The Overseas Property Investment Forum

scroft · #21 16-02-2008, 11:43 AM

Rikki

I replied to your post and gave quotations of the rentals being advertised by one agent.

For bizarre reasons the post has been removed - some "administrator" who presumably didn't even read the post properly thought I was advertising!! I doubt that fellow owners are likely sources of bookings!!

Look at portimar.pt

Brian

Rikki · #22 19-02-2008, 06:27 PM

Quote:

Originally Posted by scroft

Rikki

I replied to your post and gave quotations of the rentals being advertised by one agent.

For bizarre reasons the post has been removed - some "administrator" who presumably didn't even read the post properly thought I was advertising!! I doubt that fellow owners are likely sources of bookings!!

Look at portimar.pt

Brian

Brian
Thanks for your reply. I checked out the Portimar website and it is indeed taking bookings from early July until November. The rental rates which they are quoting of 1650 euro during peak season for a 3 bed duplex apt and 950 euro for a 1 bed apt are very considerably lower than I was led to believe the properties would fetch. This could make a significant difference to the properties covering their costs- esp given that the management company are taking a large slice of the rentals. Was anyone else given indicative rental figures at purchase?? I am going over in April and hope to see a virtually finished development.

Rikki

Jean · #23 21-02-2008, 08:49 PM

Hi all,
I am currently looking at buying a property in Monte Santo. Could anyone give me some information about the rental agreement please? Is it compulsory to sign this agreement?
Look forward to hearing back,
Thanks,
Jean

DrQ · #24 24-02-2008, 02:01 PM

[quote=Jean;33582]Hi al

Hi Jean

We have a purchased a T1 at Monte Santo. We were very concerned about the 3 year rental agreement. As year 2 and 3 were unspecified in terms of profit split, we only agreed to sign a 1 year agreement which was acceptable to monte santo.
Let me know if you need any more info

thanks
DrQ

DrQ · #25 24-02-2008, 02:08 PM

Rikki[/quote]

Hi Rikki

We have purchased a T1 in Monte Santo and were advised rents were 1540 high season and 1400 low season. The rents we are seeing on the portimar.pt and telereserva sites are considerably lower than this. Like you say the property is no longer covering it's costs at these prices.
We are trying to get in contact with imcomm to see if these are introductory rates and we also want to see their marketing plan.

We are also going over week commencing 7 Apr. Let us know if you are there then and want to meet up.

In the meantime, please let us know if you get any more information.

thanks

Dr Q

DrQ · #26 24-02-2008, 02:11 PM

What are the decor options? We didn't realise there is a choice

DrQ · #27 24-02-2008, 02:17 PM

Quote:

Originally Posted by Paul Stevens

Hello Mike.

We are new to this and a little apprehensive. This is a big challenge for us and a little worrying, but a little excitng.
Azy Leite is the condominium and owners club manager of Monte Santo Resort. Her address is,

won't let me until I have become an active member. SORRY.

If you email IMOCOM they should get her to send you an email.

Reference the rental aggreement, we did sign it due to the fact that like we said we are new to the renting game abroad. We want to feel our feet before going straight in to the deep end. Right or wrong we are not 100% sure.
We have sent a few questions to Azy concerning when we are allowed to use the apartment, costs, advance notice needed by us to use the property, etc.
But we are still awaiting reply (one week so far).

It would be good to keep in contact.
Cheers for now
Hayley and Paul

Hi Hayley and Paul

We have just read your posting after replying to someone else on this subject. We have also purchased at Monte Santo (a T1). We were nervous about signing a 3 year deal as they couldn't specify the profit split in year 2 and 3. We therefore agreed with them we would just sign a 1 year agreement.

Let us know if you need any more information. It would be good to keep in contact

DrQ

DrQ · #28 24-02-2008, 02:31 PM

Hi Mike

We have just posted a couple of responses on the 3 year contract as we were worried about it. We have agreed with imocom that we would sign a 1 year agreement

DrQ · #29 24-02-2008, 02:36 PM

Do you know what the implications are for renting out apartments if the development does not conform to portugese hotel regulations?

DrQ · #30 24-02-2008, 02:40 PM

Quote:

Originally Posted by scroft

Interesting to find other Monte Santo investors. We have a T2 apartment and a 2 bed townhouse. It will be interesting to compare notes as we move towards completion. I'm interested in who will end up marketing the rentals of the properties in the end. When we bought, the Hilton group's name was being bandied about but I don't know if anything has been formed up yet.

Brian/Janet

Hi Brian and Janet
Have you heard anything else about the marketing? We are going out w/c 7 April to see the site and try and meet the marketing team. It would be good to keep in contact as we get nearer completion

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