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Post by Scot on May 27, 2004 22:49:43 GMT 1
PLease could you keep me in the loop re. Lina.
thanks, scott
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Post by Nickimcc on May 31, 2004 10:34:24 GMT 1
Hi Scot
I am buying a Lina apartment and am travelling to Croatia in a couple of weeks to see it. We are in the final process of purchasing it at the moment and are looking forward to seeing it. At what stage are you at with the purchasing of yours?
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Post by Scott on May 31, 2004 14:13:43 GMT 1
Hi Nick,
We have put our deposit down and instructed our solicitor - so still a while to go yet ! We are planning to fly out in July to complete everything.
We are pretty excited about it.
My email is scottbsnyder @ hotmail. com if you are able to give me any good gossip or let me know of your experiences.
I wish to you well in your purchase and look forward to hearing from you,
thanks,
scott
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Cass
New Member
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Post by Cass on Jun 1, 2004 9:12:47 GMT 1
Has anybody flown out to see what they and the area looks like.......  I'm trying to estimate if the capital appreciation of the property will outway the initial costs of furniture and refurbishment and the monthly maintenance fees etc. I don't think the rental income will be anything to write home about. Is everyone buying through www.overseasproperties.com? |
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Post by nickimcc on Jun 1, 2004 18:57:57 GMT 1
Hi Cass
Friends of mine travelled to Lumbarda in March to view the Apartments and were so impressed they bought two of these Apartments, we saw their photos and video footage of the area and were equally impressed.
We feel they are a good investment!
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Post by Alice on Jun 2, 2004 8:04:54 GMT 1
Sorry Cass, wrong info! You're right about prices for furniture and refurbishment, but impossible to do them for only E 2 k! Trust me, I know since I renovated an old house on the island of Hvar.The management company takes 35% ONLY if they rent for you, and if they don't, they would take 50-55 E maintenance fee per month which is reasonable enough for all that is included in that price! I visited Lumbarda, a great place for holidays and a great place if you want to rent! 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 PeterE on Jun 2, 2004 22:01:50 GMT 1
We are doing legal work for some of the purchasors. The way it is structured and some of the charges do seem to be unusual.
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Post by Alice on Jun 3, 2004 11:58:07 GMT 1
Sorry, Peter, what exactly do you mean by 'The way it is structured and some of the charges do seem to be unusual'?
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Post by MartinR on Jun 3, 2004 12:20:19 GMT 1
Hello, I have read through the comments in this forum, and since I am buying an apartment Korcula with 'Lina' management I felt I want to add my comments. In my opinion, the charges from the Management company are normal, and not in excess. The 35% they charge ONLY if they rent out your apartment includes annual insurance against flood, fire, all natural disasters and theft,annual maintenance of the property,annual guarding of the whole site,annual maintenance of common grounds including a swimming pool,providing all tourist services during rental season,water and electricity bills during rental season,city, tax and accountant’s fees. The €55 maintenance fees you pay if you choose not to go with 'Lina' includes more or less the same, and this seems reasonable if you think that you are not going to live in the property and will not be able to maintain it yourself!
I honestly do not think you guys should worry any more about these charges but rather concentrate on what you are getting for the money you are investing. I have been to Korcula, and I am pretty sure you will not find anything on the island for €60-70K in a few years.
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Cass
New Member
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Post by Cass on Jun 3, 2004 12:31:34 GMT 1
Lina have been forced to reduce their costs since these apartments have first gone on sale, as demand has been much lower than expected. I agree with Martin in that the maintenance fees are now acceptable and that the apartments will probably appreciate in value in the coming years; by how much is anyones guess! I would still like to see them charge less for initial refurbishment and furniture costs though before I agree to purchase one. I am also interested in the strange legal structure that has been mentioned......
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Post by Bob on Jun 3, 2004 16:49:37 GMT 1
Hi All We have just completed our purchase of one of the Lina Apartments and are a bit confused by Peter's comments (structure of costs).We have had no problems with our purchase or any legal documentation as everything was in order ,so could he elaborate on his comment. |
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Post by dubling on Jun 7, 2004 9:41:52 GMT 1
Hi
We've placed a deposit. No word on closing date. We're travelling out to walk the development next weekend. Would appreciate any comments.
Our email is gvgreene@iol.ie
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Post by Donald on Jun 8, 2004 1:32:36 GMT 1
Could anyone give me the web address or contact phone number for these Lina appartments please?
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Cass
New Member
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Post by Cass on Jun 8, 2004 9:16:57 GMT 1
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Post by dalma on Jun 8, 2004 23:19:32 GMT 1
I speak from experience when saying that the selling point with Korcula is its isolation and nature setting. I dont understand why they are building these complexes in crowded no-shade style. It is such a huge turnoff and bad for business. |
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