Fuseta Ria

[lena green]

Hi Manor Park,

Invariably the roof belongs to all and a comittee is normallyy set up to maintain it and pool/grounds if there are any. So, technically the roof is yours. However, if all owners were involved then it would be a communal installation (no maintenance costs)and profit shareout annually which wipes out all other maintenance costs for the site.

A 5kw unit @ 65 cents per KW hour return over 16 hours per day (3.25€ per hour) = €52 a day x 7 = €364 a week or €1456.00 a month

Annual income €17,472.00

approx 25 (200 watt) panels required at a cost of €40,000 ++, payback 2.5 years.Don't forget your own usage,so that annual income will be lower. However, after three years its all profit.
Less bank charges over 6 years.
Loan repayments €8,172 p.a on 40k over 72 months.

By borrowing the entire amount, no deposit down, there is almost 100% + profit per year rising to the whole income after the repayment period.

I don't know how many occupants there are but ten people with 5k apiece are into a great investment for life.

I am not new to this field I should tell you, but I have never come across such high purchase prices from the EDP. Usually its coppers that one gets paid.The EDP are contracting for 5 years, so income is guaranteed to be, on a turnpout of 5 Kw hours per day over 1825 days x 52 Euros or 94,900 Euros. Less 5 years use which won't be anywhere near that figure.

Its worth a look.

 

[lena green]

as a point oif interest, if you could'nt get a group together, there should be nothing to stop you putting your own smaller 'stand alone' unit onthe roof and feed cable down the outside wall.
my address is<snip>

 

[pollitico]

Thanks

Hi MP. SHW, and Lena
Thanks for your replies and thanks Lena for the photos. Its good to see the site moving on.
We havent seen the site since the Easter holiday period, so it was also interesting to see Fuseta in the summer.
Next time we are over we will take photos as well and post them up for all to see. Not sure when that will be, soon hopefully.
Thanks again
P

 

[Declan B]

You mention Ria Formosa in Fuzeta yet pics are of Formosa Village again in Fuzeta

Anyone else bought into the village development?

Understand devlopment is completed but best date for transferring deeds is now Nov 2008

Anyone else have some inside track as to the delay

Rgds

Declan

 

[manor park]

Declan

The pics are of that development but if you click where it says "fuseta ria" you get the pics of our development.

MP

 

[Declan B]

Apologies for confusion but where have you purchased Ria formosa or Formosa village??

Tks

Declan

 

[manor park]

No problem

We have purchased on a development called Fuseta Ria which is on the edge of the Ria Formosa, the Ria Formosa is protected parkland in the area.

All these developments have similar names and it does get confusing, that is why when lena took the pics for us he got the wrong development to start with, that is why the pics of Formosa Village are on the link.

I hope all that made sense lol.

MP

 

[Declan B]

Hi MP

yes all clear now , actually met with the developer on site at Ria Formosa and would have been tempted to purchase one as good spec and location /view but committed elsewhere

Best of luck, when is completion scheduled ??

Do you if anyone on site has purchased in Formosa village ??

Think Fuseta has great potentila going forward

Rgds

Declan

 

[manor park]

Declan

Our completion is scheduled for qtr. 4 next year, but they have said it may be earlier.

Not seen any threads on the village development, if there is any they would come up if you google it. Our development is very small and this is the only thread that I have seen on our one.


MP

 

[fusetafriend]

Hi Manor Park, great news .......more beer, my beer bank will be overflowing before long!!

Are you both coming to live in Fuseta? I wonder or buying to let? it gets so full in the summer I cannot park there as many apartments are owned by wealthy Portuguese from Lisbon. The apartments are closed all year as they don`t rent out so accomodation is much sort after. I have my place on long term rental but I am informed its good for a 1000 a week for three months of the year if let...............so I go there on the HD (Harley Davidson) its easier to park !! and a real crowd puller.

There is quite a lot of renovation going on in Fuseta and has good future plans and, of course you can cop a boat there straight to the islands, now thats something different.Simple life out there with lots of beachfront and sand.

Fuseta is full of quaint old buildings with great architecture dating back years. I love the place, never any problems, great beaches,ugly girls and good restaurants for miles around.
It would be nice if they would close the campsite though and build on there as its prime land........now thats a place you wanna buy if ever it comes up for sale !


Regarding your comment about the campsite in Fuseta, I hope it is never sold off as you suggest. It is one of the few areas in Fuseta where there trees, there are fishermens huts, a boule pitch, childrens play ground and the people that stay there give the river front area a special ambiance. It the campsite were to go, it would rip something special out of the town. The eastern algarve is great because property is being built but in a more sustainable way.

The people that like this area do so because it is about so much more than lying in the sun and drinking excessive amounts of alcohol. The history, culture, landscape and nature are what I and my family like to drink in large amounts when we go there.

PS the Chinese next to the Post Office is nothing special, why not try one of the Portuguese restaurants (you are in Portugal after all) I recommend Restaurant Scandinavia just up the road from the fish market.

 

[eric]

Formosa village

You mention Ria Formosa in Fuzeta yet pics are of Formosa Village again in Fuzeta

Anyone else bought into the village development?

Understand devlopment is completed but best date for transferring deeds is now Nov 2008

Anyone else have some inside track as to the delay

Rgds

Declan

Declan,
Hi, I'm buying apartment in Formosa Village in Fuseta. Visited site 17th September and everything was completed so I don't understand delay (was told completion would take place in 8 to 10 days). Would love to get in touch with other purchasers in Fuseta.

regards

Eric

 

[manor park]

fusetafriend

I thinks lenas comments were from a property developer point of view as the campsite is prime land. He lives out there and I think lived in fuseta for a long time.

I am sure he eats at places other than the chinese lol

MP

 

[Declan B]

Hi Eric

We are also buying in this development. What we are laid to believe from our solicitors is that just awaiting habitation license and quoting Nov completion

Has to complete prior year end to avoid penalties

So how is it looking ? are you in east block or west block ( clsoest faro)

Awiat your news

Declan

 

[fusetafriend]

fusetafriend

I thinks lenas comments were from a property developer point of view as the campsite is prime land. He lives out there and I think lived in fuseta for a long time.

I am sure he eats at places other than the chinese lol

MP

Apologies if I picked up on the wrong end of the stick with lenas comment but not all prime land is good for building on, this is what spoilt areas of the western algarve. The eastern algarve is special because it hasn't been over exploited. I have thankfully heard that the Portuguese government does not approve developments less than 500 meters from the sea.

We have recently bought an apartment in a three storey re-development close to the harbour in Fuseta and would like to see things stay just as they are.

 

[eric]

formosa village2

Hi Eric

We are also buying in this development. What we are laid to believe from our solicitors is that just awaiting habitation license and quoting Nov completion

Has to complete prior year end to avoid penalties

So how is it looking ? are you in east block or west block ( clsoest faro)

Awiat your news

Declan

Hi Declan,
Everything seems complete. Don't understand delay. Only untidy bit is around pool but generally looking very good.
We are in east block(206),should get setting sun.
Was buying furniture from Je ne sais quoi but think theyve gone into liquidation.
Need to go out again and start looking for furniture from scratch. Any ideas suggestions?
regards
Eric

 

[manor park]

fusetafriend

No problem, like you most of the people on this thread have bought property there for much the same reason, lena lives there and was kind enough to take some photos of the building progress for us.

Is yours a holiday property or to live? is it finished yet?

Mine is due to be completed towards the end of 2009, so I hope to be taking advantage of it early in 2010 and enjoying the lovely peace and views that fuseta has to offer.

MP

 

[Declan B]

HI Eric

We are in west block 204

Just signed up with VillaPac for the furniture and seems good quality
Hope you didnt lose any money with Je ne sais quois ?

Do you know of anybody else buying in this development?

What part of the world are you from ?we are from Northern ireland

Cheers

Declan

 

[eric]

formosa village3

HI Eric

We are in west block 204

Just signed up with VillaPac for the furniture and seems good quality
Hope you didnt lose any money with Je ne sais quois ?

Do you know of anybody else buying in this development?

What part of the world are you from ?we are from Northern ireland

Cheers

Declan

Just a wave away!
Afraid it looks as if we lost over 5000 euros.
You are the first I've made contact with. We are going over 7th to the 11th December to look at furniture. Hope the apartment is ready by then! We are from England (the midlands).
Hope we get opportunity to meet up sometime.

optimistically
Eric

 

[Malcolm]

Just a wave away!
Afraid it looks as if we lost over 5000 euros.
You are the first I've made contact with. We are going over 7th to the 11th December to look at furniture. Hope the apartment is ready by then! We are from England (the midlands).
Hope we get opportunity to meet up sometime.

optimistically
Eric

Hi Eric

Just been browsing through yours and Declans comments on Formosa Village. I have bought 2 apartments on there on the East block and I have 3 friends who have also bought on the same block. I was over there about 3 weeks ago and everything looks finished but suppose it just takes time getting the habitation licence. I was really impressed with the apartments. My lawyer told me last week it would probably be towards the end of December when it was ready for completion. Hope its sooner really because I was hoping to have a holiday out there at the end of the year.

I'm hoping the apartments will rent easily in the summer although I was a bit worried because there doesn't seem an awful lot to do. The beaches on the other hand are excellent so ideal for sun worshippers.

Sorry to hear you lost so much money to Je Ne Sais Quoi. My friends and I have bought our furniture packages through Ideal Living (Portugal) Ltd who is a friend of a friend who has recently set up a showroom in Portugal. Whilst I was out in Portugal I called at the showroom to choose my furniture and the quality is really good and virtually half the price of other packages I have looked at. If you like I can give you their number or you are welcome to have a look at my apartment when its ready.

By the way I am from North Yorkshire. Look forward to seeing you there!

Regards

Malcolm

 

[Declan B]

Hi Malcolm

good to hear from another fuseta ( formosa village ) resident

We know of another irish couple who have bought out there and have recently returned from a visit

They have some concerns about the artifical grass that has been laid in the grounds and around the swimming pool, they feel not very well laid and of questionable quality. Any comments from you or Eric?

Also do you if there will be security shutters on all exposed glass areas ? had heard only on kitchen and 2nd bedroom and not on balcony?

Anyone any comments regarding installation of air conditioning ?


look forward to hearing from you

Rgds

Declan