Praia del Rey

Discussion in 'Portugal Property' started by dohadestroyer, Sep 12, 2009.

  1. dohadestroyer

    dohadestroyer New Member

    We are currently in process of buying resale apartment in PDR and need advice from anyone who has bought here. We are buying through Silver Coast Properties and although we have paid a reservation fee they are now requesting a 30% deposit on signing of provisional contracts. We had only anticipated 10% as our research had stated this was the norm. How do we deal with this? We have funds to cover everything along with a mortgage but had not anticipated 30% Any advice greatly appreciated!!!!
     
  2. Lysos

    Lysos New Member

    What does your solicitor say ?.

    If it was me, I would say 'no'; it's a buyers market. I'm sure the vendors won't want to lose a sale, and the agents won't want to lose their commission.
     
  3. dohadestroyer

    dohadestroyer New Member

    We have requested our solicitor to request a reduction to 10% but if they refuse we will have to drop out and lose our deposit!
     
  4. Lysos

    Lysos New Member

    You might lose your reservation fee, but I doubt it. Vendors cannot afford to alienate potential buyers in this market. Call their bluff.
     
  5. jdmat1

    jdmat1 New Member

    Example of 10% deposit

    I echo what lycos says. It's a buyers market and PDR at the moment want to sell.
    As an example - we are marketing a new development just a few miles away where we are asking for just 10% deposit and the rest on completion - no stage payments!

    PDR is OK - but it's a bit souless in my opinion. Love the golf course - but it's just too big.

    Our development is 15 large townhouses with panoramic ocean views, private rooftop jacuzzi and terrace and communal infinity pool overlooking the ocean. All for the price of an apartment at PDR (and without the large condo fees)

    Happy to supply more info on request
     
  6. sugerir

    sugerir New Member

    Unfortunatly that company is part of the PDR sales, in this case for resale properties in PDR.
    However everybody talks about 10% wich is a fact this is not the law it can be more than 10% or less than that.
    a good solution is to pay the 10% and get the rest 20% from the bank they in some case loan the money to pay the deposit, but you will start paying the interest of that 20% loaned.
     
  7. Holland

    Holland New Member

    Hi

    we have a few properties in that region and we always paid down 20% for the promissory contract. As far as I understand, that's also the market practice. Silvercoast properties is part of praia del rei and is doing the resales.
    I am still angry about the 10k deposit they stole from me last year. so pls contact me if you feel screwed as well.
     
  8. omostra06

    omostra06 New Member

    Normal promessa deposit is 10%
     
  9. Steve and Jayne

    Steve and Jayne New Member

    We have just purchased a villa in Pinhal Village. We are aware the area is underdeveloped but anticipating capital growth within 5 years. What is your opinion of this as you have property in that area I take it?

    Steve and Jayne
     
  10. Holland

    Holland New Member

    Hi

    Indeed. I have a property in pinhal village and also a plot just off praia del rey.
    We initially bought the house at Pinhal as an investment. Either flip or rent
    Flip did not work (and is impossible anyway in Portugal). rent should be do- able. Maintenance costs are high tough. Water for garden, pool, energy etc etc. We hear 10-12 weeks per year is to be expected. I still think it should be more since a terribly small holiday home in cold and wet holland rents over 40 weeks a year...

    anyway. the area is great. We spend 10 weeks last summer and will spend another 3,5 week over christmas, so from that point it's a very good investment.

    Also. Praia del rei is a top golf course, beaches are beautiful, bom sucesso golf course is unknown but beautiful as well. Royal obidos started (slowly...) building another golf course which will also have great views and then Felisia del rei will still come.
    that makes this little corner of the silver coast the best destination and it will be impossible for other regions within the silvercoast to outperform that. Hence I think it will be a good investment in the long term
     
  11. jdmat1

    jdmat1 New Member

    Perola da Lagoa

    Holland is right - the costs are high and you do need to maximise rentals where you can. At the end of the day - the investment is only as good as the deal you negotiated on purchase ie ensure you get one of the best plots at a discounted price! Both Holland and ourselves were the first 2 occupants of Pinhal Village so we have paid a full years bills now!!
     
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