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Oceanville

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Jocelyn View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 09/October/2011 at 12:13
a very good question cubsur...our solicitor says that there is no way it will be knocked down...but sure you wouldn't know what will happen! such a shame as the view from our balcony is/was stunning....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote john2604smith Quote  Post ReplyReply Direct Link To This Post Posted: 09/October/2011 at 12:49
I think another developer will step in, after all the hard work is done and it is in a fantastic location, just above Albufeira and as you say stunning views. 
ownersdirect P3708
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Jocelyn View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 09/October/2011 at 13:43
yep, we feel that once sesimbra goes bankrupt (we think that it's only a matter of time), the bank can off load to another developer. sesimbra looked for another loan this year which was turned down, so without finance to get the place up and running again...they are bound to go bankrupt.
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Jocelyn View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 09/October/2011 at 13:46
just thinking of sesimbra's other assets or developments...have no idea what else they own...tried to find out on the internet. they must be a fairly big organisation to have taken on the oceanville project...
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Jayjan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jayjan Quote  Post ReplyReply Direct Link To This Post Posted: 09/October/2011 at 14:27
Jocelyn it seems strange that you can't find anything about sesimbra on google searches, is that their correct name in the construction industry, maybe they go under another name. I have also looked, searches don't throw any info up under that name.
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Jocelyn View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 09/October/2011 at 14:34
that's really kind of you to search jayjan...they are sesimbra 2000. that's what's on the original 'glossy' brochure that we have here and always what's quoted when dealing with the court
thanks :)
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cubsur View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 10/October/2011 at 11:06
I imagine that a major company on the brink of collapse is fairly unlikely to have a website extolling their achievements. I found nothing of any use on a quick search.

This is, the whole area is now littered with half built developments. I agree the views etc from  much of Oceanville are stunning but whoever takes it on would presumably have a mountain of debt to clear, let alone spending 000's putting right the 3 years of neglect.

I walk past every day. My eyes will be peeled for signs.
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Jocelyn View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 10/October/2011 at 11:56
cheers cubsur...we're over in 2 weeks...can't wait, so need a break! not much point in me calling up to OV...if you ever do see any movement in the place, i'd be so grateful if you posted for me :)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote J2me Quote  Post ReplyReply Direct Link To This Post Posted: 05/November/2011 at 02:27
From what I can see of the OV situation, here is a prediction.......

Once the original developer is truly bust and ends up walking away, then, and only then will the bank act to minimise the haircut they are about to experience. It is just a waiting game for the banks. But until the developer is bankrupt or similar, their hands are tied.

Until then it probably looks like and is (in all reality) a loose loose situation for prospective buyers. All the lost opportunity.

From the banks perspective, the bank will probably have advanced XX% (perhaps 80 - 85% of the original sales price) in mortgages to the developer and quite possibly - less than amount is due from the prospective buyers. Remember that my argument is hypothetical - but it might not be that far from reality.

The bank probably uses the highest realistic value in order to prop-up the asset value (on their balance sheet). Their new purpose will be to seek to get as close to a break-even situation as possible, given the several highly profitable years during which they charged the developer interest  - they may not loose too much in the end if they sort it out FAST.

Bottom line is that the bank that advanced the mortgages to the developer is not lost. They have first call on all the assets. They do not strictly have to honour purchasers contracts - but they will probably offer the promissory buyer the opportunity to close but they don't have to be terribly nice about that.

Prospective buyers are welcome to chase after a new shell company that has absolutely no assets, or an older company that carries a load of debt. The point is that they will (probably) get nothing if the choose to chase the developer, no matter what they do.

As I see it, there may eventually be 2 alternatives, pay the balance and own the property - or walk away and forget the deposit.

To purchase will offer closure, but at what price. There will be no nice trimmings as promised by the developer. Just the property. The communal area's will probably generate a small income for the bank and any hotel/bar/restaurants will be leased to a large hotel chains who can start-up operations using their own resources.
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cubsur View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 05/November/2011 at 09:46
And we wonder why the financial services industry is held in such contempt by so many, investing money that is not theirs into hare-brained schemes. Small investors lose their money but the idiots in charge don't (often) lose their jobs.

Meanwhile in Oceanville, the weeds continue to grow, the properties slowly deteriorate through lack of maintenance and there was talk that there is subsidence under the hotel.

As it is a month or so since I took a picture. I will have a walk round there on my way out and about over the weekend.
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cubsur View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 07/November/2011 at 17:05
The recent rain has encouraged the weeds. Here's a shot taken Sunday with the view everyone paid for but may never get.


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Jocelyn View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 07/November/2011 at 17:23
stunning view eh!

I heard a rumour that the builder has gone bankrupt and the 3 banks who financed this project have stepped in...waiting for my solicitor to advise me
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cubsur View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 08/November/2011 at 10:22
There's a couple more of Sunday's Oceanville pictures at the end of this album

https://skydrive.live.com/redir.aspx?cid=6a2a1c7daaee306d&page=play&resid=6A2A1C7DAAEE306D!8266

So, banks with money? This could be interesting with everyone else pleading poverty
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Jocelyn View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 08/November/2011 at 11:07
ah great, didn't notice the other pics....
will post if i hear anything else from my solicitor...too many rumours over the years
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Post Options Post Options   Thanks (0) Thanks(0)   Quote john2604smith Quote  Post ReplyReply Direct Link To This Post Posted: 08/November/2011 at 12:49
Hopefully this will be the end to this debacle and a new beginning for Oceanville and all the people who bought apartments there. It is/could be stunning. the location is excellent and the facilities are fabulous. Let's hope they get there act together !
ownersdirect P3708
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