banana residential club

[Diceman]

Nothing happening

I guess I´ll say it again.

This development has been a complete mess for 3 - 5 years. It has been repurposed, sold, repurposed sold again, jiggled about etc etc etc. People have paid money and received absolutely nothing. It beggars belief that people are still thinking about investing in this complete turkey. DO NOT DO IT! You will either lose money or patience waiting for something to happen.

There are several very good developments in Cumbuco and the rest of the West coast, that are worth investing in. Some are under construction right now, they are not vapourware. If you´re looking to invest this side of Fortaleza and want some hints PM me.

The Fools Residence Club just keeps on uncovering more fools.


ps. Drove past there on Friday... nothing happening as per usual.

Hello bud i personally visited banana residense last October with a mate of mine
who lives in Tabuba.There is nothing going on at all apart from a massive bit of
barren land with a couple of small outbuildings constructed and a man with a rake
in his hand[do you get the picture].Ipersonally think Taiba, Tabuba,are quite good places to invest,not far from Fortaleza the capital,and also near Cumbuco.Prices are already quite steep in Cumbuco, so might have a knock on
effect on prices in Taiba,Tabuba and surrounding areas in the future.

 

[andyk2]

Banana Update

I think that was stated a few months ago as well - not sure if they changed again or if it's still the new one?

The situation is that there have been for some time, 20 plots which have outline planning permission, and I don´t know what the right technical term is - so you will have to excuse me. Most of the clients who originally invested in this project got a refund of their reservation deposit except for where the agent kept the money and ran away.

However, the developer is trying to contact all of those clients who (on paper) still have a reservation, and offer them one of the 20 plots which has a licence - these will be the ones which complete first and delivery should be in December 2010 (ignore the old formula of quadrants being built in a specific order).

The problem is that many of these clients have moved, changed email addresses or telephone numbers or have just not bothered getting back in touch with the developer, lawyer or agent who is trying to contact them. So the remainder of the plots cannot yet be marketed or allocated, because the developer is trying to be fair and give those people who are going to stick with the resort a chance to get in first and he wants to honour the prices that the properties were originally offered at.

There´s a lot of people probably subscribing to this thread who still have an interest in this project, and I would suggest that they get back in touch with the agent with whom they originally reserved and tell them whether they want to proceed with the purchase or get a refund of the reservation deposit (unless your agent was the one who ran away).

Once this is sorted out, then licences will be sought for further areas of the site, and the marketing will start all over again - albeit at a higher price.

That´s what news I have - hope it helps.

Andy

 

[Manzanares]

The situation is that there have been for some time, 20 plots which have outline planning permission, and I don´t know what the right technical term is - so you will have to excuse me. Most of the clients who originally invested in this project got a refund of their reservation deposit except for where the agent kept the money and ran away.

However, the developer is trying to contact all of those clients who (on paper) still have a reservation, and offer them one of the 20 plots which has a licence - these will be the ones which complete first and delivery should be in December 2010 (ignore the old formula of quadrants being built in a specific order).

The problem is that many of these clients have moved, changed email addresses or telephone numbers or have just not bothered getting back in touch with the developer, lawyer or agent who is trying to contact them. So the remainder of the plots cannot yet be marketed or allocated, because the developer is trying to be fair and give those people who are going to stick with the resort a chance to get in first and he wants to honour the prices that the properties were originally offered at.

There´s a lot of people probably subscribing to this thread who still have an interest in this project, and I would suggest that they get back in touch with the agent with whom they originally reserved and tell them whether they want to proceed with the purchase or get a refund of the reservation deposit (unless your agent was the one who ran away).

Once this is sorted out, then licences will be sought for further areas of the site, and the marketing will start all over again - albeit at a higher price.

That´s what news I have - hope it helps.

Andy

Hi Andy
I could be wrong but I think there may be more agents who have closed down, rather than run away. In our experience over the past year a lot of smaller Agents, and some large ones, have been unable to sustain their business as no one has been buying property - hence they have shut the business.

When you refer to "deposits" are you referring to initial reservation fees of 2 or 3 thousand Euros ? or do you mean first staged payments (ie 30% of the property value?). It is most unusual for staged payments to be made directly to an Agent - these would normally be paid directly to the developer via the clients Lawyer. It is only usually the reservation deposit that is paid to the agent which is then transferred to the developer to make up a small part of the first staged payment.

Also, if any buyer paid a deposit or staged payment they must surely have received some form of receipt of contract from the Developer ? In which case they should be able to approach the developer directly, or their own Lawyer without the need to be in contact with an Agent.
Many thanks

 

[andyk2]

Thanks for clarifying that. Yes, my post only concerns the "reservation" stage of the process, and not any stage payments that have been made.

 

[byadav]

thanks for clarifying that. Yes, my post only concerns the "reservation" stage of the process, and not any stage payments that have been made.

i stress again to anyone out there thinking of investing in this development - don't. I was one of the unfortunate ones who paid the reservation fee, 30% 1st stage payment and a number of other monthly stage payments (to homes in brazil). I have lost all my money!!!!!!!!!!!! They have promised land in exchange for the monies i have paid (as they claim to have no money) but one year since the promise i have not received anything.

 

[k1elec]

i stress again to anyone out there thinking of investing in this development - don't. I was one of the unfortunate ones who paid the reservation fee, 30% 1st stage payment and a number of other monthly stage payments (to homes in brazil). I have lost all my money!!!!!!!!!!!! They have promised land in exchange for the monies i have paid (as they claim to have no money) but one year since the promise i have not received anything.

I had also invested in this project and had sent the 30% payment to the solicitors as I worked away but my contract was never signed and I managed to get my money back although the solicitors did take a small amount for the work they had allready done and I have now brought a resale house now in Brazil with the help of Debzor in Itamaraca. I hope that everyone who is having problems getting there money back gets it back in the end

 

[theadebo]

Gaining planning permissions should take less than sixth months, they have been at this for years. The only reason it would take more than 6 months is that there is a problem somewhere.

I may be being a little dense (stupid) but it strikes me as odd that they would seek planning permission individually for each house/plot. Surely as each house is the same (right?) they would apply for permission to cover the entire project in one application. To apply individually for SEMACE approvals will add unnecessary cost as each application will need a complete set of architects and engineers drawings. Makes no sense???

Quite frankly sounds like another bull**** excuse for not having the project done.

Drove past last week.......

 

[JMBroad]

Depends how they did the development - if the development was done as a loteamento (basic plots and infrastructure) then they have to apply for each house individually. If it was done as built houses then they could apply all together.

From what I remember looking at the development all that time ago (what is it now? three years?) they were doing it as a loteamento so they would have to apply separately. But yes, it does seem like a long time for the licenses to be granted.

 

[petev]

Andy where are you now

:call::questionmark:

The situation is that there have been for some time, 20 plots which have outline planning permission, and I don´t know what the right technical term is - so you will have to excuse me. Most of the clients who originally invested in this project got a refund of their reservation deposit except for where the agent kept the money and ran away.

However, the developer is trying to contact all of those clients who (on paper) still have a reservation, and offer them one of the 20 plots which has a licence - these will be the ones which complete first and delivery should be in December 2010 (ignore the old formula of quadrants being built in a specific order).

The problem is that many of these clients have moved, changed email addresses or telephone numbers or have just not bothered getting back in touch with the developer, lawyer or agent who is trying to contact them. So the remainder of the plots cannot yet be marketed or allocated, because the developer is trying to be fair and give those people who are going to stick with the resort a chance to get in first and he wants to honour the prices that the properties were originally offered at.

There´s a lot of people probably subscribing to this thread who still have an interest in this project, and I would suggest that they get back in touch with the agent with whom they originally reserved and tell them whether they want to proceed with the purchase or get a refund of the reservation deposit (unless your agent was the one who ran away).

Once this is sorted out, then licences will be sought for further areas of the site, and the marketing will start all over again - albeit at a higher price.

That´s what news I have - hope it helps.

Andy

What s your number important

 

[theadebo]

Drove past last week and bugger me there was something going on. Next time I'm up there I'll pay more attention and try to see what's going on.

Probably just reseeding the lawn. :sheep:

 

[AdamR]

I invested in this project 2 years ago, and I fear I have lost all my investment money. I wonder if I will ever see my money again, or if it will take 5-10 years to come to anything... I have been offered a plot of the land by them, but will this ever amount to the value that I paid for my first stage payments? If anyone has any information about what is going on with this, please get in touch... Theadebo, if you are living nearby, then I would appreciate if you could make some local enquiries on behalf of all the nervous investors...

 

[theadebo]

Okay latest drive by news...

There is some building going on. Correction, there is A building go on. One single house is currently under construction. I'm not 100% familiar with the design of the project houses but this (from memory) doesn't look like one of them. It might be someone who got their land building something else or it might be a show home. I have no idea. I'm due to go past there tomorrow, if my friends don't mind, I'll get them to stop and I'll ask what the score is.

 

[Londonerinlove]

I invested in this project 2 years ago, and I fear I have lost all my investment money. I wonder if I will ever see my money again, or if it will take 5-10 years to come to anything... I have been offered a plot of the land by them, but will this ever amount to the value that I paid for my first stage payments? If anyone has any information about what is going on with this, please get in touch... Theadebo, if you are living nearby, then I would appreciate if you could make some local enquiries on behalf of all the nervous investors...

Hi Adam,
I am in the same situation like yours in Banana Residence project. E-mail me on [email protected] and we can catchup with what is going on