I was wondering when the froth was going to explode on PS!
Still you all sound like decent people who may have been taken for a bit of a ride. Oak Terraces was punted by PS, Ober-Haus and a whole bunch of other property companies, and punted to foreign buyers. Result - development full of shells to be flipped or, in a few months - flats to be rented.
BUT I do believe Katowice is a great location and bought a 1970s place there which rents out very well and the local economy is developing well. Over the long term the capital gains will be excellent in my opinion - but no get rich quick stuff.
Here is my advice:
- I reckon there must be hundreds of units in foreign hands. Post on every forum you can find. The more of you there are, the bigger your bargaining power with the developer and fit out companies.
- If you can hold on to the property and all will come right over a few years
- Get lots of fit out quotes as a group
- I had one flat in Warsaw and met three other buyers when I was reserving. We stayed in touch and when fit out time came we each got a discount off the Mamdom fit out fee. I started a thread on this but it hasn't come to much! Maybe you guys can add your thoughts after you have been through the mill:https://polishforums.com/archives/2005-2009/real-estate/poland-find-shell-fit-services-28999/
- If you have to sell consider getting a part fit out on the property if you can afford it. This is when you get the bathroom in, floor down and walls painted. It's money well spent to set your place apart from all the shells.
I have in the past dealt with PS clients within this sector at a fraction of the time and costs of Rednet
Agreed Wroclaw Boy - there are plenty of agents and fit out companies that do the same but cheaper. PS/RedNet/Keen Property have been doing well and fair cop to them because investors have been lazy.
Went to the PS site today .... what a lot of very unhappy people. I also never understood where PS get their 'under market' values from. This said I suspect many of them were too lazy to do their own homework in the boom times and believed whatever PS fed to them.
Should have come to this forum earlier!