Forest View, Romania

Discussion in 'Romania property' started by watkins, Mar 22, 2009.

  1. watkins

    watkins New Member

    I was wondering whether there was anyone who had also bought land within this project. I have read a lot of bad press regarding the agents who we bought this through and there seems to be a steady flow of vague and not very positive information coming through along with rising costs for keeping this plot of land. If anyone has any advice or information regarding this project I would be most appreciative

    Thanks
     
  2. David howe

    David howe New Member

    Beware of fiscal changes for the companies you own to hold your purchase.

    David Howe LLB. LLM
     
  3. coatesrd

    coatesrd New Member

    Did Forest View near Bucharest ever get built?

    I went in July 2007 on the basis that development was well under way.

    There was no genuine road in place at the time and there was no sign of it being completed in the near future despite a very impressive sales pitch of what it may look like come 2008.

    4 years on, I'm struggling to find out what happened.

    I assume it was all hot air ?

    If anyone knows, I'd be very interested to hear from you!
     
  4. David howe

    David howe New Member



    Unfortunately you are correct, I can put you in touch with some other owners to discuss if you want, a lot have moved their companies due to the extortionate costs involved in keeping them


    David Howe LLB. LLM
     
  5. wmp

    wmp Banned

    Forest View


    The road you mention is shared only with a Chicken Processing factory, 1km further on down the 2.5km track, from the DN6 route running south from Mihailesti. There is little likelihood of that road being completed & the Factory owners are said to be at odds with the local major currently over the issue.

    As at today, Google Street view acurately reflects the dirt & stoney road that is the site access road.

    My personal advice to any buyers in this project is to visit it yourself as soon as you are able to, & definatley before paying any further monies on any kind of service or work, or any further signing. I have seen emails to cleints requesting final payments etc. At the risk of libel, I won't say what I think, but I will say, you need to go there in person before further committment. Check rental values & prospects using trusted agents & check build quality.

    Regards
    Damian Galvin
     
    Last edited: Oct 31, 2011
  6. Burgage

    Burgage New Member

    I visited the Forest view project last year with the developer. The site was populated by a handful of of guys engaged in construction/maintenance of the clearly stagnating development.
    (I have some pics if there is a way of posting them here)
    Since then I understand that the developer has moved his base from their small office in central Bucharest to the site itself - and encouraging move because it probably means that they have utilities on at last. Our intermediaries (R2i) sent out a development update a few days ago suggesting that the developer was beginning to get hassle from his building contractor for time over run - a peculiar thing to have any issues with because EVERYBODY is experiencing over runs and certainly our original contract is now shot through with unmet deadlines. Apparently a small number of villas have been completed but I am not yet clear if they are occupied by their owners or by tenants or by anyone at all.

    It appears that they are having difficulty getting other investors to complete - not surprising as the rental market is very depressed and ROC not worth a bean at this stage.

    On the positive side, the new outer ring road around Bucharest appears to be becoming operational, and runs close by. There have been rumours of a new airport to the south but I have not seen anything to indicate it's going ahead yet. -Does anyone else have any news on this?
     
  7. Burgage

    Burgage New Member

    visiting Bucharest and Mihailesti

    Just a note to the forum that I am planning a working visit to Romania this month or next (Oct/Nov 2012). If anyone would like the opportunity to have something checked out by me during my visit do get in touch and I will fit it in to my schedule if I can.

    This post repeated on the other Forest view thread.
     
  8. atul

    atul New Member

    If you have time and its not a problem, can you please check the Adelaide development by South Pacific Group in Otopeni area of Bucharest.

    Thanks
    Atul
     
  9. paradicsom

    paradicsom New Member

    Hello Watkins, I have a few plots and had to form a Romanian company; the costs have been much higher than we expected; now after 5 years I have invoked my buy-back agreement but have not had a reply until today. They told me that they had not received my request.
    or anybody else's/ It was sent thru our lawyers at great expense. Planning now to shut down the company now to reduce the costs to the minimum but still trying to invoke buyback agreement. Rgds Paradicsom
     
  10. paradicsom

    paradicsom New Member

    I am told now that although hardly any building has taken place so far, once the airport nearby get built, demand for these plots will increase. - However, keeping plots via our lawyers has been very costly; would love to invoke our buy-back agreement; Have sent notice to developers but they have not responded;
     
  11. paradicsom

    paradicsom New Member

    Would be interested in your view as to when serious building is likely to commence on the Mihailesti site. If one were to sell now, could you check what the current market value of plots in both the open and closed areas;
    Has anyone successfully invoked their buy-back agreement?
    Have a good trip!
     
  12. paradicsom

    paradicsom New Member

    Forest View Mihailesti

    Dear watkins,
    I have invested in this project and have had considerable expense running the company which we had to form. Now we are trying to invoke the 5-year buyback agreement but appear to be getting nowhere; PVV claim that our notice (organised by JBA in Brasov) was delivered improperly and they also say they have no money to honour the agreement; we are reluctant to take them to court and to incur further expense and aggravation; would be interested to hear your situation/advice relating to this "development";
    Kind regards,
    Ferenc (username paradicsom)
     
  13. RosamundDaisy

    RosamundDaisy New Member

    Hello,

    My mother and I own a plot of land in the gated development of Forest View. We have been asked for several hundred euros by the solicitors to keep our company in hibernation but we understood this is no longer necessary. When we ask them about this there is no reply. We are very keen to get in touch with other investors in Forest View.
     
  14. Mill3

    Mill3 New Member

    Forest View Romania

    I own a plot of land at Forest View which is set up through a company as was required. The latest regulations apparently allow private ownership without a company. It seems that a 65% VAT payment is required if dissolving the company and returning the shares to the individual. Does anybody know more about this or anything to do with Forest View which seems to throw up increasing costs?
     
  15. Mill3

    Mill3 New Member

    Mill3

    Hello. I own a plot here. It would be very helpful if you could you email me about how you got to the site and any other info to do with it that you found i.e. other agents advice etc. There's a bunch of us trying to find a way forward in this debacle!
     
  16. Mill3

    Mill3 New Member

    Mill3

    I also own a plot there and, as you say, the costs just keep coming. I think the best thing is to go out there and try to resolve the situation. I've spoken to a Romanian in the UK who advises me to do so.
    There are several others also in contact on this. Somebody was going out in 2012 but never made it unfortunately. Don't hesitate to get in touch - I've just been asked for about 2000 euros to dissolve my company!
     
  17. RosamundDaisy

    RosamundDaisy New Member

    Thanks very much for your reply. We are in touch with one other investor but would very much like to get in contact with others. What is the best contact email?
     
  18. Mill3

    Mill3 New Member

     
  19. Mill3

    Mill3 New Member

    Progress

     
  20. RosamundDaisy

    RosamundDaisy New Member

    Once we post 5 posts can we attach an email? Rgds Amelia
     
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