Forest View

Discussion in 'Romania property' started by APW, Jul 6, 2012.

  1. APW

    APW New Member

    I have bought a land plot in the Forest View project and am very keen to seek advice from others as the building of this development has now come to a complete standstill and I feel I am in over my head. I await advice from my Romanian lawyers on how best to protect my investment but if anyone can put me in touch with other land investors in Forest View or Romanian property investment experts it would be hugely appreciated.
     
  2. Burgage

    Burgage New Member

    Hi,
    Yes we invested in this project too - we signed up for a villa in 2007. We have just received a "development update" from R2i implying that the developer may be about to be sued by the contractor for time overrun. Personally I think this is hype to encourage villa investors to commit to a delivery deadline (ha ha).
    It would be good to compare notes. One frustrating thing is that R2i do not seem keen on letting us all know about each other!!
    I have just come back to this forum having last been here in 2007, so I will try to send you a private posting if that is possible. - I have to find my way around the site again first.
    Cheers for now.
     
  3. Andyr

    Andyr New Member

    Similar boat

    Joined the site to respond to thread. In pretty much the same position with property. Agree that R2I seems to want to keep thing separate but given the situation that doesn't seem the best approach. Interested in keeping abreast of any developments
     
  4. Burgage

    Burgage New Member

    I have just had a conversation with R2i about the Forest View situation. I remain convinced that R2i are a good company and are holding faith with their customers from 5 years ago. There is a limit to the after sales service they can offer as they do not have any commercial hold on this development. I understand that they will be issuing another development update in the next few days.

    Apparently the developer is being tight lipped about who it is (the building contractor) who is supposed to be sueing them! I have asked Paradise Valley (the developers) this question directly to be met with a resounding silence. R2i tell me that they dont know either.

    As i mentioned in an earlier post, Paradise Valley have decamped from thier office in Bucharest to the site at Mihaillesti. I found this out when I walked into their office on Bulavard Balcescu last April and found myself standing in the middle of a ladies hair salon!!! I did not get a chance to visit the site on that occasion as I had a tight timetable and other business, but it is a good sign because it means the utilities are in place. I shall be visiting again in September.

    R2i are upbeat about the possibilities of rolling the project forward and conveyance of title to the first 3 villas has, I understand, been completed. (there are 33 total I am told in all; we have one in our name).

    R2i would not reveal contact details of any of the other investors to me on the grounds that each investor has their own agenda and managing subsidury group actions is time consuming for them and produces a lot of confusion and strife. I confess I appreciate their point! However as this is my 4th post I hope to graduate from "Junior member" of this club one post from now - at which point I will be able to send other contributors a private message. I could of course post my email address here, but I like to play by the rules. Look forward to exchanging views after the next development update from R2i.
     
  5. 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.
     
  6. jkingsley

    jkingsley New Member

    I too purchased plots of land through ready2invest. My "company" has been dormant for a couple of years but the solicitor (original one) is now requesting large fees to keep the company going. Does anyone know of a cheaper option??! No help from R2I whatsoever!
     
  7. Burgage

    Burgage New Member

    The original lawyers are probably the ones with their main office in Brasov (?). And your company probably ended up being based there. We have another investment in Romania so putting our company into dormancy would not have been of any benefit. We moved our company back to Bucharest and took up with an accountancy firm called Dunlop Mills, (headed up by a Brit: Stan Dunlop). Dunlop Mills have been brilliant and I thoroughly recomend them. They will also put you in touch with competitively priced lawyers.
     
  8. Burgage

    Burgage New Member

    Forest View/company etc

    BTW, my understanding of Romanian law is that individual EU citizens can now own land and property without having to do it through a company. This means that you could drop the costs of holding a company in Romania. How much this in itself would cost I dont know - ie liquidating your company and transfering its assets to yourself. You would also probably run into VAT issues and probably have to stump up 24% - but I dont know for certain. Dunlop Mills may be able to clarify this for you.
     
  9. David howe

    David howe New Member

    I think anyone owning plots in forest View should take the time to go vist the area and decide do they warrant further expenditure. In my opinion the area is dead in the water and further expenditure should be avoided or else owners should group together in proportional representation in one holding company and nitigate costs by having one company and not 3 or 4.

    David Howe
     
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