Return PolishForums LIVE
  PolishForums Archive :
Archives - 2005-2009 / Real Estate  % width 23

Be careful when buying apartments with BUD MAR Investment in Krakow

LwowskaKrakow 28 | 431  
9 Mar 2007 /  #1
This is a public notice to inform potential property buyers in Poland and specially in Krakow.
We are 57 International and Polish buyers who have a bad experience with a Krakow developer and Real estate agents called BUD MAR INVESTMENT.
We all bought our apartments in Summer 2005 with the promise it would be ready in Spring 2006 and we are still waiting in Spring 2007 for our flats to be renovated!

The developer sold the apartments asking 50% minimum of the total cost with the promise of a total renovation of the building in Podgorze but they did not have the building permit yet! They kept lying to us and just inform us last November that they had received the permit . Who knows when our apartments will be ready!

Why ? Maybe they could not give sufficient warranty to the city, maybe they just used our money or did not have enough workers but the problem is that the developer BUD MAR refuses to give anyone a definite date of completion and financial compensation for the delay so some of us want to go to Court.

We definitely want to inform as amany people as possible to be careful when buying with a developer. Make sure that you have dates of completion. Make sure the developer has an honourable reputation and references.
daffy 23 | 1,508  
9 Mar 2007 /  #2
fair warning but can we get some back up to the claim?

a website - contact?
BubbaWoo 33 | 3,510  
9 Mar 2007 /  #3
not the first time i have heard this and actually had similar experiences in krakow with another developer...

you dont make it clear that if it was a new build
hello 22 | 891  
12 Mar 2007 /  #4
Maybe they are waiting for the prices to get even higher .. :)
BubbaWoo 33 | 3,510  
12 Mar 2007 /  #5
exactly the case

the land the development i was buying into was building on belonged to the city council - they realised they had sold the land for just a little bit less than it was worth... took them long time to realise... but eventually the penny dropped...
OP LwowskaKrakow 28 | 431  
13 Mar 2007 /  #6
The developer Bud Mar Investment was absolutely not ethical. Every buyer should get a compensation per month of delay. A friend of mine bought with another developer in Krakow who was 2 months late to build her appartment and she received 2000PLN per month directly on her bank account.

The good news is that they cannot increase the price of the property because it is warranteed on the Notary act that the initial price will not change but certainely the are trying to make people give up their property so that they can sell it for more!

In any case when things like that happen one must not hesitate to contact city officials and lawyers because Companies like Bud Mar investment should no longer exist in Poland and buyers should be strongly protected.

I think that in the next few years Real Estate Lawyers are going to make a fortune and the Courts will be very crowded!
However it is really sad that such a situation can occur with developers like Bud Mar Investment only motivated by greed.
16 Mar 2007 /  #7
I have resereved an apartament in BUD MAR in November 2006. The project was supposed to start in January when I have recieved the letter saying that the city has not granted the permition for starting the project therfore BUD MAR is moving the starting date to April. I am wainting. Hope in April BUD MAR will sign the contract and start building.

I would like to know if someone know a good construction/ real estate lawer in Krakow that could exaling what the riks are?
I have just the reservation contract. Is that enough to protect me?
Thanks Rafal San Francisco
OP LwowskaKrakow 28 | 431  
16 Mar 2007 /  #8
Dear Rafal,
You may contact me directly on my email adress: Lwowskakrakow@hotmail.
I will give you the address , emails and phone numbers of a real estate lawfirm in Krakow.
You really need a lawyer with Bud Mar Investment .
They are so unprofessional .

Avoid bad developers like Bud Mar Investment..

It is crucial if you wish to buy a property in Krakow or anywhere in Poland to avoid the horrific experience we as buyers are going through with a Developer BUD MAR INVESTMENT who has cheated us and used our funds to finance themselves instead of building our properties.

Now there is a LABEL of CERTIFICATION ( like a Quality certification) issued by a Polish independant organization like in most countries enabling people to feel and be safer in their purchase in Poland.Of course gangsters like BUD MAR INVESTMENT would never get it!

what are the people's experiences in purchasing sites/property?

This is a public notice to inform potential property buyers in Poland and specially in Krakow.

no need to duplicate the same information
Admin //
StephenBarnes - | 6  
20 May 2007 /  #9

It seems to me that if you only have a reservation contract you are in a very weak position. You really need to have signed the preliminary contract and, if you want to enforce the contract rather than having the deposit paid back twice over, make sure the format of the contract is Zadatek.

I know nothing about BudMar. However, I do know that some developers have clauses allowing them to raise prices in line with increases in the cost of building. So long as this is in the contract, and given that the value of apartments is probably rising even faster, such a clause may not necessarily be unfair. As always, read the contract. Use your own lawyer and don't just rely on the Notary.

Be aware also that there is recent legislation governing what clauses developers can use in contracts. You will need to see a Polish lawyer on that. I am only a UK lawyer. It may be that the BudMar contract predates the new law.
Polanglik 11 | 303  
23 May 2007 /  #10
Hi LwowskaKrakow

What was the name of the development where you had these problems ?

I am meeting with Director of Sales of BudMar Investment on Friday, to discuss possible purchase of flats and single family homes in the Lusina and Ochojno areas

I have found that it is quite common for developers to overrun on their predicted date of completion ...

At the end of the day, one must be happy with the preliminary purchase contract that is signed ... i always make sure my lawyer goes through it thoroughly.
3 Jul 2007 /  #11
yes very good if you use your lawyer especially with BUD MAR INVESTMENT!
They will be extra careful and will not try to cheat you if they see they can't!
Also make sure to stay in touch with your lawyer in case of they do not comply with safety rules!
They do not have any quality label and given the kind of poor manuel workers they use or rather exploit your flats are far from beeing a safe investment.

Why do you have to buy places from these cow boys knowing what we are going through? There are good developers in krakow but not Bud Mar Investment!

Keep everyone posted about your experience with them! We never met any managing director in this company, just a bunch of students and trainees.Who did you meet?the old lady? ( a dinosaur from the old days who believes that Capitalism means making easy money while telling lies to consumers: Zero sense of Service!) Tell us about your meeting to make us laugh!
dodgy lot  
4 Jul 2007 /  #12
i was going to buy one of them flats but my polish friend said dont touch bud mar with a barge pole very dodgy company,funny lot they built a new office near the development much quicker than the renovation,still this is poland will get much better in a hundred years time,best to put money for investment in the bank or antiques or even stamps
4 Jul 2007 /  #13
fred - | 1  
8 Oct 2007 /  #14
A friend of mine bought a flat in this development and is not nearly as emotional as others appear to be on this forum about Bud-Mar.

I sympathise with those who have bought a flat at Ul Lwowska 2 from Bud-Mar Investment and hoped to move into themselves by December 2006 - January 2007 and can understand their frustration about the 12 month delay.

However, it's not unusual in many countries for developments to run over projected completion dates by even longer than this. There has been much progress with the site this year and the building is almost finished now.

From an investment point of view, the site is in a prime area being very close to Kazimierz and the Old Town. Anyone who has bought from this developer has an appreciating asset on their hands which will in time be worth 3-4 times what they paid for it. So please try to see the bigger picture and be a little more patient.
randompal 7 | 306  
8 Oct 2007 /  #15
Be careful when buying apartments

that's why sometimes its better to buy an old flat and just renovate...
6 Jan 2008 /  #16
Jesteśmy osobami, które podpisały umowę przedwstępną z firmą Bud-Mar odnośnie sprzedaży mieszkania przy ulicy Lwowskiej 2. W związku z kolejnymi przesunięciami terminu oddania mieszkań (kilka dni temu poinformowano nas, iż oddanie nastąpi nie wcześniej niż pod koniec I kwartału 2008..) szukamy osób, które znajdują się w podobnej sytuacji. Chcielibyśmy skonsultować się z Państwem i ewentualnie podjąć wspólne działania w celu rozwiązania tego problemu.

We've signed a deal with Bud-Mar concerning an apartment on 2 Lwowska street. Because of the repeating delays of finishing renovation (we were told lately that the nearest possible term of finishing renovation is the end of March 2008) we’re looking for people with the same problem. We’ll be grateful for any advices or cooperation in solving this problem.
14 Jan 2008 /  #17
I live in Paris and I was born in Krakow.
I bought an appartment in winter 2005.
As the developper ask me to pay 50%, I canceled the reservation and they paid back 2000 PLZ reservation fee. I was upset because this building was nice and cheap.

My parents live close this building and they told me it's ready to be deliver asap (january 2008).

The problem is that there is not yet an international business standard in Poland, but things changes.

Good luck

OP LwowskaKrakow 28 | 431  
12 Apr 2008 /  #18
that's why sometimes its better to buy an old flat and just renovate

The problem renovating an old flat is that the buiding is often falling apart and you spend endless years redoing the staircase, the walls of the building etc

Often there is no lift and you have to see the old and dirty walls inside the building .
Seanus 15 | 19,706  
12 Apr 2008 /  #19
Why waste money on Bud Mar when u can have a great time on Budvar?
OP LwowskaKrakow 28 | 431  
13 Jul 2008 /  #20
I am wondering Fred if your friend who bought a flat with Bud Mar Investment on Lwowska is still "Not nearly as emotional" as the clients who are still waiting for their flats now in July 2008?

Do you still think that we poor buyers should be " a little more patient"?

Thread attached on merging:
IsThere a Black List of BadDevelopers such as Bud Mar investment KraKow?

I am wondering if there is a Black List of bad developers such as Bud Mar investment/Prosperity Nieruchomosci in Poland because it would definitely help buyers to select the right developers and clean the Polish Real Estate of its black sheep and crooks.

Now it seems that people are turning away from new developments out of fear that they will be ripped off and prefer to buy existing flats.

What do you think?
20 Jul 2008 /  #21
I am wondering if there is a Black List of bad developers such as Bud Mar investment/Prosperity Nieruchomosci in Poland because it would definitely help buyers to select the right developers and clean the Polish Real Estate of its black sheep and crooks.

if there isn't, create one.

You might wait a long time until the government will regulates it.
OP LwowskaKrakow 28 | 431  
20 Jul 2008 /  #22
You might wait a long time until the government will regulates it.

It should be the job of Polish authorities to clean their Real Estate markets and get rid of corruption.
I don't think we will wait for a long time because it is in the interest of the Polish Economy to make it safe for investors and buyers to invest in Polish real Estate .

We 'll see!
In the mean time it is at least very good for Polish lawyers !
Plenty of work and money!
24 Apr 2009 /  #23
Does anyone know anything about #4 Lwowska Street? I seriously need some information about the ownership of the building and BUD MAR Investment.

Urgent, please!

Archives - 2005-2009 / Real Estate / Be careful when buying apartments with BUD MAR Investment in KrakowArchived