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Investing in Monte Santo

Discussion in 'Portugal Property' started by DrQ, Aug 11, 2007.

  1. DrQ

    DrQ New Member

    I have just been offered opportunity to invest in a T1 (around 240,000 Euros)new off plan development in Carvoeiro on the Algarve. I am new to Portugal. Does anyone out there know anything about this particular development or the area?

    Any advice about this and the Algarve in general would be appreciated.
     
  2. Oliveira Trindade

    Oliveira Trindade New Member

    The ancient fishing village of Carvoeiro is located in the Algarve on the southern coast of Portugal. Today it is a well-renowned holiday destination situated in the middle of a province internationally-known for its mild climate and beaches of golden sand. Besides the beautiful Carvoeiro Beach, other highlights include the charming Paraíso Beach and within a few minutes drive, the impressive beaches of Caneiros, Vale Centianes, Benagil, Albandeira and Marinha Beach. The latter is considered to be one of the 100 most beautiful beaches in the world. Also within a few minutes drive, there are some of the best golf courses in the Algarve.
    Monte Santo Resort is located in Carvoeiro’s area, within 5 minutes drive from the village of Carvoeiro.
    The Monte Santo Resort seems to be a good investment in luxury living. The developer (Imocom Group) has a wide range of award winning developments in Portugal including the first Five Star Hilton Hotel in Portugal in the Hilton Vilamoura As Cascatas Resort & Spa.
     
  3. Paul Stevens

    Paul Stevens New Member

    Monta santa resort.

    My wife and I have just invested in this development. This whole adventure is new to us so if you have had any feed back from anyone it would be good to talk. We have just brought a T2 which we are hoping to rent and also use as a family holiday home. Just looking at renting agreements and sorting out a few questions to ask the developer. It would be good to talk sometime.
    Happy 2008

    Hayley and Paul.
     
  4. scroft

    scroft New Member

    Monte Santo - us too

    Interesting to find other Monte Santo investors. We have a T2 apartment and a 2 bed townhouse. It will be interesting to compare notes as we move towards completion. I'm interested in who will end up marketing the rentals of the properties in the end. When we bought, the Hilton group's name was being bandied about but I don't know if anything has been formed up yet.

    Brian/Janet
     
  5. JMBroad

    JMBroad New Member

    T1 for 240.000 €? What size is the apartment? An important comparison you should be using is €/m2
     
  6. f_ribeiro

    f_ribeiro New Member

    A T1 for 240.000 € is more or less the same you would pay in Lisbon.
    But i feel is a bit expensive for the area.
     
  7. Jumbo1

    Jumbo1 New Member

    scroft, a report on portugalresident(dot)com, dated 13 April '07 and titled "Algarve prepares for luxury tourism" shows that Monte Santo was originally a Hilton development with Imocom as the developer.
    It stated: "As well as As Cascadas Resort and Spa, Hilton International has announced another two projects that are in the pipeline.

    The Monte Santo Resort, in Carvoeiro, will have 67 Hilton Grand Vacations Club apartments and 54 tourist apartments. With a total investment of 55 million euros, the resort is due to open in May 2008."


    My understanding is that Hilton pulled out due to a belated discovery that Portugese hotel regulations called for a set up different to what was planned at Monte Santo.
    As a result, Imocon, the project's developer, went ahead with completion of the resort solo (to the planned Hilton standard )and Hilton have now got nothing to do with it.
     
  8. Paul Stevens

    Paul Stevens New Member

    Monte Santo Resort

    We are at the final stages of paying for our T2 which is due to be paid and completed around the 1st July, but who knows!
    IMOCOM are running the complex and are doing the renting if you are using the 3 year contract. This is new for us and we have emailed a lady called Aze who is one of the people who is running the site once complete. Ican get her email address if you wish.
    It would be good to keep in touch and I hope everything is going well at your end.

    Hayley and Paul
     
    Last edited: Jan 30, 2008
  9. JMBroad

    JMBroad New Member

    Depends on the size. A huge T1 for 240.000 € may be cheap while a tiny T1 would be extortionately expensive. What's the size of the 240.000 € T1?
     
  10. blackersmanda

    blackersmanda New Member

    Monte Santo investment

    Hi Paul,

    We are looking at the same sort of timetable for completion/payment. Are you also looking at a 3 year rental contract? Or have you been offered any alternatives? It would be very useful to have the email address of Aze, is she part of IMOCOM, or is she from the agents you used for the purchase of the property?
    I'm sure we're worrying about nothing, but we're still a bit twitchy about signing a 3 year agreement with no apparent comeback if things don't go according to the developers plans/estimates.

    We appreciate your correspondence on this, and likewise hope everything goes ok at your end.

    regards

    Mike
     
  11. scroft

    scroft New Member

    size, cost and stuff

    "Depends on the size. A huge T1 for 240.000 € may be cheap while a tiny T1 would be extortionately expensive. What's the size of the 240.000 € T1?"

    I think the T1 is 76m2, T2 is 101M2 and the T2 townhouse is 130M2. But surely location, rental potential, facilities and quality of said facilities is equally relevant?

    Picking up a different part of this thread - where did the completion date of about 1 July come from and is this for the complex as a whole and how does this date fit with the award of a habitation license? I am lead to believe that this can take months.

    Brian
     
  12. Paul Stevens

    Paul Stevens New Member



    Hello Mike.

    We are new to this and a little apprehensive. This is a big challenge for us and a little worrying, but a little excitng.
    Azy Leite is the condominium and owners club manager of Monte Santo Resort. Her address is,

    won't let me until I have become an active member. SORRY.

    If you email IMOCOM they should get her to send you an email.


    Reference the rental aggreement, we did sign it due to the fact that like we said we are new to the renting game abroad. We want to feel our feet before going straight in to the deep end. Right or wrong we are not 100% sure.
    We have sent a few questions to Azy concerning when we are allowed to use the apartment, costs, advance notice needed by us to use the property, etc.
    But we are still awaiting reply (one week so far).

    It would be good to keep in contact.
    Cheers for now
    Hayley and Paul
     
  13. faye&matt

    faye&matt New Member

    monte santo

    my partner and myself have bought a t2 at monte santo and are still waiting on a completion date.
    does anyone have any information as they arent giving us any information
     
  14. scroft

    scroft New Member

    completion date

    We had an email today from *** it includes the following:

    "The exterior plaster work is now finished and ready for painting. Work on the interiors has already begun."

    "The Developer has informed us that the he estimates completion to be June/July 2008. "


    Brian
     
    Last edited by a moderator: Feb 16, 2008
  15. faye&matt

    faye&matt New Member

    thanks for replying.
    we were the first to buy an appartment from Monte Santo it was originally supposed to be February (now) then they said August. Also has anyone bought the furniture package?
     
  16. JMBroad

    JMBroad New Member

    Because they aren't a developer (as their email indicates) they are a real estate agency.

    They have a reputation for suing anyone who mentions their bad experience with them on a forum, so most forums ban the use of their name altogether.

    Do a google search or a search on Youtube to see some reasons why.
     
    Last edited: Feb 7, 2008
  17. scroft

    scroft New Member

    taking bookings

    A google search shows that Telereserva and possibly others are actually marketing properties at Montesanto from early July.

    Brian
     
  18. Karl & Sinead

    Karl & Sinead New Member

    I have been at the resort and viewed the furniture. The quality is good and there are two options of decor available. The site is progressing and a mid summer completion is viable. I have purchased a townhouse and look forward to using it.
     
  19. Rikki

    Rikki New Member

    My wife and I have also purchased property in Monte Santo- a 3 bed apartment. We have been trying to find out what rental rates Imocom intend charging with no luck so far. Does anyone else who has bought know the rates yet?
     
  20. scroft

    scroft New Member

    Monte Santo rentals

    Rikki

    I replied to your post and gave quotations of the rentals being advertised by one agent.

    For bizarre reasons the post has been removed - some "administrator" who presumably didn't even read the post properly thought I was advertising!! I doubt that fellow owners are likely sources of bookings!!

    Look at portimar.pt

    Brian
     
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