Cass
New Member
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Post by Cass on Mar 31, 2004 8:54:22 GMT 1
I am contemplating purchasing an apartment in Lumbarda on the island of Korcula. I would ge grateful for anyones opinion on the area/island.
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Post by Graham - Bosmere on Mar 31, 2004 10:31:49 GMT 1
There has just been an anoucement of a major development in Lumbarda! Quote" Lumbarda Extensive elite tourism project The island of Korèula, located in the clear blue waters of the Adriatic off Split, is investing 50 million euros in luxury, high-end, tourism. The investment is being made in Lumbarda, the most eastern and smallest Korèula municipality, which overlooks the sea. The project has been named Pelegrin and will see 220,000 square metres developed with 160 villas with swimming pools. The houses are being built in the Dalmatian architectural style and will be located on the seashore. A hotel is also being constructed. The development will be surrounded by forests, gardens, swimming pools and a golf course, with a dock for yachts planned. Opening is expected by 2008. " Could be a bit of a blow to anyone who thought they were purchasing in a nice quiet place  |
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Cass
New Member
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Post by Cass on Mar 31, 2004 11:07:09 GMT 1
Do you know who is sponsoring this project and where I can get more information?
This could be good news also because if Lumbarda becomes more popular as a tourist resort, property prices could sore.
However it could be bad news for the next few years as the town will be a big construction site.
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Post by Graham - Bosmere on Mar 31, 2004 11:36:59 GMT 1
If you try here you should get some more info. Tourist board of the locality Lumbarda Lumbarda – island of Korèula, 20263 Tel.: + 385 20 712 490 Fax: + 385 20 712 005 Email: tz-lumbarda@du.hinet.hr Web address: www.korcula.net If anyone is interested there are also plans to develop the Laterna area close to Porec - 4 star hotel and landscaping etc. |
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Post by Treasure hunter on Mar 31, 2004 13:10:22 GMT 1
Hi. I have just got back from Korcula. I think I know the appartment, if it's the beachfront one!!
The main snag with Korcula is the queue for the car ferry in Summer.It can be up to 3 hours in the hot sun, I'm told. If you are going without a car, then I think it's better.
Othrwise a fantastic place...although colder in winter than Orebic etc.
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Post by nickimcc on May 12, 2004 22:05:55 GMT 1
I am also buying an apartment in Lumbarda at the moment, The Lina apartments, are these the same as yours. I am travelling out in June to sign. I have heard all positive things about them. Have you put a deposit down yetWho are you thinking of buying through I am contemplating purchasing an apartment in Lumbarda on the island of Korcula. I would ge grateful for anyones opinion on the area/island. |
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Cass
New Member
Posts: 3
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Post by Cass on May 13, 2004 9:35:52 GMT 1
I have since pulled out of the contract as they are charging massive amounts for furniture (€5k) and refurbishment (€9k). These costs in Croatia should only total about €2k. Plus the management Company are taking 35% of any rent plus €85 per month maintenance. These costs are such a rip off! Its no wonder the estate agents have been trying for months to sell the apartments. I'm surprised they haven't reduced the costs to try and sell them.
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Post by Graham - Bosmere on May 13, 2004 10:53:54 GMT 1
At least you have thought things through. It is amazing the number of people who purchase without even producing a realistic buisness plan and cash flow forcast. If the rental market was a pot of gold the developers would form a company and rent out the properties themselves.
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Cass
New Member
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Post by Cass on May 13, 2004 11:27:51 GMT 1
Well actually it looks like the current owners are cashing in on their investment. They're selling the apartments for €55k each. It also looks like the management Company have negotiated a deal with the seller that they look after all the refurbishment and furniture, as they will potentially lose out on management fees on rental income if future buyers decide not to rent out their apartments. This is why they are charging so much, to compensate for reduced overall income.
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Mac
Junior Member
Posts: 25
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Post by Mac on May 13, 2004 11:31:39 GMT 1
As a matter of interest whats the management company called?
thanks
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Cass
New Member
Posts: 3
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Post by Cass on May 13, 2004 11:33:40 GMT 1
Funnily enough its called Lina Management Company. You won't get any answers from them though, as I've tried many times!
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Post by nickimcc on May 13, 2004 12:39:03 GMT 1
Hi Cass, you said you have pulled out of Lina Apartments, had you paid your deposit?if so did you get a refund?we have paid a deposit and are signing for the apartment in June some time, but I agree the management fees are very high and the other charges.I was not told about the monthly 85 euro charge to the Management Company, who were you going to purchase through?Have you enquired into other properties in Croatia, i wonder are these charges normal over there or am I being completely ripped off!
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Post by Yon on May 23, 2004 20:05:50 GMT 1
Hi,
I have also put down a deposit on the Lina...what do people think...is it better to pull out??
all opinions very welcome!!/
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Post by nickimcc on May 25, 2004 21:58:35 GMT 1
Hi Yon , Can you give me your e-mail addresss so I can contact you?  I am currently in the process of buying one of the Lina apartments on Korcula and would be happy to share the information I have aquired so far.  |
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Post by Scott on May 27, 2004 22:38:01 GMT 1
I'm buying a property also..please could you keep me in the loop. thanks
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