Perun Lodge Bansko

[JMCC]

Hi,we have purchased apartment 118 in Perun Lodge and are due to complete very soon. We are now concernced because if mortgages are hard to come by the development may not be completely sold and we could be left with one of only a few apartments that are sold and hence would all the hotel facilities open?? Would be very interested to hear from any other owners of apartments in Perun Lodge. Don't want to part with hard earned cash if there is any likelihood we cannot market the property.

 

[JOHNNY]

Perun Lodge

Hi i have bought in Perun and along with a friend have already decided not to complete because it would be just throwing more money away. there are about 90 of 190 apartments sold, numerous people in the 90 will not complete. i have been pushing the developer hard to return part deposit etc with no luck yet.

Johnny

email [email protected]

 

[JMCC]

hi jonny we also have walked away from our other one but as we have invested quite a lot already is it worth riding the storm? we also have another friend who is buying there .

 

[nigel00]

Hi all

I too have purchase at Perun Lodge and are due to complete ie sign notary and send final payment although I have had my fingers burned before by a 3 lettered overseas property investment company and I'm reluctant to throw more money away obviously.

 

[carosteve]

If any buyer has any concerns re completion, title deeds or just needs general legal advice please drop me a line. We have only recently started watching the forums (a few of our existing clients recommended we did) as we are active in Bulgaria and have been for some years now. I dont believe I can post contact details or actively promote our serices, but dont hesitate to ask if you need assistance.

Manzanares Lawyers

Please let me know how you can help ??
I am interested to know if we should proceed with buying our apartment. I would like to know what guarantees we have regarding the running of this property, i.e if buyers pull out can the property continue to trade ?? is this somethingyou maybe able to help with ???

 

[carosteve]

hi jonny we also have walked away from our other one but as we have invested quite a lot already is it worth riding the storm? we also have another friend who is buying there .

Hi JMCC am now online too. Let's hope more people reply so we can work out what to do. I would like to hear from others to know what they are doing. Does anyone out there have the developers email / contact details ??????????
Thanks

 

[Pat Worthington]

Hi,we have purchased apartment 118 in Perun Lodge and are due to complete very soon. We are now concernced because if mortgages are hard to come by the development may not be completely sold and we could be left with one of only a few apartments that are sold and hence would all the hotel facilities open?? Would be very interested to hear from any other owners of apartments in Perun Lodge. Don't want to part with hard earned cash if there is any likelihood we cannot market the property.

Hi

I have bought 2 apartments in Perun Lodge. I too am concerned about whether all the apartments have been sold. I am also concerned that Rival 5 EOOD had changed the terms of the Preliminary contract that I signed. For instance, they have increased substantially the maintenance fees and the common area that I am responsible for. I do not think that they have acted ethically and a lot of the information that I was given at the time of purchase has been changed. Do you know of anyone else who has similar concerns? I would like to become a member of a apartment owners' group to protect my interests. I have only joined this forum so I don't know if they will let me post my own comments yet. My telephone number is 028 90777409 and my name is Pat.

 

[Pat Worthington]

Hi Jonny

I too have bought at Perun Lodge and I am very unhappy with my dealings so far with Rival 5 EOOD. I no longer trust them. I have sent numerous emails and they only send vague unhelpful replies. I am angry at the stunt they pulled over the maintenance fees in December - it doesn't give me any confidence in a successful future relationship with this firm. I have just received a copy of the Management contract from my solicitor and I not only have the fees increased from the 18% I was quoted verbally when I decided to purchase last year but they are also tying clients into a 5 year contract! Not only that, they are making it very difficult to employ anyone else to manage the apartments by insisting on charging what I consider to be exorbitant rates for cleaning and replacing of consumables which they will not permit to be outsourced.

I have yet to pay the final 60% on my 2 apartments and I am wondering if I would be better pulling out as you have done. Any information that you can give me on the reasons why you decided not to continue with the purchase would be greatly appreciated. My tel number is 0289077409.

Kind regards

Pat

 

[Lysos]

Viewed from the sidelines, with no vested interest, looking at the prospects for rental returns (poor) and capital growth (none in the forseeable future) and the open ended liabilities of maintenance costs I strongly suggest you bite the bullet and walk away. In years to come you will view the lossed money as a small price to pay for getting out of this debacle.

 

[Pat Worthington]

Thanks Lysos

Think that all things considered we'll probably take your advice - though having paid 40% on 2 apartments - it's a hard decision to make.

Regards

Pat

 

[Lysos]

Yes, Pat. hard & painful, but the reality is, in my opinion, if you complete you will end up losing more than 100% when on going maintenance charges, management fees etc. are taken into account. This, of course, presupposes the project is actually completed. The only people who 've made money out of Bulgaria are agents, developers and the odd chancer who got in early. Hands up - how many people do you know planning a holiday in Bulgaria, never mind self catering ?.

 

[JOHNNY]

Perun Lodge

I also had a pre signed maintenance agreement at 12 euro per square metre this has changed also they have not asked anything formally of me technically they should be paying interest for non completion. Also in my preliminaryu contract they were to offer various floor finishes etc nothing again. Complete joke i would not part another penny just push hard for return of some money and see it as a gain if you get any. wishful thinking, my email [email protected] if anybody wants to email.

Johnny

 

[Pat Worthington]

Hi

I also have purchased at Perun Lodge and am very unhappy at the way that I have been treated. I am considering not completing.

I have 2 email addresses:

Nikolay Mitev - Sales Manager at Perun Lodge Bansko - [email protected]

Ivaylo Kasnakov - Sales Director? in Rival 5 in Sofia - [email protected]

I wish you luck if you are trying to get any concrete information out of them.

 

[Pat Worthington]

Hi Russell

I was interested to hear about your Pirinea deal. Might be the answer to my difficulties.

How is everything going now? I would like to get in contact with you privately. My email address is [email protected]

Regards

Pat

 

[JMCC]

Hi

I have bought 2 apartments in Perun Lodge. I too am concerned about whether all the apartments have been sold. I am also concerned that Rival 5 EOOD had changed the terms of the Preliminary contract that I signed. For instance, they have increased substantially the maintenance fees and the common area that I am responsible for. I do not think that they have acted ethically and a lot of the information that I was given at the time of purchase has been changed. Do you know of anyone else who has similar concerns? I would like to become a member of a apartment owners' group to protect my interests. I have only joined this forum so I don't know if they will let me post my own comments yet. My telephone number is 028 90777409 and my name is Pat.

hi pat have you got any further with your purchase?ive not heard of 5EOOD have you had a management contract from perun its quite ambiguis, there was lots of questions that we raised and are still waiting for a reply from the solicitor. it seems to be taking such a long time, i have logged onto perun webb site and thay are taking bookings already which i presume are people who have already completed, thats quite reassuring.

 

[Pat Worthington]

Perun Lodge - new proposal

Hi

A few weeks ago we were so disgusted with the developer (Rival 5 EOOD) at Perun Lodge that we contacted them and told them we were not completing. We asked our Bulgarian solicitor for copies of our origninal contracts and made an appointment to see a solicitor in Dubin who specialises in Bulgarian Property - we wanted a second opinion on whether the developer had defaulted so that we could sue for a refund. Since then the developer has contacted us with an offer to discount the 2 apartments - we are disinclined to accept - unless they increase the offer substantially we will not be completing. The slide of the pound against the Euro, the negative equity, the fact that there will be fewer bookings because of the current economic climate and the fact that the developer has raised all our running costs have all been a factors in our decision. Another point which has persuaded us not to proceed is the fact that the developer is retaining a large proportion of the apartments for their own use. My assumption is that their own apartments will get preferential treatment when it comes to rentals!

Best of luck with your negotiations

Pat

 

[plums]

Hi Pat

We also reserved 2 apartments at PL and getting a little concerned. Not sure what to do. Concerns include: unfair contracts (heavily biased in favour of managing agents, who were supposed to be 'independent' but are actually Rival 5 themselves) and the fact that they have kept many apartments themselves. So we the investors paid for the build, but I'm worrried that they will let their own apartments and reap any benefits.

How much discount did they offer you by the way?

Cheers

Mark & Diane

 

[Pat Worthington]

Hi Mark and Diane

I don't want to discuss discounts in this general forum. I have had them screaming down the phone at me once they realised that clients were comparing discount offers. Can you ring me - in the evening 028 90777409.

Regards

Pat

 

[Lysos]

Mark & Diane,

When you say that the developers "have kept many apartments themselves", might it not be that they simply couldn't sell them ?. There is a lot more profit to be made from selling rather than trying to let in a saturated market.

 

[lee30lisburn]

why didnt i read this earlier

ok, i have purchased an apartment in perun lodge, i've paid all the fees( of which there seem to be many) signed all the contracts and done everything that has been required of me so far.

at present i find myself sitting around waiting for the quarterly income to be announced as i have loans on this property that need to be paid.

i have read through everyone's problems that they have had with the developer so far and from my own point of view wished that i had of found this forum when i was purchasing initially.

i was wondering however if anybody who looks at this forum has actually completed on their property as i have? or did everyone see the sinking ship and leave when i should have?

the problem i have atm is that i have e-mailed the developers many times now but with no replies, i have asked when and where is the income incoming with no reply, it seems that they have the money that i have paid and are sitting on it stupid me for thinking that a business would run smoothly and that i may make some money out of it but i always looked on the positive side before. this business 'opportunity' has now somewhat dampened my expectations of what owning an overseas property has of a way of any benefit.

please, if there is anyone out there who has any positive feedback , please help, any advice would be greatly appreciated, as it stands i feel like i will be paying my mortgage off with no income and that i will never have any contact with the developers again