I'm new to the forum but glad I've discovered it! I am in teh process of buying a 2 bed apartment n the Highview development in Mazotos. It is due to complete very soon and I'm starting to panic (about everything!!). With no golf course etc I'm starting to wonder if I will ever be able to rent it out or sell it!
I'd really like to chat to other investors so we can share information/contacts/advice etc.
Please make contact if you are interested.
I am also new to this site and have just recieved completion details. Having lost money on a previous venture in Bulgaria I am keen to avoid again if at all possible. I suppose its down to the valuation whether we have to hold and rent out or try and sell quickly.
A chance to talk to anyone in the same boat is always welcome.
Hi, Myself and brother have also purchased 2 properties at Highview. We have both visited the site, but its a little worrying as it is in the middle of nowhere. Have contacted quite a few agents about renting or selling but all say how quiet Mazatos is at the moment and that rents range anywhere between 350.00 euros to 450.00 euros furnished. Is anyone going out there to do their own snagging list or are you arranging it to be done through the solicitors? Is anyone going for the furniture package? Any feedback/ideas are always welcomed
I've recently joined the Forum because I'm concerned about Highview. My concern comes from the stories I've heard and the information I haven't received. The last time I saw any pictures was June 2011 which is worrying because our agents in Birmingham (Viceroy Invest) were only too willing to tell us how wonderful it all was a few years ago. (Just how long ago was it?)
That, along with the current financial climate, has persuaded me to go and see for myself. I'll be over there between the 8th and 12th February and have arranged to visit the site and speak to the builder. I'll take some pictures and, if I can, make them available for others to see.
I will also be seeing Louise Zambartas(the solicitor in Larnaca) and I hope to speak to the bankers at the Bank of Cyprus.
I don't intend to pay the second deposit until I'm satisfied that everything at Highview is as it should be.
Let's all hope the situation is not as bad as we all fear.
Yes, I think we are all concerned, especially about actually being able to rent these apartments out!
I will be going but can't just yet, I'm sure we would all be very interested in your feedback. I too will not be parting with my second 10% until all is OK. I haven't heard any bad stories as such, just that it is in the middle of nowhere, that said I did read a review on Trip Advisor about Paramount Village which is also in Mazotos and the review was very good (said it was quiet but very peaceful etc).
If a few of us get together we would have more influence in witholding money etc and also bulk-buying furniture packs, seems silly to all buy them seperately when we could get a discount. Also discounted rates for management.
I am completely new to overseas property and would really appreciate some advice on rental agencies / management etc.
If anyone wants to give me a bell on 07775 707067 I'd be very happy to discuss. I'm in the SE / London area if anyone wants to meet up to talk about this also.
Hi Everyone, Have just had some news from a letting agents in Larnaca. She says she has been out to look at the site and says it is top end and of a high spec which will hopefully help us when looking for letts. She has recomended long tem letts and says it's best to hold onto our properties for now as the current economic climate is bad. Buyers are looking for the cheapest properties at the moment and not high end ones. Viceroy are waiting final pictures form Thomas, the developer, which we will hopefully recieve soon. I agree we should all hold onto our final 10percent until all the snagging has been done and we are all totally satisfied. Open to all suggestion for furniture pacakges, although Viceroy did say they were going to send us information regading this. If anyone goes out please try and send any pics, if you are able to, as we are unsure up to yet if we are going out ourselves or are going to hand it over to Louise, our solicitor to sort out. Fingers crosses this all works out for us and we haven't made too much of a boo boo!!!!
Thanks for the info. Which agent was it? Also, do I understand it correctly that as my 1st mortgage payment is due 15th April then I only have until then to hand over my final 10%? Or can I withold it a little longer?
Hi, The agent who said the build quality was high spec, was one of the names and addresses sent out from the last lot of information from Viceroy. Her name is Jacqueline and they are based in Larnaca. Their company name is whynotlookonline .com. I have also instuctesd them to go ahead and try to rent the apartments. If you look on their website it is already advertising the apartments at Highview. There may well be a connection to the developer as Viceroy states that these have been recommended by him, and I did think to my self at the time that there may well be a connection. You never really know what to do for the best unless you are out there dealing with it yourself, thats why forums like this are really useful. If Louise has said don't pay the remainder, well thats good enough for me, as I think she has been really good in guiding us through all of this and has always been honest from day one. I will look foward to seeing the photos and then we will see where we go from there. I have added a few pics of when I visited site
Hello everyone, I am new to this site and like you all have purchased an apartment at Highview. Until now, i hadn't really given it much thought as the initial purchase seems like it was in a different lifetime.
Having noticed that my mortgage payments have started, panic has set in!!
My main concerns are common with yours, will we ever be able to sell or rent them out.
Debbie, the agents you signed up with to let the apartments, have you signed up with them for 3 years with no escape clause?
My worry with this is, if the rental market is as poor as i read, then the apartments could remain empty, with us only able to use them for 2 weeks a year!
Also being completely cynical the agents would if everyone signed up, get a 6 or 7 million euros development for 3 years for nothing with no rental guarantee in place, not bad business!
I've been contacted about the furniture pack, the cost was 3300 euros. I did ask for the pack to be discounted by 50%, to which Thomas agreed. So obviously the cost to us would be 1650. Is this the same for everone?
Sorry to ramble on, just a bit concerned.
Would be good to hear back from you all.
Leon Le Fondre
Hi, I havn't signed up with them to rent our apartments out. Like you said why should someone just be able to take other peoples assets and make money out of them, and not put any money in themselves? I think if they are going to get any interest from anyone at all they will need to take a look at their contract that they are trying to get people to sign. Why would you want to sign your apartment away for 3 years, only be allowed to use it for 2 weeks of the yourself, let them use it for 5 days a year for renting it out themselves sorry I meant 'marketing purposes' and then do yourself out of any other possibilites of marketing and renting the property out? Nice if you can get it! You can market it yourself just as easily yourself and then get someone in Cyprus to manage it that end. Ask for furniture, Thomas hasn't told me about the 50 percent reduction and I havn't heard anything from anyone else either. We are thinking about shipping stuff out there and spent last week looking around at furniture but havn't made any decission as yet. Having said that it may pay us to visit Ikea, which is in Larnaca and there are also various furniture stores that you will find if you look on google. Have you visited the site?
@ Debbie and Leon. If you want an interesting but very time consuming second job try advertising and managing the rental bookings yourselves. I did this for a luxury 4 bedroom villa in this area for a number of years using several websites and found www.holiday-rentals.co.uk (with whom I have no connection other than as a satisfied customer) the most productive.
You will still need an absolutely reliable agent who lives nearby who will cope with the maintenance work and the cleaning and preparation of the property for clients and no, I'm not offering my services!
Holiday-rentals seem to be expanding into new areas recently and I've had more bookings from Scandinavia, France, and Russia so be ready to use an on-line translation site like Babelfish to help you with your enquiries. This in itself can be fun; a "request for a deposit" translated into Portugese became a "demand for a warehouse"!
Its a shame your not available Lancman!
Not been able to make it out to the site as yet Debbie, what were your impressions on your visit? I agree completely about the letting agents need to change their contract. Some Highview apartments are being advertised on their site, so i'm guessing people have signed up already.
Like someone on this thread has stated earlier, if we can approach things together maybe we will be able to secure better deals than we would as individuals.
Is everyone, doing their snagging through Louise? Withholding the final 10 % until all to works are completed to a satisfactory standard?
Hi Leon, Will be requesting Louise to do all the snagging, but won't be paying our final 10 percent untill she tells us to! I have visited the site in 2009 and my brother who purchased an apartment went last year. My personal opinion is that it is in the middle of nowhere, with no shops, bars or restaurants around it. I knew at the time I had made a bad decision, but have to carry on and see it through until the end. I can't see many people renting their apartments, although I hope I am wrong, and I wouldn't fancy our chances of selling it, so I really don't know where that leaves us unless you want to live there yourself. Personally I would have rather lost my initial deposit than it have carried on, but that's just me! Maybe the one couple I knew who purchased out there had the right idea and went out to Australia and just walked away from it all, at least there not in our position now? I hope this alll turns out to be rosy for everyone involved but we will just have to wait and see.
I would say thanks for the info Debbie!! Its not looking too rosy for us all is it. To make matters worse another investment i had via Viceroy has just gone belly up. I rue the day!
I'm also doing the snagging through Louise. She told me last week that she has arranged for a surveyor to inspect the site to see if the workmanship is as bad as we all fear/ meets the conditions in the contract. This is to be done before the snagging visits.
I feel your friends who have gone to Australia have the right idea!! What would happen if we all decide not too proceed? Has anyone looked into this in any depth?
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