The beautifully crafted restoration of a villa in Tuscany

Eight, 1-, 2- and 3-bedroom apartments with a solarium and heated swimming pool are being created in the meticulous renovation of a historical villa in Tuscany. Ville Degli Olivi, in Lajatico, Tuscany, Italy is a rustic 18th century stone house which overlooks the surrounding, stunning, countryside. It is located in the heart of the village, perched on a cliff, with a large olive tree garden.

Realitalia's Ville Degli Olivi in Lajatico

The common staircase boasts an original vaulted ceiling and the apartment itself has handsome solid wood doors with 18th century style iron hinges produced by local artisans. The windows are of solid wood in an antique style but double glazed for high energy efficiency and come with the proper certifications.

Hidden technology

There are handmade, traditionally produced terracotta floors with an antique appearance created by the use of reclaimed tiles and a special mixture of raw materials as well as a particular treatment process similar to the original ancient way of working.

There are also exposed stone walls and a spectacular vaulted ceiling which has been meticulously refurbished. Reclaimed wood that has been waxed has been used as flooring in the bedrooms and close attention has been given to the terracotta window shelves, arched niches and wooden beams.

The bathroom boasts a handsome stone washbasin on a solid wooden shelf and tiles are of antique travertine. In addition to the aesthetic perspective, the hidden technology includes underfloor heating and cooling system, amplified by dehumidifiers for your comfort.

Utilities are remotely controlled, allowing you to switch on the heating the day before you arrive for efficient home management. This is also useful if you intend to rent the property. Also the added facility of the entrance door opening with keys or a code means people can easily check in at midnight. The management company looks after the properties.

Eco perspective

An example of the sympathetic restoration being undertaken by Realitalia

The furniture in the apartment combines old with traditional shabby chic style. If you decide to use Realitalia Furniture Package you can have an unlimited choice of colors, materials and designs for your kitchen which is a mix of industrial/artisan production. This leaves you room to customize the interior.

From an eco perspective, all materials are sourced locally where possible. Explains Luca Catalano of Realitalia, “As Italians we care deeply about our buildings and it is very important to us that older style homes are enhanced with love and devotion as we renovate. This extends from the building itself to the furnishings”.

Luca continues “Sustainability is also high on our list of priorities and these homes have been designed to save energy with high levels of insulation, quality wiring and plumbing and hidden solar panelling. Local materials have been used where possible or produced locally, such as the cotto tiles for the floor.”

The one bedroom apartments are priced from circa £200,000, two bedroom from approximately £250,000 and three bedroom from around £420,000.

The one bedroom apartments are priced from circa £200,000. Two bedroom from circa £250,000 and three bedroom from circa £420,000.

Realitalia’s ideas blend tradition with technology, respect for local society with respect for the environment and on-site service with low maintenance costs.

Realitalia is a member of the UK Green Building Council (www.ukgbc.org) and signed the 2016 Commitment to build zero carbon emission homes by 2016. The company says it creates the home people have always dreamed of, shaped around their own individual needs and tastes.

Details of Ville degli Olivi in Lajatico:

At Ville Degli Olivi, Realitalia has converted the main house into five apartments each with a panoramic view. The finished project will also have three additional brand new homes integrated into the landscape. The scheme will, as a result, create a small boutique-style living environment – fully managed – located inside the village of Lajatico.

At Villa Degli Olivi, Realitalia has worked in collaboration with Lajatico-born architect, Alberto Bocelli (brother of the classical singer, Andrea Bocelli who appears annually at the famous Teatro del Silenzio in the heart of the Lajatico countryside).

“The town has a secluded feel, “says Luca Catalano, “yet it is only 30 minutes from the Tuscan Riviera with its choice of spectacular beaches. The location is also close to the historic villages of Volterra, Siena and the cities of Florence and Pisa.”

For more information, telephone 0870 8909936 or 0044 870 890 9936 or go on-line at www.realitalia.co.uk

http://www.travelsupermarket.com says that these are the best ways to get to Lajatico from the UK:

Lajatico, Tuscany lies a few miles south east of Pisa airport. Pisa is served by non-stop flights from the UK with four airlines:

• Easyjet from Bristol, Luton and Gatwick
• Ryanair from Leeds Bradford, Stansted, Prestwick, Bournemouth, Birmingham, East Midlands, Edinburgh, Liverpool
• British Airways from Gatwick and/or Heathrow – varies by season and date
• Jet2 from Newcastle, Leeds Bradford and Manchester

Many of these routes are daily and year round, however some only operate two or three times of the week – see websites for details

Flight times to Pisa are around two hours

Prices are from as little as £5 one way when seat sales are on with carriers such as Ryanair. Average prices are around £80 to £150 return.

See http://www.travelsupermarket.com for more information

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Philippines apart-hotel success

Investors have flocked to Continent Fairways, an apart-hotel luxury golf resort on Boracay, with only half the units remaining since its launch in the summer, according to the agent, Asset Property Brokers. Attracting them is a combination of a buoyant tourism, despite the downturn, relatively low starting prices, a beautiful setting and high yields.

Boracay beach

This has led to major investment in tourism in the Philippines. For example, a new airport is planned for Boracay, and new air routes have opened or are about to start operating. Boracay is a beautiful tropical island offering world-renowned beaches and reef diving.

Championship golf course

Being built by Filipino developer, Paradisya Land, Continent Fairways comprises 50 studios and two-bedroom apartments, of which 24 have been sold. The development is located in the established and popular Fairways & Bluewaters Golf and Beach resort, which boasts a par-72 championship golf course that draws a global guest list.

Guaranteed net yields are up to 14.2 per cent with apartment prices starting at US$110,035 while long-term bookings from major travel companies have been secured by the management company, Continent Group, which enable it to offer occupancy rates of 80 per cent, underpinning yields for investors.

Each apartment will have high-quality luxury fittings with guests having access to many luxury facilities, including a fully equipped fitness centre along with spa. In addition to this, the resort boasts a clubhouse with bar and cocktail lounge and restaurant for lunches and evening meals.

Over the first quarter of 2009 tourist arrivals in the Philippines rose by a staggering 51 percent to 1.3 million people compared to 858,244 during the same period last year, according to the Philippines Department of Tourism (PDoT).

Direct international flights

The new airport will be built on nearby Caraboa Island and is expected to be opened in 2012. It will be able to accommodate short haul and medium range Airbuses and similar aircraft, allowing direct international flights from new destinations such as Seoul, Shanghai, Guangzhou and Kuala Lumpur.

Continent Fairways

New charter services from Taiwan to Kalibo, the island’s current international gateway, were launched earlier this year while Mandarin Airlines will start flights in October.

China’s growth rose from six per cent for Q1 to eight per cent for the Q2 of this year. South Korea and Singapore have also increased output. India’s industrial output rose by eight per cent compared to last year.

For the first quarter of this year tourist arrivals from China rose by 10 per cent compared to the previous year, according to the Philippines Department of Tourism.

For further information about Continent Fairways, contact Asset Property Brokers at http://www.assetpropertybrokers.com or email: sales@assetpropertybrokers.com or Tel: +44 (0)1373 888112.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Overseas Property Round-Up

Hamptons International Hosts Exclusive India Property Show

This is a unique chance to be the first to view leading Indian developments

Hamptons International, one of the UK’s premier international residential agents, will be hosting an exclusive property event: ‘The India Property Show’ from 31st October – 1st November (10am-6pm) at its head office – 32 Grosvenor Square, London W1.

The property event will uncover some of the fantastic developments currently available for sale in India

Commonwealth Village

and will provide customers with the very latest information on India as well as the chance to discuss investment opportunities first hand with Hamptons International’s leading property experts.

Working in partnership with market-leading developers across India including – Emaar MGF, Spire Edge, AIPL, ANR Infrastructure, Santa Fe Realty, Ace Projects, Godrej and Wadhawa – the Hamptons International ‘India Property Show’ will showcase the very best and latest property available.

Many of the properties have not yet been released to market – so the event will offer visitors the chance to be one of the first to preview them.

Rob Bruce, Research Manager – Hamptons International comments “India offers a very exciting opportunity to buy into the new economic powerhouse and the fourth largest economy in the world with GDP accelerating year on year. Forecast growth in the Indian economy and the recovery of Indian real estate are driving rental yields equal to those in London, with average yields as high as 4.7% for New Delhi and Mumbai apartments.”

Dean Foley, International Sales Manager – Hamptons International, comments, “India has always been a major market for Hamptons International, given the UK’s long and close ties with this incredible country. We have certainly seen, over the last few months, an up-turn in the amount of transactions completing by our UK NRI clients due in part to long-term growth plans and affordable real estate. We anticipate this interest to go from strength to strength over the coming months and years.”

To register your interest for this exclusive event please contact Hamptons International on +44 (0) 20 3179 9900

The Cotton Bay Marina & Golf Resort – Sal, Cape Verde

Cotton Bay pool and villa

Luxury beachfront 1, 2, and 3 bedroom apartments and duplexes and 2, 3, 4, and 5 bedroom villas in Sal, Cape Verde in a stunning eco-complex boasting swimming pools, a green park and sports complex.

Prices for apartments start at £93,658/ €99,843 and villas start at £447,060/€476,584. For more information contact Experience International free on +44 (0)207 321 5858 or visit http://www.experience-international.com.

Sierra Nabq, Sharm El Sheikh

Situated in an area of great historical interest and natural beauty this resort will attract buyers looking

Sierra Nabq

for sun or adventure. Sierra Nabq Resort is available as one, two and three bedroom apartments all overlooking pools and many offering a roof terrace or a private garden area. This complex benefits from ten swimming pools and is close to a hypermarket and shopping mall.

Property prices start from only 360,000 EGP (£40,380 Euro 44,050 approx.) to 800,000 EGP (£89,740 Euro 97,890 approx.) For more information on this first-class property contact Experience International free on +44 (0)207 321 5858 or visit http://www.experience-international.com

Fijnbosch Estate, St Francis, South Africa

Luxurious 2-bedroom and 4-bedroom properties situated on the Jack Nicklaus designed golf course in an exclusive gated community. Prices range from £142,680/€178,677 to £227,220/€284,500 and for more information please contact Barton Wyatt on 01344 843 000 or visit http://www.bw-international.com.

Samanah Country Club, Marrakech

Samanah Country Club 2

Just 8km from Marrakech International Airport, Samanah Country Club includes a Jack Nicklaus-designed private 18-hole golf course and a range of 3- to 6-bedroom villas and riads, traditionally designed. Prices start from £284,554/ €357,000 to £1,723,674/ €2,162,000 and for more information contact Barton Wyatt on 01344 843 000 or visit www.bw-international.com.

Azulara, Funchal, Madeira

Azulara Resort comprises of 112 imaginatively designed apartments finished to the highest standards with enviable panoramic sea views. The 5-star resort affords all the luxury amenities Experience International clients would expect including a spa, gymnasium, swimming pools and exclusive Members Club.

This is a fresh opportunity to invest in the up-and-coming European market of Madeira. The 1, 2 and 3 bedroom apartments range in price from €251,530 – €429,038.

For more information contact Experience International on 020 7321 5858 or visit http://www.experience-international.com

Amendoeira Golf Resort, Alcantarilha, Algarve

Amendoeira Golf Resort

Two and three bed apartments and three, four or five bed villas set on the Amendoeira Golf Resort in Silves, against the magnificent Monchique Mountains. The resort boasts two golf courses, one of Nick Faldo design, and excellent facilities. Prices from €450,000/£426,294 to €1,800,000/£1,705,178. For more information, please contact Barton Wyatt on 01344 843000 or visit http://www.bw-international.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

French property and mortgage watch — October 2009

French property prices rise by 0.1% during September

Prices now 2.8% higher than six months ago

Number of French mortgage enquiries through Athena Mortgages up 21% Q3 on Q2

French mortgage completions at Athena Mortgages up 14% Q3 on Q2

The French residential property market is continuing to show signs of stabilisation. While prices* fell by 1% during Q3 as a whole, they rose by 0.1% during September, resulting in a total positive return for the period April to September 2009 of 2.8%. Returns for the 12 months to September 2009 have now pulled back to a respectable -7.8%.

Unlike the UK, however, a history of prudent lending in France (lenders do not allow borrowers’ total outgoings on finance payments to exceed one third of their total gross monthly income) has meant

St Cezaire

mortgage finance is still readily available.

While mortgage finance in the UK remains extremely difficult to secure, especially at higher LTVs, the French banks continue to lend to borrowers with smaller deposits, even up to 100% LTV. This level of LTV is also available to non-resident borrowers, both for second homes and investment properties and is proving highly attractive given the ongoing weakness of sterling.

Mortgage completions

Interest in the French property market among UK-based investors is soaring as a result. In Q3 2009, Athena Mortgages saw a 21% rise in mortgage enquiries on Q2, which in turn was up 42% on Q1. Mortgage completions in the third quarter were also up 14% on Q2. Many British property investors are now looking across the Channel to add to their portfolios given the difficulty securing (competitive) finance at home.

The buy-to-let sector in France is attracting particular interest from investors at present, as depressed prices are boosting yields significantly in many areas. In the Normandy town of Alençon, for example, gross yields are 7.5%, while in the medieval town of Poitiers, western France, they are currently 7%. Nevers in central France boasts the highest gross yields, currently, of 7.6%. Other towns of note include Clermont Ferrand (6.8%) and Tours (6.4%).

For second home buyers, now is an ideal time to buy into some of the most desirable towns and cities of France at significantly discounted prices. For example, prices in the highly sought-after destinations of Biarritz, Cannes, Perpignan and Nice are all approximately 10% lower than a year ago.

Lending constraints

A growing number of UK investors are also placing French leaseback properties into SIPPs, something that can be arranged through several French lenders. To this end, Athena Mortgages is currently working closely with French tax specialists, Sykes Anderson, and Liberty SIPP.

John Luke Busby, director, Athena Mortgages (http://www.athenamortgages.com) comments: “There is a degree of correlation between the UK and France, at present, in the sense that both property markets are clearly stabilising. However, while the UK property market remains very difficult for investors to access given ongoing lending constraints, there is now a real appetite to lend among the French lenders, who have suffered much less than their British counterparts.

St Maximin Market

For a growing number of British property investors, France is fast proving the place to be, particularly given the availability of 100% mortgages, which circumvents the punitive exchange rate.

“Crucially, there is also significant innovation at the product level. For example, we have recently launched a ‘next generation’ hybrid mortgage product in conjunction with a major French bank. With a typical rate of 3%, the new product enables borrowers to split their mortgage amount into an interest-only portion and a repayment portion, which represents a perfect balance between the potential shortfall of a capital repayment loan and the speculation of the interest-only route.

“With extremely competitive borrowing rates, attractive prices and genuine product innovation, there’s a real buzz to the French property market at present.”
Source: *FNAIM

For second-home, leaseback, buy-to-let and equity release mortgage products, visit the Best Mortgages section http://www.athenamortgages.com/French_Mortgage/Best_French_Mortgages.php of the Athena Mortgages website.

About Athena Mortgages

Athena Mortgages is a specialist French mortgage broker offering French mortgages from a large panel of French lenders for non-French residents. An integrated team of multilingual professionals, with twenty years’ plus experience, helps non-residents and ex-pats find the right mortgage for properties in France. Athena Mortgages can source 100% finance for leasebacks, buy-to-lets and second homes, and also offers equity release and re-mortgaging options.
Working closely with many French property developers and agents who choose Athena Mortgages for the clarity and simplicity of presentation and service provided to their clients, Athena Mortgages takes pride in finding the best offer for clients until the date of signature for the property.

To speak to Athenba Mortgages, call + 44 207 474515

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Property News

FANCY CHRISTMAS IN LONDON? FAMILY HOME TO LET

If you’re thinking of spending Christmas in London why not think of a comfortable family home rather than staying in a hotel.

There’s a spacious family home in tranquil, residential Wandsworth available.

Consisting of three bedrooms (two double, one twin), three bathrooms (including one sumptuous en-suite), the property has a very comfortable ground floor reception/sitting room and large, eat-in kitchen. There’s also a well kept private garden.

Wandsworth is well situated for access to Chelsea, and via the overland train to Victoria in 20 minutes and from there to the West End and Knightsbridge in no time at all

There are plenty of local amenities and Wandsworth Common nearby.

* Sleeps: 6

* From £1,200 per wk

* Ref: G61

* Contact: Ivy Lettings on +44 (0)20 7603 4417 or go on-line at: http://www.ivylettings.com

Research pays off for UK firm’s villa development in Crete

The decision to undertake detailed market research to establish the nature and needs of the prime target market for property in Crete has paid off for a UK developer which reports that a third of the villas it has built on a rural site in western Crete have been sold or reserved.

“Each of the purchasers matches the profile of the buyers for whom the properties were designed and built,” reports Said Marie, principal of Berkshire-based Caversham-Barnes which has developed the Litsarda Villas scheme in western Crete.

Comfortable lifestyles

“Research showed that a significant part of the target market for property in Crete comprises discerning British people approaching retirement who require a holiday home in the sun which, in due course, will become their permanent home,” says Said.

Villa Galini

“We then researched the facilities expected by Britons seeking comfortable lifestyles in Crete. They told us they wanted a private heated pool with a huge sun terrace, air-conditioning – but also central heating for use during Crete’s brief winter period – gardens and a garage.

“Those were our design criteria and, because potential buyers can see that we have taken the trouble to build what they actually want, we are selling the properties despite the recession.”

The Litsarda Villas development comprises nine individually designed homes in an elevated location enjoying panoramic views of Crete’s White Mountains and Souda Bay in the Mediterranean.

Hot summer months

Located 40 minutes by road from Chania International Airport (75 minutes from Heraklion Airport), the development is close to the heart of the village of Litsarda and two kilometres from the shops, bank, post office and healthcare facilities in the small town of Vamos.

Explained Said Marie, “Detailed market research formed the basis of our design criteria and, because we took the trouble to build what potential buyers actually want, we are selling our properties despite the recession,” says Said Marie (pictured), principal of Berkshire-based Caversham-Barnes which has developed the Litsarda Villas scheme in western Crete.

The villas have floor areas ranging from 127 square metres to 170 square metres, including a self-contained lower ground floor in each property.

Use of the lower ground floor as a living area has been legalised which means that purchasers can opt to use the space for up to three extra bedrooms with a second bathroom, in addition to the two or three bedrooms on which the design of the villa is based.

“It makes a lot of sense to locate bedrooms on the lower ground floor because that is the coolest part of the villa during Crete’s hot summer months,” says Said.

Each villa occupies an individual plot of up to half an acre planted with 30 olive and fruit trees. Owners who harvest the olives on their plots can produce their own olive oil by having them pressed and bottled by the local co-operative in Vamos.

Prices of the properties still available at Litsarda Villas start at €269,900 for a two-bedroom villa with a floor area of 127 square metres, including a self-contained lower ground floor with the potential to create three additional bedrooms. The properties are supplied fully furnished and equipped, so prices include everything from beds to bottle-openers.

For more details call Caversham-Barnes on 0118 9483202 or visit the company’s new-look website launched this month at www.caversham-barnes.com. It incorporates an electronic version of a new 16-page brochure which can be viewed at http://caversham-barnes.com/pdf/Caversham-Barnes-Brochure.pdf

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Britons still looking for homes in France

Despite the recession in the UK, the British are still the largest buyers of property along the French Riviera, accounting for around 50 per cent of all foreign buyers.

St Paul de Vence, French Riviera, France. Five-bedroom villa for resale. 300 square metres. Beautiful terrace and private garden plus large private pool. Rare, architect designed villa beautifully appointed and furnished in perfect condition located in a privileged environment close to the medieval village of Saint Paul de Vence.

GDP in France rose unexpectedly by 0.3 per cent in Q2 2009 making France one of the first countries out of recession in Europe and the OECD. France’s housing market relies heavily on its fixed rate mortgage which makes it less prone to sharp ups and downs. Interest rates are now back to their pre-crisis levels so modest house price increases are now expected.

In fact, house prices in France rose 3.9 per cent q-o-q in Q2, 2009 according to the National Association of Real Estate Agents in France (FNAIM.) These quarterly price increases are the highest since Q2 in 2004.

Astute buyers

“While these are excellent and positive statistics one must bear in mind that prices along the French Riviera have dropped in the past 10 months and therefore there are still some excellent purchases to be made,” says Serge Cowan, managing director of Unique Living.

“From our perspective dealing with high quality homes throughout the South of France, we have seen a noticeable uptake in interest from about May of this year. Astute buyers and business people have taken on board the changing market and appreciate that compared to a year earlier, the average price of dwellings in France was down 6.6 per cent. The marked difference is still being felt offering those in a position to proceed, excellent opportunities to secure superior homes in prime locations”.

Another view of the St Paul de Vence property, it has a wonderful 180 square metre rooftop terrace with spectacular view of the village. Large living/dining room with bay windows and high tech kitchen. Cinema room. The property is priced at €2,450,000

Despite the UK recession, in the South of France, the British are still the largest buyers of French property accounting for around 50 per cent of all foreign buyers according to data from Perval 2009 Notaires statistics.

The Notaires de France and FNAIM, reported in their February 2008 property market review that in Saint Jean Cap Ferrat, 64 per cent of buyers were from abroad with 55 per cent reported in Villefranche sur Mer.

Samples of value for money homes

Grasse, French Riviera.

A stone Mas on 5000 sqm of landscaped grounds with magnificent panoramic mountain views. 450 square metres build plus semi-underground garage. Eight bedrooms, all with en-suite facilities. The master dwelling has a heated pool, pool house, and the guesthouse has a private round pool.

Outbuildings including caretaker’s house (to renovate), summer kitchen and vast terraces. Air conditioned, alarmed, automatic watering and boules facilities.

Reduced by €650,000 from €2,500,000 to €1,850,000

Cap Ferrat, French Riviera.

An unusual and contemporary, five-bedroom villa in Cap Ferrat in the French Riviera. Set in a plot of 1,100 square metres the property boasts a spectacular infinity pool with breathtaking sea views. There are five-bedrooms, two reception rooms, a fully equipped kitchen plus parking and a wide, raised terrace with views looking directly towards the sea. (Ref A010479)

Reduced by €800,000. Now on the market at €4,100,000.

In Vence also on the French Riviera, there is currently a seven-bedroom villa set in sweeping landscaped gardens with wide views towards the sea. Built by the architect Giselbach, the property has a great deal of charm and benefits from a quiet location with a swimming pool and a caretaker’s house. (Ref A010479)

Reduced by €800,000 from €4,500,000 to €3,700,000

For more information, contact Unique Living on 0208 416 0230 or by going on-line at www.uniqueliving.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Go west for a ski property

The near-parity of the British Pound and the Euro is inspiring British buyers to look west rather than east for a ski property.
Buying a second home in an American ski resort is looking far more practical than a chalet in the Alps this year as everything, from property and furnishings to hot chocolate and lift passes, is more affordable in North America than in Europe.

Skiing on Saddleback Mountain overlooking Rangley Lakes, Maine

UK developer Richard Jennings, managing director of New England Concepts, has taken advantage of the evolving financial landscape to seek out value in certain New England ski resorts that are well known in America but not yet familiar to European buyers. “House prices in New England never rose to the soaring heights they did elsewhere in America, and in keeping with the conservative values typical of this region, prices are slowly rising again. UK buyers can now secure some exceptional properties in sought after resorts that at present exchange rates are almost half those in Europe.”

Outdoor sports

A popular tourist destination, Maine attracts visitors year-round – to the lakes and the coast in the summer, to the ski slopes in the winter and in other seasons, they scatter round the state to enjoy the full range of outdoor sports, including golf, hunting (usually deer, moose and bear), fishing, camping, hiking, mountain biking and riding.
New Hampshire, known as the ‘granite state’ boasts the majestic White Mountains region at its hub and provides a wide selection of ski resorts, from the world renowned Bretton Woods to Loon Mountain, and many other smaller resorts with a distinctly ‘friendly’ feel. Boston is the main transport hub for both Maine and New Hampshire and a large number of direct flights travel from the UK to Boston weekly.
Rental and property management services are available through New England Concepts and its partners, to provide ease of ownership. The three ski orientated developments for sale through New England Concepts are:

Rangeley Lakes Lodges, Maine

Three and four-bedroom contemporary, four season duplex lodges in Maine’s unspoilt Rangeley Lakes region, offering totally panoramic lake views within walking distance of the quaint New England town centre.

Rangley Lakes Lodges

Superb downhill skiing is a mere five minutes drive away at Saddleback Mountain ski area, with 59 alpine ski trails. Saddleback has the highest base elevation of any ski resort in New England and a summit elevation of over 4,120 feet.
Annual snowfall is over 200 inches but Saddleback also has an extensive snowmaking system for its five lifts (one quad, two double chair lifts and two T-bars). The resort offers a cafeteria, lounge, equipment rentals, retail shop, ski school and nursery.
Additionally, there are more than 75 km of groomed cross-country ski trails in the area. Rental demand is healthy throughout the year with spectacular foliage during the autumn.
Prices start from $375,000 for a three-bedroom duplex lodge.

Village at Fox Run, New Hampshire

Three- and four-bedroom detached homes literally minutes from both Waterville Valley and Loon Mountain ski resorts that both boast extensive ski terrain. There are also the added advantages of being less than two hours drive from Boston and also situated within a world-class golf resort.

Village at Fox Run, New Hampshire

Cross-country ski trails criss-cross the resort and the aptly named White Mountain’s National Forest is literally on your doorstep, opening up nine other ski resorts within a one hour’s drive.
These homes have a big ‘green’ bias with a special energy package that makes the homes almost energy neutral. Wind turbines, ground-to-air heat pumps and solar panels all ensure extremely cost effective running costs.
Allied with healthy and year round rental estimates and on-site rental management facilities, this is one of New England Concepts’ most popular developments.
Prices start at $399,000 for a three-bedroom detached home.

Fall Line@Sugarloaf, Maine

Fall Line@Sugarloaf, a development of one, two and three-bedroom trailside townhouses adjacent to Sugarloaf’s Snubber chairlift, offers an opportunity to own a four season resort property at one of New England’s premier destinations.

Fall Line@Sugarloaf, Main

Located in the unspoilt and awe-inspiring Carrabassett Valley, Maine, these beautifully finished and energy efficient homes offer access not only to the vast network of ski trails at Sugarloaf in the winter, but also to the Robert Trent Jones Junior golf course at Sugarloaf, which the designer himself said is: “One of the most spectacular courses I’ve ever been associated with.”
With a vertical drop of 2,820 feet, Sugarloaf Mountain is the third highest within North East America and has the most continuous vertical run in New England. The long and snow-sure ski season runs from early December through to late April.
All levels of ‘skier ability’ are catered for in the vast network of 133 groomed trails that includes 21 double black diamonds. The area is a real ski enthusiasts dream with the ten-year snowfall average being more than five metres per season.
Prices:
1 bed homes (685 sq/ft) from $175,000
2-bed, 2-bath homes (997 sq/ft) from $265,000
3-bed, 2-bath homes (1,183 sq/ft) from $310,000
3-bed, 3-bath homes with finished basements (approx 2,000 sq/ft) from $385,000

CONTACT

For more information about buying at Rangeley Lakes Lodges, the Village at Fox Run or Fall Line@Sugarloaf, please contact New England Concepts, Tel: 01423 816 155 or visit: http://www.newenglandconcepts.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Fractional Ownership: A Beginner’s Guide

Stewart Andersen’s Property and Travel Blog is delighted to welcome Solicitor Stefano Lucatello as a regular contributor. He will be providing readers with expert information on matters relating to the purchase of overseas properties.

‘Fractional Ownership’ describes shared ownership, which allocates usage rights based on time. Only one owner will be allowed to use the unit at a time. Co-owners may have ownership rights to all, some, or only one unit. Usage rights and cost obligations may or may not correspond to ownership rights.

Most definitions of the term ‘timeshare’ include arrangements by which people share use of a property, based on time, regardless of whether they own the property or whether a management company/ developer manages the property.

“Timeshare’ and “Fractional Ownership” differ greatly. It is not a question of devolving title. Many ‘timeshare’ properties involve direct, titled ownership and many ‘Fractionals’ don’t.

The main differences are:

• The extent to which participants’ rights and responsibilities are limited to a particular unit or units.
• Each owner’s degree of ownership/control. (Ownership evidenced by deed, doesn’t give a person any particular level of control over how the unit will be managed).
• The document governing the shared unit, not the name of the ‘arrangement’ is decisive.

Ask yourself:

• Is the agreement flexible?
• Can it be changed and is each person protected from changes that will reduce the usefulness of the property?
• Is the usage system fair and can someone ‘manipulate’ it?
• Can each owner control which unit they will use on a particular visit?
• Can they always return to the same unit? If not, what changes will there be in size and amenities?
• Are costs and responsibilities limited to the unit(s) they will use, or do they extend to other units that others will use?
• Will each person’s costs/responsibilities be proportional to usage rights?
• Can they control management fees and management/maintenance?
• Can owners rent out the property and control the rent?
• Can an owner holiday elsewhere, and can they get the desired location and dates?
• Do restrictions apply on disposal?
• Is finance available?

Free up capital

Many people dream of owning a holiday home, but either can’t afford the type they want or couldn’t justify the small annual usage period. Fractional ownership provides a solution by reducing the costs/annual expenses, sharing maintenance problems and depreciation. By dividing costs/risks, owners surrender usage rights associated with full ownership; often an acceptable sacrifice and a huge cost saving.

‘Fractionals’ free up capital to invest elsewhere. They provide an alternative to a full sale in a depression. ‘Fractionals’ are cheaper on a new development, providing an extra choice and developers have an alternative in a recession. A cheaper option also increases the visibility of the site and sales of ‘whole ownership’.

Local legal restrictions may impact on fractional arrangements, even where friends purchase. National law determines the structure, how and where the interest will be marketed and who can buy. Regulatory approval means costs and delay and in some cases approval may be denied based on the location of the property.

Restrictions are imposed because, shares are sold as a promise that one owner can use the unit at a particular time. They may apply where rental income is pooled, management responsibilities are delegated or the purpose is primarily for investment.

Number of scheduled visits

The usage calendar depends on location, size, seasonality, number of scheduled visits and travel time. A complicated system will fail and increase costs. In most schemes, owners are assigned exclusive use for a specified period each year. The period can be fixed, variable or both.

Price depends on time bought, type of unit and use. Occupancy is calculated on a yearly calendar. Not all calendars work fairly!

The management tasks of fractional ownership properties are divided into time allocation, accounting, cleaning and repairs. Co owners or contractors can perform these. Operating expenses are usually divided in proportion to ownership. To avoid ‘financial’ disputes, collect contributions based on the future budgets, not ‘ad hoc’.

Solicitor Stefano Lucatello

Anticipated expenses should include fund reserves for long term recurring expenses. Use a payment schedule. This makes tracking payments easier. Cleanliness is paramount. Co-owners prefer clean units and cleanliness is essential for renting. Employ a cleaner!

Repairs are important as no one person is responsible for repairs and small problems can become large ones. The management must inspect regularly.

Eventual control

Developers determine owners’ powers, how decisions will be made and how to devolve eventual control. They establish certain mandatory duties, unless all owners otherwise agree, including paying the recurring expenses and maintenance. Decisions can be taken by board management or by majority vote.

Written fractional agreements are a MUST, detailing reciprocally binding rights, obligations and enforceability. The principal advantage of a written document is the reduced risk of disputes. The principal disadvantage of written documents is that they are more difficult to modify.

What happens if co-owners default? While a potential risk, it is important to keep the problem in perspective. Co-owners are most concerned about non payment, abuse of the shared property, failure to clean and unauthorised/improper usage. The agreement must allow the group the choice to deal with defaults quickly. Provide for the service of a notice on the defaulting party and the right to reply. Give time to remedy and then act if not remedied quickly. Use alternative dispute resolution.

The ultimate sanction is sale. Sale proceeds are applied to pay arrears, costs, legal fees and penalties. Any remainder goes to the defaulting owner.

Establish a ‘default reserve fund’ to pay overdue payments. This is not intended to be a pool from which a defaulting party can borrow. Upon default, the group uses the fund to make up the shortfall. It’s still a default and the group will take the same remedial action had the fund had not been used.

‘Fractionals’ sometimes involve a ‘vehicle’ holding the property, with the co-owners as shareholders. An LLP offers several advantages including:

• Protecting other assets from liabilities arising from fractional ownership
• Avoid seizure by creditors or co-owners
• Increased flexibility for ownership changes

Can owners dispose of their shares? Most owners are concerned that disposal causes incompatible or unqualified co-owners to enter the group. Prohibiting individual disposal requires unanimous consent. The problem is that no other owner may want to buy and there is little incentive for them to pay market price, as the seller must take what he is offered. Therefore, allow individuals to dispose subject to restrictions, such as a right of first refusal. Co-owners can only force the sale of the entire property if it is in the agreement. It may be the plan to sell the whole investment at a predetermined future date.

Carefully investigate

Fractional ownership involves the risks of sharing use and relying on others to fulfil certain obligations. You can’t do what you want when you want! Necessary maintenance might not happen, as a result of co owner default and the whole investment could be lost. There is no way to eliminate this, but there are ways to reduce it:

• Carefully investigate the potential co-owner’s background.
• Collect payments monthly and pay bills from a group account.
• Assign essential tasks to specific persons.
• Have each co-owner contribute to a default reserve fund.
• Allow the group to act quickly against a defaulter.

Finally, use a local lawyer from the UK, specialised in fractional ownership, who operates with a lawyer licensed in the country where the property is located to draft the agreement and structure.

Written by Stefano E M Lucatello,

Senior Partner

The International Property Law Centre LLP

TEL No; 02071736180

www.internationalpropertylaw.com

email stefanol@iplc.co.uk

© The International Property Law Centre LLP 2009

Exceptional properties in Morocco, Tunisia and Egypt

Samanah Country Club, Marrakech, Morocco

In a quiet environment with unique views, the Samanah Country Club is just 8km from Marrakech International Airport and 14kms from Jema El Fna square and covers an area of 692 acres.

The project includes the creation of a private 18 hole Jack Nicklaus designed, par 72 golf course, with private access to the golf course guaranteed by a system of playing rights, limited to 600, available for Samanah property owners. This world-class golf course will cover approximately 100 hectares and will be adapted to the natural environment, it will be both demanding for those who fancy themselves as the next Tiger Woods, but will also prove a delight to play for the less experienced.

Samanah Country Club

The Samanah Country Club will also include three five-star hotels, a spa, swimming pool and a main square which will be the heart of life at the resort, which will include shops, restaurants, bars, crafts, and games. Architecture, ‘upmarket’ equipment and services will be the strong points of this exceptional resort. A high range service will be offered to clients with a rental managing agency, resale estate managing agency, an activity desk, concierge services and maintenance.

Four variations of villas are offered, from three to six bedrooms, each one enjoying a private pool, vast landscaped garden, and large terraces. Two different styles of Riad will also be available – the traditional Moroccan home, at whose heart is the internal patio, with luxurious terraces, private hammam and pool. Inspired by the Moroccan traditional model, all homes will combine comfort, luxury and modernity. Villas interiors are designed using volumes, colours and materials chosen to highlight the Moroccan way of life and to combine comfort, harmony and well-being.

Prices start from £284,554/ €357,000 to £1,723,674/ €2,162,000 and for more information contact Barton Wyatt on 01344 843 000 or visit http://www.bw-international.com.

The Dunes at El Kantaoui, Tunisia

Situated on Tunisia’s ‘Gold Coast’, within easy reach of its most exclusive resort, Port El Kantaoui, The Dunes resort is a beachside development situated between the two main airports offering direct and inexpensive flights to major European cities.

The development itself comprises of studio, one, two and three bed apartments in a low rise setting in a prime residential area close to all facilities including a 36-hole golf course, marina and restaurants.

The Dunes is directly located next to glorious white sandy beaches that stretch as far as the eye can see.

The Dunes

The resort offers an on-site world class Thallasso Spa facilities including an indoor swimming pool, Turkish baths, a sauna, gymnasium and beauty and massage treatment rooms with discounts (20%) for residents.

The Dunes at El Kantaoui is a gated 5-star resort offering 24hr security and concierge facilities as well as on site amenities including a restaurant, snack bar, supermarket, bank, bakery and a rental management company.

Properties make an excellent investment choice starting from only £20,646 for a studio apartment. Call Experience International on +44 (0)207 321 5858 or visit http://www.experience-international.com for further information.

Azzurra, Sahl Hasheesh, Red Sea, Egypt

Located on the highest peak of Sahl Hasheesh, Azzurra, meaning ‘sky blue’ named after its spectacular location, has magnificent views over the golf, valley, Sahl Hasheesh bay and the Red Sea.

The 1, 2 and 3 bedroom apartments at Azzurra, with oriental architecture and contemporary styles, range from35sqm to 193sqm and offer infinity-edge swimming pools, terraces and private courtyards. 90% of apartments have sea views (with golf valley, pool or bay view) with remaining 10% with golf views.

To ensure the perfect place for relaxation and recreation, Azzurra is a gated community and self-contained destination offering a choice of facilities. Its outdoor activities and attractions are numerous, from; cascading swimming pools, children’s playgrounds and scenic walking and jogging trails running within its private ground offering residents a lifelong impression of an unforgettable holiday in an exceptional location.

The resort is within easy walking distance from the beach as well as the old town and night life area, ideal for holiday makers looking for the perfect relaxation retreat as well as the more active traveller with numerous activities including golf and diving nearby.

Azzurra

Sahl Hasheesh itself is better known as ‘The Jewel of the Red Sea’ and is wonderfully positioned to take advantage of this unique part of the world and all the Red Sea has to offer. It is also an emerging tourist resort comprising of luxurious hotels and resorts, golf courses and a beach front promenade making it one of the most popular holiday destinations for Europeans and locals alike. Hurghada’s International Airport is only 14km away.

Property prices start from only £55,075. For more information on this first-class property contact Experience International free on +44 (0)207 321 5858 or visit http://www.experience-international.com.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.