Estrela Do Atlantico Ponta Negra

[Wack666]

Hi all, I am buying in Estrela Do Atlantico. After years of wrangling and Manzanares dealing with BI & DI, finally 2 months ago I signed a new contract that released both parties from delayed payment fines.

To take the developer to court could take a minimum of 3 years, cost most of the money I was claiming back and I had no guarantee whatsoever of winning. I have taken the route of least resistance and signed the new contract that Manzanares have negotiated which is underwitten by HSBC and gives the buyer compensation for any delay of completion after Descember 31 2011. As we are now in February and still no news of completion, buyers should receive a discount on their final payment (whether BI & DI will honour this is anyones guess)
I am dealing with Manzanares and Ana who works at Terra Verde Imóveis although it is like trying to get blood from a stone trying to get information and photos of the development.

Anyway this is where I am at, sitting tight with my fingers crossed and hoping for a completion soon so I can jet off to sunny, warm Natal

 

[JOHNALANROBERTS]

Good evening kiddh,
I am more or less in the same boat as you and I am probably going to accept the 15%.You state that you are not paying the 500 euros to the solicitors what is their reaction?

 

[kiddh]

I sent the following to them:

It seems highly irregular to have to pay nearly 500 euros to agree to something that they must have put in writing.

Is this a recommendation or is it mandatory ?


They replied:


it is not mandatory. Is advisable so you can do whatever you prefer.

I also got them to send me the offer so I had it in writing.

 

[rangers]

Dear Kiddh,

Have you paid the first three installments?

Wrote you under the new agreement we received from the Manzanares in October?

Have I understood right that you get 15% off the last installment, the furniture and white goods, etc., also included in the latest installment?

Kind Regards Rangers

 

[kiddh]

I did pay the first 3 instalments

So it should be 15% of 25%, not much which is why I didn't want to pay another 500 euros

Legal fees and furniture I have no doubt will be excluded

 

[JOHNALANROBERTS]

Thanks once again,
If they would reply to my emails and or phonecalls I would proceed in the same manner as you.Could we speak sometime?

 

[rangers]

that's what I think too, and that the developer simply adds the 15% they lose on the furniture package.
Last I heard was that the Estrela is not delivered until after Easter (no earlier).
And the discount we should have had at such a delay under the contract. If my calculation is right, there are those who owe us money for the last installment (without furniture and white goods package).

I personally does not sign a contract in which they offer us small change.

And it was very strange that they came up with the new contract, at the same time as the new legal requirements for delay came out in Brazil at the end of last year. (Which I wrote in an early post organize).

The more we are to set hard against hard at the completion of the complex, the more the kind of power we have and get a good deal. (It is my personal opinion).

They are probably afraid if we are several who are united against them!

Regards rangers

 

[Wack666]

Hi Kiddh, Rangers and JohnAlanRoberts, have you all signed and returned the new contract that Manzanares negotiated? I have (right or wrong, time will tell) which purports to give the buyer compensation for delay of completion from the new date of December 30 2011.

"[I]2nd CLAUSE. The VENDOR declares, admits and commits to conclude the building works on the 30th of December 2011.

1ST PARAGRAPH.- In case the aforementioned date was not fulfilled, the BUYER will be able to claim the VENDOR as compensation an amount that equals two minimum salaries by month of delay as a penalty for default. "[/I]

The 2 minimum salaries mentioned is approx. R$1080 not alot granted but if it is deducted from the final payment and completion is 4/5 month late it would amount to around €2000
As HSBC are now providing the funding for the project maybe we should get in touch with them?

 

[debzor]

Hi Kiddh, Rangers and JohnAlanRoberts, have you all signed and returned the new contract that Manzanares negotiated? I have (right or wrong, time will tell) which purports to give the buyer compensation for delay of completion from the new date of December 30 2011.

"[I]2nd CLAUSE. The VENDOR declares, admits and commits to conclude the building works on the 30th of December 2011.

1ST PARAGRAPH.- In case the aforementioned date was not fulfilled, the BUYER will be able to claim the VENDOR as compensation an amount that equals two minimum salaries by month of delay as a penalty for default. "[/I]

The 2 minimum salaries mentioned is approx. R$1080 not alot granted but if it is deducted from the final payment and completion is 4/5 month late it would amount to around €2000
As HSBC are now providing the funding for the project maybe we should get in touch with them?

For your calculations, minimum monthly salary for 2012 is R$622.

 

[anricus]

I have purchased two apartments in the developement and would like to consider pursuing throught the courts in order to enforce the contract, if there are any others who would like to consider the same and perhaps gain strenght in numbers then please let me know.

 

[rangers]

Courts

Hello Anricus,

Unless the developer comes with a large compensation of the last installment, I'm open to a common cause against the BI & DI (the developer).

Anricus have you paid the first three installments of the two apartments you have bought?

Regards Rangers

 

[anricus]

Yes indeed, 3 payments have been made on each of the two properties. Therefore I am complying with the terms of the contract.

 

[rangers]

Great Anricus, then we sit in the same boat.

Did you also receive by mail the new contract proposal that Manzanares sent out in October?
With that we rejected to claim any delay fee`s for the time that is delayed until the New Year 11/12.But only after January 12 and beyond if it were new delays from January 2012?


Regards Rangers

 

[JOHNALANROBERTS]

Hi,I am interested however the costs for court action are formidable and if as a purchaser we dont complete it appears we would be in a counter sue situation.Check this out and see what you think.

 

[rangers]

Hi,


I am aware that there may be litigated against us, if we do not pay the final installment.
But as I said earlier they can not possibly win in court, and blame delays on force Majour.

But I will wait to decide until I get to see how much the demand in the last installment.

 

[JOHNALANROBERTS]

Likewise keep in touch...best regards

 

[Danny44]

Hi all,
I have purchased in EdA also, but at a much later stage than most here. We bought in sept 2011 and were assured the keys would be with us by January. (yeah right). I currently am living 300m from estrella and its inching towards completion. Seems they are cleaning mostly now. Also the porter post at the front is now fully wired and a nice sign for the building with address went up last week. The sales office has been closed since December and viewing is now by strict appointment.

Looking at the buildings today I can't see how they can drag this out much further than Easter, although its possible. Most of the work now seems cosmetic rather than construction. Another point is they are working 7 days a week, short day on Sunday. I was informed that the certificates for fire ect was granted in January by the prefect so they are running out of excuses. They also tried to blame the crisis in Europe for slowing the process.

This needs to come to an end soon as its an unhealthy situation for both parties in the matter. But it's really close now.

 

[Danny44]

Also if anyone wants photos ect, let me know. The buildings dominate the view from my current apartment.

 

[rangers]

Hi Danny,

This is great news.

Wonder if you bought privately or by the developer?

Also if you know anything about the prices have gone up or down, on the apartments in the Estrela do Atlantico?

Kind Regards Rangers

 

[Danny44]

We bought through a local corector here in Natal, although at this point we are dealing with the company itself. We were promised the heaven and earth by the company regarding completion but they have not delivered. I really dont understand the problem at the moment as the building is fit for habitation. Our last visit inside was in early january, all electrical fittings are installed as is the plumbing. As I said in the previous post the work now is cosmetic, 7 days a weeks and to 8 pm every week night. Today we have 2 guys absailing down the side of torre a scrubbing the walls? I can only conclude that the habite se documents are still outstanding.
We emailed the company yesterday to ask directly what is going on and for a realistic timescale of habitation due to the fact we are renting month to month at greater expense due to their inability to give realsitic timescales. Will update when they bother to reply (could take a week to 10 days)
Also, while I understand your points and frustrations with this, legal action and court action are not something I would enter into in this country being a gringo your case may not get anywhere and your costs will outweigh any satisfaction you may get from it.
As for prices increasing, yes they have, a 20th floor 2 bed in estrela is selling for $R270,000 and I would imagine that when habitation occurs that it will rise further. But, what its advertised for and what you actually get for it as very different matters in Brasil. In my limited experience here I would conclude there is no property bubble as there is more property for sale with no demand for it. From what im told its the same throughout the country if you exclude Sampa and Rio. Im sure the price you paid for your apartments at entry level will see a nice return "if" you can sell it.

If anyone wants any other info please ask and I will try my best to find an answer for you. I know my own frustrations with this sitting watching it every day and can only imagine how I would feel if i was not in the country to see whats happening with my investment for myself.