Dr Geraldo Furtado

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

  1. chre

    chre New Member

    Hi Thread. Thx for sharing this information. Could you be more specific which Minha Casa Minha Vida project it concerns. There are several MCMV projects in the area of Natal. A close friend of mine invested in one of them (but not via Obelisk), however I am a bit worried now.
     
  2. chre

    chre New Member

    Dear Allumjo. A bit late perhaps, but it's only today that I found our about this forum. But thank you for sharing you information. I am a buyer at GF and of course not pleased at all with the delays. Thx. Chr.
     
  3. chre

    chre New Member

    Hello Mahogany, Since today I know about this forum. Me too I am a buyer at GF and worried about the delays. Did you already make your trip to Natal or do you plan to go there later this year? I hope you want to share your 'live' observations of GF and IMG. Thank you. Chr.
     
  4. Allumjo

    Allumjo Member

    All,

    I am expecting a letter from the lawyers Manzanares later today as I understand IMG have put in a ludicrous claim for Force Majeure looking to claim the entire delay on this. Effectively the lawyers are responding to this and are due to provide more information.

    Does anyone have any up to date information on progress on site as I have not received an update since the start of December. Also does anyone have any colour on how the property market in Natal is looking right now and any up to date prices?

    Thanks,
     
  5. RainerR

    RainerR New Member

    Tja

    I found a good lawyer with Dutch speaking staff.
    Let me know if I can be of help.

     
  6. Jethro

    Jethro New Member

    Minha casa Minha Vida

    Hi Chre,

    Apologies for the delay in responding, My experence of Minha Casa Minha Vida investments is only through Obelisk International, who's lawyer of choice would appear to be Manzanares International. Interestingly, Manzanares put a disclaimer on the bottom of their documents, which states they are not responsable for the views expressed by individual lawyers, so no protection there !! Obelisk try to claim that the failure of their project, which was a partnership between M&K constructors and a real estate company called Manha, was due to the delays in the Town Hall which was inundated with planning applications etc. However, in April 2011, they told me everything was in place and constuction of the first phase was set to begin. Except that nothing happened, M&K refused to start construction stating that too many appartments where being built and they would have difficulty selling them. Yet, pre-sales had been going well according to Obelisks CEO (moderated)
    I've since found out that M&K don't have the best reputation for fulfilling their obligations and both Manzanares and Obelisk would have known this as they have all had dealings with each other on other projects that have also failed.

    It seems to me from reading 'Posts' relating to various Brazilian consruction projects, that reliability is not considered to be particularly important. There are unfinished projects all over Brazil where constructors have just walked away, and everyone tries to claim 'Force Majure' in the event of court action. My contract, drawn up by Manzanares, is barely worth the paper it is written on. Undoubtedly, there are success stories with Minha Casa, but be careful if you are going ahead with your investment. Do your own research, don't believe all the company management say to you, once they have your money you are in their hands and at their mercy and you have to hope that they can deliver on what they promise. (moderated). Please be careful and if in doubt just walk away yourself.

    Jethro
     
    Last edited by a moderator: Feb 19, 2014
  7. Allumjo

    Allumjo Member

    Hi Everyone,

    I received a pricing update for Petropolis last night of Real 4,900 M2 an increase of 8.0694% on the price from last year of 4,500 M2. So that is some positive news.
     
  8. lutjebroek

    lutjebroek New Member

    Is that Petropolis RJ ?

    I assume that are not quotes for MCMV houses, more in the luxury segment outside Petropolis.
    Right?

    I am pretty sure that in the luxury condo´s like Lagos de Itaipava and Granja Brasil many appartments are still unsold. You can guess the reason for that i hope.
     
  9. Allumjo

    Allumjo Member

    Hi Lutebroek,

    This relates to comparible projects for the subject of this forum Dr Geraldo Furtado which is an apartment complex.... mid range rather than "luxury" Do you not agree with these figures? Do you have any actual colour on the "unsold" apartments that you mention? facts figures etc...

    Thanks,
     
  10. Allumjo

    Allumjo Member

    Good Evening Everyone,

    I have received an update from the lawyers Manzanares this evening. The new project delivery date is September 2015....
     
  11. lutjebroek

    lutjebroek New Member

    Sorry for the misunderstanding. I always assumed it was in de CITY Petropolis, and that is where I live.
     
  12. RainerR

    RainerR New Member

    value

    By September 2015 the Real is likely to be worth even less.
    Imagine the loss in investment for those who want to sell again ........

     
  13. Beachy

    Beachy New Member

    Do you Petropolis in Natal ? I think I know that building opposite the bus stops . In all honesty it's not a very attractive strip of road .What are the reason for delay...short and sweet without me reading 100s of posts. Thank you
     
  14. JMB

    JMB New Member

    Hello all,
    does anyone have any news of the status of the building Dr Geraldo Furtado? I have tried to contact IMG and real state with no answer. Was any compensation or complaint?
     
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