Vitosha Park Complex Sofia

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KayJay

New Member
And these are again from Lillia, looking towards Sofia (from a 5th floor apartment) :wavey:

I wonder which of the two blocks has the better views? :rofl:
 

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Linda1

New Member
Right of Way

Hi There,

Havent been on this site in a while, pictures look good as do the reports of people whom have been to Vitosha recently. Its great to have this format to help each other.

Listen guys are people not concerned about this right of way. According to my solicitor, this right of way is shaky and depends on our developer paying a monthly stipend and for the owner of the right of way and our developer not to fall out untill such a time as the municipility of Sofia are in a position to build a road into the complex. Am I being dramatic or am I the only one to think that in this economic climate it might be years before this road is built.

Would anybody here buy a property in Ireland or Britian if you did not have complete ownership of your right of way. Is this not a serious breach of contract??

what do you all think?

Linda
 
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Diz

New Member
Surely the develpoer need to sort this out as they have all the apartments in the new blocks being built still to sell !!!
 
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KayJay

New Member
i don't think so, Diz. As far as I could see all the buildings are already built, so there's no on-going building work. The new blocks were all sold to a Scandinavian company as a job lot, according to Simeonovo, and there are only about 10 unsold apartments on the whole complex.

My lawyer is good and is currently checking out everything to do with the access; we're waiting for the official response from the municipality so we can get a full picture of what's going on.

Watch this space!
 
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ssanner

New Member
i don't think so, Diz. As far as I could see all the buildings are already built, so there's no on-going building work. The new blocks were all sold to a Scandinavian company as a job lot, according to Simeonovo, and there are only about 10 unsold apartments on the whole complex.

My lawyer is good and is currently checking out everything to do with the access; we're waiting for the official response from the municipality so we can get a full picture of what's going on.

Watch this space!
Hey Kayjay,

Where do I find more info about this development? How much are the remaining flats going for?

thanks,
Stephan
 
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KayJay

New Member
Talk to the sales agent Savi Savov on 0887055455 or 0896693971 (BG numbers) - he speaks some English :wink:
 
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Diz

New Member
Thanks Kayjay for the updates. I would hope that as most of the units are sold this matter can be sorted out asp rather then being dragged out for too long !?. Have been informed by the developer this week that those who took up the guaranteed rental income option their contracts now start from February 2010 rather than last September due to delays with utilities etc...
 
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KayJay

New Member
I'd be interested to see how that goes, Diz - even though it's obviously not relevant to me. The rental market in Sofia is pretty depressed at the moment and tenants are looking for, and getting, big discounts.

Looking at the Bulgarian rental sites, properties in Simeonovo are going pretty cheaply too. 1-bed apartments are from 210 euros a month, 2-beds from 250 euros, with the overall average being 4.74 euros per sqm. How the developer will be able to meet any guaranteed rental incomes at that price I don't know. It may be that my understanding of how much is guaranteed per month is incorrect, since I only have a shaky idea of what figures were promised, but the problem is that it would be easy to default on the agreement and very difficult to enforce it. If the developers simply can't meet the promised figures then I doubt they'll want to make on-going losses month after month by paying out until the market picks up, if it ever does.

As I think I said a while back, the utilities to individual apartments are pretty much connected, although mostly not turned on. However, the lifts aren't working; I'm fairly sure that's because the people running VP aren't keen on having them operating until a fair proportion of the owners are paying their maintenance charges. In turn, those owners don't want to pay until they ARE operating, so it's a bit of a stalemate. The occupation-rate (as opposed to the ownership-rate) seems very low also, so when the lifts etc will be running is anybody's guess - this will undoubtedly impact the lettability of apartments.

I hope the access issue will be sorted out very soon as it's causing me headaches in terms of where I'm going to be living!
 
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white oaks owner

New Member
furniture rental income

the developer wont be able to meet the rental income which is why there is no point buying their furniture - we got an identical pack to theirs for 5.5k from Furnish Bansko saving 2.5k and are taking rentals into our own hands on ownersdirect - we already have some enquiries!
 
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KayJay

New Member
the developer wont be able to meet the rental income which is why there is no point buying their furniture - we got an identical pack to theirs for 5.5k from Furnish Bansko saving 2.5k and are taking rentals into our own hands on ownersdirect - we already have some enquiries!
That's quite likely true, although the rental market in Sofia is a lot different to Bansko, dare I say..... :wink:

VP is definitely one of the premium sites around Sofia and its only real drawback is that it isn't in the centre - however that's also one of its main attractions! :tee:
 
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Diz

New Member
I think that the income is safe due to the fact that it was in fact priced into apartments right from the start and most are sold !
 
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KayJay

New Member
I think that the income is safe due to the fact that it was in fact priced into apartments right from the start and most are sold !
I'm not quite sure what that means, Diz. "Safe" in what sense? In the long term, I'd imagine that rents will indeed rise again but the income is predicated on factors which I don't think are relevant for the foreseeable future.
 
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KayJay

New Member
Maintenance Contracts & Owners Association

Given the changes in the law which came into effect on May 1 last year and the effects this has had on the rights of owners in respect to maintenance and management of complexes, I wonder if there is any interest in forming a VP Owners Association?

I'd suggest maybe informal discussions first, perhaps via email/Skype/telephone but, in my view, the "strength in numbers" approach would help in any dealings with the developers and ensure that our interests are protected.
 
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raymondchew

New Member
Hi KayJay, I fully concur to the idea of forming a Home Owner's Association. I have apartment in another development and the developer ran into difficulty during the build. It was the Homeowner's association that bailed out the developer. There is collective power when we unite, the question therefore is how to contact the other owners and with the HOA, we need appointment holders as well.
 
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KayJay

New Member
VP Owners Association

Raymond, I think that it's a question of "leading the horse to water" and seeing if it is interested in drinking. :wink:

I'm happy to act as a focal point for any contact regarding the idea, so anyone who wishes to discuss it, or simply to register their interest, is welcome to email me at the address below.
 

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