Hi, where do people stand with Sunset Beach? Im assuming many of you have had contracts, have you paid the 20% despoit, has anyone appointed a solicitor to check through contract, is anyone likley to pay the deposit before all permissions & licences are in place?

Well the situation here of which plot is which development is obviously quite confusing and I would urge any potential buyers to make sure they understand the history of this particular area they are buying into

When I went to visit Les Palmiers (now abandoned) I was told to go through the Half Moon entrance all the way to the coast and then the Palmiers site was on the left hand side - you seem to indicate that this plot is Sunset Beach?

Anyway early in this thread LadyInRed posted up a link to the website of one of the guys behind Sunset Beach(i have no idea if this is true as none of the site is in English) - but if you look at the photo gallery you will see photos that clearly show the Half Moon site

Im suprised that none of you potential buyers has gone to seek clarity on this issue

One thing I can say for definate, if Sunset Beach does not proceed for whatever reason Saffron Villa's reputation in my books will be completly lost, they say they carry out due dilligance on all developments they market / promote, im assuming part of this "due dilligance" would have involved them meeting the developers behind Sunset Beach & investigating facts related to land ownership / pp's etc... lets wait & see what happens, hopefully for Saffron's reputation Sunset Beach will be a success, otherwise myself & many others will be very dissapointed.

Hi roodboy,

Yes, that's what we did too. We went through the Half Moon entrance all the way to the coast and Sunset Beach is on the left hand side! - which you seem to indicate that it was the Palmiers plot? lol, notice the irony of that sentence? During the site visit for Sunset Beach I asked whereabouts is the Palmiers plot, the answer we were given was 'I really don't know'. Hmmm.... didn't Saffron used to sell Palmiers, oh yes they did, because I reserved through them, so shouldn't they by right know where Palmiers is? Believe me, I did try to seek clarity on LOTs of issues on Sunset Beach, not just this one, but instead of getting any clarity, I was told off to go to Dubai. Enough said.

I had a solicitor go over my contract, there were questions asked about lack of bank guarentees but as I have discovered in Morocco, bank guarentees do not really exist, so it seemed asking for one was irrelevant. My friend bought on Le Jardin de Fleur and the contract looked pretty much the same and she signed that without a bank guarentee, as did many other people.

I remember when she first bought on Le Jardin, over a year ago, she was one of the first to buy, and similar questions were being asked about Property Logic, as this was their first project.

Like a lot of investors who invested in Le jardin de fleur we have made a lot of money on paper and paid our 20% without any work being done.

I see Sunset Beach as a simialr investment, the first of its kind in the area, these always make good investments, and whilst there is a risk, my solicitor was happy, as he felt the money back option was a sound one. I have bought property in several places now, and have signed some real wooly contracts, but I have now also made a lot of money, as I am prepared to take the risk.

I made a desicion last year not to go ahead with a resort in Tangier, called Playa vista, I really regret not going ahead with that, but I was somewhat swayed by chat rooms, and a solicitor who insisted I should have a VEFA contract, I now know these again are rare, but I listened to someone whom I paid £750 for his sound advice and I lost out big time, My friend continued with her sales and recently sold one and made a cool £25,000 profit on selling her frontline apartment. So whilst I do listen the legal beagles, I also research the area and use gut instinct. I have become a bit street wise, at my age as well, I try where possible to speak to the developers or at least the local planning department, it is amazing what you can find out there, and discover who is who in the area, and what else is going through planning consent. This can be quite fun. Hence my descision to continue with SBC and to recommend it to my fellow forum of investors, We call oursleves the OLPC ( Old Ladies Property Club)who are looking for that special property investment for our retirement.

By the way I believe from the original plans that I saw in the planning office that Les Palimiers did not get planning consent as it was 4 strories high and did go up to the extended end of the 15 km. What you must think about is the whole of this area is going to be developed, which will just send these original prices on SBC up quite considerably. I do know that the area about 2 miles towards Casablanca will be released later on this year with similar 2 bedroom apartments starting at about £80,000. How do I know? I know who bought the land.
I am awaiting eagerly, the Emaar release in the Tangier area, does anyone know when this will be released?

Hi, anyone else happy with contracts & paid the 20% those who have pulled out can you advise why...

Although expecting to travel to Casblanca this week to take a look while on business, my trip was cancelled, for shame.

But yesterday we decided to pull out of the deal. The uncertainties regarding future costs and management structure, (we have been burned on this before, by reputable companies), the lack of track record and the non VEFA contract put the prospect too far up the risk curve for us - despite the prospect of high reward.

The amended contract ("we'll give you your money back if we fail to deliver") but without a bank guarantee meant, as our lawyer pointed out, very little - if they fail to build, because they'd gone bust there would be no money to repay anyway. And that would be €43k down the Swannee.

Still looks a beautiful plot, and huge properties for the price: we are genuinely disappointed not to have the stomach to be able to take the risk.

Who knows, if it all come to fruition, maybe we'll buy (with a lower return model obviously ), once all the costs are known and those who have decided to go in at the start want to 'flip'. so, once its up, and provided everything has gone all right, and the existence of the clubroom is confirmed, and the quality of the furnishings is a high as they claim it will be, drop us a PM - we may be in the market!

But right now, we have changed our focus to Berlin...


Jim

Totally 100% the reason myself and a buddy have both pulled out.

To date still after almost 2 months waiting for our deposit back!!

Saffron say they are waiting for the check from the developers.. so good luck too all of you that are going ahead with this... if we cannot get just 2k back then what hope a larger some of money....

In no rush at the moment to get it back as we will just be charging Saffron interest lost...

Another update...

Saffron have our deposits so thats cool.

They have said though that the developers have agreed to set up an Escrow account that all our money will go into. It will then be released alittle at a time by the developers solicitor who is the only person that will have access to this Escrow account.

Also they have the full refund + 1 % included in the contract now.. so just wondering if anyone has any thoughts on these new developments?

Prices go up 10% too end of May...

ESCROW account does help, however we need to find out at what stage monies will be released to the developer, i.e after all permissions are in place??