7 October 2009 by hemingway

Olympe

We have one of the above apartments and visited the place in September. We went to see Tim Webb in Nice who translated the Odalys contract for us and suggested we try to contact Gerry Cogan from Ireland who has been involved in negotiations as an owner. To date we have been unsuccessful, anyone have contact details for him or another contact for the residents group?. Has anyone signed up to the contract and received confirmation payment will be received.

Comments

sutz

14 November 2009

Yes, I have an apartment and I have received rent from Odalys as have a number of other owners. It was late however.

sutz

24 November 2009

In respect of our own apartment I am hoping it will not be too different to what we paid for it. Although the value is driven to a large extent by the rental income which has dropped under the Odalys contract. When we bought the flat it had a yield of 5.5%. It appears to me that since then yields have fallen to around 4% so if you do the maths you should come back to a similar value.


This may be wishful thinking so I would be very interested to know how your valuation turns out.

JuanAzur

24 November 2009

Michael

I am afraid this is wishful thinking. Over-priced apartments were valued on the original yield. If the yield has dropped then the value of the apartment has also dropped considerably.

sutz

27 November 2009

I would have thought if the appartment was sold for 200k euro with a 5.5% yield (as was the case for Olympe when I bought )that would give you a rental of 11k per annum. If the rentals have dropped by 27% that would give you 8030 euro as a new income.


Yields in the market place appear to have dropped to about 4% so if your appartment has an income of 8030 it is worth 200k (??).

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