#TOPPED OUT: PARK ISLAND, 2x28F & 2x24F Res

[Tightness]

Relax habibi, this gives other Park Island owners to join for SkyscraperCity meeting which would enhance the value of community tremendously.

But point taken, from now on, no private shizzle anymore..

[worktopcreations@btc]

Can anyone provide upto date pictures as we havent seen any since the 20th June 08. Would be good for all us who are note able to see the progress.

[Stephan23]

These 4 towers should have topped out !!!

[christian875]

Anyone have details on the interior finish (specifically Bonaire)? I went to the EMAAR showroom this morning...not much info at all. They had a showroom unit (2 bedroom) but i doubt that it would be the actual finishing in the units.

[Josau]

Can anyone provide upto date pictures as we havent seen any since the 20th June 08. Would be good for all us who are note able to see the progress.

^^Will take photos from my balcony, I have direct view onto Park Island. Activity on site is good, of course they respect the break, but they work at night. Al towers are topped out, some have windows, but l take a photo and you'll see for yourself.

[Doctor_UK]

imre posted marina update pics as a bulk (on flickr) in project:dubai marina thread post 3059, page 153.... taken on 18.7.8

here's the link

http://www.flickr.com/photos/imresolt/sets/72157606251825397/

it has a few good park island exterior shots as well... have a look at them....



....

[Imre]

25/July/2008

Park Island


http://img410.imageshack.us/img410/8007/imresolt122qv6.jpg (http://imageshack.us)


http://img234.imageshack.us/img234/5328/imresolt125xl2.jpg (http://imageshack.us)


http://img410.imageshack.us/img410/925/imresolt126fh8.jpg (http://imageshack.us)

http://img154.imageshack.us/img154/3762/imresolt146sf2.jpg (http://imageshack.us)

[Stephan23]

Defenetly topped out, change status !!

[dboy]

Thanks Imre for the great pictures.

I noticed that at aleast from the outside there doesn't seem to be much difference from the way i saw the site in May/08.

:bash:

[Josau]

Thanks Imre for the great pictures.

I noticed that at aleast from the outside there doesn't seem to be much difference from the way i saw the site in May/08.

:bash:

^^Imre took these photos from my balcony. There is activity going on night and day except the break from noon till 3:30p.m. I guess they are working inside a lot, this is the most frustrating part of construction as from the outside you can't see anything.

[lisi5]

Imre! Thank you very much for your photos. Its great as usual!

[Doctor_UK]

great update imre....

thanks :)

i guess your internet is back in working order :lol:






...

[AppleMac]

New steelwork going in at the top of Blakely


http://img205.imageshack.us/img205/3640/blakelyhl1.th.jpg (http://img205.imageshack.us/my.php?image=blakelyhl1.jpg)

[dosser]

no comments for a while, where has everone gone???

[jeetha]

^^ Watching Olympic on tv.

[dboy]

HI All,

Recently I've read that the real estate authority of Dubai is in the final stages of putting regulations to reduce the property speculative market/price increases in dubai by disallowing the repeated selling of properties on the map. Nakheel has already placed a restriction in one of their projects that disallows the resell of properties before one year of the previous purchase. I wonder if emaar will follow this.

Does anyone think this will have a much impact on our properties at PI.

Hope everyone is enjoying the summer.,, Cheers.

[googly]

Emaar already has a policy in place in which you cannot resell until you have paid 35%. However, people bypass this rule by selling on MOU without actually transferring the property with Emaar. Risky, IMHO.

No impact on prices because of the above bypass procedure.

[FWIW]

..

..

[dboy]

Emaar already has a policy in place in which you cannot resell until you have paid 35%. However, people bypass this rule by selling on MOU without actually transferring the property with Emaar. Risky, IMHO.

No impact on prices because of the above bypass procedure.

Thanks googly..

[AppleMac]

Lots of work going on along the back.

http://img174.imageshack.us/img174/4985/parkisland2vw7.jpg (http://imageshack.us)

[googly]

Handover is now OFFICIALLY delayed till March 31, 2009.

I doubt handover will take place before August 2009. :ohno:

[Tightness]

Wow, some handover date as the Quays development. I wonder why they handover the same projects at exactly the same time, same day (in terms of resource allocation it would make even sense to have the handover dates distributed over 1 week).. really dont get it.

[dirtyharry1]

Don't worry, PI will be delayed again, once the towers have topped out there is still 1 year to go for the interior, the common areas, parking etc. In this respect the Quays' have proceeded further.

[Marina Bird]

Does anyone know what the structure they are constructing around the back will be? Have a look at the last photo on page 26 of this forum, I drove past there yesterday and it seems to have risen a few storeys, any ideas on how tall it will be? I am hoping they are the low rise duplex apartments that are also there around the front which means they won't go above 4 storeys or so. Any ideas? BTW I did take a photo and tried to upload it and had trouble doing so, seems like you can only upload a photo which is already online somewhere :(

[AppleMac]

I cant see them being residential (too close to the road) - more likely commercial space.

To upload a picture you need to host it on a site like Imageshack and link to it.

[christian875]

Isn't it supposed to be a park though based on the pics in page 3 of this thread? I hope they haven't done away with the "park" concept...kind of pointless to call it Park Island then.

[AppleMac]

We are talking about the blocks between the 'park' and the main road.

Although I have my doubts that the 'park' is going to look anything like that on in the model.

[christian875]

I agree...any ideas / rumors on what type of retail is going to be at Park Island? I hope there is a Spinney's...

[Marina Bird]

After a little bit of digging, I found some photos of the model at the Emaar sales centre, looks like they will be retail areas.

[Imre]

5/Sept/2008

Park Island

http://img244.imageshack.us/img244/6945/imresolt051qx5.jpg (http://imageshack.us)

http://img244.imageshack.us/img244/9413/imresolt053ee4.jpg (http://imageshack.us)

http://img139.imageshack.us/img139/9397/imresolt054kx0.jpg (http://imageshack.us)

http://img168.imageshack.us/img168/4302/imresolt056ly4.jpg (http://imageshack.us)

[dboy]

Great Pictures ,,,,, Many Thanks Imre for this update. Also i wonder if you think March 31 2009 delivery is possible and by what %.?

[Josau]

This approximatively is what Marina Promenade looked in april 2007.

[docc]

Actually, this looks exactly like Burj Views and The Lofts in Downtown Burj Dubai! Emaar seems to be on a recycling spree.

[Doctor_UK]

excellent update all around imre before you leave

this forum will not be the same without you for the next 1 and a 1/2 months....

enjoy your holiday... :cheers:





....

[dirtyharry1]

Let us hope that they there will ANY supermarket... in Marina Promenade there is still nothing, and handing over was end of April.

[docc]

I'm sure there will be a hypermarket in Marina Mall. Just walk over and shop till you drop! :)

[Tightness]

@ harry .. from a Quay perspective, I actually do not wish to have a supermarket that close by, think about the Spinneys in phase 1 how crowded it is there.

1. The mall is just over the bridge
2. Opposite Quays is in JBR a mini market. (it is not Spinneys but it does have groceries)

[Marina Bird]

It is bound to be a hotspot for shops though, the Safooh tram line seems to have a stop over there, right at the Park Island. Anybody know if that is still going to happen?

[AppleMac]

Well I walked past it last night and you are not going to get many shops in there (it doesn't look big enough for something the size of Spinney's in the Walk) - I like the idea of the Tram stopping there though.:banana:

[Marina Bird]

http://img113.imageshack.us/my.php?image=emaarmodelwb9.jpg

Hmmm, Imageshack is proving to be a tad capricious!!

[Morrismarina]

http://i34.tinypic.com/5fqm1j.jpg

[Marina Bird]

:) Thanks Morrismarina...How did you do that?? Wow...

[enriquedubai2]

Cool!!!

[dirtyharry1]

If it turns out like the model it will be the best place in the marina.

Congratulations to all owners!

[christian875]

so confused though..drove by today. Clearly in the middle of the development there are elevated areas (columns et al) where the park should be. I just don't see how it's going to look like that in the model.

Is anyone seeing the same thing or am I just seeing something totally different / off base?

[AppleMac]

The amount of space in the middle (park?) given by the model doesn't quite correspond with the impression you get when you walk past.... :ohno:

The columns are for the underground car park - the whole of the central area is elevated above a couple of layers of underground parking

[christian875]

The amount of space in the middle (park?) given by the model doesn't quite correspond with the impression you get when you walk past.... :ohno:

The columns are for the underground car park - the whole of the central area is elevated above a couple of layers of underground parking

oh ok...but still though..seems so high! :cheers:

[Tightness]

This is not something new to us right? What is pictured as a model does not align necessarily with reality ...

Sad but true ...

[AppleMac]

oh ok...but still though..seems so high! :cheers:

I think it will be OK - it wont be as big as in the model but when you drive in and up the ramp to the 'park' level I think it will be quite stylish.

[worktopcreations@btc]

Any one send me to a link explaning posting a picture as I have all the model photographed at emaars office of PI.

[FWIW]

^^ Just use tinypic.com

[Marina Bird]

Does anybody know what is going to be built on the plot right next to the Blakely?

[Josau]

http://i37.tinypic.com/50r3us.jpg

[dboy]

Many Thanks Josau,, a great shot of Park Island.:banana:

[bizzybonita]

http://i38.tinypic.com/2qkp1j4.jpg

[dboy]

Thanks Bizzybonita for the nice photo.

Happy Eid and Happy Holidays to everyone. :):):)

[AppleMac]

Some work now going on after Eid - the concrete structure at the front for the commercial areas seems to have been completed.

http://i97.photobucket.com/albums/l212/sids666/IMG_0008.jpg

The commercial area between Sanibel and Fairfield looks to be structurally complete

http://i97.photobucket.com/albums/l212/sids666/IMG_0010.jpg

The commercial area between Bonaire and Blakely is not that far advanced.

http://i97.photobucket.com/albums/l212/sids666/IMG_0013.jpg

It's coming - but slowly.......

http://i97.photobucket.com/albums/l212/sids666/IMG_0011.jpg

[italyindubai]

Hi everone, i'm looking to buy for myself a 1 bed. Should you decide to sell let me know. I'm a cash buyer, ready to jump in, and not a fool. email plvr44@alice.it

[worktopcreations@btc]

We are just on the market you have private Email .Thanks for all the interest price 2 million aed net for quicksale with Cluttons Dubai. Listed as property of the week as we are underselling .We want 2 bed later. May be all interested could email me off the forum worktopcreations@btconnect.com Thanks

[paki979]

hello gentlemen, do you think handover will start in march 2009?

[christian875]

hello gentlemen, do you think handover will start in march 2009?

They have made some progress since Ramadan but have a long ways to go. I think a August 2009 handover is more realistic in my opinion.

[googly]

1.Bonaire, 1 BR, BUA 872 sq.ft., AED 2,316,498.
2.Blakely, 1 bedroom, Area: 909 sq.ft., partial Marina view, AED 2.3M.
3.Bonaire, 1 bedroom, ground floor, Size: 855+314 sq.ft., AED 2,300,000.
4.Blakely, 1 B/R, Area: 981 sq.ft., ready in March 2009, AED 2,221,962/-
5.Fairfield, 1 B/R, 954 sq.ft. 1st Floor, Marina View. AED 2,200,000
6.Fairfield, 1 bedroom, Area: 909 sq.ft., partial Marina view, AED 2.2M.
7.Fairfield, 15th, Built up: 872 sq.ft. marina view 1 B/R, Dhs. 2,084,723/-
8.Blakely- 1 B/R in , 976 sq.ft., AED 2M
9.Fairfield, 1 bedroom, Area: 1133 sq.ft., sea/Community view, AED 2M.
10.Blakely, 1 bedroom, Area: 909 sq.ft., partial Marina view, AED 1.9M.
11.Fairfield, 1 bedroom, Area: 796 sq.ft., partial Marina view, AED 1.8M.
12. Blakely, 1 B/R, 709 sq.ft. AED 1,700,000.

[stonemonkey]

Does anyone have any experiance/news of how property prices in Park Island have been affected with recent ecconomis situation? I heard that alot of the estate agents are cutting back on staff due to a lack of people buying in the market, and they are reducing or even eliminating their commission in an effort to encourage people to buy.

From looking at prices in the papers etc there seems to have been no drop and rents are still certainly as high as ever. I am hoping due to Park Islands excellent location appartments there will always be in quite high demand.

[christian875]

Does anyone have any experiance/news of how property prices in Park Island have been affected with recent ecconomis situation? I heard that alot of the estate agents are cutting back on staff due to a lack of people buying in the market, and they are reducing or even eliminating their commission in an effort to encourage people to buy.

From looking at prices in the papers etc there seems to have been no drop and rents are still certainly as high as ever. I am hoping due to Park Islands excellent location appartments there will always be in quite high demand.

Depending where you look, I think there is about an avg 5% listing price drop for PI. But this drop is not just limited to PI or the marina but everywhere including Downtown. And it's not helping that potential financed buyers are now being asked to put down anywhere from 30%-35% of the selling price which is absolutely ridiculous.

Best thing to do is just wait it out because its definitely not the right time to sell. I'm still optimistic however, that investment will still pan out as I'm in it for the long term. But for those who bought in just recently and looking to "flip" and make the quick buck...I would definitely be concerned.

[dirtyharry1]

The prices in the newspapers do not reflect the current situation respectively the prices the properties really go for.

All property people do tell you that the market is very slow at the moment and that mainly cash buyers and investors are in the market buying at the lowest prices possible. For the time being the "astronomic prices" of the past few months are history whether it is Park island or something else. But this hype had to come to an end, maybe the slow down will not take as long as in Europe and but it has arrived here.

[dboy]

Hi googly,Stonemonkey,christian875 Many thanks for the informative posts.!

Does anyone know if imre is in town yet.?, I'm hopful for a construction update form him.

Regards

[googly]

The prices in the newspapers do not reflect the current situation respectively the prices the properties really go for.


These prices are DEMANDS...the actual selling prices will be perhaps 5% less. I'd say, on average, a 1 B/r in PI will sell for approx 2.0M at the moment.

Nevertheless, I am looking to rent out my unit. And I hear the rents are really high these days. Perhaps you can get 175K for a 1 b/r in PI! What I am worried about is the maintanence fee, which I think will probably be above 30/sqft!

PI is now OFFICIALLY scheduled for handover on 31/Mar/09. However, I doubt it will be ready before July 09. Hopefully, by then, the downturn would be over. :cheers:

[melkor]

http://i359.photobucket.com/albums/oo34/melkor_gds/IMG_0691.jpg?t=1225075901

[googly]

Thanks for the pic melkor.

It looks like the cranes should be coming down shortly. :banana:

[italyindubai]

Due to dollar strenght prices will drop somewhat. I'm ready to buy because I work here and need a place to stay.
Here is my request.
Budget max 1,7 M Aed (dear "greedy seller/owner", get you calculators and convert in Euro or UK$).
Bonaire or Fairfield, unit 4 or 6.
Please email me your offers, if any.
Cash ready! Thank you.
Be reasonable!
Anyone who helps me to find the right deal I will give him 1% of amount once transferred. I'm here a few days.

[docc]

^^ Tell you what, i'll try and help you find one (try being the key word) and all i want is a cup of coffee in return :)

I'm not sure if these fit your bill but a search on GNADS4U resulted in a few apartments around your price range. Linky:

http://gnads4u.com/search.html?t=properties&keywords=park+island&pub=D&ct=RXC-PR-FS-F&max_price=2000000

[italyindubai]

^^ Tell you what, i'll try and help you find one (try being the key word) and all i want is a cup of coffee in return :)

I'm not sure if these fit your bill but a search on GNADS4U resulted in a few apartments around your price range. Linky:

http://gnads4u.com/search.html?t=properties&keywords=park+island&pub=D&ct=RXC-PR-FS-F&max_price=2000000

You help me find it, I'll buy a year free of charge daily coffee by costa cafe or whatever.:cheers:

[docc]

^^ :lol:

I've put a few of my well connected agents on it. Infact, after a chat with one of them, he said he'll have something FOR SURE by the morning. Apart from the type that you mentioned, are there any other requirements?

I told him that you wanted a 1 BR high floor, good view apartment in Park Island (Bonaire or Fairfield). Good enough or would you like anything else? Also, didn't you find anything suitable on the GNads4U link that i posted?

[italyindubai]

You help me find it, I'll buy a year free of charge daily coffee by costa cafe or whatever.:cheers:

sorry for 1 year

[worktopcreations@btc]

We still have 1105 for sale with Cluttons .We went to see the build at weekend .The progress is in full flow men everywere . We asked if we could view our appartment ,but no way we were allowed in. The view from Fairfield had a wonderfull side view of the marina with a perfect view down the road to the beech . We walked round the whole area to get a good feel of it . Nice coffee places and good shops . The public beach was clean and easy to reach . We had ours on at 2.07m net and we have dropped to 2 million . We had thought of now keeping it as it looks spectacular. But a good offer would still make me sell to get a 2 bed in same block. The market has gone quiet and the estate agents are only selling a handfull a month. We are fortunate that we have 30% as last payment. We also spoke to the site agent who insisted that the build will now be ready in 3 - 4 months .I questioned this ,as I considered he was way out and he told me they were under strict orders to meet that date I consider the buildings that will be shops etc at the back will be completed after the hand over of the towers. In which case the build may well be ready. We calcucaled there seams to be one man per appartment on site.
Ive also been looking at G4Nads and realised the 2m appartment is owers . Also to bear in mind the appartment is one of the largest 1 bed and on a good floor.

[Tightness]

If you go on Fridays, you have a better chance to "see" your apartment.

[Kevan]

http://http://i37.tinypic.com/20p9fk1.jpg

http://http://i35.tinypic.com/10qf0ag.jpg

[christian875]

Thanks for the pics Kevan....but I definitely don't think they will meet the March 09 handover date.

[Celtic Warrior]

Anyone who thinks Park Island will be finished in March should visit Fairways at the Views. This project was originally expected to be finished in June 2008, then delayed to end of November, and recently moved to 1 March. It is much further forward than Park Island project.

[stonemonkey]

Haven't seen fairways but that is pretty much the same as how PI completion scheduled has changed. July 08 first, back to Dec 08 now back to end of March inshalla!

[advlive]

http://img444.imageshack.us/img444/4682/dsc05120hb7.jpg

[worktopcreations@btc]

Canot beleive the progress in 10 days the middle buildings had no roof when I visited the site . Even the brick columns were only 8 course high. It looks good to have a concrete stucture without steel bars exposed. Think I better get my cheque book out they said end March when I visited maybe with the amount of men it can be done.

[enriquedubai2]

Hi guys,

I went today to my unit in Sanibel. Things are moving very fast, the buildings are getting good shape on the inside. I don't think it will be ready by April, most probably in August next year the handover will start.

Check the pictures below:

I wrote on a previous post that the size was different to the one shown by EMAAR on the floor plans, it was my mistake, I took a tape today and everything is matching EMAAR's floor plan. For those of you who bought the biggest unit in Park Island, 1052 sq ft, it will be possible to transform a 1BR apt into a 2BR apt.

http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0844.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0846.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0853.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0854.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0855.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0868.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0869.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0872.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0873.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0880.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0882.jpg
http://i452.photobucket.com/albums/qq246/enriquedubai/IMG_0884.jpg

[dboy]

Great pictures and much better progress that i expected. I agree with your completion estimate.

Many thanks indeed Enriquedubai2 :banana:

[dboy]

Hi all,

I noticed in the bathroom photo that the brown brick like border replaces the mozaic small tiles with embeded metal that emaar had in it's apartment finishing samples in their show area. Can anyone confirm this.?.

Also i would like to know if anyone knows if emaar will allow short term rentals in the park island project.?

Best!

[Doctor_UK]

great progress... they are really moving fast

thanks a lot for the pics advlive and enriquedubai2... much appreciated




...

[Satmanski]

I have a one BR unit for sale. Sanibel, suite 1, 20th floor. Should be a great view from that side of the building. Asking around 1.8. If interested write to semiog@gmail.com. Lets all keep our fingers crossed for April!!!

[Areadubai]

I have an amazing 1 bed, 849 Sq/Ft, Sanibel, 01 Unit, Side marina views - Aed.1,500,000 If interested mail me on: Mark@areadubai.com

[Areadubai]

1.Bonaire, 1 BR, BUA 872 sq.ft., AED 2,316,498.
2.Blakely, 1 bedroom, Area: 909 sq.ft., partial Marina view, AED 2.3M.
3.Bonaire, 1 bedroom, ground floor, Size: 855+314 sq.ft., AED 2,300,000.
4.Blakely, 1 B/R, Area: 981 sq.ft., ready in March 2009, AED 2,221,962/-
5.Fairfield, 1 B/R, 954 sq.ft. 1st Floor, Marina View. AED 2,200,000
6.Fairfield, 1 bedroom, Area: 909 sq.ft., partial Marina view, AED 2.2M.
7.Fairfield, 15th, Built up: 872 sq.ft. marina view 1 B/R, Dhs. 2,084,723/-
8.Blakely- 1 B/R in , 976 sq.ft., AED 2M
9.Fairfield, 1 bedroom, Area: 1133 sq.ft., sea/Community view, AED 2M.
10.Blakely, 1 bedroom, Area: 909 sq.ft., partial Marina view, AED 1.9M.
11.Fairfield, 1 bedroom, Area: 796 sq.ft., partial Marina view, AED 1.8M.
12. Blakely, 1 B/R, 709 sq.ft. AED 1,700,000.
What you see in the news papers and what you can find on the market are 2 totally different prices. I sold Sanibel – 1*01 for Aed.1.600,000 this month and i have another 01 in sanibel for Aed.1,500,000. I also had a 05 unit for Aed.1.3 last week.


I have marina quays for Aed.1.150,000
Tanaro Greens- 0% Premium - Aed.1.1760,000
Sig villas, palm Jum - Aed.13 Mil
Garden Homes, Palm Julm - Aed.8 Mil
Furjan,, Minus 6% Prem
Exec towers, Business bay (Ready in a few months) 0% Prem
Springs Type 2M, Springs 2, LAKE VIEW, Vacant - Aed.3.5 - Sold..


The market is has changed and is still changing, to sell you must adapt to current prices. Forget prices in the news papers, they have always been wrong or never exsisted in the first place...


Good luck.

[worktopcreations@btc]

I have park Island 1105 Fairfield and could not agree more . We have had loads of interest in our appartment .People have to have a bargain .We started at 2.1 dropped to 2 then to 1.9 I have now decided to grab the bull by the horns and it has been listed with Cluttons at 1.7 with no offers. That is an even better deal than all your deals to help sell it. We are also about to put a half page advert in the Gulf News .If it doesnt sell now it never will. If any one wants a true bargen then this is now one of the cheapest in Park Island on square feet . Bear in mind its also Fairfield on 11 floor and an 05 type with a total area of 962 sq.ft . Thats now 1767 aed per sq foot . Ten of the above are above 2049 aed per sq foot . Im sorry to undersell and it most probably wont do any of you any favours .Its like you said areadubai you have to adapt to new prices. Our loss ,the buyers gain.

worktopcreations@btconnect.com

[christian875]

I have park Island 1105 Fairfield and could not agree more . We have had loads of interest in our appartment .People have to have a bargain .We started at 2.1 dropped to 2 then to 1.9 I have now decided to grab the bull by the horns and it has been listed with Cluttons at 1.7 with no offers. That is an even better deal than all your deals to help sell it. We are also about to put a half page advert in the Gulf News .If it doesnt sell now it never will. If any one wants a true bargen then this is now one of the cheapest in Park Island on square feet . Bear in mind its also Fairfield on 11 floor and an 05 type with a total area of 962 sq.ft . Thats now 1767 aed per sq foot . Ten of the above are above 2049 aed per sq foot . Im sorry to undersell and it most probably wont do any of you any favours .Its like you said areadubai you have to adapt to new prices. Our loss ,the buyers gain.

worktopcreations@btconnect.com

Worktopcreations, I realize you have to do what you have to do, but if you have to sell that low my recommendation is to just stay strong and try to ride out the storm. I'm in the same boat as you..I'm a Bonaire Unit 1405 owner but I am determined to see this through.

It's anybody's guess when everything will bounce back but you hear all sorts of rumors ranging anywhere from 6 months to never (gasp..ok maybe that's a little excessive). But if you are not completely crippled and can afford to hang on to your property..then I definitely recommend that you do. I do believe there is a light at the end of the tunnel..as we just need to stay strong and not panic. Just my 2 cents.

[worktopcreations@btc]

Thanks Christian for the coments they are all taken on board . We would not sell so low if we could make a sale at a higher price . The idea has always been to off load the one bed in PI and buy a 2 bed .Unfortunatly selling has not been an easy task ,we were first with Hamptons that only deal with Emaar stock and we missed the boat just before Ramadan . Maybe we have had bad luck. I do feel Cluttons are doing their best and they will come up with a result. The market has gone into hiding and the only way to entice a sale is with the price at that figure . Understandably we take a loss on the one bed but we will gain on the 2 bed if we time it right. Its true to say the price should be around the 1.9 if you can generate a sale .

Thanks
Dave

[christian875]

Dave,

I totally understand your dilemma and hope the best of luck to you! Definitely keep us posted on how you end up doing as we're pulling for everyone here who are in the same boat.

[Areadubai]

Worktopcreations, I realize you have to do what you have to do, but if you have to sell that low my recommendation is to just stay strong and try to ride out the storm. I'm in the same boat as you..I'm a Bonaire Unit 1405 owner but I am determined to see this through.

It's anybody's guess when everything will bounce back but you hear all sorts of rumors ranging anywhere from 6 months to never (gasp..ok maybe that's a little excessive). But if you are not completely crippled and can afford to hang on to your property..then I definitely recommend that you do. I do believe there is a light at the end of the tunnel..as we just need to stay strong and not panic. Just my 2 cents.

I agree with you in regards to holding off and riding the storm but unfortunately i don’t think the prices will reach the same as they were 2 months ago for a while. So i think you will be riding the storm for some time.
On another note if you took finance to fund this property you’re not really paying anything until completion anyway so you could take the chance and hope the market increases from now till then, but i think this is unlikely or you could rent the property out. On completion you can rent these units for a very good return, especially if you are the original buyer from Emaar. You can expect around Aed.170k PA for a 1 bed and Aed.260k PA for a 2 bed (In today’s current market)

Although the sales market is dropping dramatically the rental market is still booming and is showing no sign of a slowdown, this is due to people either not buying because of lack of finance available or simply because the buyer is reluctant to buy due to current conditions.

Mark

[christian875]

Mark,

Very good points. My initial plan was to obviously move in to Park Island (from JBR) but because of the current market conditions, I might have to rethink my strategy.

If I can rent out my 1bedroom for 170k aed as you stated, I definitely need to consider leasing it out. I honestly believe that handover won't happen until Aug 09 timeframe...what do you think rental rates would be at that time? Also something to think about, Marina Mall should be open so that might increase rental rates a bit.

[Areadubai]

Mark,

Very good points. My initial plan was to obviously move in to Park Island (from JBR) but because of the current market conditions, I might have to rethink my strategy.

If I can rent out my 1bedroom for 170k aed as you stated, I definitely need to consider leasing it out. I honestly believe that handover won't happen until Aug 09 timeframe...what do you think rental rates would be at that time? Also something to think about, Marina Mall should be open so that might increase rental rates a bit.
We are renting Marina prom for Aed.170k and i even have a viewing for a nice 1 bed on the ground floor (They call it a villa) for Aed.220k PA!!!! Prices are not slowing in the rental market. My personal opinion is that park island will be better than marina prom and the rental rates will increase further by completion.

I think Aed.170k PA will be easily achievable and I wouldn’t be surprised to see the prices come close to Aed.190k

[worktopcreations@btc]

If completion is to take place in August? It could well take till October 2009 till you have a tenant in place. Bearing in mind next October more projects will have been completed and clients will have greater choice .This could lead to reduced rent. If rent is 170k per year then over the next 11 months that is a hidden cost to owners due to lost rent and property prices wont increase for a good year. What we had not realised when we bought into PI at the start its potential value and we would not want 1.7mil AED tied up in a holiday home. If you are to rent that’s different. As a holiday home at 170k it would be an equivalent of a good few weeks in the Burj and the release of equity that can draw bank interest. The end user has to live in it or generate income. We have considered holiday let’s to subsidize the cost if we haven’t sold. Another cost to remember is the maintenance fees. That cost may be recovered by renting your garage space separate. That’s why we decided to sell. We would only buy back in when prices start to rise.

Regards
Dave

[RobertinDubai]

I am new to posting on this forum although I have read with interest since its inception as I purchased an apartment in the beginning. I would like to thank everyone that has contributed to the discussion over the years and the many photos that have plotted the building projects progress. It has been very insightful….

I must say that I am truly amazed at the figures for resale and rental being discussed in the last threads…..AED 170K per year rental, that’s about £28K for a 1 bed flat….does this seem unrealistic or am I out of touch…..

What are your thoughts on whether this development will be lived in by owners or renters of the apartments??

[googly]

Welcome Robert.

The high rents are caused because people arent buying property (because of the financial turmoil). So, if they dont buy property, they have to rent it. Hence the demand for rentals is high. It will remain high since supply will now slow down.

Having said that, rents will decline if and when people start losing jobs and moving out of Dubai. However, job losses will probably by minimal for people living in the Marina since this area houses the rich.

[dboy]

I think developers will start to move many of their on-going/future developemnts towards "lease to own" schemes to overcome the lending slow down. I assueme this will add more units to comptete with existing rental supplies leading to lower rates.

[worktopcreations@btc]

This is what Emaar have introduced with their new scheme "rent to own". Im sure every one will have had an email from them recently .

[Areadubai]

This is what Emaar have introduced with their new scheme "rent to own". Im sure every one will have had an email from them recently .

Rent to own, only in Downtown and the prices are ridiculously high.

[dboy]

Developers usually introduce products such as "lease to own" after careful consideration of the prevailing investment climate. Not sure what factors they consider attractive to customers but i can guess one would be that lending has contracted and people who already pay high rents may like to pay investment mony (as opposed to pay into tenants pockets) even with much higher premiums on the scheme.

Does anyone have an example of how much of a premium they charge for "lease to own"?.

[AppleMac]

Mods, can we move the last 10 postings to the Investment forum as they dont have anything to do with Park Island.

[worktopcreations@btc]

Has any one seen where PI is up to over the past week. Any photos would be appreciated
Thanks

[AppleMac]

^^

Not much work happening in the past week due to National Day and Eid holidays.

I believe most sites back to full work on Wednesday.

[AltinD]

08/12

http://i37.tinypic.com/1zp337l.jpg

[dboy]

Many Thanks Altind for the very nice shot. The PI Towers are looking more and more finished...:banana: I think i'll too get my check book ready.

[googly]

Many Thanks Altind for the very nice shot. The PI Towers are looking more and more finished...:banana: I think i'll too get my check book ready.

Thanks for the update AltinD. :cheers:

Dboy, dont be too quick to take out your check book; I dont think handover will be before summer. :ohno:

[docc]

Weird how Emaar chose the exact same design for Burj Views, The Lofts and Park Island. What, their designers were on a holiday?

Geez.

[AppleMac]

9 Dec

http://i97.photobucket.com/albums/l212/sids666/park-island.jpg

http://i97.photobucket.com/albums/l212/sids666/Park-island2.jpg

[dboy]

Nice Shots AppleMac much appreciated. The variations of PI buildings colors created by sun elevation and picture angle is amazing. Good stuff..:banana:

Hi googly, my check book is back in the drawer:gaah:

[christian875]

You can probably pull it back out around Aug / Sep 09 timeframe. That's just my guess though.

[worktopcreations@btc]

Thanks for the constant support with all photos and up to date reports. For those who are not in Dubai they are much appreciated.

Thanks
Dave

[RobertinDubai]

I echo that last thread. It has been a great source of interest and comfort watching the build and listening to the comment from the loaction. I am in Dubai over New Year so hope to provide my own update and of course, I will take further pictures...I'll try and get some from the inside if possible....Robert.

[dboy]

Hi All,

I visited the PI project today. Looking at the progress i have a feeling the we will not see a start of handover until at least 10-12 months from now.

I will post some pictures as soon as possible.

Regards

[Imre]

I would say the same , need a year from now.

[dboy]

http://i33.tinypic.com/eb1sew.jpg

[dboy]

http://i34.tinypic.com/w6rvwg.jpg
http://i38.tinypic.com/24mw0et.jpg
http://i35.tinypic.com/11i2sew.jpg
http://i34.tinypic.com/1cbbc.jpg
http://i34.tinypic.com/2nubu1.jpg
http://i38.tinypic.com/vqpgcz.jpg
http://i38.tinypic.com/1ruo1u.jpg

[SAS_UK]

Great pictures dboy, thank you for the update^^

[hemelboorder]

This is what I received today:

"
> Bonaire
> 2 BR Ensuite Apartment
> 1244 sq.ft. BUA, 12th Floor
> Full Marina View
> 1 Reserved Car Park
> Original Price AED 1,698,888 From Emaar
> O% Premium
> FINAL PRICE AED 1,698,888 Net to Owner
> Its a Cash Deal!
"

So if one of you considers buying, probably it is wise to wait a bit longer. Prices are going down, and this process is far from over.

[dboy]

Hi Hemelboorder,

I have received all types of such "unbelivable offers" but they all seem to fanish when it comes to action time. Some realtors may be attempting to drive down the market in many of the forums, to create a panic selling environment to losen reluctant sellers into selling (end-users).

[paki979]

Hi, that price for a 2 br in PI Bonaire full marina view ?

[AppleMac]

This is what I received today:



Who is the agent?

[christian875]

This is what I received today:

"
> Bonaire
> 2 BR Ensuite Apartment
> 1244 sq.ft. BUA, 12th Floor
> Full Marina View
> 1 Reserved Car Park
> Original Price AED 1,698,888 From Emaar
> O% Premium
> FINAL PRICE AED 1,698,888 Net to Owner
> Its a Cash Deal!
"

So if one of you considers buying, probably it is wise to wait a bit longer. Prices are going down, and this process is far from over.

It's a cash sale...if you have $450K just laying around, more power to you. But you have to read between the lines with deals like this and is definitely the exception and not the rule (for sellers).

With that said, I do see prices coming down but will level off and maybe come back up with a small recovery by late qtr next year (in conjunction with Marina Mall opening).

[paki979]

who is selling this property?

[hemelboorder]

This Park Island property is being sold by a reputable firm. It was sent to me, by e-mail, by an agent whom I know personally. I am not sure whether he would like to read back his messages on fora, so I will not disclose the name.
It seems quite serious though. I don't think that person would try to lure me with a fake offer. Actually, I find a price or AED 1350 /sq.ft. still high for the current market conditions. I have heard about lower asking prices for Marina.

[paki979]

I hope this agent will read this forum because I am interested in this property, I have been trying to find out this offer but with no result up to now.

[AppleMac]

This Park Island property is being sold by a reputable firm. It was sent to me, by e-mail, by an agent whom I know personally. I am not sure whether he would like to read back his messages on fora, so I will not disclose the name.

strange estate agent if he doesn't like his name being publicised..:nuts:

[enriquedubai2]

strange estate agent if he doesn't like his name being publicised..:nuts:

This property appeared yesterday on the Gulf News:

Dubai Marina, Park Island, 2 BR Ensuite, 1244 sq.ft. BUA, Marina View, Ready Mar. 09. AED 1,698,888 - Call Wassim (ARA, FRE, ITA) 050-1152092. LINKS GULF REAL ESTATE BROKER (Residential, Commercial, Leasing) - Live the life you deserve | Toll Free 800 LINKS (54657) | Email: info@links-realestate.com | Website: www.links-realestate.com

[dboy]

This Park Island property is being sold by a reputable firm. It was sent to me, by e-mail, by an agent whom I know personally. I am not sure whether he would like to read back his messages on fora, so I will not disclose the name.
It seems quite serious though. I don't think that person would try to lure me with a fake offer. Actually, I find a price or AED 1350 /sq.ft. still high for the current market conditions. I have heard about lower asking prices for Marina.

What goes up... must come down..then goes up! :lol:

[christian875]

This property appeared yesterday on the Gulf News:

Dubai Marina, Park Island, 2 BR Ensuite, 1244 sq.ft. BUA, Marina View, Ready Mar. 09. AED 1,698,888 - Call Wassim (ARA, FRE, ITA) 050-1152092. LINKS GULF REAL ESTATE BROKER (Residential, Commercial, Leasing) - Live the life you deserve | Toll Free 800 LINKS (54657) | Email: info@links-realestate.com | Website: www.links-realestate.com

now it is listed at 1.9M...this thing will probably go back over 2M.

[jeffers]

now it is listed at 1.9M...this thing will probably go back over 2M.

Tried to buy through these guys before, and got nowhere very slowly, in the end was told the owner sold the properties months ago !! But they had over stuff available !!

[hemelboorder]

If you say the Park Island Bonaire apartment is now listed at 1.9M, it's probably from a different broker office. It is common nowadays (unfortunately), that an owner hires different brokers, who each advertise at different prices. How much in need we are of a transparent market!
If it's the same office, this would be very strange. Is there a legitimate explanation why a seller would raise the price?

[dboy]

:banana:http://i40.tinypic.com/kd07qv.jpg
http://i40.tinypic.com/r1dkeg.jpg
http://i44.tinypic.com/scuvee.jpg
http://i39.tinypic.com/21nh060.jpg
http://i41.tinypic.com/1t53kl.jpg:banana:

[SAS_UK]

Thanks for the pics dboy. Which PI tower is that in between Trident and JBR (in the last pic)?

if thats the one i've bought in then i should get a sea view!!:banana:

[AppleMac]

^^^^

Blakely

[dboy]

Thanks for the pics dboy. Which PI tower is that in between Trident and JBR (in the last pic)?

if thats the one i've bought in then i should get a sea view!!:banana:

Blackly indeed. Lucky for you :)

[SAS_UK]

I was hoping you'd say Blakely!!!!!:lol:

thanks again......

[Imre]

20/December/2008

Park Island

http://img407.imageshack.us/img407/9207/imresolt003tc3.jpg (http://imageshack.us)

http://img165.imageshack.us/img165/8894/imresolt007yl9.jpg (http://imageshack.us)

http://img126.imageshack.us/img126/2807/imresolt008kw3.jpg (http://imageshack.us)

http://img407.imageshack.us/img407/4850/imresolt011gj7.jpg (http://imageshack.us)

http://img126.imageshack.us/img126/1686/imresolt023tm4.jpg (http://imageshack.us)

http://img126.imageshack.us/img126/5882/imresolt025gv7.jpg (http://imageshack.us)

[dboy]

Great Shots Imre many thanks.!

[SAS_UK]

I second that....thanks for the fantastic updates imre.

[KaDa]

Does anyone know what was the original handover date for the Park Island apartments? Just wanted to calculate how late can Emaar delay before the 12 months maximum delay period ends. Thanks.

[docc]

What happens if they go beyond the 12 month delay? Do they offer you come kind of compensation or just a slap on the back?

[dboy]

Does anyone know what was the original handover date for the Park Island apartments? Just wanted to calculate how late can Emaar delay before the 12 months maximum delay period ends. Thanks.

For my contract it's August 2008. The emaar cluase says ;

If the purchaser has fulfilled all obligations of payments and the vendor is unable to deliver possession of the unit on the completion date (as extended if applicable) the purchaser may give the vendor a notice to terminate. Th vendor has to come back within 90 days , otherwise it has to refund all payments made by the purchaser with interest at the interest rate from the date each payment was made.

- The statement (as extended if applicable) seem to give emaar the flexibility to extend completion date without any penalties.?. Do you have the same. Given emaar's track progress so far on PI , i do not have an issue with this clause.

- I trust the the PI project will be completed no later than November,2009.

[docc]

"As extended if applicable"? Can they extend as many times as they want? If that's the case, then the clause carries no value at all.

[AppleMac]

Just wanted to calculate how late can Emaar delay before the 12 months maximum delay period ends.

what maximum delay period?

[googly]

Emaar can keep on delaying handover indefinitely as long as they inform us beforehand. Unfortunately, all developers put such clauses in their contracts.

Having said that, it is in Emaar's interest to hand over the project ASAP so that they can get their final payment and put another feather in their cap. They can start milking us through the exorbitant service fees.

Looking at the construction updates, I think we should definitely get handover before this year is out, though I am hoping for summer 09.

[worktopcreations@btc]

Happy New Year to you all. Im looking for some help .Ive been trying to sell my one bed in fairfield for almost a year .The price has been reduced from 2.1to 1.95 with Hamptons. Then 1.9 with Cluttons. We then ran two concecutive adverts in Gulf News with a price of 1.739 The advert was a 1/2 page size to draw attention .I cant do anymore to sell this . Im now advised to drop to 1.386 including the last payment plus fees. The appatment is in a good position on the 11th floor. We placed the last advert just before Christmas for two days and we havent had a single phone call.

Ist Is the price correct for a 924 square feet one bed off plan
2nd Have I made good choice with only going with one agent ,Cluttons
3rd Will it sell at 1.386 or has the market completely gone .


You all asked me to keep you informed as to my progress and im sure you will all tell me again to hang on and ride the storm . Like I said it has to go and do I run the half page advert again. The sq ft rate is now 1500aed

Your remarks will be much appreciated
Dave

[dboy]

Happy New Year to you all. Im looking for some help .Ive been trying to sell my one bed in fairfield for almost a year .The price has been reduced from 2.1to 1.95 with Hamptons. Then 1.9 with Cluttons. We then ran two concecutive adverts in Gulf News with a price of 1.739 The advert was a 1/2 page size to draw attention .I cant do anymore to sell this . Im now advised to drop to 1.386 including the last payment plus fees. The appatment is in a good position on the 11th floor. We placed the last advert just before Christmas for two days and we havent had a single phone call.

Ist Is the price correct for a 924 square feet one bed off plan
2nd Have I made good choice with only going with one agent ,Cluttons
3rd Will it sell at 1.386 or has the market completely gone .


You all asked me to keep you informed as to my progress and im sure you will all tell me again to hang on and ride the storm . Like I said it has to go and do I run the half page advert again. The sq ft rate is now 1500aed

Your remarks will be much appreciated
Dave

If you must sell now, you can try auctioning the unit. Not sure placing more adds will do much good as interested buyers for your unit should have surficed by now.

Good Luck

[christian875]

Happy New Year to you all. Im looking for some help .Ive been trying to sell my one bed in fairfield for almost a year .The price has been reduced from 2.1to 1.95 with Hamptons. Then 1.9 with Cluttons. We then ran two concecutive adverts in Gulf News with a price of 1.739 The advert was a 1/2 page size to draw attention .I cant do anymore to sell this . Im now advised to drop to 1.386 including the last payment plus fees. The appatment is in a good position on the 11th floor. We placed the last advert just before Christmas for two days and we havent had a single phone call.

Ist Is the price correct for a 924 square feet one bed off plan
2nd Have I made good choice with only going with one agent ,Cluttons
3rd Will it sell at 1.386 or has the market completely gone .


You all asked me to keep you informed as to my progress and im sure you will all tell me again to hang on and ride the storm . Like I said it has to go and do I run the half page advert again. The sq ft rate is now 1500aed

Your remarks will be much appreciated
Dave

Dave, I don't know what to tell you but people are simply not buying right now. It could possibly sell at 1.386 but with the harder loan requirements (20-25% down) at banks, viable buyers are scarce.

Unless you absolutely need to unload for whatever reason, I suggest you hold on. I'm in the same boat (05 Unit at Bonaire, 14th floor) but I am willing to tough it out for a couple of years---which I do believe is when the market will recover / bounce back (albeit small recovery).

So I guess it all depends how much time you have on your side. If you still need to unload, send me a PM as I possibly have a potential buyer (financed) for you. Good luck to you.

[gb805680]

Happy New Year to you all. Im looking for some help .Ive been trying to sell my one bed in fairfield for almost a year .The price has been reduced from 2.1to 1.95 with Hamptons. Then 1.9 with Cluttons. We then ran two concecutive adverts in Gulf News with a price of 1.739 The advert was a 1/2 page size to draw attention .I cant do anymore to sell this . Im now advised to drop to 1.386 including the last payment plus fees. The appatment is in a good position on the 11th floor. We placed the last advert just before Christmas for two days and we havent had a single phone call.

Ist Is the price correct for a 924 square feet one bed off plan
2nd Have I made good choice with only going with one agent ,Cluttons
3rd Will it sell at 1.386 or has the market completely gone .


You all asked me to keep you informed as to my progress and im sure you will all tell me again to hang on and ride the storm . Like I said it has to go and do I run the half page advert again. The sq ft rate is now 1500aed

Your remarks will be much appreciated
Dave


You really have been unlucky Dave. A whole year and u didn't get ineterst, Hamptons must be very poor!! Q1 and Q2 2008 these were hot property times in Dubai. I managed to sell mine in 6 days from putting on the market in July for 2 million a one bed in fairfield with betterhomes.

Think once this project is complete you will be able to sell a bit more easily as it's gonna be one of the best buildings around - and as everyone is saying, only completed properties are selling at the moment.

Good luck

[dirtyharry1]

Dave, now only cash buyers are buying - if at all, and they are looking for cheap cheap to make a profit when the market recovers.

The banks are not interesting in supplying finance, with many banks you have to pay 40% down which is ridiculous of course.

Wait until completion... off-plan properties are not sellable since you even do not know the date of completion! Emaar is delaying and delaying...

[googly]

I would advise everyone here not to sell till after handover. They will not only get a better price at that time but they may even get a phenominal rental return.

Selling now at throw-away prices is exactly that...throw away! Be patient.

[worktopcreations@btc]

Thanks for all the input into the sale of my 1105 . Ive just been in touch with better homes and they tell me that they consider sales will start to pick up by the end of Feb .They told me that the banks have in place new measures to start lending again and they are predicting sale figure to start to rise soon after. It would also appear that people would buy my appartment at 1.4 and its true value at present is between 1.4 and 1.73 . Ive taken all your coments on board and consider I have nothing to loose by hanging on in like you all tell me .OK you guys win.:banana: I can go back to selling later if need be. Im 100% confident handover will not take place before July and we will have the next date from Emaar by end of Feb because they have to give the time extension with a months notice. Just cant let somthing so good ,go so cheap.

Thanks
Dave

[dboy]

Thanks for all the input into the sale of my 1105 . Ive just been in touch with better homes and they tell me that they consider sales will start to pick up by the end of Feb .They told me that the banks have in place new measures to start lending again and they are predicting sale figure to start to rise soon after. It would also appear that people would buy my appartment at 1.4 and its true value at present is between 1.4 and 1.73 . Ive taken all your coments on board and consider I have nothing to loose by hanging on in like you all tell me .OK you guys win.:banana: I can go back to selling later if need be. Im 100% confident handover will not take place before July and we will have the next date from Emaar by end of Feb because they have to give the time extension with a months notice. Just cant let somthing so good ,go so cheap.

Thanks
Dave

I'm glad things are looking up for you and great that you decided to hold. Thank you for the information from better homes.

Regards :cheers:

[enriquedubai2]

Thanks for all the input into the sale of my 1105 . Ive just been in touch with better homes and they tell me that they consider sales will start to pick up by the end of Feb .They told me that the banks have in place new measures to start lending again and they are predicting sale figure to start to rise soon after. It would also appear that people would buy my appartment at 1.4 and its true value at present is between 1.4 and 1.73 . Ive taken all your coments on board and consider I have nothing to loose by hanging on in like you all tell me .OK you guys win.:banana: I can go back to selling later if need be. Im 100% confident handover will not take place before July and we will have the next date from Emaar by end of Feb because they have to give the time extension with a months notice. Just cant let somthing so good ,go so cheap.

Thanks
Dave

Guys,

All of us are pretty much on the same situation, there're some people trying to buy in Park Island even at 1.1-1.2 M which i believe is totally unacceptable. Park Island is on an excellent spot within Dubai Marina:

1.- Located Just in the entrance of JBR The Walk where you can find all kind of coffee shops and restaurants from all over the world
2.- If your choice is to go out for a few alcoholic drinks you have Le Meridien Royal, Habtoor and the Grosvenor House at a walking distance, you don't even need a taxi on the way back : )
3.- Close the Dubai Marina Mall and the new Healthcare Building currently under construction by EMAAR.

Once the property is ready prices will increase for sure and it will be easier to sell it. Just to give you an idea, in Marina Promenade prices went up by 200K immediately after handover, not sure if with the current situation this will happen again but for sure an increase will take place

In terms of quality, I'm 100% sure it's going to be the same or better than Al Majara, Al Sahab or Marina Promenade. I was inside the buildings 2 months ago and everything looks fantastic. As per the park to be builted in the entrance i have no clue how it'll look like at the end but EMAAR most probably will put something nice on it

Anyway, i'm just trying to cheer you up guys a little bit, lets hope for the best to come...

Cheers!

[RobertinDubai]

Hi All -

I have just returned from Dubai having spent the last couple of weeks their…..The PI site is looking great although still has some way to go for completion. I get the feeling that over the next 12 months a lot of the building work and the road scheme currently in progress will be complete which will further enhance the area. If you take into account the amenities outlined in the previous post – a great place to live or rent.

I called in at Hampton’s office in the Marina for a chat about the current situation surrounding the housing market in Dubai. They have stated that the issue at the moment is around available finance (I think we all knew that, same as UK & US) and although they are hoping for a releasing of budgets in support of mortgages, nothing has been finalised yet with the banks. They have stated that prices for 1 beds from sellers that are desperate to sell need to be pitched at 1.1/1.2M!!!!!!!!!!!! Also, they felt Emaar would be diverting resource from other projects that have a completion date some way out to ensure that this project is completed on time, Its all about reputation for the future – seems a reasonable comment.

I feel a pressing problem is the state of the £pound£ having lost about 25% of its value against the dollar and more pressure is being put on it over the coming months and its likly to fall further. Depending on which phase you purchased, could dramatically increase final payments/maintenance fees moving forward……what solutions are available to reduce the impact on this???

Anyway, I have taken some pictures and will post them over the next week.

Happy New Year everyone...

Robert

[dboy]

Hi All -

I have just returned from Dubai having spent the last couple of weeks their…..The PI site is looking great although still has some way to go for completion. I get the feeling that over the next 12 months a lot of the building work and the road scheme currently in progress will be complete which will further enhance the area. If you take into account the amenities outlined in the previous post – a great place to live or rent.

I called in at Hampton’s office in the Marina for a chat about the current situation surrounding the housing market in Dubai. They have stated that the issue at the moment is around available finance (I think we all knew that, same as UK & US) and although they are hoping for a releasing of budgets in support of mortgages, nothing has been finalised yet with the banks. They have stated that prices for 1 beds from sellers that are desperate to sell need to be pitched at 1.1/1.2M!!!!!!!!!!!! Also, they felt Emaar would be diverting resource from other projects that have a completion date some way out to ensure that this project is completed on time, Its all about reputation for the future – seems a reasonable comment.

I feel a pressing problem is the state of the £pound£ having lost about 25% of its value against the dollar and more pressure is being put on it over the coming months and its likly to fall further. Depending on which phase you purchased, could dramatically increase final payments/maintenance fees moving forward……what solutions are available to reduce the impact on this???

Anyway, I have taken some pictures and will post them over the next week.

Happy New Year everyone...

Robert


Hi Robert

Thank you for the information and happy new year!

[googly]

Good decision Dave,

I am confident that you will get a good price (perhaps more than 2.0M) after handover. Also, you may even get an amazing rental yield that might force you to consider renting.

Good luck!

[christian875]

Great move Dave...just hang in there! We're all in this together...we just need to weather the storm and tough it out! And that goes out to everyone on this board

I have no doubt that PI will be highly coveted after handover and will be the ideal place to live / rent going to 2010!

Stay strong everyone!

[Imre]

08/January/2009

Park Island

http://img212.imageshack.us/img212/7545/imresolt101sa2.jpg (http://imageshack.us)

http://img175.imageshack.us/img175/5991/imresolt103zg9.jpg (http://imageshack.us)

http://img513.imageshack.us/img513/6615/imresolt104jr8.jpg (http://imageshack.us)

http://img512.imageshack.us/img512/6971/imresolt112sg3.jpg (http://imageshack.us)

[Doctor_UK]

thanks a lot imre :)

excellent update as always

good progress for both the buildings as well as the podium

handover 4th quarter 2009 ??





....

[dirtyharry1]

If the value is now 1.1 / 1.2 Mio AED, why should it be after handing over 2 Mio AED??? Wherelse in the world is thatb about to happen?

So many projects will be handed over this year, there will be plenty of towers and appartments available, the supply will be much bigger than the demand.

Always keep in mind that the original prices from Emaar do have their reason...

[googly]

Well we dont know what the price will be after handover, but the general rule of thumb is that price rises after handover. Take a look at prices in other projects before and after handover to guage this trend.

The "current price" of 1.1-1.2M for 1 B/r unit is not correct;even Dave didnt sell at that price! Some people have bought into PI at higher prices than these (directly from EMAAR). If you compare this project with completed EMAAR projects in the Marina (like Marina Promenade), you will see that even after the meltdown, prices there are around 1-8-2.0M for a 1/Br unit. I cant see prices below this range for PI units after handover.

You are right, though, that supply and demand will figure into the price at the time of handover. But with so much delay in all projects (including this one), and the fact that the Marina is almost 90% complete, I dont see supply overtaking demand. Of course I could be wrong, but my guess would be that prices will stabalize around the 2.0M mark after handover.

[dirtyharry1]

Don't get me wrong, I hope also that Emaar projects will raise after handing over, but if the banks do not supply finance our "plan" will not work.

With these ongoing delays by Emaar they put us in a terrible situation:
You cannot move in, you cannot sell, you cannot rent out.

[SAS_UK]

The Marina is a very sought after location and PI will be a very sought after location on the Marina. I believe it's in a class of its own! and so will rent out very easily and at the higher end. (i hope!)

For some great pics of PI on the TGR thread:

http://www.skyscrapercity.com/showthread.php?t=223215&page=20

(thanks to Andyam)

[dboy]

The Marina is a very sought after location and PI will be a very sought after location on the Marina. I believe it's in a class of its own! and so will rent out very easily and at the higher end. (i hope!)

For some great pics of PI on the TGR thread:

http://www.skyscrapercity.com/showthread.php?t=223215&page=20

(thanks to Andyam)

Many Thanks SAS_UK for sharing these unique angles of PI

Cheers

[dirtyharry1]

Did you read "Freehold" today?

There are several appartments available, i.e. 2 bed, full marina view, 1244 sqft, 1.8 Mio. AED., another one for 2.0 Mio. AED (price negotiabale!).

And we have alsways been of the opinion that the newspapers do not refelect the REAL market, if that is still so, what discount do you get in addition?!?!?!

[Souquet]

Certainly did, though the actual prices advertised do not reflect the actual cost that you will pay. The majority of these low prices are what you pay for 70% and then you still need to pay 30% of the original price to Emaar on completion + other fees. I have a friend who recently as last week was looking to purchase a mid floor apartment in Fairfield (unit 01) only to be told the asking price was 3.1 M net. Agents will always try to drive down the prices given the present situation and if you are serious then the prices never materialise!

My advice is hang in there, the bigges problem is that banks will not lend high enough percentages, when this changes and the project completes will you truly know that value of your property.

:)

[worktopcreations@btc]

In my opinion 90% of prices that are advertized are the true prices .Twelve months ago it was different. When you come to sell now you canot afford to have the price at say 1.6m and be prepaired to sell for 1.5m .You have to advertize for the true price you are prepaired to take otherwise your client will move on. Most are also all inclusive prices .If you advertise with extra costs say 30% your on a looser before you start .Genuine sales will not have a lot of negotiation on price as they have placed the property on at the lowest price to start off and canot take much less. I think prices are at the bottom and the only way is up ,with time.

[christian875]

Hey guys, just got a text message from EMAAR saying they are sending me a project update letter.

Has anyone received theirs yet and care to share what their letter says?

[worktopcreations@btc]

Yes completion now 30th July 2009. In their dreams.

[detract]

Got the same message - suspect the same july 2009 completion - funny that would make them contractually 11months late in my case (within the 12mnth clause)

[googly]

I would guess there would be one more delay and we should get handover by the end of 09.

[dirtyharry1]

Since Emaar is desperately in need of money it could be possible that they do hand over by the given date in order to receive the last payment - maybe then some facilities are not ready or there will be no greenery but they are forced to complete asap.

Keep in mind that their sales of off-plan projects is nearly zero...

[dboy]

Hi All,

Would appreciate it if someone can post recent pictures from inside of the fairfiled or bonaire. :):):)

Cheers

[SAS_UK]

and Blakely....please!:)

[Tasy]

HI everyone,

I just spoke to an employee at Emaar today and was informed that the handover date is now end July 2009.

Alas! we have to continue renting and wonder if we really will get handover in July 2009 or if they will tell us yet again of another delay.

Does anyone have any input, comment, hope?

[Souquet]

Hi

I have some inside shots of fairfield, an 01 unit that were taken a month ago. Will see if I can post them shortly. Should be taking another look in about a month.

[dirtyharry1]

Try to sell the shit and buy something completed. They will not make it by July 2009.

[Tasy]

I wish I sell and buy something complete but - there are no buyers and the prices have fallen.

[dirtyharry1]

I know... I am already in the club... but I do not think that this crisis has reached the low... it is still to come.

You know, the first loss is always the lowest...:bash:

[charlie big potatoes]

I wish I sell and buy something complete but - there are no buyers and the prices have fallen.

Everything sells at the right price.

[frank59]

I wish I sell and buy something complete but - there are no buyers and the prices have fallen.

Hi
'm looking to buy 1br.
I'm a cash buyer, ready to jump in, and not a fool.
Should you decide to sell please email me:
frank59@dr.com

[Tightness]

PS: Can someone say about interior finishing and in general about construction quality of Saba Tower 2/3 ?



Copy & paste too much hurts your credibility.

[frank59]

Copy & paste too much hurts your credibility.

I'm looking to buy studio/1br and i find many offers in 3/4 different buildings

Now, first of all, i'm interested to know finishing, quality of construction and last but not least, correct price.

I simply post same question in different threads.

It's non "copy&paste" but similar question for different buildings that i'm interested to buy unit. :okay:

[mawkin999]

Hi to all
Personal opinion on current realistic prices for Park Island:
the REAL current prices to sell anything DESCENT in Dubai Marina is arround 1,500 per sq.ft. (the tower must be good, have see view or good marina view and must be completed). Anything which is NOT corresponding to these parameters does not sell at all or sells at 1.000 per sq.ft. or slightly below, take a sample of KEG or Diamonds.

Considering the expected completion of Park Iland in about 1 year, for appartments with GOOD VIEW the discount shall be equal to annual rent, thus about 8%. Add to it additional completion risks and the fact that the buyer purhases the appartment without being able to see it - add discount for it of another 10% min. Thus the reaslistic price shall be about 1.200,- per sq.f.t max. (If you really want to sell). I did buy some ready properties as well as some under construction in Dubai Marina thus these facts do not make me happy but, I believe, my evaluation of the situation on the market shall be correct.

Very interested to hear reasonable contra - argumentation if I'm wrong...

[DxbPC]

Hi to all
Personal opinion on current realistic prices for Park Island:
the REAL current prices to sell anything DESCENT in Dubai Marina is arround 1,500 per sq.ft. (the tower must be good, have see view or good marina view and must be completed). Anything which is NOT corresponding to these parameters does not sell at all or sells at 1.000 per sq.ft. or slightly below, take a sample of KEG or Diamonds.

Considering the expected completion of Park Iland in about 1 year, for appartments with GOOD VIEW the discount shall be equal to annual rent, thus about 8%. Add to it additional completion risks and the fact that the buyer purhases the appartment without being able to see it - add discount for it of another 10% min. Thus the reaslistic price shall be about 1.200,- per sq.f.t max. (If you really want to sell). I did buy some ready properties as well as some under construction in Dubai Marina thus these facts do not make me happy but, I believe, my evaluation of the situation on the market shall be correct.

Very interested to hear reasonable contra - argumentation if I'm wrong...

It seems a very well thought out guesstimate but it is just that. The price you can sell your unit at only matters when you are selling. Not what it was last year, now or next year...just when you are selling. Likewise it matters to UK buyers what the excahnge rate is when selling as currently you can drop 35% of the original dirham price and still get back what you paid. Flip it the other way and sell it for what you paid and your 35% up.
Ask yourself this...who would have thought 6 months ago that we would be where we are in the middle of a credit crunch? I believe in 18 months to two years everything will have passed and the market will have stabalized and prices will have settled around the 1750psf. Only my opinion though. #

Not saying your wrong just saying its only your opinion - and thats all anyone can offer. No one can predict or workout what the future holds. If someone puts a plane into the Burj tomorrow everything will be worth zero...All ifs and buts...why worry until you need to?

[mawkin999]

I' not saying "if" or "what would would happen after..."
I'm just analizing the CURRENT market as it is and trying to understand why people try to sell some units at about 2.000,- AED or above when there is no chance for it. Why?? If you place an add - you want to sell.If you want to sell - you shall ask realistic CURRENT price. And what realistic price now - see my post above. And I wanted to get the comments on my evaluation of the CURRENT market.

[dboy]

Hi to all
Personal opinion on current realistic prices for Park Island:
the REAL current prices to sell anything DESCENT in Dubai Marina is arround 1,500 per sq.ft. (the tower must be good, have see view or good marina view and must be completed). Anything which is NOT corresponding to these parameters does not sell at all or sells at 1.000 per sq.ft. or slightly below, take a sample of KEG or Diamonds.

Considering the expected completion of Park Iland in about 1 year, for appartments with GOOD VIEW the discount shall be equal to annual rent, thus about 8%. Add to it additional completion risks and the fact that the buyer purhases the appartment without being able to see it - add discount for it of another 10% min. Thus the reaslistic price shall be about 1.200,- per sq.f.t max. (If you really want to sell). I did buy some ready properties as well as some under construction in Dubai Marina thus these facts do not make me happy but, I believe, my evaluation of the situation on the market shall be correct.

Very interested to hear reasonable contra - argumentation if I'm wrong...


John Really wants to sell - or default on a loan in 7 days. 500 p/sqf is realistic
- or may default in 60 days. 700 p/sqf is realistic
- He wants lot's of money to buy a BMW. 1700 p/sqf
- Home sick (Very much so) 1200 p/sqf
- Home sick (a little), realistically 1450 p/sqf is best
- But can wait one year with no risk 2200 p/sqf

My point, since we live in an unchartered waters, prices will to vary based-upon a seller's urgency and ability to wait.

Only those who have to sell will try. Others will not sell until the environment is stable and predictable with "common knowledge" price ranges derrived by a healthy and stables market.:horse:

[googly]

Under the circumstances, I think it might be good for PI investors if the project is delayed. No point in handover now when you cant sell at a good price nor rent at a decent return. :ohno:

[Tightness]

?? But better to have the choice to have something in ur hand right??

[dirtyharry1]

Googly, I wish I had your calmness...:-) To rent out would be the only way of generating at least some money... despite the fact that also the rents are falling dramatically.

Pricewise uncompleted appartments presently are being sold (if at all!) at original prices, i.e. 1 bed at ~ 1 Mio. AED. These are real figures I was given yesterday by several agents.

[Imre]

if you have a 20-80% or 30-70% payment plan , delays very good now because no market at the moment but I think here only the final payment left 10-20% maybe? Thats why the handover will be good , as soon as possible.

How much did pay the owners of PI?

[AppleMac]

Under the circumstances, I think it might be good for PI investors if the project is delayed. No point in handover now when you cant sell at a good price nor rent at a decent return. :ohno:

sorry but I disagree - I would rather have a an apartment handed over whatever it is worth rather than this wait and the uncertainty over whether the developer is going to stay in business long enough to finish it.

[charlie big potatoes]

exactly, and forget about investors, what about the percentage of people that are end users and just want the home or holiday home they have been waiting for for 54 years. It aint all about getting a rental return and if too many have got involved in dubai have relied upon this they should of steered clear.

[Tightness]

The only reason to advocate is only for people who bought directly from the developer and a delay of the project would also imply a delay in the installments.

Everyone else who is ALREADY paying to the Mortgage banks is screwed because he is paying but not getting any cash in (regardless if rental prices are falling).

What is indeed beneficial is when OTHER projects are delayed / cancelled since it limits the overall supply..

[detract]

sorry but I disagree - I would rather have a an apartment handed over whatever it is worth rather than this wait and the uncertainty over whether the developer is going to stay in business long enough to finish it.

Depends on financial situation. With the final 30% left for completion, you would think that Emaar would want to complete just to bring in that additional cash handover will require.

Delayed, well I can wait as I'm a cash buyer and with STG as it is, it will give me a bit of a breathing space to raise the last bit of cash. Understand not the same for mortgage holders. My guess is STG will strengthen slightly, once the full cost of US budget plans and new borrowing requirements are finalised which will weaken the USD short term.

Emaar going down? no, in trouble yes, but would like Nakheel and DP need to be bailed out by the govt, just because they have too much at stake financially if they do go down. You cant build $bn metro systems, hotels, and roads if no one will use them.

[googly]

sorry but I disagree - I would rather have a an apartment handed over whatever it is worth rather than this wait and the uncertainty over whether the developer is going to stay in business long enough to finish it.

We paid a premimium to buy an EMAAR property because we thought it would be one the last developers to go under, if ever. I dont think EMAAR will go under (they are still quite liquid) so I have no doubt that they will finish eventually.

For cash investors, there is no point in paying the last installment and getting handover if you cant sell the unit at a profit or get a decent rental return. The apartment will remain empty and you will just pay the maintenance fees for nothing. You might as well keep the last installment and wait for better times.

I completely understand that the delays are a pain for people who want to move in themselves and for people who have a mortgage.

[AppleMac]

I dont think EMAAR will go under


I remember people saying the same thing about Lehman Brothers last year.

The current financial melt-down is unprecedented in modern times - so I would not put my money on any individual company surviving.

Let Emaar finish and deliver - then you have a bricks and mortar asset - not a promise on a bit of paper.

[detract]

Lehmans was allowed to go down (in hindsight wrongly), the US Govt could have bailed them out if they thought it was important like it did with AIG. Its whether the Dubai Govt thinks Emaar is worth saving, and considering it size and importance, and its Master Devleoper status in Dubai, shouldnt be an issue.

Park Island at its worse will become more delayed, lets face it considering its advanced stage of development (topped out) - probably 80% complete, its not going to cost them much more to finish off.

[dboy]

I remember people saying the same thing about Lehman Brothers last year.

The current financial melt-down is unprecedented in modern times - so I would not put my money on any individual company surviving.

Let Emaar finish and deliver - then you have a bricks and mortar asset - not a promise on a bit of paper.

Emaar is a solid brand with a aolid balance sheet accordingly to most analysts, they have not cancelled any project, and their sitiation will rise again once market liquidity unfreezes. Also Emaar's brand image is associated with the UAE/Dubai Government's image and let's not forget that the U.A.E has the bigest soverign funds in the world and would not hesitate to use a very small fraction of it to rescue Emaar (if need be). Time will tell, that PI investors will be very happy with very prestigious properties well before year-end. :):):)

[Imre]

08/February/2009

Park Island

http://img297.imageshack.us/img297/3369/imresolt061hy5.jpg (http://imageshack.us)

http://img201.imageshack.us/img201/4791/imresolt107hb6.jpg (http://imageshack.us)

[dboy]

Thanks Imre for the great pics.

[dboy]

Any one knows the name of the project at the empty plot next to the bridge, at the bottom right of the pictures.?

[mawkin]

I love your theoritical approach on market price calculation depending on .... and ..... And, in fact, prices are falling .... Sad, but it is reality. Any idea where is the bottom?

[googly]

The cranes are still there, which means that handover is still 12 months away. :ohno:

[dboy]

I love your theoritical approach on market price calculation depending on .... and ..... And, in fact, prices are falling .... Sad, but it is reality. Any idea where is the bottom?

If you are a buyer "good luck" with getting the lowest price in the market for a unit at Park Island. If you are a seller, no worries or sadness "prices are falling" applies only if you sell. I recommend to you not to sell, wait a little and enjoy the luxury of your PI unit until the market adjusts. :banana:

[enriquedubai2]

Hi all,

I went today to my unit in Sanibel. There's still a looong way to go. My guesstimate: end of the year : (

Check below the pictures i took, I noticed that in some units the colours of doors/kitchen furniture is different (dark brown, light brown). All the doors are already in place...

Cheers!
http://i720.photobucket.com/albums/ww209/Joffredubai/IMG_1958.jpg
http://i720.photobucket.com/albums/ww209/Joffredubai/IMG_1959.jpg
http://i720.photobucket.com/albums/ww209/Joffredubai/IMG_1960.jpg
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http://i720.photobucket.com/albums/ww209/Joffredubai/IMG_1998.jpg
http://i720.photobucket.com/albums/ww209/Joffredubai/IMG_1999.jpg

[christian875]

enriquedubai2,

Great pics, thanks! And I definitely agree on the year end handover.

[dboy]

thanks enriquedubai2 for the nice pics. I also agree with the year-end handover estimate.:|

best!

[9714]

at best^^

[googly]

Enrique, there are no workers visible in your pics. Is construction going on?

[enriquedubai2]

the pictures were taken today. Friday is their day off.

Anyway, i'm normally passing by everyday and the construction is on-going

[Areadubai]

I wish I sell and buy something complete but - there are no buyers and the prices have fallen.
Many of my clients are having the same problem. I have lots of ready properties available and my investors could probably be persuaded to swap if the deal is good. Would this be of any interest to you, swapping your park island for a ready property that you can move into immediately?

[Doctor_UK]

excellent update... thanks enriquedubai

handover.... end 2009...

interior.... hard to say anything yet... so far so good....




....

[dirtyharry1]

Prices seem to fall further... in newspaper today: 1 bed in Sanibel, 1052 sqt, floor 11, 995.000 AED!!!!!!! We have reached original prices obviously.

[christian875]

Prices seem to fall further... in newspaper today: 1 bed in Sanibel, 1052 sqt, floor 11, 995.000 AED!!!!!!! We have reached original prices obviously.

wow..just speechless. i just hope it's some desperate seller who has to unload at all costs :ohno:

[Imre]

unfortunatelly this is not a desperate seller , this is the market price now.

I just checked the Gulfnews today, market is getting worst , 1 bed , The Residences , 1.2 m, 1 bed Burj Dubai Lake Hotel, 1.6 m, Marina Quay-OP, Mosela-op+100K,Old Town 1 bed , 1.5m.. etc..

Still no buyers this is the main problem.

[christian875]

unfortunatelly this is not a desperate seller , this is the market price now.

I just checked the Gulfnews today, market is getting worst , 1 bed , The Residences , 1.2 m, 1 bed Burj Dubai Lake Hotel, 1.6 m, Marina Quay-OP, Mosela-op+100K,Old Town 1 bed , 1.5m.. etc..

Still no buyers this is the main problem.

Imre, you got me all depressed..i don't even want to look!! :ohno:

[Imre]

no, sorry, I just wanted to show you how bad is this market..

[christianK]

What is the market price for a 2br in this building?

cheers

[Imre]

around 1.6-1.8 m, if you are lucky and find a buyer.

[christianK]

around 1.6-1.8 m, if you are lucky and find a buyer.

is it a good building to buy a unit in?
i have a client looking for a 2br in the marina..would you buy?

[dirtyharry1]

Just received phone calls from Landmark Properties and Betterhomes, they have several sellers that are prepared to sell at original prices and they will even cover the transfer fees... 1 bed <1 Mio., 2 bed 1.5 Mio.

Even at those prices there are no takers... so "market prices" are not existing anymore.

Uncompleted appartments (even in good and nice developments like PI) are the worst property you can have here at the moment. Completed appartments can be rented out, even if the rental market is slightly following the down trend.

[charlie big potatoes]

Good views -15 and im your man.

[dboy]

Imre, you got me all depressed..i don't even want to look!! :ohno:


Cheer-up gentlemen, it's not all that bad what's a million here or there just try to remember that you are healthy and thats what really counts. Just try to remember that this is like being on a roller coaster has a begining, some fun for adrenaline and then a joyful end followed by a nice icecream feast.

Hold on tight and enjoy the ride. :):)

[dirtyharry1]

dboy, you are right! Hope that an end will be in sight soon...

[Imre]

17/February/2009

Park Island

http://img520.imageshack.us/img520/1074/imresolt203ea5.jpg (http://imageshack.us)

http://img520.imageshack.us/img520/8963/imresolt206et5.jpg (http://imageshack.us)

http://img23.imageshack.us/img23/6223/imresolt213ti7.jpg (http://imageshack.us)

[Starcom647]

Thanks Imre for the update.

[christian875]

Great pics Imre, thanks!

Park Island is really looking great (the one bright spot these days)!

[Tasy]

Thanks for the pictures. I drove past Park Island today and saw quite a few workers working there. Let's keep some hope that perhaps by some small miracle delivery may just be in July 2009.

[AppleMac]

Let's keep some hope that perhaps by some small miracle delivery may just be in July 2009.

absolutely no chance - I overlook PI and see out of my window every day the pace of progress.

A miracle would be delivery in September - keep praying :grouphug:

[italyindubai]

Emaar needs money, like everyone else. Without cash progress and quality will suffer.

[christian875]

Emaar needs money, like everyone else. Without cash progress and quality will suffer.

Well Dubai just got an official bailout from the UAE Govt so i think the cash flow problem just got solved. This is assuming EMAAR gets a some of that bailout money of course...which i think they will.

[dirtyharry1]

No, they just issued a bond of 20 Mio $!!!! Dubai government is finished.

[Tightness]

Well, Dubai issued a bond ($20M) of which half of it the UAE gov bought.

[AppleMac]

Well Dubai just got an official bailout from the UAE Govt so i think the cash flow problem just got solved. This is assuming EMAAR gets a some of that bailout money of course...which i think they will.

Hopefully they did - not many workers on site at the moment though.

Although some progress - they took the first crane down last week :banana:

[AppleMac]

Ooh, this is getting too exciting - they took another crane down today :banana:


At this rate they will be finished by the end of next month..:goodbye:


http://i97.photobucket.com/albums/l212/sids666/IMG_0004-1.jpg

http://i97.photobucket.com/albums/l212/sids666/IMG_0007-2.jpg

[detract]

Great photos Applemac, looking good. July 2009 seems a way off!

[Imre]

2009 seems almost impossible better if you expect in 2010.

[detract]

At least there is some activity - even if its removing the cranes! 2010 - lets hope the economic picture is better

[dboy]

Hi All,

I found research papers on the real-estate market in UAE by numoura research, a section of it on page 120 shows average prices in dubai marina based on actual sales from better homes. This seem to mute the excessive noise and show how much your PI propertY is actullay worth as of January/feb-09. The average for Dubai Marina's is AED 2031 psf down 10% from the peak of OCT/NOV 2008. The report predicts a decline of about 15% from the AED 2031.

The attached link will take you to argaam website (arabic) scroll down to the bottom and pick the pdf file.,,,,,,,,, Very Informative reading ,,,

Buyers and sellers enjoy :)


http://www.argaam.com/Portal/Content/ArticleDetail.aspx?articleid=95077

[FWIW]

^^Thanks dboy - very nice report!

[jeffers]

Thanks for posting the link Dboy, well worth investing some time to read through the report. :okay:

[charlie big potatoes]

Finally got the pdf open thanks.

[williamX]

I don't know what they write in reports, but today on the market few appartments available below 1mio for PI 1BR, 1 appartment in sanibel seller trying to sell thru different agencies for 934000 (726 sqft), he started from 1.3 and was sure that he will sell it in two days, 3 weeks passed and he can't sell it even for 934 K.

What to say if on Palm Jumeirah my relative bought 1 BR for 1 mio few days ago, yes there is bad view and it's on left side, but anyway 1 BR on palm indicate coming conditions of market.

Present market price for PI - 1200-1300 psqft and it's keep falling.

My villa fell down in double :(( it's life

[dboy]

I don't know what they write in reports, but today on the market few appartments available below 1mio for PI 1BR, 1 appartment in sanibel seller trying to sell thru different agencies for 934000 (726 sqft), he started from 1.3 and was sure that he will sell it in two days, 3 weeks passed and he can't sell it even for 934 K.

What to say if on Palm Jumeirah my relative bought 1 BR for 1 mio few days ago, yes there is bad view and it's on left side, but anyway 1 BR on palm indicate coming conditions of market.

Present market price for PI - 1200-1300 psqft and it's keep falling.

My villa fell down in double :(( it's life


Speculators would have bought the above properties in 24 hrs. They had access to easy credit and they could care less about property features, but this is history. Today's few buyers are end users who have to strugle to find financing and have clear and specific needs. Under these conditions, I think if a seller wants to sell near the actual numbers in the report, may have to wait much more than two weeks for an interested buyer, unless of course he is forced to sell fast at a rediculiously low price. In these case i do not think the price he is offering represent real "market price".

Good luck with your villa :)

[Tasy]

Hi everyone,

I drove past Park Island today and saw many construction workers. Let's hope it lasts. :)