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El Jefe · 05-19-2008, 04:49 PM

In our area we have just had two major builders go out of business. They where Idearco and Grupo San Jose. This is going to cause an absolute storm once the english papers get hold of it and I just hope the Uk Tv does not get hold of it. It will cause great damage to those of us who are left in the business.
Please if anyone knows of other companies who have dissapeared please let the forum know.
I feel there may be an opportunity to come out of this as all these companies who have gone must have had UK agents working with them. So who are the agents going to deal with now.

Remember one of my last posts was that if you are a struggling estate agency with high overheads , rent wages to pay I have a really good solution to your problenms without you losing control of your own business.

Richie · 05-30-2008, 05:00 PM

I had heard the same rumours about San Jose, however - another one that I have heard is that they are okay now!!!

I too am based in Torrevieja, once the "Real Estate Agency" centre of the Costa Blanca south, now it is a Real Estate ghost town! You used to be able to see an office on every corner but they have slowly been weeded out.

Sunzone Properties has closed, Playa Flamenca Homes office is gone, Resale Spain (on Calle Apolo) hasn't been open for sometime, Millennium's office near the square is no longer there (not that it was open much) and dozens of other small agencies have closed their offices, I don't know if it is for good or they have relocated (working from home?).

There are dozens more that I haven't mentioned, and I bet that some members know a few.

Homes in the Sun · 05-31-2008, 02:24 PM

As an agent who has a client with money deposited for a property with San Jose I have more than a vested interest. The up to date info I have as I spoke to them yesterday is this. The first thing that could happen is thier bankers will come in with more support. The second is the courts will pass the application for administrators to help run the business & finish the properties that are sold. At this stage I am told that those that have paid money can opt for their money returning, their property finishing or moving thier money to another develoment with key ready properties. The third option I hope will not apply. However I am told that they have assets in excess of 350 million euros

Richie · 05-31-2008, 03:35 PM

Well, some good news to put many buyers mind at rest then?

At least it looks like something is being done about it, the banks - even the courts intervening to ensure purchasers do not lose out on the money that they have invested in the San Jose developments.

Ideally they will get the homes they signed for, obviously the local authorities will learn from this period in the industry and will be keeping a closer rein on construction companies in the future to stop this from happening again.

It's not the companies, it the customers and reputation of Spain that I'm sure you agree we are more worried about.