Investing in Monte Santo

[Rikki]

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

Brian
Thanks for your reply. I checked out the Portimar website and it is indeed taking bookings from early July until November. The rental rates which they are quoting of 1650 euro during peak season for a 3 bed duplex apt and 950 euro for a 1 bed apt are very considerably lower than I was led to believe the properties would fetch. This could make a significant difference to the properties covering their costs- esp given that the management company are taking a large slice of the rentals. Was anyone else given indicative rental figures at purchase?? I am going over in April and hope to see a virtually finished development.

Rikki

 

[Jean]

Hi all,
I am currently looking at buying a property in Monte Santo. Could anyone give me some information about the rental agreement please? Is it compulsory to sign this agreement?
Look forward to hearing back,
Thanks,
Jean

 

[DrQ]

rental agreement

Hi al

Hi Jean

We have a purchased a T1 at Monte Santo. We were very concerned about the 3 year rental agreement. As year 2 and 3 were unspecified in terms of profit split, we only agreed to sign a 1 year agreement which was acceptable to monte santo.
Let me know if you need any more info

thanks
DrQ

 

[DrQ]

Rental Prices

Rikki[/QUOTE]

Hi Rikki

We have purchased a T1 in Monte Santo and were advised rents were 1540 high season and 1400 low season. The rents we are seeing on the portimar.pt and telereserva sites are considerably lower than this. Like you say the property is no longer covering it's costs at these prices.
We are trying to get in contact with imcomm to see if these are introductory rates and we also want to see their marketing plan.

We are also going over week commencing 7 Apr. Let us know if you are there then and want to meet up.

In the meantime, please let us know if you get any more information.

thanks

Dr Q

 

[DrQ]

What are the decor options? We didn't realise there is a choice

 

[DrQ]

3 year rental agreement

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

Hi Hayley and Paul

We have just read your posting after replying to someone else on this subject. We have also purchased at Monte Santo (a T1). We were nervous about signing a 3 year deal as they couldn't specify the profit split in year 2 and 3. We therefore agreed with them we would just sign a 1 year agreement.

Let us know if you need any more information. It would be good to keep in contact

DrQ

 

[DrQ]

Hi Mike

We have just posted a couple of responses on the 3 year contract as we were worried about it. We have agreed with imocom that we would sign a 1 year agreement

 

[DrQ]

Do you know what the implications are for renting out apartments if the development does not conform to portugese hotel regulations?

 

[DrQ]

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

Hi Brian and Janet
Have you heard anything else about the marketing? We are going out w/c 7 April to see the site and try and meet the marketing team. It would be good to keep in contact as we get nearer completion

 

[blackersmanda]

Hi Mike

We have just posted a couple of responses on the 3 year contract as we were worried about it. We have agreed with imocom that we would sign a 1 year agreement

Hi Dr Q

Following my concerns and pressuring our solicitor, Imocom have now agreed a 1 year rental deal with us.

Like some of the other people, the initial rental figures put forward by the agency we bought through, were estimated to be in the region of 18000 e per year. We were told Monte Santo would be looking to let a T2 apartment for 2500e per week high season, the figures we are now seeing on the website are nowhere near this, and will definitely cause a shortfall against the rental, which was to supposedly easily cover the costs.

We're interested in seeing that some people are proposing to go over around April 7, and we would be interseted in going across then and meeting up with people. We think there might be some strength in numbers if we meet with the developers/managers.

If people could let us know exactly when they're going, perhaps we could arrange to meet up.

Regards

Mike and Angela

 

[DrQ]

Hi Mike and Angela,

We will definately be there over that week. We are just arranging flights now. As soon as we get them booked and the hotel will let you know. I think it is a good idea for anyone who is around to meet up, discuss the situation and raise our concerns together.

Richard & Jenny.

 

[Rikki]

Hi all MS investors

My wife and I are going out from 15-17 April if anyone would like to meet up to compare notes.

Rikki

 

[JES]

Hi Mike and Angela,

We have got our flights booked. We will be there 7-11 Apr if you want to meet up.

Jenny and Richard

 

[Lysos]

It never ceases to amaze me how readily people believe rental projections from agents, especially a certain outfit with three initials, quite apart from the fact you are paying them 15% commission. As reported by the Sunday Times & the BBC it's very much a case of, "tell the punter whatever is necessary to get the sale; after all, there's nothing in writing".

2,500 euros aweek for a 2 bed apartment !?!. Please, did you really think that was achievable, given the competition in the rental market ?. That's nearly £2,000 a week, for a holiday flat !.

I've just returned from a week in the eastern Algarve, close to the Spanish border. No Irish pubs, karaoke bars or discos. However, beautiful, clean, sheltered beaches, golf courses, nature reserves, great restaurants (remarkable value) etc. Even a 5 bed villa with private pool on a large plot in peak season won't set you back anything like the figures you were given. To get a realistic idea of rental prices, not just in Portugal, check out a site such as :


Holiday-Rentals. UK’s No. 1 for villas, apartments & cottage holidays in Spain, Portugal, France, Florida, Italy & worldwide.

This thread is yet another reminder - if one were needed - to believe nothing an agent tells you; if it's not in writing it didn't happen. Two basic caveats that are all too readily ignored: do your own research & employ an independent solicitor, not the one recommended by the agent/developer.

 

[faye&matt]

We are going over on the 3rd of april for one week. Is anyone trying to rent out the property themselves?
If anyone is over there at that time then would they like to meet up to discuss?

 

[Rikki]

Hi Mike and Angela,

We have got our flights booked. We will be there 7-11 Apr if you want to meet up.

Jenny and Richard

Hi Jenny & Richard and Mike & Angela

We have extended our stay to 10th-19th April if you would like to touch base

Rikki

 

[Jumbo1]

Hi Faye & Matt, my wife and I just returned today from a 3 day visit to Carvoeiro. We are also buying a T2 and may well have bought ours on the same day as you (and probably at the same time as you if Valter is your solicitor).
We went out to source our own furniture (we did not sign up for the rental program and, like yourselves, bought early enough not to be tied into having their furniture pack).

We will attempt to market it ourselves, at some stage. It is very hard to work out how feasible it will be, until the place opens up and it is possible to find out what the management will be willing (or not) to offer by way of checking customers in and out and turning the apartment around between lets. If nothing feasible is on offer to those of us not using the rental program, then the search will be for a good management company.

We were surprised at how much the building of the resort had progressed since we were last there in January. All the properties have had their first coat of paint and the building containing the Health Club & Spa, indoor swimming pool, club house etc., looks quite impressive.

We were told that the date for the (deed signing?) party and the handing over date had been firmed up for the 15th of June and the 1st of July. I’m not sure why there is that 2 week gap. They expect to have the development finished by mid May and the habitation license issued by Jun 15th.
I did ask when they planned to tell everybody these dates and was told “early in April”!
Well, let’s face it – that’s par for the course!

 

[faye&matt]

Thank you for your update.
Our solicitor is Valter and we are still to have any response from him as to any dates for completion so not over all impressed with their communications but then I suppose they can only go on the information that the developer gives them.
We are sourcing our own furniture package and are meeting with Villapac, is this a company who you have met with too?
Do you have any suggestions for other furniture companies?
I am now very excited for my visit to see the progression.

 

[Joanne Sadique]

hello

I am considering buying a t2 at Monte Santo, but I am concerned about the actual rental that will be received will be much lower than I was told and I dont able to get any information about who is doing the marketing.
Also if I donot sign the rental agreement, and do the marketing myself, does anybody know what services will be available ie checkin and cleaning in between clients and what it will cost? Are alarm bells ringing for anyone else?
What should I do?

 

[Jumbo1]

If you email us at, boeman55 at yahoo dot co dot uk (I've written it like that so the post doesn't get removed, hopefully),we will be happy to fill you in with regards to what we have done about furniture.