Salama valley Fez

[JA35]

Hi,

Anyone invested in this signed contracts and happy with them?

Finding it tough going getting answers from ready2invest, person dealing with the deal seems to have left and no one seems to know what is going on strange indeed! The buyback and rental insurance are two of the items that need answered , two of the things that made this deal appeal to a few people I would think. Any advise or positive news from other investors in this deal would be welcome.

 

[ade 01]

salama valley 2 marrakech

ready to invest are offering a few villas on this new development which is pre off plan--- has any one looked at them and what are their thoughts

 

[Sunnyshores]

I have been involved with R2i and this developer on 2 projects in Marrakesh - he also had projects in Mirflet - Salama Valley is Gardens of Fedela - all have now been cancelled. R2i wont say as much, but they are not going ahead, so I would have suspicions about the developers ability to actually produce a development.

(see threads called Marrakesh and Gardens of Fedela)

Also, I did get far enough along on one of the projects to see the contract - it was abysmal - no details about the guarantees, didnt even say the price was fixed or in Euros. You would imagine R2i would get this sorted, but they werent interested and suggested I went to a solicitor to have it re-written. I did, but more money. Having had mine rewritten I was happy for them to use mine as a template for other purchasers - they didnt even tell others there was a problem!

My understanding is that all Fes villas sold out within a week, last August(?). Since the contracts alot of people have dropped out, that is why nearly a year later they are offering them again for sale at the same price - why havent prices increased in 12 months if they're such a good deal? The glossy brochure said they would have.

Anyway, alot of negatives and alot to beware. But if you can get your contract to promise EXACTLY what the sales pitch said it would, I do think the package is still a good deal. Then all you need to worry about is the location, I'd be happy in Marrakesh, but Fes ? I'm not sure.

 

[JA35]

Hi SS,

Very interesting, explains why its taking so long for answers to the contract problems. Now I am thinking of pulling out of the fez deal. problem is you ask ready2invest say ten questions five get answered and on it goes as the weeks go by , a lot of time and money trying to get my lawyer to change the contract but answers are very difficult to get . Did you get your arrangement fee refunded as a few of the major selling points were not as they were promised,for instance "the Axa insurance fairytale" and various others.

Is there anyone out there who is happy and confident with this investment?

 

[Sunnyshores]

Hi JA35 - Refund, yes and no - typical R2i!
Yes I have had it in writing and confirmed in many phonecalls that I will get everything refunded. But . . . they made a mistake and didnt refund all the arrangement fee, then another mistake was made by the developer and he didnt send part the build deposit back. Many calls, many non-answers, much "its not my job" and this has been going on for 3 months!!
I know someone else who asked for a refund (Mirflet) and he was told it would take 8 weeks.

 

[JA35]

Thanks for that SS, hope to hear from them soon . Shall let you know if and when deposit arrives!

 

[Sunnyshores]

JA35 - see this thread in the singing pig forum (page 8 onwards) where others have been asking for refunds for these deals:
Singing Pig - Choices and Ready2Invest

SS

 

[JA35]

great read Ss the picture is very clear now, waiting for a reply from them sent over a few questions yesterday .

They have not been giveing any updates or progress or lack of it reports the lawyer is also waiting weeks for a reply to e-mails

Time to push for the refund, surely such a high profile company who are always in the media spotlight giveing advise would value what reputation they have and pay people there money back asp!

 

[manor park]

Hi SS, how you doing?

You have me worried now as my portugal apartment is with R2I, LOL

 

[Sunnyshores]

Hi MP - hope all's well.
I havent heard anything negative about Portugal infact I understand one of their Portugal developments was revalued and showed massive increases in price - even better than the glossy brochure predicted. Just ask Jeff if you're worried, he will tell you the truth.

 

[manor park]

SS, all is good thanks

We have seen the site, work has started and the prices have gone up. Looking good so far but when I keep reading negative posts about R2I I wonder LOL.

Back to Morocco, I think (fingers crossed) contracts for Tanjah are out this week, so we seem to be moving forward at last.

You found anything there yet ?

MP

 

[Sunnyshores]

No - still want something in Marrakesh, but with R2i wasting my time for 2 years I havent really looked seriously. Once I get all my money back from them I can look, may go out in October half term - shame prices on other developments have increased in that time!

 

[manor park]

SS

I do think that with the right property and right location, Marrakesh is a good bet. I did not like some of the areas out near the airport when I was there. You do need to get out there see for yourself and weigh up what you need.

I would not give up on the area but the longer you wait the higher the prices, so you need to consider, if that boat has sailed !!!!

MP

 

[tony ben]

The prices are a bit on the high side but then again its an all year destination. You pays your money you have the choice.

 

[Sunnyshores]

Anyone had any refunds yet ? Mines been 4 months now and I am issuing a small claim against them - they dont owe me the full a mount so I can taken them to this court. Well worth £108 to get the baliffs into their offices.

 

[Sunnyshores]

Update - finally got my refund!

 

[manor park]

Hi SS

Glad to hear you got that sorted, I have been following the thread on SP with interest. At least you can now start to look again.

Good luck with your search.

MP