How much did you pay for your unit(s) in Bansko!

[Jain and Chris]

That's just downright unnecessary. It doesn't help anyone taking this tone. Yes, pretty much all agents play up any plus point of any property they have - it's normal and the buying public know this is what they do.

Constantly criticising other agents and Bulgaria does no good to your business or anyone else's. I really don't understand why anyone who is in business or has invested in property in Bulgaria would want to do this as you're just damaging your own investment. It's about time instead of having a go at everyone doing business in Bulgaria that people just got down to promoting the positive aspects of their own business and the country they are representing. There are plenty of good things here and plenty of people in business who are honest.

 

[Bansko MGM]

Bansko property reality

Hello everyone,

I would like to comment on the posts I have read in this particular forum, and would like to thank Jain and Chris for encouraging a more positive tone.

Anybody can find a property in Bansko for 650 to 800 Euros on the cheap end, but there are reasons for that price. It does not mean by any stretch of the imagination that those who bought in Perun Lodge overpaid because they spent 2,100 Euros per m2. Perun Lodge is backed by the CSIF bank, and has the same developers and architects as the famous, and highest year round occupancy, as Katarino Spa. They also offer a 0.1% refund of the purchase amount for each and every day they are late on the completion date.

Proximity to the gondola is what you percieve to be close. Perun Lodge is about a 500m walk, whereas the closest property to the gondola is Pirin Place, at about 75 metres.

As in any investment hotspot, you owe it to yourself to visit the location first, and buy from a reputable company. I know that sounds very easy, but if you take your time, and don't buy just because it is the cheapest, then you are far more likely to make an astute investment.

Bansko will continue to prosper as long as the Euro currency is coming, as long as the planned and agreed 4 more golf courses are built, and as long as the agreed airport in Gotse Delchev is constructed.

The men's European Downhill skiing championships for 2008 have been granted to Bansko, and should they be awarded the 2018 Winter Olympics, the investment get's better still.

Then there is Sofia. Surely it makes sense to look at the capital? Is it fair to say that many multi-nationals will look to open a representative office in a new and upcoming EU capital. They have the new Sofia Business Park only a couple of miles from the newish terminal 2 at Sofia airport. Next to the business park is the main road to Plovdiv, and another ski resort, Borovets. You can research yourself on the 'Super Borovets Project', and see the investment potential there.

Sofia is also surrounded by the new ring road which is heavily under construction as we speak, and is now surrounded by villa complexes being bought by not only expats, but by Bulgarian nationals themselves.

The list goes on and on, but suffice to say, there are exciting times ahead.

Cheers
Bansko MGM

 

[thetravelbug]

That's just downright unnecessary. It doesn't help anyone taking this tone. Yes, pretty much all agents play up any plus point of any property they have - it's normal and the buying public know this is what they do.

Constantly criticising other agents and Bulgaria does no good to your business or anyone else's. I really don't understand why anyone who is in business or has invested in property in Bulgaria would want to do this as you're just damaging your own investment. It's about time instead of having a go at everyone doing business in Bulgaria that people just got down to promoting the positive aspects of their own business and the country they are representing. There are plenty of good things here and plenty of people in business who are honest.

Referring to what exactly??? As far as I see on this thread no one was criticising any other agents or Bulgaria in general.

Advertising a property as being close to the Gondola when it is nowhere near is simply misleading, dishonest and not fair on the buyer. Fine play up the plus points, but do not make up descriptions that are untrue. So many investors have been misled into buying apartments along the coast and in Bansko through blatant misdescriptions. I am contacted by several people every week looking at ways to get redress or get out of apartment purchases that they feel they were mis-sold.

And a proper discussion of the merits and downsides of Bansko and other topics is what discussion forums like this are for. No-one can deny the expensive prices in Bansko for food and drink which are on a par with Austria, Italy etc, no one can deny the ski area is pretty small and there are often very large queues...

Bulgaria has many problems and glossing over them or ignoring them will not help anyone's business.

 

[Jain and Chris]

Hi Bansko, I agree, there is a reason why some properties are more expensive than others, often down to location, quality of build, amenities, etc....

I think it is time for a more positive tone. Yes, there are some people who have had problems with purchases in Bulgaria (and all over the world) but the majority have had no problems. The thing is, of course, that those who have had problems are usually the ones who shout loudest, the others just keep their heads down and keep quiet. It is the perpetual stories by a minority which are allowing the British press to have a feeding frenzy about problems in Bulgaria. And this in turn endangers other investors investments.

It's probably just been Bulgaria's turn (as it was Spain's turn some years back) but I do genuinely believe that it is time to put the record straight and concentrate on the positives and those who have had a good experience here.

I'm not suggesting for a moment that 'everything in the Bulgarian garden is rosy' but I am saying there are a great number of good things here in the country. There is no need to gloss over problems or ignore them but it's a whole different ball game continually carping and griping about them. Much better to concentrate on improving things rather. And let's have the good stories along with the bad - let's get a balanced approach.

Ever met the queues at some of the French winter resorts? And there is no way that the price of food in Borovets, say, (or even Bansko) compares to that which you will pay in France at one of their top resorts. Yes, the facilities, etc are different but what do you expect?

Blatant misdescriptions happen with so many agents everywhere, I don't think this is a particularly Bulgarian problem at all. Caveat emptor - buyer beware - and buyers need also to take responsibility to check things thoroughly themselves before signing or committing to anything - and I think most investors know that. Buyers haven't just been misled in Bansko or on the coast, that's a fallacy.

I just think it's time Bulgaria got some of the credit it deserved and some of this constant negativity should be ditched.

 

[JOHNNY]

I have also bought in perun lodge

Hi Addy,

We have purchased in Perun Lodge and are still going through the legal side of things but the property we have purchased is a one bedroomed apartment for (I think) about 90000 Euros. We bought in August 2007

I bought the first apartment in Perun Lodge and got an extra bit of discount, I paid 86,000 euro for apartment 153 on the third floor. I have paid 43% of the total price but at this stage need out for business reasons, I would be willing to transfer this contract for no further money, reply if you feel that this is of interest. p.s I have bank guarantees to go with the apartment which i think are no longer being offered

 

[ady1231]

Hi Johnny;

Its a very bad time to sell now. Bansko in General is slowing down, but i beleive perun lodge will stand out of the rest of cheap developments.

If you have paid 43% you should go and seek a Mortgage by June, take a Mortgage and wait until its completed, this would be my best advice.

Cheers

 

[JOHNNY]

Selling apartment before completion at lower price

Hi Johnny;

Its a very bad time to sell now. Bansko in General is slowing down, but i beleive perun lodge will stand out of the rest of cheap developments.

If you have paid 43% you should go and seek a Mortgage by June, take a Mortgage and wait until its completed, this would be my best advice.

Cheers

Appreciate your response

I actually would take less money to retrieve some of my deposit, I pushed really hard to get the guarantees, by the way if I have to draw a mortgage what way will the ltv work out, probability is that valuation may well be lower than paid price have you had expereience of this or mortgage etc

 

[ady1231]

Appreciate your response

I actually would take less money to retrieve some of my deposit, I pushed really hard to get the guarantees, by the way if I have to draw a mortgage what way will the ltv work out, probability is that valuation may well be lower than paid price have you had expereience of this or mortgage etc

My advice is don't panic. I have a studio there, and beleive that perun lodge is different than the other development. Its bank guaranteed, so why are you scared? In fact, the developer is a branch of the bank .

If you desparately need the money, you can always try to sell through your agent, who did you buy it through?

Cheers

 

[ady1231]

I don't beleive that the LTV will be less of what you have paid for. In fact, most banks in Bulgaria work on the selling price for the Mortgage, so we are covered i think. Besides, I expeect my agent to rent it back for 8% yield/year, as they did when i bought in Sunny beach 2 years ago.

 

[JOHNNY]

Mortgages etc

I don't beleive that the LTV will be less of what you have paid for. In fact, most banks in Bulgaria work on the selling price for the Mortgage, so we are covered i think. Besides, I expeect my agent to rent it back for 8% yield/year, as they did when i bought in Sunny beach 2 years ago.

Thanks for your help, I bought through Prime invest, I have asked them for a while to re-sell and they cannot. Could you send me info on time frame of mortgage applications fees etc, who to try and when. Also what way to you time the mortgage this development will not be ready in Dec08, Let me know your thoughts and any useful info you have for me re rental opportunity.

Thanks

 

[ady1231]

can i ask you if you have been there, and seen the development?

 

[JOHNNY]

I have been their Jan 07

can i ask you if you have been there, and seen the development?

I was their when it was just a field was in The Perun Hotel opposite, impressive

 

[ady1231]

exactly, now its well underway u know. They expect to deliver by 1-Nov.
Can i ask you why do u want to sell, if it's just a panic from the market overall? or u need the money?

If you have been there, u must have seen Katerina Spa, the one built by our developer, you know this spa is always fully booked, not with brits, but with locals.

This is what i am hoping for, something like katerina spa. So again, i beleive it will be different from other developments. You must have read in the beginning of the thread people telling me how bad my investment is, and that you can buy 800/sqm in Bansko, yes i know that, i was offered 500/sqm +6% for 3 years, but i am not a beginner, and i knew i had to go for the best development at that time, and i beleive it's the best development on the market

Cheers

 

[trophy]

Hi,
I have just joined.
I bought in Bansko (4 mins. from the gondola) and 5 mins from the old town.
I bought a 33 sq meters studio in May 2005 for 23,500 euros. That price included furniture--it is an aparthotel called Friends.

I don't think I have lost out--the rent covers my outgoings and it is a turn key operation, completely managed for me. Just like having a bank account with the Abbey (I won't say Northern Rock!).

I haven't been to Bansko either, so no point in asking me my opinion on the place!. I do think being near the gondola is important both for renting and for any resale. Anyway I am happy to keep it for the time being.

I just wanted to answer the original poster.

 

[Topcat1961]

Perun Lodge

I have bought a studio in Perun Lodge and now I am having problems with getting a reasonable mortgage (I am self employed and was travelling last year). If this complex is financed by the bank do they provide mortgages as well. I have paid a 30% deposit so far (through their associates. I was assured me whilst on a viewing visit that I would have no problems getting a mortgage, but I think I have been a little naive as they just wanted me to sign the reservation fee). Is the developement still on track for December 2008 and does anyone have advice on the preliminary and management contracts. I assume they must be the same for most apartments. Don't really want to get another set of lawyers to check the documents again. I'd really appreciate some help re this matter as I was impressed by what I saw whilst in Bansko Feb08.

 

[ady1231]

hI;

When did you buy your studio? and what mortgage rate did they give you?

I still didn't check on the mortgages as its still early.

In what way were you impressed while in Bansko?

 

[Topcat1961]

mortgages

i have read a lot on the net relating to CFP not coming up with the morgages on other developments and if they did the rates were very high, and people have lost out in a big way Its important you get someone else lined up as soon as possible that you can work with and at least get a approval in principle from someone else these companys are to closely associated for my liking.

Can anyone recommend a good bulgarian mortgage company for an off plan purchase? Would be very grateful.

 

[Topcat1961]

Perun Lodge

I have only just bought one!!! I was there in Bansko 3 weeks ago. The development was well underway and I was impressed by the developer's agent and his response to my questions. They were quoting interest rates of 6.25% on a self-cert mortage but are now saying that this product is not possible.

Bansko was quite buzzy and although it has a lot of development in progress I can see a wonderful resort in 3-4 years time. Most of the developments look well designed ands have taken the beautiful surroundings into account.

I have been to lots of places in the world and I definately can see the potential here, just wished I'd come earlier. The people also seemed great and very hospitable. I loved Bulgaria. It's this nest part of the purchase that's proving problematic. I have paid over the odds and should have researched a little more but I am learning all the time now!!!

Can't wait to go out again and maybe purchase in a village somewhere, any recommendations for villages or areas in Bulgaria that are quite remote so I can build or restore a property?

 

[ady1231]

yes, perun lodge without a doubt is one of the best developments around. How much did u pay for ur studio?

I beleive 6.25 is acheivable, leave it until June, no need to apply for the mortgage now, but its worth checking another mortgage brokers as well. I will do the same.

Cheers

 

[ady1231]

Hi

I have purchased a studio in Perun Lodge and I was very impressed by the complex, it had better facilities and was alot close than some of the other developments to the golndola. I have also spokent o a few other brokers, who arent selling Perun Lodge,that Perun Lodge will stand out amongst some of the complexes.

I have however been told by the person who I bought it from, it is now only going to be completed on 31st December.

hi;

As far as i know, it will be completed early in November mates, so prepare yourselves well inadvanceto sort out the mortgages, the best quote i got so far was 6.85%, what Mortgages did you get guys?