Bulgaria Ski discussion board
Pearl II Bansko
Author:simon greatbatch
posts : 3 (Beginner)Date : 04-07-10 18:08Pearl II Bansko
Does anyone have any news on the Pearl II complex which is partly built opposite the main ski lifts in Bansko.
We have paid two thirds of the money, with the building still unfinished two years on from its completion date. It is 5 floors with 110 apartments. One of the developers was shot dead by his brother, who was the other developer, who is now in prison. Consequently the building has ground to a halt!
I would have expected someone in the Bansko Municipality to contact all of us ...
We have paid two thirds of the money, with the building still unfinished two years on from its completion date. It is 5 floors with 110 apartments. One of the developers was shot dead by his brother, who was the other developer, who is now in prison. Consequently the building has ground to a halt!
I would have expected someone in the Bansko Municipality to contact all of us ...
Does anyone have any news on the Pearl II complex which is partly built opposite the main ski lifts in Bansko.
We have paid two thirds of the money, with the building still unfinished two years on from its completion date. It is 5 floors with 110 apartments. One of the developers was shot dead by his brother, who was the other developer, who is now in prison. Consequently the building has ground to a halt!
I would have expected someone in the Bansko Municipality to contact all of us who have invested, to see if their was a solution to get the building completed with the remaining funds that we are all holding?
If anyone has any information it would be greatly received?
We have paid two thirds of the money, with the building still unfinished two years on from its completion date. It is 5 floors with 110 apartments. One of the developers was shot dead by his brother, who was the other developer, who is now in prison. Consequently the building has ground to a halt!
I would have expected someone in the Bansko Municipality to contact all of us who have invested, to see if their was a solution to get the building completed with the remaining funds that we are all holding?
If anyone has any information it would be greatly received?
re: Pearl II Bansko
Why would you think that the municipality would contact you simon ??? They have no responsibility to any investor nor uncompleted complex. Surely it would be better to contact your BG lawyer, or assign one, to investigate the situation. Also if you have access to other owners in a similar situation perhaps as a group employ a lawyer. There could be numerous scenarios regarding the complex, im assuming the builder built off deposits as most did so unless over two thirds have been sold he ...
Why would you think that the municipality would contact you simon ??? They have no responsibility to any investor nor uncompleted complex. Surely it would be better to contact your BG lawyer, or assign one, to investigate the situation. Also if you have access to other owners in a similar situation perhaps as a group employ a lawyer. There could be numerous scenarios regarding the complex, im assuming the builder built off deposits as most did so unless over two thirds have been sold he would have had to borrow, so im thinking the bank may be involved now.... and mothballed it 
Did you use an agent ??? are they contactable ???
Did you use an agent ??? are they contactable ???
re: Pearl II Bansko
Think you can wave good bye to your money if what you say has happened. best too take Steves advice I thinkre: Pearl II Bansko
Hi Steve,
I must admit to not knowing how to proceed in this current situation. The BG Lawyer we all had to use may have been invoved with one of the developers. Some of the other people who have paid deposits on the development haver paid further sums to the lawyer to find out more and have had no further feedback.
The Diamond Experience, responsible for selling many of the off plan flats went into liquidation, as did another company that was selling these flats, so we have been left in ...
I must admit to not knowing how to proceed in this current situation. The BG Lawyer we all had to use may have been invoved with one of the developers. Some of the other people who have paid deposits on the development haver paid further sums to the lawyer to find out more and have had no further feedback.
The Diamond Experience, responsible for selling many of the off plan flats went into liquidation, as did another company that was selling these flats, so we have been left in ...
Hi Steve,
I must admit to not knowing how to proceed in this current situation. The BG Lawyer we all had to use may have been invoved with one of the developers. Some of the other people who have paid deposits on the development haver paid further sums to the lawyer to find out more and have had no further feedback.
The Diamond Experience, responsible for selling many of the off plan flats went into liquidation, as did another company that was selling these flats, so we have been left in the dark.
I am guessing Sam is right and the money is lost. I have a few Bulgarian friends in Bansko who are trying to find info out. Who else in Bansko is responsible for the control, planning and legal aspects of these developments?
We have no way of knowing who owns what has been built so far, and do not know how to find out if it is now owned by a Bank or someone else?
I must admit to not knowing how to proceed in this current situation. The BG Lawyer we all had to use may have been invoved with one of the developers. Some of the other people who have paid deposits on the development haver paid further sums to the lawyer to find out more and have had no further feedback.
The Diamond Experience, responsible for selling many of the off plan flats went into liquidation, as did another company that was selling these flats, so we have been left in the dark.
I am guessing Sam is right and the money is lost. I have a few Bulgarian friends in Bansko who are trying to find info out. Who else in Bansko is responsible for the control, planning and legal aspects of these developments?
We have no way of knowing who owns what has been built so far, and do not know how to find out if it is now owned by a Bank or someone else?
re: Pearl II Bansko
Hi Simon feel sorry for you all if you lose your money but it looks that way. Once thought of buying on the coast many years ago but thankfully did not. Carolvre: Pearl II Bansko
Hi Simon..
This is only a suggestion but try an independant lawyer, one who specialises in property and land purchase. He/she should be able to communicate on your behalf to the relevant bodies regarding the liquidation and subsequent assets. At the end of the day im assuming the building is standing and in that has a value. Effectively you are a creditor and are entitled to a percentage of what ever assets remain. Put together as much information as you can to forward to the lawyer. Im ...
This is only a suggestion but try an independant lawyer, one who specialises in property and land purchase. He/she should be able to communicate on your behalf to the relevant bodies regarding the liquidation and subsequent assets. At the end of the day im assuming the building is standing and in that has a value. Effectively you are a creditor and are entitled to a percentage of what ever assets remain. Put together as much information as you can to forward to the lawyer. Im ...
Hi Simon..
This is only a suggestion but try an independant lawyer, one who specialises in property and land purchase. He/she should be able to communicate on your behalf to the relevant bodies regarding the liquidation and subsequent assets. At the end of the day im assuming the building is standing and in that has a value. Effectively you are a creditor and are entitled to a percentage of what ever assets remain. Put together as much information as you can to forward to the lawyer. Im not saying you will be any more successful but perhaps you will at least be a little more informed. To walk away is an option, but perhaps that is the hope from the eventual owner, be it a bank or an individual, for all the investors.
Good luck anyway...
This is only a suggestion but try an independant lawyer, one who specialises in property and land purchase. He/she should be able to communicate on your behalf to the relevant bodies regarding the liquidation and subsequent assets. At the end of the day im assuming the building is standing and in that has a value. Effectively you are a creditor and are entitled to a percentage of what ever assets remain. Put together as much information as you can to forward to the lawyer. Im not saying you will be any more successful but perhaps you will at least be a little more informed. To walk away is an option, but perhaps that is the hope from the eventual owner, be it a bank or an individual, for all the investors.
Good luck anyway...
re: Pearl II Bansko
Hi Simon,
my wife and i invested in Pearl II. it is a roofed shell. i have been trying to locate other owners for a bout a year. very limited success. however the developer company ewas taken into administration and property owners were contacted through thier lawyers. our lawyer represented us in the administration hearings. There were some of the developers assets seized and we did receive some small settlement offer - to receive seized some cash now, or a small amount of cash and ...
my wife and i invested in Pearl II. it is a roofed shell. i have been trying to locate other owners for a bout a year. very limited success. however the developer company ewas taken into administration and property owners were contacted through thier lawyers. our lawyer represented us in the administration hearings. There were some of the developers assets seized and we did receive some small settlement offer - to receive seized some cash now, or a small amount of cash and ...
Hi Simon,
my wife and i invested in Pearl II. it is a roofed shell. i have been trying to locate other owners for a bout a year. very limited success. however the developer company ewas taken into administration and property owners were contacted through thier lawyers. our lawyer represented us in the administration hearings. There were some of the developers assets seized and we did receive some small settlement offer - to receive seized some cash now, or a small amount of cash and retain ownership of the peoperty. we chose the latter option. the court appointed administrator is attempting to sell the development as an ongoping assets and development business. Of course in this market, there has been no news. There is a private chat room with a few members; please join us at offplancollective dot com.
kind regards
want-to-ski
my wife and i invested in Pearl II. it is a roofed shell. i have been trying to locate other owners for a bout a year. very limited success. however the developer company ewas taken into administration and property owners were contacted through thier lawyers. our lawyer represented us in the administration hearings. There were some of the developers assets seized and we did receive some small settlement offer - to receive seized some cash now, or a small amount of cash and retain ownership of the peoperty. we chose the latter option. the court appointed administrator is attempting to sell the development as an ongoping assets and development business. Of course in this market, there has been no news. There is a private chat room with a few members; please join us at offplancollective dot com.
kind regards
want-to-ski
re: Pearl II Bansko
Hi Steve,Thank you for your message. Yes would like to be part of the members chat room - what do you need from me to join?
Regards Simon
re: Pearl II Bansko
We purchased an apartment in bansko Pearl II that was supposed to be completed in May 2008. We knew that one developer shot the other, but have been told by our lawyer (Ralitsa Galeva) that the property was going for auction - we have heard nothing since - over a year ago. We have had no offer of settlement or any offer of any money back at all. I would be very grateful for details of other peoples struggles, including what you have been told in relation to what is happening now with the ...
We purchased an apartment in bansko Pearl II that was supposed to be completed in May 2008. We knew that one developer shot the other, but have been told by our lawyer (Ralitsa Galeva) that the property was going for auction - we have heard nothing since - over a year ago. We have had no offer of settlement or any offer of any money back at all. I would be very grateful for details of other peoples struggles, including what you have been told in relation to what is happening now with the build.
Many thanks
Nicola
Many thanks
Nicola
re: Pearl II Bansko
Nicola and Simon,
w w w offplancollective dot com
As endorsed by Watchdog (the BBC TV Programme)
A forum run by property owners, for property owners.
Click on Bulgaria - Bansko, then on Bansko Pearl II.
you will need to register with the site, to access the area. it is only for unit owners, so you will need to provide some information, like: your name, country of residence, confirm you are an apartment owner and which apartment(s) you own. You will then be granted access to this section ...
w w w offplancollective dot com
As endorsed by Watchdog (the BBC TV Programme)
A forum run by property owners, for property owners.
Click on Bulgaria - Bansko, then on Bansko Pearl II.
you will need to register with the site, to access the area. it is only for unit owners, so you will need to provide some information, like: your name, country of residence, confirm you are an apartment owner and which apartment(s) you own. You will then be granted access to this section ...
Nicola and Simon,
w w w offplancollective dot com
As endorsed by Watchdog (the BBC TV Programme)
A forum run by property owners, for property owners.
Click on Bulgaria - Bansko, then on Bansko Pearl II.
you will need to register with the site, to access the area. it is only for unit owners, so you will need to provide some information, like: your name, country of residence, confirm you are an apartment owner and which apartment(s) you own. You will then be granted access to this section of the forum.
Kind regards,
Want-to-Ski
w w w offplancollective dot com
As endorsed by Watchdog (the BBC TV Programme)
A forum run by property owners, for property owners.
Click on Bulgaria - Bansko, then on Bansko Pearl II.
you will need to register with the site, to access the area. it is only for unit owners, so you will need to provide some information, like: your name, country of residence, confirm you are an apartment owner and which apartment(s) you own. You will then be granted access to this section of the forum.
Kind regards,
Want-to-Ski
