Hi

Not familiar with the development myself, but some photos of the Baltic Park complex at Swinoujscie taken on 23/02/08 after my visit to Platan.

Photo 1 - View from the beach. Think the PS units are behind the trees under the crane to the right of the picture.

Photo 2 - Viw of the PS buildings from the Promenade, to the left of the picture

Photo 3 - Second view from the Promenade, PS buildings by the crane to the right

HTH
Mike

Thanks for these photo's Mike, that's very useful.

For anyone else involved in this development I have spoken to the developers Kristensen group today.

Their current estimated completion is on my apartment in unit 6 is October with payment due in December.

Their representative, Edyta, estimated a current market value (only an estimate, and, of course real resell values may well be different, but interesting nevertheless) which was 46% more than I am paying - so that's a 46% increase over 2 years. When you take into account a (very lucky) favourable movement in exchange rates, then this works out to be a very nice increase indeed.

Given the problems people have faced over the Platan deal, I'm quite surprised about this, and do take it with a pinch of salt, but still, I'd rather have this news than bad news! The location of Platan is very different from this, of course, which makes a lot of difference (although we did pay a lot more in the first place!)

I would be grateful if anyone would share their views on:
- who they are going to rent with (I am getting some agent's names),
-whether they are going for holiday lets or long term lets
- who they are likely to arrange a mortgage through
- likely terms of the mortgage
- current rental values they may have been given
- if anyone is likely to be going out there to do their own snagging/completion (I am likely to be doing so)
- any more information they might have available to share.

Hi Jeremy

Sorry for the dealy in responding, can help you with

- current rental values they may have been given
- who they are likely to arrange a mortgage through
-whether they are going for holiday lets or long term lets

- current rental values they may have been given

There is an agency on the other side of the promenade from Baltic Park who said for a seafront property they would expect 300-400 PLN a night in the high season (60-70 days), and 200-300 for the medium season (30-40 days). Regretably they do not deal with Platan, and said they would expect less than these figures for a non-seafront development.

- who they are likely to arrange a mortgage through

I had a offer arranged through the London offices of PKO. I found them very helpful and efficient, and had a conditional offer within three weeks. Sadly one of the conditions was the developer supplies some pretty basic paperwork to the bank. They seem unable or unwilling to do so, and PS seem to have washed their hands on this one as well. So back to paying cash again as I am apparently liable for the (in)actions of the developer and any late payment fees arising because of it.

-whether they are going for holiday lets or long term lets

From the somewhat underwhelming strategy report received for Platan I am struggling to make any numbers work, one may just about break even if all of the caveats are realised. I would have thought that the long term let would be the lower hassle / less fixtures and fittings damage route to go down. As yours is a seafront you will probably do better there on the short term let front.

I will stop now before this becomes another Platan rant.... :o)

HTH
Mike

Mike,

You are very generous in your assessment of the Platan report. My view is it attempts to gloss over what is by any assessment a pretty disastrous investment - definitely not one of my better decisions.

I am doing so looking into the reality of the Platan figures for capital and rental value to help me decide how to proceed and will continue this on a new Platan thread in a few days.

NB As someone who does have a couple of short term lets, unless you have complete confidence in your managing agent, I would strongly advise against entering this market. Even with a great manager they are a lot of hard work, and without one nigh on impossible. Nothing in the Platan report gives any indication that PS have geared up to take on short term lets.

Regards

Alan

Many thanks for this Mike, that's very useful, particularly the information on short term lets. For Baltic Park that definitely sounds like it will generate some good rental income, although I also understand Alan's point on the difficulties of this too.

I'm sorry to hear that Platan hasn't worked out well. Its ironic that Baltic Park's saving grace may be its location in a resort town, which is of course something that PS usually steer well clear of.

Having said that, I am still wary of both Kristensen Group's valuation and ease of letting etc. By this time next year I'll know for certain.

I'd be grateful if you could post any other news on the Swinoujscie market if you get any, and I will do the same. I'll be visiting in December so will be happy to take photos of Platan or find out anything else of use at that time.

Hi Alan

Re the report, I was. Loads of other things to be angry about at the moment, and had filled up the swear box at work earlier in the day :o)

Look forward to your Platan thoughts on the new thread.

Brgds
Mike