Has anyone sold there unit in Quadra Place, what sort of prices are the units achieving and do they sell quickly ?

Just interested to know as i have a 1 bed unit there and am still debating weather to rent or sell !

Rob M

Hello Rob,

The short answer is no, but I am looking to sell.

My personal circumstances have changed significantly since agreeing to buy a top floor studio in Quadra in June 2006 for 77,000 euros.

In September 2007, Simon Blakeborough (PS) threw down the gauntlet, clearly stating (in my view) that he would bite anyone’s hand off that wanted to sell (see Blakeboroughs blog 10th September ‘Romanian Fairytales’). Simon did not show any interest in my Apartment at all. Stating the Quadra deal was before his time.

I ended up talking to Stanislaw Staromlynski (PS), as I had no response from Simon. In October last year Stanislaw suggested via email that ‘Price of your Apartment ‘should be between 140,000 and 150,000 Euro’. A little good news and I was impressed with Stan’s knowledge and responsiveness.

There was no desperate hurry to sell at that time, the Apartment needed to be completed and I had an eye on CGT implications.

In February PS provided a Post Buying Strategy Report for Quadra indicating a selling price now of 100,000 euro. I stress that this price is described as ‘current market price and would receive a very swift sale’.

I have Apartments in Budapest, Sofia and Warsaw, the apartment in Quadra Place is my only purchase through Property Secrets.

So this is my experience to date, hope to update when the sale process moves on.

Regards
Paul

Paul

Am i right in thinking then that PS are selling the apartment for you, who would i contact there as i did speak with Stanislaw but this was about my polish property i have with them.
I remember talk of Simon B offering to buy the apartments off anyone.

Are all your other apartments complete and let ?

I suppose i am looking at the idea of selling Quadra as i have a unit at Silesia (Poland) to fit out and other property completions happening this year and need finances for them and as there was talk of good prices for Quadra maybe it's time to cash in, depends however on the time periods.

Rob

Prices for Quadra apartments are as follows:
studio flats (42 internal sqm): 100.000 EURO,
1 beds (76 internal sqm): 140.000 to 160.000 EURO,
2 beds (98 internal sqm): 180.000 to 190.000 EURO.
We have one transaction agreed and ready to be closed after 5 April 2008 (owner's request to delay the sale).

Monthly rents at Quadra are at the following level:
studio 310 EURO, 1 bed 375 EURO, 2 beds 500 EURO.

If you want to proceed either with sale or with rent please let me know:

stan@i-propertyassets.com

Stanislaw Staromlynski

Good Morning,

Have any fellow investors moved on with selling at Quadra ? I have been advised my studio has been viewed by potential purchasers.

Regards
Paul

Paul

I am now going down the rental route right or wrong !
I'll keep you posted.

Rob

Just an update, I have had an offer of 75000 euros. That's half the figure I was originally advised the apartment would sell for. Regards

Hi Paul,

As communicated with you directly, 75,000 is not a good offer. It is a sharking offer.

100,000 is a true market price.

Let us continue this discussion directly.

regards

Stan

Hi guys, Off topic slightly, I have been looking at buying off plan in Bucharest and have been getting conflicting reports and was hoping someone might be able to clear things a little. My understanding is when you buy an apartment you own a share of the ground on which it sits and as a foreign national you have to open a company. And to own a company you need a registered address and your registered address can be your apartment may be your headquarters but only when it is complete. So after a while the developer can say sorry but your company is not registered here is your deposit back and he can sell the unit at a higher price and you are left with hefty Legal bills and the cost to dissolve your company.

I am hoping for some clarity as I am no expert and a complete novice to overseas property. If you buy as an individual will you have problems selling as you do not own the land?

If you set up a company unless you have a registered address the developers can screw you??

Look forward to your thoughts.

Tulsan best best is to have the land in a company and the flat in your own name. As for your company's registered address best to make this your law firm.

.