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Banana residential latest

Discussion in 'Brazil Property' started by newkidontheblock, Apr 22, 2008.

  1. newkidontheblock

    newkidontheblock New Member

    Hi all,

    Reserved on this development at the early entry price and was wondering if anyone had any updated news. it seems to have gone fairly quiet.
    does anyone know how sales are going or when contacts will be issued
  2. wolfgang

    wolfgang New Member

    Have i read that correctly newkid - the early reservations were approx 12 months ago -have you not yet had your private purchase contract?
  3. newkidontheblock

    newkidontheblock New Member

    not yet wolfgang. i reserved in August so not quite a year. all i have granted so far is POA but no contract yet.

    i noticed you had withdrawn from this location from a previous post but i decided to stick with it as everything was going smoothly and there was a nice price increase. i'm in no real rush tbh but was just wondering if any other buyers had heard anything.

    i have also reserved in Morocco and that is snails pace also
  4. wolfgang

    wolfgang New Member

    In the first instance you need to go back to your agent.
    I would also recommend you have it confirmed that the price at which you reserved is the price that will be quoted in the contract. With the current strength of the Reai there are very few developers in Brazil that can fix prices for such a lengthy period. At the very least i would anticipate they would apply an indexation increase to your reservation price.
  5. newkidontheblock

    newkidontheblock New Member

    hi wolfgang,

    i signed a draft contract a couple of months back but no official contract.

    the price is fixed at 75,000 euros.

    can i ask what is the main difference between the draft contract and official contract.

    at what point can a buyer renage on the sale. i have been informed by the agent that even though i have reserved only i can sell on at any point but there may be penalties in doing so.
    As prices are rising in the area i intend to hold on to it
  6. LisaNic

    LisaNic New Member

    Hi Newkid

    Firstly you cannot legally sell on a reservation contract becuase at this stage you own nothing. You own a contract once you have signed the private purchase contract and made your stage payment accordingly. Only at this stage can you do what we know as a contract resale. (ie sell your contract on)

    The current purchase price for banana residential is R$310,500 (approx 115,000€). I assume your contract will state around R$203,000

    What reason have you been given for not signing contracts todate? I have seen a very satisfactory due diligence report for this development and believe everything to be in order? Which agent are you using and which lawyer?

  7. newkidontheblock

    newkidontheblock New Member

    Marben, as i said i have only signed a draft contract and granted POA to my lawyers who are Manzanares. i have not began any stage payments.

    the reason i have been given for delay is the granting of individual licences for each villa.

    i wont divulge my agents as i dont see the relevance
  8. LisaNic

    LisaNic New Member

    Okay...well you definitely cant flip your contract on at this stage until you sign the private purchase contract and make the stage payment.

    The licenses are granted already for some of the lots. Your plot must be in the second license application which i believe is still awaiting approval.
  9. deedee1

    deedee1 New Member

    :)Hi all,

    newkid- Is it a reservation agreement youve signed or an actual preliminary contract??

    As It sounds as if your only at reservation stages- where you ve only paid a reservation fee and signed a brief reseravation agreement??

    The same at GNG We are all at reservation level but cannot proceed with contracts and first stage payment until licences are granted and we have been waiting since this time last year also!!

    You also cannot flip unless you have a contract of sale and it is stipulated that you can flip it at this point anyway!!

    Take care d:)
  10. newkidontheblock

    newkidontheblock New Member

    hi deedee, i have signed over POA in front of a notary in the uk. This was in English and Portuguese translation i have only paid 1000 euros reservation fee. i have not began stage payments.

    does that mean i could pull away from the deal at anytime???

    my reservation fee is non-refundable
  11. LisaNic

    LisaNic New Member

    Hi newkid

    you are definitely only at reservation contract stage which means yes you can pull away form the purchase at any stage, however if you do you will lose your 1000€ reservation as paid.

    If you let me know which unit number you have reserved i will check the license documents i have on this project for you. (you can PM this if you prefer) Some of the plots are fully licensed which makes me think that the other plots will get the licenses in time.

  12. Camelungi

    Camelungi New Member



    I live near Fortaleza.

    The Banana residential when I drove past last about 5 or 6 months ago didn't seem much activity. Have you actually been to the development?

    I can take a look if you like



  13. newkidontheblock

    newkidontheblock New Member

    Camelungi, any feedback on the development would be appreciated. Hoping to get over there later in the year when some work has begun on the 1st batch of villas
  14. Camelungi

    Camelungi New Member

    Banana Residential

    Hello again,

    I visited Banana Residential today. Nothing is happening...I spoke to the caretaker, he didn't know what is happening and could not tell me anything.


  15. GoingBust

    GoingBust New Member

    I was reading something from a much earlier post from s guy name Wolfgang. He was talking about... furniture packs. This sounds to me a little, basic and cheap, and very expensive. Even for western prices.

    A few questions for people who have bought already:

    1. Whats the deal with the furniture packs ? How much , what quality standard, and what does it include ?

    2. If you dont buy one of these packs, how do new owners plan on furnishing your places so they are rentable/livable i.e. fixtures, fittings, wardrobes, appliances, cabinets, etc... or are they all included in your original cost price ? I would assume to organise a house, and buying everything yourself, would take a bit of time.
  16. Camelungi

    Camelungi New Member

    Banana Residential

    I drove past over a couple of weeks ago. I did not see any change.


  17. JMBroad

    JMBroad New Member

    Same here - drove past - looks pretty but looks just like the photos I saw of it a year ago when it was reportedly "sold out". Does anyone who bought here know what the deal is?
  18. Raimundo

    Raimundo Guest

    People -

    My advice is stay away form highly publicized developments made from outsiders or gringos operating in Brazil. Pound the pavment on your own. Be independent and search out areas you want to invest. Try and find trustworthy Brazilians, which can take years.... Better yet, move to Brazil and live a minimum six months (rent) before you decide to invest. Better safe than sorry. Honestly, I say invest outside Brazil. Chile, BA, Peru, DR offer much better ROI.

    My opinion.
  19. JMBroad

    JMBroad New Member

    How can anyone who knows anything about Brazil give advice like this?

    Live in Brazil for six months and/or try and find trustworthy Brazilians? How is living in a country for only six months (especially when that country works so completely upstream compared to most European/North American cultures) going to help someone invest more wisely?

    Find a trustworthy Brazilian? Brazil doesn't work like that, which I would have assumed you would have learnt when you lost all that money last time. It's not about the Brazilian per se, it's about your relationship with the Brazilian people. It's about how you act and how you carry yourself which will lead to the Brazilian behaving in a trustworthy manner or not.

    Walk around flashing money left right and centre, make no effort to speak a word of Portuguese and act condescendingly towards them and your money will vanish in a few seconds to the most trustworthy of all people.
  20. Coqueiro

    Coqueiro New Member

    When they decided to name this project 'Banana' do you think they knew that Banana is slang for Mug, Fool easy target, etc in Brazil.

    Raimundo, your like a broken record.

    DR - high poverty high crime, every few years gets wiped out by a hurricane. Argentina - problably on the way to another economic collapse right now, Peru - yeah right, Chile no idea.
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