The Reef Club

Discussion in 'Brazil Property' started by jshore242002, May 15, 2008.

  1. jshore242002

    jshore242002 New Member

    Hi All, Does anyone out their have any thoughts on the Reef club resort as a long term investment?

    I would also be interested if anyone has had any dealings with dream resorts or could suggest other vendors offering property on this development

    Thanks Guys
  2. jshore242002

    jshore242002 New Member

    Does anyone have opinions on this project?
  3. debzor

    debzor New Member

    Hi, which Reef Club are you refering to? The one in PE south of Recife, or another one?
  4. jshore242002

    jshore242002 New Member

    Hi ,

    Sorry, The one south of Recife, this is the only one I am aware of Brazil.

    Any thoughts would be appreciated
  5. debzor

    debzor New Member

    We are British, but live on the tropical island of Itamaraca with investor visa status, just a little north of Recife.

    We do know of the Reef Club, and it was actually mentioned to us by the Director of Tourism for Pernambuco in a meeting we had recently, and it is something they are actively supporting.

    If you send me an email or private message, perhaps I can help a little further...
  6. sharkboy

    sharkboy New Member

    Im currently on the waiting list, number 30 with Dreamresorts. Ive been offered finance package 70% ltv,furnature pack and 2 years rental at 5% net which should cover mortgage for 2 years and maintanance included for the 2 years. 1 bed 70k gbp. Appears to have a good right up in broad sheets, i await launch and contracts detailing and confirming this before getting to excited. What does everybody else think?
  7. jshore242002

    jshore242002 New Member

    Hi Debzor,

    Thank you, no idea how to send you a private message!! Couldyou advise as I do not seem to be ab le to add my email address to this message.

    but would love to get in touch!

    Your help would be really appreciated.
  8. Dotty

    Dotty Banned

    Do you happen to know who the developers are and if this is an only project or have there been others undertaken by them in the past?.What are the companies past experiences in construction and do they have the full licenses to go ahead or not?
  9. debzor

    debzor New Member

    Hi, I think you actually have to made over 10 posts before you can leave electronic addresses or pm's, so why not email me?
  10. sharkboy

    sharkboy New Member

    My Quesions so far to Sales Agent

    To Dreamresorts.

    Any chance of a price list?, available apartments,what my deposit holds me?an apartment,apartment pick or metre squared price prior to launch?
    Please can you answer the following quesions.

    1)are all licences,permits in place to sart building,when is this start date?
    2)are deposits secure in goverment schemes etc or held by developer?
    3)are mortgages written into the contract?
    YES,deal from developer.
    4)are mortgages available for foriegners in brazil?
    NO,This will be the first of its type.
    5)what are maintanence charges to be?
    Paid for 2 years as per guarantee,not known after.
    6)is there a charge to use facilities in hotels etc,beach,pools etc.
    7)is this use written into the contracts for life?
    8)when is 1st 15% due and when is 2nd 15% due?

    Below is a clipping from a legal advise forum.
    What is the procedure with Reef Club as investment equals taking cash out of Brazil for everybody concerned.

    There are several important points that are presented in the thread, which property buyers in Brazil must bear in mind when purchasing or investing in Brazilian real estate. The utmost of these is to refrain from making any type of payment for a Brazilian property to any person or entity that is not located inside Brazil. Aside from this, as the country is very bureaucratic, the buyer must send his funds to Brazil, either directly to the seller or builder. The buyer can also send these funds to himself via his Brazilian business. This is due to the fact that the buyer can open an account, since there is a property being purchased. This is actually needed in order to create an investment record with Banco de Brazil. Having an account in this bank would then qualify one for an investor’s visa. This will also enable anyone to live in Brazil, without worrying about the length of stay, the departure and coming back, the need to go to the Federal Police for visa renewals, as well as other concerns. The record of investment also allows for the easy transfer of liquidated assets outside of Brazil. The Banco de Brazil does not allow anybody to send 100,000 reais or more outside the country without a record of anybody sending money to Brazil. Although paying an agent out of the country would not create the said record with Banco de Brazil, thus this may possibly pose difficulties later on.
    These points only stressed the importance of research and proper information when investing in an international property. This is in order to avoid mistakes and misconceptions. One could also not discount the assistance afforded by a trusty agent in Brazil, as well as the advice provided by one’s independent legal counsel.

    This is being addressed.


    This is said to be a flag ship development, but similar maybe being built south Brazil. It is said to have strong backing and known directors from financial institutes.I continiue my research into this!
  11. sharkboy

    sharkboy New Member

    there seems to be 2 reefclub threads running. i am also after any advise, open or unopen source information regarding the development,market,rental for area and if its a good deal or not.
  12. emanon

    emanon New Member

    Hi Sharkboy, I am also on the waiting list. Have you decided to proceed with this development. Would be good to compare notes, as they are now starting allocation... I'm a newbie so can't PM etc. what's your contact details? Cheers!
  13. emanon

    emanon New Member

    As the last reply was 3 months ago - has anybody found out any more info (good or bad) on this development?
  14. debzor

    debzor New Member

    I was actually at the developer's office (with friends who were interested in the development) on the 17th floor of the most expensive and high-tech building in Recife (overlooking the seafront) a couple of days ago. They occupy about one quarter of a floor, and a floor there rents for R$50,000 PER MONTH...!

    Apart from getting a few basics wrong (like stating the minimum wage here is R$350 per month, Air Europa are already flying from Gatwick to Recife, that foreigners cannot own beachfront property, etc) , they admitted they do not have all the licenses yet, and had to be vague on the precise detail in some areas as the plans had not been finalised. They also very much exaggerated travel times and ease of access (not unusual), and hoped to have the whole project finished in 7 years. Knowing Brazil, I would estimate at least 15 years, if it goes ahead.

    They did have an aerial plan of the site, but said the model is still in Spain. They also could not take our friends there at present because of recent rains (to be fair there has been some heavy rain at night recently), but I would have thought they could have got around that as they were dealing with potential clients visiting from abroad.

    Nevertheless they sounded very keen and were informative in most other areas, and were able to answer the questions my friends asked. I was most unimpressed that they were reserving all the beachfront property for hotel and commercial development - not my cup of tea, but then I presume you know that...
  15. emanon

    emanon New Member

    Thanks for your comprehensive reply (and email) debzor!

    I know what you mean about the beachfront ones. The pre-launch waiting list "first pick of all apartments" is actually first pick of Sector B within the resort - which is circa 950m from the beach (although allegedly frontline golf)....

    I'm still unsure on this one, I've googled quite a bit but can't really find any other sources/opinions on the project....
  16. davehoskings

    davehoskings New Member

    No licenses for such a big project which is owned by a Spanish company? Deja vu?

    I would wait until licenses are in place at least. You might have to pay more but it is better than having your money tied up for years.

    You could also buy on a smaller development which is much more likely to be built, plus you can meet the developers which to me makes a very big difference.
  17. Dotty

    Dotty Banned

    Whatever you do,don't part with a dime.There has been previous posts regarding mega projects in Brasil where people have paid a deposit and the projects never managed to get off the ground and they are trying to get their deposits back.

    Always wait until licenses have been granted for any buy ,flat,house,land whatever these can take less than 2 yrs or more than.

    Large resorts and small resorts still have to go through the same process , but it is probably less hassle with a smaller resort(even though not all small resorts get moving) ,but most are likely to be finished even if it takes while.

    QUOTE=davehoskings;74199]No licenses for such a big project which is owned by a Spanish company? Deja vu?

    I would wait until licenses are in place at least. You might have to pay more but it is better than having your money tied up for years.

    You could also buy on a smaller development which is much more likely to be built, plus you can meet the developers which to me makes a very big difference.[/QUOTE]
  18. davehoskings

    davehoskings New Member


    I think if i ever buy a parrot i am going to call it dotty.
  19. debzor

    debzor New Member

    I think if i ever buy a parrot i am going to call it dotty.[/QUOTE]

    :D LOL, Dave :D.

    Another thing that could backfire on them (the developer) is their office space. I mean this is THE most high-tech building in Brazil. Fort Knox is easier to get into. And the building has a strict dress code!

    Not only do you pay R$5 to park in their car park (to get into their offices), you have to have your photo taken and be given a special badge - if you remember to bring ID. No ID no entry. Then you have to indicate which office you want, on which floor. After you swipe your badge at one of several fancy electronic turnstiles, a display tells you which of several lifts has been designated for your personal use, and will only go to that floor. Repeat the process to get out.

    Given that the groung floor foyer is about the size of a football pitch (well, a small one), and that there are only 2 receptionists and half a dozen security guards amongst all the plate glass, stainless steel, statues, floral displays, fancy A/C vents, etc, it is not surprising that each floor rents at R$50,000 per month.

    The question is - are potential investors going to be happy that (at least) some of their money is going to pay for this... Does anyone know of similar displays of apparent unlimited wealth from developers?
  20. JMBroad

    JMBroad New Member

    Try developers in Dubai, Ajman, Rak and Abu Dhabi :eek:

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