Developer Bankruptcy

[Sunnyshores]

This is a new thread as the old one has been deleted for possible liabellous comments.

This developer Yapi has (part) built:
Sandalet, Turkbuku
Sea & You, Bodrum
Ocean View, Bodrum
We all share the same lawyer (Enta) , Turkish agent (Atlas) and where applicable a UK agent (R2i).

Other posters with similar difficulties (different developer but same lawyers and agents) were interested in a developments in Istanbul :
Elite Park
Dome Residences

Please all make contact again and we can compare advice and progress.

Sunnyshores
(As I have mentioned company names please be careful not to post anything that may be considered libellous or defamatory as the thread maybe removed again.)

[Sunnyshores]

ADDA - have sent PhilStreet over from SP forum. He's with Elite Park too.
has EssexUK34 made it over here from SP, he's another Elite Park investor?

See also Sandalet thread - http://www.totallyproperty.com/turke...-turkbuku.html
and Sea & You thread http://www.totallyproperty.com/turke...w-sea-you.html

[lau]

Hi, are there any Dome Residences investors out there? We've been contacted by our lawyer ENTA to take out a lien on this development as well. What do you think?!?

[Vale Phil]

Hi, I've also "invested" in Parkorman & Elite Park through R2I, our lawyers are ENTA - Nursen. Parkorman should have been completed in Dec 2007 - This week we have been advised of further delays by ENTA but the developer , DEMO INSAAT, will transfer the freehold or storey easement title and complete(?) if we pay the remaining 10% of the purchase price plus 1000 euros for ENTA's new legal services ! As for Elite Park, originally due for completion Dec 2008, but latest guestimate is Dec 09 - ENTA have asked us to pay almost 2500 euros to obtain a Lien on the property. Has anyone else received similar requests? Any advice gratefully received?

[Sunnyshores]

Hi ValePhil
I'm with Sandalet, 13 months late. Nursen's early suggestion for us was that we just handed over the remaining 20% and the developer would finish. Bit simplistic for my liking, especially when the develoepr had already called Nursen over to inspect as he believed the developement was finished!

R2i didnt like this plan either and are now asking an 'independent' engineer to write a report detailing what needs finishing, how much it will cost and then small stage payments on progress to complete. I still dont like this plan, but R2i/Nursen insist on going through the long, labourious process.

I'd make sure you do at least have an agreement about what work needs to take place (as above) and pay in say 1%s rather than 10% in one go. As I said, I'm still not comfortable with this as even when they've completed we still need the TAPU which apparently costs the developer money to issue.

I think R2i need to stop wasting time trying to complete these sites and get immediate safeguards in place to ensure if/when bankrupcy occurs we do own something. Lets then concentrate on making sure that something is completed.

As for Nursen asking (how many hundred?) investors for extra money when she agreed a fixed price, all she is doing is the same work over and over and over. Should be a nominal, goodwill amount we pay her.

[lau]

Has anybody actually pay the fees to ENTA to take out a Lien on their property yet???

[Sunnyshores]

PhilVale - I'm not able to PM you.

can you PM me your email addresses as we're trying to establish contact off this forum too.

[mikewalsh]

Originally Posted by lau

Has anybody actually pay the fees to ENTA to take out a Lien on their property yet???

Hi
I'm new to the forum -- however I'm in Dome development via R2I plus Enta-Nursen as lawyer. Precious little hard facts coming out of R2I as to why development is taking so long (though 7th floor is built, best estimate now is it will be at least 18 months late)
I have received new POA documentation to allow Lien to be taken out, but also don't have concrete information on what Lien provides. The fees look steep, particularly if Nursen is acting for so many developments/investors. Am about to disappear on hols for 1 week, so am getting new POA notarised while I am away, will then try to understand more of all of this before finally agreeing/paying. Will gladly cooperate with others as required.
(am also in R2I Salama 2 development in Marrakech -- PR messages from R2I sound more promising, but having been rolled over from Dar Draa and Olive Grove, I'm sceptical I've seen more hardfacts.)
Mike

[Sunnyshores]

Hi Mike - welcome!

Can you PM me your email as I cant PM you - you may have to post a certain number of times to be able to do this.

Have you seen the Marrakesh threads for Gardens of Fedela/Salama Valley/Fes ?
I was also rolled forward (Over?) into SV from Olive Grove via several others. Have you actually seen the contracts and the supposed guarantees? Anyway, Moroccan disasters not here, only Turkish ones!

[Sunnyshores]

we now have a collection of us that are emailing off-forum to get some action going on our developments.
Please pm me your email addresses so we can be a more powerful voice and not be at the mercey of R2i.