Terracos da Vigia , who knows about?

[Richard&Babs]

We are getting more and more apprenhesive about this development so would like to get in touch with any others who are purchasing. Construction was supposed to start in February and our legal advisor required our deposit by 20 February for a contract date 4 March. This deposit has not been passed onto the developer or a contract signed yet as still awaiting the "construction license", so we are becoming more uncomfortable daily. Are such delays acceptable and usual practice in the Algarve?

[tbbr]

Waiting for 12 months or more for a contsruction liscense ( As we know ) is not unusual ( Its the norm ).
Those who know far more than us will tell you that their is a big difference from getting a permit to develop to getting one to build.
As we have done , avoid paying until you see a copy of their building permit.

[Richard&Babs]

Another month has passed and still no Construction Licence although the Developer assures us it is imminent. Good advice for all above not to part with money until this licence has been granted. Too late for us as our legal advisor received our deposit over 11 weeks ago, and this was through Parador Properties so we thought we would have been wisely and safely advised! The web site now shows construction starting in June 2006 http://www.kuopio-investments.com/tdv_p001.htm , it was March previously.

[Richard&Babs]

Well although several months behind expectation, the Construction License has at last been issued. Initial completion date was September 2007 but this will obviously be affected with this delay.

It would be very much appreciated if anybody noticing a start on this site could kindly let us know it has actually happened. Thanks.

Also if any other purchasers would like to contact us so we can get to know our potentail neighbours. Cannot wait to join you all when we retire on completion of the build!

[tbbr]

We have just got our liscence and one of the reasons ( many ) given by Lagoa camara for the time taken was the work involved in the number of large developments underway such as this one.

Given that some of the major investors are Portuguese football players, Rui Costa, Figo etc I am surprised that our came through at all.

But it will bve worth the wait.

[Barry]

Hi R&B,
We flew back from CVO on Saturday 10th June and as of Friday 9th June there was no noticeable activity on this site. Hopefully June will still mean June 2006.

[Richard&Babs]

Many thanks Barry, keeping our fingers double crossed but understand a Bank Holiday week (?) in the Algarve.

[Richard&Babs]

We are still patiently waiting for construction to start as now over 6 months behind schedule, which we are informed because of various bureacratic delays. Very difficult judging when to put our UK home in Cumbria on the market too. Has anybody had experience, good or otherwise, of purchasing through Parador Properties? Also very keen to be in touch with other prospective Terracos de Vigia purchasers/neighbours. Thanks.

[Richard&Babs]

We are absolutely gutted and devastated that this development is no longer going ahead; our dream has been stolen.

My wife rang me in tears this morning after learning the result of the meeting between the developers and major investors in London yesterday (31 July 2006). We understand the latter withdrew their support as the project has been too slow in getting off the ground.

No doubt to the relief of a few residents in the immediate area, but we have lost a substantial amount of money over this and were so looking forward to retiring to this ideal location next year. We had relied on the false belief that using Parador Properties would be our safety net in the purchasing process.

We so love Carvoeiro and its friendly people.

[blue]

I am so very sorry to hear of your disappointment (understatement I know) is there no chance of another company coming to the rescue or is that definitely that.

[tricky]

Hi Richard & Babs

I am so sorry for you, you must be feeling awful. I know its not what you want to hear right now, but as having been in a similar position several times loosing out on property both in the UK and Carvoeiro, we have ended up with the perfect house in both locations eventually. Sometimes there is something even better around the corner and maybe the roof might've leaked, the development (being on a hill) might have slid down into the sea and you might've bought next door to neighbours from hell.
Good luck in looking for a new property and think of the fun you will have visiting CVO to look.

Tricky

[martin]

very sad to hear your story, will you be getting any deposit back?

just looked at the web site ..no mention of the development being cancelled..

[Richard&Babs]

We have been very touched by your responses of sympathy above and also in PM's (including the stalwart Ellie), so thank you all. We wil respond individually when time permits, but as well as working we have my father visiting the area at the moment so we need time with him.

The developer and Parador have promised our deposit back, but we will still loose out and there is a substantial penalty for the early repayment of the mortage taken out for this etc.

However, the finanacial loss is only one aspect as it is more the emotional blow of having the dream for our future stolen.

Does anybody know of a far sighted investor/investors who would be interested in rescuing this wonderful and unique project (see http://www.kuopio-investments.com/ ), e.g. does anybody have Sir Cliff Richard's email address (joking) ? Although we cannot substantiate it tbbr posted on June 12 above that Rui Costa and Figo were among the then current investors.

Furthermore we understand that now ALL the paperwork is in place. The architectual licence was granted ages ago, it was the protracted delays to the construction licence that was the problem but all has now been overcome. Parador Properties are convinced that, given the opportunity, they would be able to readily sell all the units - of which there are only 19.

Once again thank you all who have resonded, it is very much appreciated and helps us a great deal.

[martin]

if the development is now mired in legal problems you may well find here in portugal it will take years to sort out...best to leave the whole thing, get your money back and buy something else ready built or almost ending its construction phase.

[tbbr]

THe delay in getting the liscence to build our villa we were informed was due to the huge amount of work taken up by this and other large developments within Lagoa Camara.
As we found there can be a long time between project approval and full permits to build.

Its no solice to those let down but how were they able to market such a large development without full approvals.
What exactly did the agent tell prospective buyers ??.

When we firest looked nearly 4 years ago we had a chouce between an apartment ready to complete on or a " better " deal ready in less than 12 months.
That 12 months became 2 years, no permit problems just time taken to build.
One thing you can be sure of and that is not to base your own personal timescales on those given you by estate agents, developers etc.

As others have said look for developments well underway, such as the vale of Olives etc.