off plan purchase at crystal spa aparthotel - eurosilex

[yam600]

Yam,

You really do seem to be wearing rose tinted spectacles. No, I am not an investor. Preliminary research was suffice to convince me that property in Bulgaria's coastal & ski resorts was not a viable investment. Vastly overpriced compared to what locals could/would pay; poor standards of construction, vast oversupply and very short potential letting seasons.

You say it's not in their interest to walk away; it most certainly is. They already have a large chunk of purchasers' money and there are no new buyers, so why spend more ?. Also, if the project was viable the banks would lend, but it isn't and they aren't. Why do you think the thieves behind Bulgarian Dreams did a runner leaving clients with unsellable/unlettable properties on unfinished projects ?. My views on Eurosilex are based on this thread; step back and read it with an unjaundiced eye. The develpers/agents have not delivered what you paid for, but they are adept at moving the goal posts (or should that be the tennis courts ?) and fobbing you off with one excuse after another. This and other property forums are swamped with buyers desperate to sell at any price. I feel sorry for the Spanish chap, on another thread, with 10 appartments he's desperate to off-load. Problem is, noone's buying, nor will they be for a long time even at giveaway prices on completed developments.
You say the company is fine but merely suffering a 'fiscal problem' !. Excuse me ?. That's the whole point. People being repossessed in Uk are merely suffering a 'fiscal' problem; so are the banks, the car industry, retailers etc.etc.
A final question, Yam, just how many people do you know planning a self-catering holiday in Bulgaria ?.

Your entitled to your opinion. My Dad bought a shed on the south cost in 1965, everybody said he was mad. Until he got £20'000 for it in 2000. Lets hope it all sorts its self out. Obviously lots of people thought different to you when they purchased. It's funny my mate has just come back from snowboarding in Bulgaria, he loved it.

 

[yam600]

My lawyer is not bulgarian....which helps...that's why we paid for a good lawyer in case of any probs. which we are now facing.

How have you gone on with your lawyer?

REgards,
Yam600

 

[yam600]

Hi Mike,ive been thinking about you and your kinda smug reply to my original posting,have you read all the consequential threads on the subject.I hate this horrible situation but i am curious as to how you feel about the current position eurosilex find themselves in?Are you worried at all like the rest of us!!!

Bettb,

It's a difficult situation for everybody. however let me tell you I work in recruitment and the market is cooling big time. Everything I do revolves around building and construction. Every where you look it's the same. Think about it, Eurosilex would not choose this situation. Off course I'm worried but we all believed it to be a good project, so if everybody decided to pull out then we are in trouble! It's like any recession you have to wait till it gets better.

 

[rach123]

How have you gone on with your lawyer?

REgards,
Yam600

Hi,

There were numerous questions we had, so our lawyer is liaising with his firms offices in Bulgaria, he will get back to us when he has the answers to our queries etc. I will post anything usefuly when I hear back.

 

[yam600]

Hi,

There were numerous questions we had, so our lawyer is liaising with his firms offices in Bulgaria, he will get back to us when he has the answers to our queries etc. I will post anything usefuly when I hear back.

That's great. However I think it's difficult even for a lawyer to advise. The contract is fairly straight forward but it's down to how many assets the company has and if they are committed to finishing GV. Taking legal action is a long, costly drawn out thing made worse in another country.

 

[rach123]

That's great. However I think it's difficult even for a lawyer to advise. The contract is fairly straight forward but it's down to how many assets the company has and if they are committed to finishing GV. Taking legal action is a long, costly drawn out thing made worse in another country.

The questions raised do not point to taking legal action. Crystal Spa is in a very different situation to Golden Valley and Eternity in view of the fact that no work work has been carried out. So we'll have to see.

 

[dannyo]

yam
yes in answer to your question i have being to golden valley many times since it started i have being going in and out of bulgaria for the past six years, its a country i like very much and have some good friends their,i have known for about 15 months that all was not well on this site but like everyone else i have a contract and i had to let nature take its course,i had no interest in the development other than i invested with a friend who lives in varna,he new the developer now as regard to who posts rubbish here people should go back and read what you have wrote then they can decide who posts rubbish ,any little bit of information that was posted here was posted by me,now im going to give you, your last bit of information your investment in golden valley is f****d ,I am sorry for the people who has only invested inthis project in bulgaria because its a great country and great people, but you know something like this had to happen, i am stunned to find out that people paid as much as 70% in advance for an apartment that might be built, when you sit back and think about it,it was crazy we were charged well over the odds on price,its not exactly downtown mannhatten,there is plenty of cheap land so where did all the big prices come from,(and please dont let someone try answer this with a balanced opinion,)now yam dont no matter what you want to believe,try compare france in 1965 with bulgaria in 2009,most lightly prices that have being paid in the last few years in bulgaria will never be achieved in our life times again, but look on the bright side of this,its a real good time to go buy an apt or villa at a real good price that is built ofcourse,now as our moderator says my rant is over goodnight godbless and good investing.dannyo

 

[Elly]

Hi Yam

Your entitled to your opinion. My Dad bought a shed on the south cost in 1965, everybody said he was mad. Until he got £20'000 for it in 2000. Lets hope it all sorts its self out. Obviously lots of people thought different to you when they purchased. It's funny my mate has just come back from snowboarding in Bulgaria, he loved it.

I am new to this forum but have been reading all the comments about Eurosilex for some time now. i have purchased an apartment in the Golden Valley complex and was concerned about the lack of progress on the building since October 2008.
I visited Varna last week and had a meeting with 2 representatives from Eurosilex. i voiced my concerns and fears and i will have to say i did get some very straight answers. At the risk of sounding niaive, i found the representatives very truthful and direct. There is little chance of getting money back at this stage as Eurosilex just dont have it at the minute. the bank is refusing to lend more money to complete the project, but Eurosilex is trying all other available avenues to attain the money to complete the project, my own opinion, after the meeting is that Eurosilex are committed to finishing this project. i signed the updated annex to allow Eurosilex a further 12 months to finish the complex because i felt there was no other option than to ride out the present economic storm. Golden Valley is approximately 70-75% completed and having viewed our own apartment can only say, the standard of work completed is excellent. This is only my opinion and that of my partner who is in the building trade and examined the work completed so far,
one last thing i think is worth mentioning, during my stay in Varna i met a person who is involved with properties in Bulgaria, I did not mention to him my business in Varna, we were discussing the drop in value of property both at home and abroad and he mentioned to me that the only place in Bulgaria that has not dropped in value is the area between Albena and Balchik because of the 3 professional golf courses near this area. I, had not told him that our investment in Golden Valley is in this area. Again, i stress, this is only my opinions and experiences over the last week.

 

[yam600]

I am new to this forum but have been reading all the comments about Eurosilex for some time now. i have purchased an apartment in the Golden Valley complex and was concerned about the lack of progress on the building since October 2008.
I visited Varna last week and had a meeting with 2 representatives from Eurosilex. i voiced my concerns and fears and i will have to say i did get some very straight answers. At the risk of sounding niaive, i found the representatives very truthful and direct. There is little chance of getting money back at this stage as Eurosilex just dont have it at the minute. the bank is refusing to lend more money to complete the project, but Eurosilex is trying all other available avenues to attain the money to complete the project, my own opinion, after the meeting is that Eurosilex are committed to finishing this project. i signed the updated annex to allow Eurosilex a further 12 months to finish the complex because i felt there was no other option than to ride out the present economic storm. Golden Valley is approximately 70-75% completed and having viewed our own apartment can only say, the standard of work completed is excellent. This is only my opinion and that of my partner who is in the building trade and examined the work completed so far,
one last thing i think is worth mentioning, during my stay in Varna i met a person who is involved with properties in Bulgaria, I did not mention to him my business in Varna, we were discussing the drop in value of property both at home and abroad and he mentioned to me that the only place in Bulgaria that has not dropped in value is the area between Albena and Balchik because of the 3 professional golf courses near this area. I, had not told him that our investment in Golden Valley is in this area. Again, i stress, this is only my opinions and experiences over the last week.

Elly,

At last some sensible comment's. Where is you apartment? Block ABCD? I would be interested in speaking with you about your visit. Please drop me an email on [email protected].

Cheers.

 

[ckit1476]

Gv & csa visit march 18 2009

Mike, Elly, all GV and CSA investors greetings,

I have been monitoring this forum since Jan 09 but wanted to refrain from making any comments until my visit and meeting with Eurosilex in Varna in order to gain 'ground truth' with a visit to the GV site and a meeting with Nicholas Galand (Chairman Eurosilex Group). My meeting and visit is now complete and I'm writing my comments fresh from mind, infact I'm sat in a smoke filled internet cafe in Varna writing this forum.

I have read through the threads and note all comments both optimistic, pessimistic, good and bad. I have invested along with some friends in both projects GV and CSA, we've been in it right from the start (02 Feb 2006). Like all other GV investors I recieved my Additional Agreement Annex to the Prelimenary Contract for the GV project which - without going into small print interpretation- allows Eurosilex extra time to complete the project, that being 01 March 2010. I asked Nicholas to change the wording at the end of my Annex to read the following.

(4. All the rest clauses of the preliminary contract stay unchanged, and the parties declare that no claims for delay of construction from the present moment up to and including the 01 March 2010 / first of march two thousand and ten/ being the new agreed completion date shall be made against each other on the basis of the clauses of the preliminary contract for sales-purchases of a real estate dated 02 /02/2006.)

You will be able to see from your own original copies the changes I've made, which allow me to retain my contractual rights AND from the 01 March 2010 will allow the penalty clause to kick in again >>> if needed !!

>> IN ESSENCE I'M GIVING THEM AN EXTENTION OF TIME WITHOUT PENALTIES DUE TO THE FINANCIAL CRISIS<<

OPINION: To target Eurosilex with penalties and fines at this stage would be in my opinion counter productive given the current financial climate and would make their (Eurosilex) position with the Bulgarian Banks even more difficult with trying to get the FINAL FUNDS to complete the GV project. According to Nicholas, without the vast majority consent of GV investors signing the Annex the Banks will not release the required funds, i therefore urge you all to SIGN THE ANNEX - so we can proceed, I'm sure that Eurosilex will re-word the final part of your Annexes if you feel the need, as they did with mine.

OPINION: if we dont sign the Annexes soon (each day delayed is a day waisted),no extra income will generate from the properties, in turn CSA will not get off the ground, and so on !! the knock on effect is dangerous to predict - as Mike and Elly have alluded, we are so close to completing GV, I believe personally we need to kick start the final part of the GV project and break the cautious stalemate that has accured with BulBank, I think the only way to assure the Bank is for ALL to sign this Annex.

In conclusion I have to say my meeting with Nicholas at Eurosilex was positive and productive, I remain optimistic and will continue to give Eurosilex my full support during this difficult period leading up to 01 March 2010 , I would urge you all to think carefully which route on this forum you venture down given the world economic crisis - I for one do not wish to see Eurosilex backed into a corner leading to their collapse and then lose everything.

Mike I will email you personally with my details (if you wish) and anyone else for that matter who wishes to correspond by personal email - I find some on this forum create panic and hysteria equal to that seen with Northern Rock !!

Regards Paul

 

[izzz]

Hi,

I have bought in CSA and really don't know what to do about the letter from Eurosilex.. My lawyer in Bulgaria said there is no chance getting money back at the moment and adviced to think about this options seriously. Personally I can wait another year or so for it to be built but do not want to find out after this time that I will loose my money anyway...

 

[ckit1476]

Crystal Spa Apartments (CSA)

Hi,

I have bought in CSA and really don't know what to do about the letter from Eurosilex.. My lawyer in Bulgaria said there is no chance getting money back at the moment and adviced to think about this options seriously. Personally I can wait another year or so for it to be built but do not want to find out after this time that I will loose my money anyway...

Hi Izz,

Like you I have also invested in CSA, in particular Lorena, aptmnt J1. on my return back to UK today I will be consulting my investing partners as to the options being put forward by Eurosilex. Logic tells me that we should all go for the second option and that is the option I will put forward to my partners, it seems to be the best course of action in order to getting the project started.

Please read my previous message on this forum. I'm sure we will all come to a successful conclusion providing we remain 100% supportive!! and behind Nicholas and his staff at Eurosilex.

Regards

 

[yam600]

Paul,

It would be good to here from you outside of the site. My email is [email protected]

Do you think Eurosilex would give us 18 months to pay them? I doubt it.

We are all stuck between the rock and a hard place.

Cheers.

 

[izzz]

Hi,

Me again..
After reading all posts I agree that whatever we decide to do we need to do it as a group. So I would really appreciate if everyone who has bought in Crystal Spa could share with me what course of action they were taking with Eurosilex. Please contact me on: [email protected]
Thanks
Thanks

 

[dannyo]

hi ckit 1476
i have read your post with great amusement,firstly you went down to eursilex to get ground truth, question one why would they tell you the truth since they have not come clean as to what is going on with their company,Q2 why did they send out an annex to a contract which basically signs away the buyers rights for legal redress in the future.why is there so little information comming from this company with exact time frames as to when they will finish a development.
your post has asked all investors to get behind eurosilex and support them,why would investors support them with so little information in the public domain
Does anybody know what sort of morgages are on properties that we the investors have paid large deposits on and who has first call on this property that is almost finished.
Your post givesthe impression that if people dont sign this agreement the projects will fail, what evidence have you to support this,i think you are the one who is trying to create panic and i as one investor will not be taking your advice at this point or time and there is a block of investors who will not do so either.I think the decision whether eurosilex sinks or swims does not rest with the investors but in the hands of eurosilex themselves.

 

[LydiaS]

Your experiences - for an article in Property Week magazine

My name is Lydia Stockdale and I am a journalist on a UK magazine called Property Week.

I would like to speak to people who are at risk of losing the deposits they have put down on property developments due to delay and cancellation.

I am also keen to speak to those who have invested money in schemes which have fallen dramatically in value.

I'm writing a feature about people who have put a substantial proportion of thier savings into property.

You can tell me as little or as much as you like. The article is about the people behind the investments.

I'm contactable at lydia dot stockdale at ubm dot com

Many thanks,

Lydia

 

[ckit1476]

Hi,

Me again..
After reading all posts I agree that whatever we decide to do we need to do it as a group. So I would really appreciate if everyone who has bought in Crystal Spa could share with me what course of action they were taking with Eurosilex. Please contact me on: [email protected]
Thanks
Thanks

Hi there, just a short note to let you know that we will be going for the second (scaled down)option. Hope this helps.

Paul

 

[dannyo]

hi all
did anybody get an email from eurosilex today
dannyo

 

[hennesb]

hi dannyo,

yes I have just read it and as I kinda thought, they are looking for more money. what do you think, this means they must have a hell of alot of empty completed properties elsewhere. I am not handing out any more money. Where is our deposits that they claim are safe. if they abandon the project can we not have our money back. they are calling all the shots here.
I only received my official letter this week and have not yet responded.
I am not communicating with my solicitor either as I dont trust him either and more money.
Any ideas anyone what to do here.

 

[dannyo]

hi hennesb
thank you for getting backto me so quickly,at the moment i dont think much about anything with eurosilex, but i would like to see more people express their views as how to go forward my own personal view is that we go forward as a group and a strong group,if people do not want to post they can email me at [email protected] I hope we can have a strong group because at the end of the day the only people who will look after our investment is ourselves it is now time .many thanks dannyo