Estrela Do Atlantico Ponta Negra

[kiddh]

The 'Estrela Do Atlantico' development in Ponta Negra is finally near to completion.

I am buying from the UK, is anyone else in the same boat ?

 

[Jace]

Estrela Do Atlantico

Hi,

Way back in 2007 we went to Brazil saw the development and registered our interest but the completion has been delayed several times - we have asked again for an update and are waiting for a response

 

[rangers]

Hey.
I also bought an apartment at Estrela do Atlantico 2007. completion is almost 2 years late, and we are entitled to substantial discount under the contract we have with BI & DI.
Manzanares sent a new contract proposal that they recommended in October, wrote some of you under the new contract proposal?
In the new contract proposal was the takeover date set for January 2012, now we come to February!

BI & DI blame the delay on the force majeure!

Kind Regards rangers

 

[JOHNALANROBERTS]

I also am involved in the estrela purchase debacle,could you possibly contact me as soon as!

 

[rangers]

Estrela

I also am involved in the estrela purchase debacle,could you possibly contact me as soon as!

]

Hello John,

Looking at another thread that you wanted out of the contract, did you get out or try Mansanares still and get you out?

(145751]Hi ACaroll and Wendles & Jim Zed, i have purchased a property in Estrela do Atlantico (Apartment A 203). Unfortunately nearly 2 years ago I found myself (along with half the world!) in financial difficulties and cancelled the purchase (taking up my right to cancel as detailed in the contract) I cancelled back in May 2009 after paying 2 of 4 installments, the developer however is refusing to honour the contract as they have invested all money in the project. I am dealing through Manzanares to try to recover my money but it is proving a slow process.Has anyone else purchased in Estrela do Atlantico and are they still goung ahead? The build is 18 months behind scheduleI would love to hear from anyone with an interest in Estrela do AtlanticoWack)

I paid three installments but the third has Mansanares retained.
Do not know what to do now.

Kind Regards Rangers

 

[JOHNALANROBERTS]

I have been wrestling with Manzanares for quite some time now and the only reason I am still in contact is that they are my only point of contact.I am being advised by an english solicitor who has connections in Portugal,hence experience in Brazil.I am concerned with a possible conflict of interest because obviously Manzanares are acting both for us and the developer.I have various bits of interest which I am not sure I can post but I am available at...not allowed to leave link... for possible pooling of ideas.Look forward to hearing from you .
Regards John.

 

[kecke3]

Both Manzanares and Obelisk, who we had purchased through, have been lacking in responsiveness. Manzanares also mentioned a new contract to us, but as far as we could see there was no additional benefit, but they were wanting to charge us for the work they did.

We have also paid a 3rd payment to Manzanares as they advised us that otherwise we would be in breach of the contract and could lose the first two payments.

We are wanting to sell. Anyone have experience with that for this property?

 

[rangers]

Hello Kecke3,

I also bought the apartment through Obelisk International.

But it's not a good sign, a number of projects that they sold a few years ago have gone bankrupt in countries such as Turkey, Bulgaria and Cyprus.

But becomes not Estrela Do Atlantico soon as completed which in accordance to the deal we have with BI & DI (which Manzanares approved of).

Do we have to seriously consider and find some new lawyers, and sue the whole gang!

 

[JOHNALANROBERTS]

It appears quite correct that when the development is finished the developers will request final payment and our position shall be substantially weakened,as we too will be in breach of contract. On another link the chap offering sound advice who passes by the development states we should request something in writing before the completion....what might this something consist of ?Please excuse my ignorance but could you be more specific,thank you.

 

[kecke3]

I received yesterday the latest update from Obelisk (dated January, I had to ask for it they did not send it spontaneously) According to the update, the property is almost finished and they included nice pics. However, they did note that there will still need to be inspections before it can be delivered. I am betting this will take some time.

Would like to be able to sue, but think it will cost more money than we will ever see.

 

[JOHNALANROBERTS]

I would agree court action would be long drawn out and expensive.Also it appears that a deposit has to be given to the court,approx 10% of the amount disputed and no guarantee of winning the action.

 

[kecke3]

I am concerned now since I did not sign new contract offered by Manzanares that they may still try to charge for it as part of the final fees before the sale will be final.

This has definitely been a learning experience and buying off plan may be a bargain, but I wont take that risk again.

 

[penelopy]

You could contact Ecocil direct who speak English. They are a reasonable company to do business . If you go down the court route you`ll wait forever. Try to speak to them personally
about compensation for the delay it will be easier and quicker than going down the suing route unless you your claim is for a small amount.

 

[JOHNALANROBERTS]

Thank you Penelopy I shall try this approach.

 

[rangers]

John do you think that the developer would say that you break the contract, if you do not pay the last two installments when (if) Estrela is completed.
When BI & DI that have not followed the contract when you wanted to take advantage of cancellation rights.
Mansanares can not possibly accept such an outcome. because of their credibility as a respected law firm.

Found an article on another web page: Global Property Guide | Residential property markets and investment / news-Brazil
Whether a new rule that became effective in November, just after we got the new contract proposal from Mansanares.


Due to the rising number of complaints of Brazilian off plan property delivery delays, a new regulatory mechanism has introduced the imposition a 2 percent penalty of the unit value to be payable by the project developer. The unit arrival will have to be over 6 months overdue under the stipulations agreed upon by both the sector itself and the Public State Ministry (MPE),enforceable from 26th November 2011.

Whilst not obligatory, the regulations are focused on bringing more transparency in what still is an immature real estate market and are expected to be incorporated by most professional construction companies as a means of maintaining consumer confidence. The regulations were signed under a Terms of Conduct Adjustment (TAC) legal document and buyers will be entitled to receive the discount in the form of a reimbursement within 90 days after keys have been delivered or after the signature of the deed of sale. There will be an ability to be able to take into account delays after the 6 month period, adding a monthly 0.5 percent to the same formula. Another recommended clause is the obligation to regularly inform buyers of the progress of projects, providing at least 120 days notice should any issues occur.

The document was signed by the Habitation Syndicate of São Paulo (Secovi-SP) which governs 4,500 development companies – however, the MPE confirmed that the norms will be applicable throughout Brazil. According to Roberto Senise Lisboa of the Prosecutor's Office of Consumer Capital: “Buyers previously had no way of defending themselves and, whilst many purchase contracts have a 6 month delay compensation clause, claims are a lengthy process and are not always achieved in reality.”

Rangers

 

[JOHNALANROBERTS]

Good evening,
This is as I see the situation.Apparently even as the developer has breached the contract it does not entitle us the investors to do the same.I believe that if I refuse to pay my final installment the end product may well be that the developer can actually keep my monies paid and sue me for the outstanding.amount.These observation is only hyperthetical however my gut feeling is at this moment in time is to pay the final payment and either agree to a compensation package before the last installment or sue at a later date,which I think is what we are being advised to do..THESE views are entirely my own and are without preduce.

 

[growler]

These observation is only hyperthetical however my gut feeling is at this moment in time is to pay the final payment and either agree to a compensation package before the last installment or sue at a later date,which I think is what we are being advised to do..THESE views are entirely my own and are without preduce.

Personally I would talk to the developer through the Lawyer and ask them about the compensation. When you reach an agreement ask for it to be put in writing and then pay the balance to complete on the purchase.

If you pay all that is due with the hope of receiving some money back after.........I would say you have more chance of watching Lord Lucan ride Shergar in the next Derby than you have of receiving that money.

 

[JOHNALANROBERTS]

Thanks for that Growler seems like good advice.However nothing the developer has entered into contract wise has previously has meant very much .In further reply to Ranger why not introduce his new information to Manzanares and let us know the responce.

 

[growler]

Hi Johnalanroberts, I understand, we have the same problem at PDC. However, if the developer is looking for money, especially final payments have your Lawyer say "my client is ready to pay but wants the "penalty" discounted from the final payment and we need a final invoice from you for the adjusted amount". Also confirm with them that there will not be any problems when it comes to registering the property in your name.

 

[kiddh]

Manzanares passed on an offer of 15% from final payment
They also wanted 500 euros to put my position in writing.
I have accepted the 15% off final payment but am not paying the 500 euros
The alternative is paying even more to go to court.

I am living in the hope that it gets completed some time soon and that the late delivery might actually be a blessing in disguise.
Trying to sell in the last 2/3 years may have been very difficult.
Trying to sell in the next 2/3 years may be less so.

If anyone wants to contact me about anything then please do