Welcome To SingingPig.co.uk

Looking to purchase here.

I have received contracts. Has anyone used a solicitor they could recommend to review it, who has already dealt with a purchase at this development.

Does anyone know who the Hotel operator is or when to be announced? 

Roger

Did you invest in this? Im looking at it but feel a little naive and out of my depth.

Any advice would be greatly appreciated.

Thanks

Rick  

Hiya Roger,

Im also invested in the Merricks resort and ive spoken in the last two days with the company i bought the property from, they have also told me the hotel management hasnt been confirmed yet but again when it is the prices on paper will rise.

Im hoping it will be soon but there seems to be a historical delay on this announcement, i hope its not a sign of things to come.

Foz.
 

Did you ever buy this?

I am looking at Caribbean property, from what I've seen Merricks has been delayed for years and has yet to get planning permission.  Another posting alleges that Harelquin are now giving significant discounts on them, so any investors will be losing money - that's if the development even gets built.

Also, I've read that another Harlquin development, Buccament Bay is way overdue, with contractors being owed a lot of money and those investors who want their money back (which is apparently what their contract entitles them to) are being fobbed off and no money is forthcoming!

Anyone lost or won by investing with Harlquin?

Freda:

Did you ever buy this?

I am looking at Caribbean property, from what I've seen Merricks has been delayed for years and has yet to get planning permission.  Another posting alleges that Harelquin are now giving significant discounts on them, so any investors will be losing money - that's if the development even gets built.

Also, I've read that another Harlquin development, Buccament Bay is way overdue, with contractors being owed a lot of money and those investors who want their money back (which is apparently what their contract entitles them to) are being fobbed off and no money is forthcoming!

Anyone lost or won by investing with Harlquin?

My understanding is the following:

1) They are discounted to certain investors for a very limited time period

2) Merricks- yes there are/ were delays, build is a long way behind original schedule.

3) Phased opening is now not happening. The entire resort is scheduled to open in Summer 2010, and have no reason to believe it won't be met.

4) There was a dispute with the previous construction company, but it is now settled and HQP paid them.

5) Can't comment. I know someone with a Buccament Bay property, and they are not entitled to any money back as of yet.

So does this mean that Harleuin's website saying that properties are sold at a big discount to market value is wrong? 

If I had bought a year ago in Merricks for £200k and someone can buy today for £100k then how can they say there is a big discount?

And what will happen when investors at £200k tries to get a mortgage to pay the cost of the property? I think they have to put down 30% per Harlequin website, so they need a 70% mortgage for the balance.  But they'll only be able to get 70% of £100k, if that is current market value, not £200k.  Won't they be stuck?

Freda:

So does this mean that Harleuin's website saying that properties are sold at a big discount to market value is wrong? 

If I had bought a year ago in Merricks for £200k and someone can buy today for £100k then how can they say there is a big discount?

And what will happen when investors at £200k tries to get a mortgage to pay the cost of the property? I think they have to put down 30% per Harlequin website, so they need a 70% mortgage for the balance.  But they'll only be able to get 70% of £100k, if that is current market value, not £200k.  Won't they be stuck?

Whether they are a big discount or not is debatable (Look at The Crane for a comparison).

The reason HQP are selling a number of units at a discount is that a large city institution purchased £50M of property with them, and now needs to offload it, so as far as I understand, this is why HQP are marketing some properties at discounts.. they are just re-marketing for this firm.

They are supposed to have independent valuations of all their properties... I know for example Harlequin are claiming that Bucc. Bay was independently valued at £200M in 2008, so that is where the value of the properties comes from I guess... I have asked many times for a copy of this valuation report, but HQP have not been forthcoming. 

So in conclusion, if you are the guy that bought at 200K, I guess the mortgage is given on the valuation in this report that supposedly exists.