Rental possibilities in completed Fort Noks apartments

[dmoules1]

I started the purchase of a Crown Fort apartment with a 10% deposit last year. Can anyone tell me about the rental possibilities in fully completed Fort Noks apartments? I will need to rent this apartment as I will have it mortgaged and I need that rental income to cover the mortgages. From other websites, it looks like rentals in coastal properties can be a tough proposition, but I wonder if anyone can throw light on the question above because Fort Noks facilities are roughly similar.

[PaulM]

Hi DMoules1,

It is certainly a tough market for rentals in the whole Sunny Beach area and if you wish to succeed you will have to work very hard.

The problem is that, in this area, there are just too many properties looking for too few occupants. This became a matter of grave concern to the Bulgarian tourist industry last year when it found that profit margins were being squeezed to an unhealthy level and representations were made to the Government.

As a result laws were passed restricting development in certain areas like Sunny Beach.

There are literally thousands of completed apartments for sale and nearly as many owned ones looking for rentals.

Prices are falling while owners are finding that maintenance charges are rising faster than prices once did.

Unless something is done - which I am sure it can be eventually - there is a danger that the whole area might implode with prices falling fast as people wish to get out and salvage what they can from their investment.

Blatant over-profiteering by developers and agents has muddied the water and some people now trying to sell are finding that they paid too much for their apartments in the first place.

So far as the Fort Noks developments are concerned, these are probably among the "best of the bunch".

I have a feeling that there should be a more concerted approach from owners because there is more strength in numbers. Owners Associations are a must in my opinion.

In this way, owners can band together to bring more pressure on Developers to keep individual complexes up to scratch and - perhaps more importantly - use one trusted agent to manage all of the properties within a particular development.

Maintaining standards is going to become a very important thing.

Acting together, the Owners of apartments in particular developments or developments by one Developer (with subcommittees for individual complexes) could develop their own website for rentals and sales.

The cost of initial development and ongoing maitenance could then be shared requiring a relatively small contribution from each member. Attention to detail and a payment to Google and/or Yahoo would ensure that it was very close to the top of search results - ousting the selling agents from this position.

With regard to Management Services, I have posted a general enquiry in this Guest Section.

Finally, I do hope that all this has not sounded too black! It is a real issue and I thought that you and everyone reading this post should be aware of it.

Yours,

PaulM

[Guest]

Well done Paul M someone actually telling it like it is for a change.I have one apartment in Riviera Fort Beach and one in Marina View Fort Beach which I purchased through MacAnthony Realty who at the time promised me and many others 8% rental contracts on completion also legal and furniture costs were grossly under egagerated at the time.The rental contract didnt exist and whilst I was in Bulgaria last week I was told that I would be lucky to get 2000 Euros rental per apartment next year.Myself and I know of many others would never use MacAnthony Realty again as they will tell you many lies to get you to sign on the dotted line and when you try to contact them with regard to the above they dont want to know.The only thing that gives me some hope is that I purchased in the Fort Noks developements and as Paul m says they are the best of the bunch as far as I can see.

[Guest]

We have also ourselves purchased property in Fort Noks through Macanthony Realty and were sold the apartments on the promise of the rental guarantee.

I was just wondering how you proceeded to get redress about this because i also feel we were mis-sold the properties. Have you tried to go the top of MRI?
The offices in Bulgaria never respond to emails or calls and seem completely inefficient.

[Guest]

Yes you are right we were mis-sold these apartments but the promises that were made were only verbal and that is what MRI will tell you.I have not tried to contact the big guns at MRI yet but I expect that it will be very hard as they have had their commision and gone and they just wont want to know.Recently there was an article in the newspaper about MRI and how they have misled many clients in Bulgaria to get a sale,I have spoken with a number of people in the know about real estate and they all tell me that MRI have a terrible reputation in the business for misleading people.I have a friend who purchased a villa in Spain through MRI on the promise that a golf course as to be built next door and surprise surprise it didnt exist and his villa is now worth two thirds what he paid for it and MRI just dont want to know.

[Guest]

Dear All,

Further to my earlier postings in the "Guest" section, I have now found out a great deal more about Boris Shopov and Balkan Property (mis?)Management who set up business in Messambria Fort Beach and one other complex at the beginning of 2006.

Current information suggests that this company ripped off their UK customers unmercifully. In an attempt to put this character out of business and - hopefully - behind bars I am attempting to establish contact with as many people who had dealings with Boris Shopov as possible.

I have put up a web page on my site at:

http://www.sunseapropertiesbg.com/uk/su ... _scam.html

When I have enough evidence, it is my intention to place it in the hands of the Bulgarian police.

You can also email me direct on:

paulmoody@vpoint.demon.co.uk

Yours,

PaulM

[Kyle]

Owners Associations is a must for a collective effort in each complex. This is made somewhat difficult by all of us being dispersed around the UK/World, and owners are not exclusively British or Irish.

As one of the first developments, Privilege Fort Beach established an online forum after discussion at the opening parties, and it is proving popular, and a recurring theme is the need for an owners association.

It is hoped to expand this to other complexes but take-up has been slow as we got caught on the back foot with developments of other new FN complexes (its amazingly how fast they can build them) and of course, our site isn't the only discussion board out there.