Banned Topic Bought an apartment in "Sunny Beach, Bulgaria" 5 years ago: cut my losses?

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afraid not. nothing being sold there the moment, same as everywhere else i suppose. mine is in prime location seconds away from the beach and cannot shift it. the complex manager said there was 2 viewings last week so fingers crossed. i did get a bid on it a few months ago from a russian couple but nothing came of it in the end.
 
Who are you selling it with? There are so many estate agents but dont know who are worth bothering with
 
Hi Guys,

I don't know if you have seen the press coverage such as in The Herald last week but there is an Irish investment company called Appreciating Assets that is buying back properties on the Bulgarian Black Sea. The link is below.

[broken link removed]

Cheers,

Linden.
 
And just for interest sake, what is the "hair cut" that is being offered to people to take on these properties? Anyone know?
 
has anyone any experience in dealing with this company? might be worth a look aright....

i wonder has linden any affiliation with the company in question?
 
Hi anyone bought in what WAS known as Trakia Gardens then changed to Royal Beach Resort:

Bought studio apt, signed for 3 years guaranteed rental, got one year, 2000 euro november 07. nothing last year, contacted Bulgaria and found them far superior to deal with compared to Platinum Dublin. Due to (according to them,) oversupply and credit crunch we signed an agreement for 800 euro for last November, still waiting!
In the meantime we have received e mails stating that Platinum are no longer dealing with us it is the developers Trakia Hotel Holdings or Sunny Beach hotel holdings . The upshot is we have been emailed new contracts of management and maintenance and have been told to sign by April 30th. I now have no idea who I am dealing with. As previous posts have pointed out no point ringing or calling to Dublin office ...only met with tumbleweeds. Btw have already heard all the negatives comments re fools and money dont need more!!!! am now fool and no money.......any thoughts..!????
thanks
 
Hi KKman

No I don't have any connection to the company, a mate of mine has sold to them and I just noticed a big write up about it in The Herald the other week. Yes he took a "hair cut" but he says he got the current market rate and that it was his fault for letting his hair grow longer than he could handle and for paying too much in the first place, so he's pretty philosophical about really. I suppose he's one of the lucky ones because he has been able to walk away with some of his cash, plus he's going to offset his losses against the CGT he will be charged on a house he is selling here. Seems sensible enough to me

Linden
 
hi there everyone

we too bought a one bed on the beach which would love to sell as we simply cant afford it.

can anyone please recommend an agent?

any help would be much appreciated.

thank you!
 
hi kkman,

I am very much in your position. I am trying to sell my 2bed - no chance. Spoke to several locals-they reckon not another 5 years before things start moving... they advised me to wait, but i've got a mortgage...

nothing left but just cry in anger. have a look at this [broken link removed] might cheer you up. at least it did cheer me up
 
Cut our losses - here is why...

Hi all,

in response to kkman, here is why we have all now to cut our losses:mad:

[broken link removed]
 
There is a good article in Forbes magazine that explains what has happened in Bulgaria. In a report from Bankso they said:

Developers have gone bankrupt, most of the 120 real estate agencies in the town of 9,000 have closed and half-finished apartment blocks stand as shells with unfinished concrete block walls and metal reinforcing rods sticking up in the air.
Click to expand...

The prices have halved:
They are selling at euro500 (US$639) for a square meter after prices have dropped from euro1,000 ($1,278) per square meter a year ago due to the sharp decrease in demand," she said, pointing to a list with customers' names on her desk.
Click to expand...

One third of foreigne owned properties are now for sale:
Now, about one-third of the 2,000 vacation apartments owned by foreigners are up for sale again.
Click to expand...

link:
http://www.forbes.com/feeds/ap/2009/03/31/ap6236454.html
 

Well I never!!!
But I thought Bulgaria was a no brainer!!
Ah well, you win some you lose some.
This amatuer property development mer larky is more difficult than I thought.
 
hi everyone

i have been researching this a bit.

i googled dylan cullen - appreciating assets.

if you look at this you will find an article



which states:

"Cullen is paying between EUR 60 000 to EUR 70 000 for 'goodsize apartments in a development with close proximity to the beach'."

apparently a Dutch company are doing the same thing.
 
I am in a similar situation , i.e. own an apartment in Sunset Resort (Trakia Gardens) and now have been issued with a 'demand' for maintanance fees for 2008. Can anyone advise on whether this management company over there is genuine or is this just a big scam?? Do we legally HAVE to take on this maintanance contract etc??

What is everyone else doing???

Daltec
 
hello ssm, do you have a contact for the dutch company you speak of? thanks
 

Hi Daltec. Similar situation. Think we just have to bite the bullet. Have already been paying maintenance/management charges since apt was completed (a couple of years now) and absolutely no chance of renting or selling it. Have you (anybody else) tried Appreciating Assets and, if so, any luck?
 
I know a friend was offered around 14K Euros for her studio apartment by Appreciating Assets. She paid over 50K for it just over a year ago. While she was well and truly ripped off and had many hassles, I think even in today's market 14K is rather low for a new studio apartment with lots of facilities on site. There is no room for negotiation, you have to take the offer given.
 
50k for a studio apartment, she was well and truly ripped off. i know of a 2 double bed apartment with built in kitchen and living area that went for 48k and i thought that was steep..
 
rachelg said:
There is no room for negotiation, you have to take the offer given.
Click to expand...

They're a vulture fund, they're not going to offer a profit. There is a choice, your friend does not have to take the offer given, they can entertain one of the many other offers they've no doubt received. This particular fund obviously feels it is worth 14k to them so that's what they offered.

It could also be a reflection on the quality of the unit in question, a lot of investors buy very poorly as they feel that the cheaper the unit they buy the more profit they'll make - and of course they're entirely wrong.

We're in a recession, which entails a cyclic downturn in the property industry. It's a buyers market, this is what happens. If you've got cash you buy property for very low values.

If your friend is badly in need of the money and wants rid of the apartment then this may be a great offer (depending on where the apartment is and what quality of development it entails). Alternatively, if they're not in that much trouble then they should hold on until the market improves and they can, hopefully, get a better offer.
 
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