Dr Geraldo Furtado

Discussion in 'Brazil Property' started by Jacobswe, Jul 3, 2013.

  1. jamesjacobs79

    jamesjacobs79 New Member

    Another Dr GF investor

    Hi All!

    I am another owner of a unit at Dr Geraldo Furtado. I was only just made aware of this discussion by another owner.

    I am also an owner of a unit in the Capim Macio development in which there have been various problems although completely unrelated to this project.

    I am already in contact with four other owners of this development as they are also owners at Capim Macio. Although that projected is completed there have been various legal problems resulted in obtaining the habit-se license. Again these are completely unrelated to this project however it led us to go about finding each others contact details and unifying as a combined force to get issues resolved. Although it is early days it seems that this route is likely going to be quite successful.

    We have also appointed one lawyer to represent us all. I was and am currently represented by Manzanares but have found them to be uncommunicative and ineffective. So I dispensed with their service just the other day in favour of the alternative representation who received positive reviews from the other owner.

    With regards to us acting as a combined force on this project, this was something I just recently suggested to the other 4 owners and I am waiting for some feedback on that.

    In terms of contacting all other owners in the development this would be very easy, as IMG accidently sent an update on the development to us all ealier this year with all other owners, legal reps and agents cc'd on it.

    My personal thoughts on legal action etc are that this is not the best solution. I think our best bet is to let the project complete and then see what the developer will offer. I think legal action before completion would only compromise completion. As it stands property price are still rising, however any profit will ultimately be decided by the exchange rate. I think a delay would not necessarily be too bad in this situation, but that is my personal opinion.

    If anyone wishes to contact me my email is jamesjacobs79 at gmail dot com and then you can let me know if a mass email to all owners just to put them in touch with one another seems like a good idea or whether you feel that would be a breach of your confidentiality. For me I think a combined voice has many advantages.

    Best regards James
     
  2. jamesjacobs79

    jamesjacobs79 New Member

    Manzanares

    And with regards to there only being 6 or 7 workers on site this could be for any number of reasons. It is in Manzanares best interest for clients to consider legal action as this generates them income.

    It seems that they are now cottoning on to the fact that clients are not willing to be sold into their services, and so are now suggesting a communal action.

    In the case of Capim Macio they never offered us communal action, instead offering each client to take legal action at considerable expense. Once the owners combined forces and decided to ditch Manzanares in the process, it seems they may be worried this might happen here also!!

    I paid Manzanares $600 over 6 months as did many other clients to attend one meeting each month, and despite emailing them half a dozen times for information the first update I received was two days ago, 10 minutes after I told them I was moving to alternative representation!!
     
  3. RainerR

    RainerR New Member

    It seems that there is only ONE lawyer dealing with problem projects in Brazil.
    I am yet to read something positive about these projects.
    And yet, In Rio, Sap Paolo and even in Recife I have seen well constructed apartment buildings, finished within the time limit, and quality comparable with those in Europe.
    Evenon Itamaraca people have managed to get a (albeit small) beachfront condo finished within the areed time limits.
    WHY are these people so unprofessional?
     
  4. Bidu

    Bidu New Member

    Does anyone know how many clients purchased units at this condominium, so far?
     
  5. Jacobswe

    Jacobswe New Member

    The project was very quickly sold-out, but many investors bought several units, so it is hard to say exactly how many clients have purchased units in the project.
     
  6. Bidu

    Bidu New Member

    So, everything was sold out and the construction company received the money and didn't use it at the construction's site?

    I mean... was it mismanagement of the company or the clients didn't pay properly and due that the company didn't have conditions to continue the construction?
     
    Last edited: Dec 23, 2013
  7. Allumjo

    Allumjo Member

    Hi Bidu,

    To clarify the investors have paid in stages the issues are at the developer level. I understand a new plan is being put together by the developer for the end of February with a delivery date of early 2015.

    Thanks.
     
  8. Jacobswe

    Jacobswe New Member


    I think you are getting ahead of yourself. As far as we know, what has happened is that the project is simply delayed.

    I have not been notified of this new plan by IMG, however a delivery date of early 2015 sounds realistic if everything proceeds from this moment on according to plan. Do you know any details concerning this new plan?
     
  9. Allumjo

    Allumjo Member

    Hi Jacob / All,

    Perhaps my post wasn't clear. IMG are working on a plan that they are going to communicate in February. i.e. they are working on the plan.

    Thanks.
     
  10. Bidu

    Bidu New Member

    I see!!!

    A new plan will be presented on February. That's good!

    But, just another question: On this moment, the construction is stopped or it's been done but with a declared delay for completion?
     
  11. Jacobswe

    Jacobswe New Member

    I did not have any trouble understanding your post, I simply stated that I did not receive such information, in addition to asking if you could provide any more details? Where did you receive this information? What did the information further state?

    The construction work is proceeding, but the pace seems to be very slow. People who have visited the construction site have said that the number of construction workers present is insufficient.
     
  12. Allumjo

    Allumjo Member

    Hi Jacob,

    I am due to receive some further information in January I will update everyone at this point.

    Best Wishes,

    John
     
  13. Allumjo

    Allumjo Member

    All,

    I am hoping a meeting will take place this week where IMG will outline their position. However the head of IMG has cancelled this meeting twice last week due to a health issue. I will update everyone if this meeting does take place this week.

    Thanks.
     
  14. Allumjo

    Allumjo Member

    All,

    Update from call with IMG, Lawyers and agents from 21st January 2014:

    Selling agents put forward the clients frustrations and view of the situation and this was acknowledged by IMG
    The head of IMG reiterated IMG's financial position and they have the finds to deliver the project
    IMG explained that there is a team of 12-15 people on site there is some progress being made
    IMG intend to put in a claim for Force Majeure to the lawyers by the end of January
    IMG agreed that no further payments should be made until after the new comprehensive project plan is delivered
    Late delivery penalties will apply outside of Force Majeure period
     
  15. Mahogany

    Mahogany New Member

    Hi alumni, thanks for relaying the message.
    I finished my payments a year ago. Why would some people not have completed their payments by now? Perhaps, because each selling agent had a different payment plan? I got fined 5,000 real for late payments to IMG.
     
  16. Allumjo

    Allumjo Member

    Hi Mahogany,

    Absolutely right from what I understand different clients have different payment plans even different clients with the same agent. So this is where the compensation part will be different for different investors depending on what has been paid etc. IMG want to claim for Force Majeure and as long as this is deemed reasonable this element should be fine. If they try and claim for all of the delays things could get tricky....

    Thanks,
     
  17. Jethro

    Jethro New Member

    I am invested in the latest offering from Obelisk International, the Brazilian Governments social housing program, Mihna Casa Mihna Vida. Three have passed by and not a block has been laid. The constructor, M&K, refused to start construction and have now left the scene and taken half of the land with them. Obelisk International have taken their share of the spoils and now have also left the scene. The investors believed in and placed their trust in, (moderated) and are now left wondering what has happened to their money. The Obelisk machine is still active, so investors BEWARE. Jethro
     
    Last edited by a moderator: Feb 19, 2014
  18. Allumjo

    Allumjo Member

    Hi Everyone,

    I asked IMG a series of written questions via my advisor in relation to the development and the delays. Late last night I have received a written responses to all of my questions. If anyone is interested in receiving a copy of the questions and answers please private message me.

    Thanks.
     
  19. chre

    chre New Member

    Hi James, Thank you for sharing your experiences with Manzares. I am also a buyer at GF and would probably pick Manzares if I would need a lawyer.
     
  20. Bidu

    Bidu New Member

    Hi all!

    I live in Natal and work as a troubleshooter to several foreigners who have problems here with construction's company.

    I also can inform you that the mentioned juridical company made similar action to more than 50 British clients who hired their services in a Beach's condominium 70 km far from Natal.

    I recommend to be very carefull with your juridical's choise. Sometimes the most famous is not the best option.
     
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