasons we were given for the lower than anticipated rents.

We will also be looking at returning sometime in June, when the development is completed, and will hopefully meet up with other owners then.


Regards

Mike and Angela

[Vanessa King]

Originally Posted by Rikki

Hi Vanessa

I have also just received the 08/09 rental rates and the other info. We, and other owners whom I have spoken with, have been advised that the year 1 rental rates are lower than they will be in subsequent years to enable the resort to get bodies through the door to bring in some rental returns asap, and also to establish a client base.
Given that the doors will only be opening on 1st July at the earliest this would seem logical.

We have also signed a 3 year draft rental agreement. Our lawyer is a relative of a friend from home

The resort is moving along very well. The townhouses are virtually completed and landscaping of that area was starting while we were there. The apartments, although not as advanced, are also nearing completion and should be ready by the end of June. We were very impressed with the outdoor pool area and the clubhouse. The pool integrates into the clubhouse balcony area via a large set of curving steps. The clubhouse itself looks huge and I believe will be a major selling point for the resort, differentiating it from other "similar developments". We will be back in late June by which time we will hopefully see a completed development - unfortunately it doesn't look like we will be staying there.

Hopefully meet up with you at some stage in the future

Regards
Rikki

Hi Rikki

Many thanks for responding. After just one visit to this forum it is reassuring to know we are not the only people in our "situation" and also good to know someone has actually seen that things are progressing down there. With no info from the people with three initials we are working blind.

We will not be there until October so things should have settled down by then.

Many thanks
Vanessa

[Vanessa King]

Originally Posted by blackersmanda

Hi Vanessa,

We have purchased a T2, but after prolonged argument with our lawyers (Martinez-Echevarria Perez &Ferrero Abogados) who the agents with three letters introduced us to, we managed to negotiate a one year rental deal with the option to carry this on if things work out. I see Rikki has updated you on the progress and explained the reasons we were given for the lower than anticipated rents.

We will also be looking at returning sometime in June, when the development is completed, and will hopefully meet up with other owners then.


Regards

Mike and Angela

Hello Mike & Angela

Many thanks for your note. Have MEP&FA given any explanation as to when and why the Hilton pulled out. We are very disappointed at the initial rentals as they are 50% below the figures we were working on - given by the three initials. Looking at the rentals on the priceline website we can actually stay in this 5 start resort in our level of apartment for €90 a night (for 4 adults) over Christmas/New Year - a bargain!

One other queston - do you happen to know of a good translator - we need to get an offer letter from Santander Bank translated as they don't seem to be able to get it done.

Many thanks
Vanessa

[Paul Stevens]

Originally Posted by MJS

As already indicated in one of the previous posts, Mr Azy Leite is the Condominium and Owner Services Manager for Imocom's Residential Tourism resorts and can clarify matters related to the Rental Contract, Owner usage, Services, the Owners Club and the Condominium. He can be contacted at: azy (dot) leite (at) imocom-grupo (dot) com or alternatively at 00 351 289 304 900.

Feel free to contact him to schedule an appointment locally in person.

Hi there,
my name is Paul and I have invested in Monte and I have just read your email and was wondering if pos. you could let me know how you got on.

[ramanam]

We have also invested in Monte Santo, purchasing T2 apartment last october.
Its our first venture overseas and also have agreed to 3 year contract.
I thought everything was going along okay until finding this forum tonight.
We have received information about paying first instalment of furniture package by 15th May,
Is anyone else in the same position??
All help appreciated.