Praia da Falésia, Algarve, Albufeira, Faro, 8200-593

Praia da Falésia, Algarve Apt: Pine Cliffs Algarve
Albufeira Faro 8200-593
Portugal

CO-EXCLUSIVE
Cross street:Praia da Falésia
Floor:Ground floor

Property

Ownership: For Sale
Type: Business Opportunity
Rooms: 4
Bedrooms: 3 BR
Bathrooms: 3
Pets: Pets Unknown
Area: 191M² (2055 sq ft)
Tenure: Tenure Unknown

Financials

Price: €1,395,000
($1,674,000)
Jorge Próspero dos Santos
PD Real Estate Managment | Realtor
Avenida da Liberdade, 129 B , 1250-140 Lisbon

Description

Pine Cliffs Residences & Suites

When you purchase a freehold property at Pine Cliffs Residences/suites you own the property out wright. However, you engage in a 10-year mandatory rental agreement as these are commercial units and will be subject to Touristic Exploration. During those 10 years the owner has several weeks to use (26 weeks in the Residences & Suites) with his/her family and friends for personal time (please see below) and the rest is placed into a rental pool along with all the other owners and rented on the owners’ behalf. For the first 5 years of your 10-year agreement we will guarantee a minimum 5% return on your investment. Meaning that whatever is generated within the rental pool after all costs have been taken out, but pre-tax, if it is lower than 5% the company will top up and give you 5%, if it is more then you get more. After the 5 years the guarantee ceases to exist and whatever is generated in the rental pool is what the owner will get after costs.

Pine Cliffs distribute the income daily between all the owners that have their unit available each day for rental, in other words not using their apartment. However as long as the owner has their unit available in the rental pool (even if it does not get rented) they still get a return. Meaning that the smaller number of nights you use you will potentially get more income. For example, if you use 4 weeks per annum and someone else uses 26 weeks then they will get proportionally less income, opposed to someone that is using less number of nights/weeks.

Once the 10 years have reached an end you have several options such as:

- The contract is automatically renewed for another period of time

- You may renegotiate the agreement and for example have a 5-year plan instead of 10 years, as long there is an agreement between both parties.

- You pull out, no longer rent and use it for 52 weeks in the year, however the you are obliged to pay your personal and shared monthly/yearly running costs, i.e. condominium fee, utilities, insurance, etc.

Also if you decide to sell you may sell at any time during or after the 10 years. This you may do privately, through another broker or nominate us as your brokers with a normal brokers fee.

Allow me also to additionally inform you that in terms of property value increase or capital growth this is determined by the normal market increase and subject to many factors as you know. What I can say is that this is not Paris, London or Rome, but your investment at Pine Cliffs is safe and will grow gradually over a period of 7, 10, 12 years. For example, the Pine Cliffs Residence that we started to sell in 2006, we started to sell a 2BD for €600.000.When you buy at Pine Cliffs you buy into a resort that offers many added benefits apart from just an apartment i.e. security, facilities pools, golf & tennis, beach access etc. and all services included.

Please also note that in Portugal there is no Leasehold properties, all are Freehold properties and in Portugal at the moment there is no inheritance tax, so your property will pass on from generation to generation until you decide to sell.

Usage period Pine Cliffs Residences

Each year the owner is entitled to 26 weeks private usage of the apartment:

- High season: Restriction of 2 weeks (July or August)

- 24 weeks to be used in the rest of the year.

Revenue & expenses.

The net revenue is calculated as follows - gross revenue with the deduction of all expenses including:

- Operating expenses

- Condominium Fees

- Reserve Fund

- Insurances related to Touristic Exploration

- Management Fees.

All revenue and expenses are collected and paid by the Management Company.

The Management Company prepares monthly accounts for the Rental Pool Program, with the detailed breakdown of the Revenue, Expenses end Net Distribution per individual.

The Management Company also prepares Annual Audited Financial Statements for Distribution to Unit Owners.

Privileges of owners.

All owners of Pine Cliffs will be entitled to the following discounts at the resort:

· 25% on Food & Beverage

· 10% in the Resort’s Jewelers Shop

· 10% in the Resort’s Boutique

· 10% in the Resort’s Wellness Experience

· 15% on Porto Pirata – Children’s Village

· 15% on Tennis

· 25% on Laundry

· 25% on Mini Golf

· 30% on Hotel & Golf Suites Rack Rates

· 20% on Town houses & Residence apartments Rack Rates

For further information or to schedule a visit please contact me.

Amenities

  • 24 Hour Security Guards
  • Abundant Closets
  • A/C units
  • Back Yard
  • Balcony
  • Beach
  • Breakfast Area
  • Community Pool
  • Dining Area
  • Dishwasher
  • Full Time Doorman
  • Furnished
  • Garden
  • Golf
  • Ground Floor
  • Hardwood Floors
  • Home Office
  • Investment Property
  • Pool
  • Pool House
  • Private Entrance
  • Resort
  • Spa
  • Waterfront Property

Amazing “pied a terre” in Algarve | Portugal

Description

Pine Cliffs Residences & Suites

When you purchase a freehold property at Pine Cliffs Residences/suites you own the property out wright. However, you engage in a 10-year mandatory rental agreement as these are commercial units and will be subject to Touristic Exploration. During those 10 years the owner has several weeks to use (26 weeks in the Residences & Suites) with his/her family and friends for personal time (please see below) and the rest is placed into a rental pool along with all the other owners and rented on the owners’ behalf. For the first 5 years of your 10-year agreement we will guarantee a minimum 5% return on your investment. Meaning that whatever is generated within the rental pool after all costs have been taken out, but pre-tax, if it is lower than 5% the company will top up and give you 5%, if it is more then you get more. After the 5 years the guarantee ceases to exist and whatever is generated in the rental pool is what the owner will get after costs.

Pine Cliffs distribute the income daily between all the owners that have their unit available each day for rental, in other words not using their apartment. However as long as the owner has their unit available in the rental pool (even if it does not get rented) they still get a return. Meaning that the smaller number of nights you use you will potentially get more income. For example, if you use 4 weeks per annum and someone else uses 26 weeks then they will get proportionally less income, opposed to someone that is using less number of nights/weeks.

Once the 10 years have reached an end you have several options such as:

- The contract is automatically renewed for another period of time

- You may renegotiate the agreement and for example have a 5-year plan instead of 10 years, as long there is an agreement between both parties.

- You pull out, no longer rent and use it for 52 weeks in the year, however the you are obliged to pay your personal and shared monthly/yearly running costs, i.e. condominium fee, utilities, insurance, etc.

Also if you decide to sell you may sell at any time during or after the 10 years. This you may do privately, through another broker or nominate us as your brokers with a normal brokers fee.

Allow me also to additionally inform you that in terms of property value increase or capital growth this is determined by the normal market increase and subject to many factors as you know. What I can say is that this is not Paris, London or Rome, but your investment at Pine Cliffs is safe and will grow gradually over a period of 7, 10, 12 years. For example, the Pine Cliffs Residence that we started to sell in 2006, we started to sell a 2BD for €600.000.When you buy at Pine Cliffs you buy into a resort that offers many added benefits apart from just an apartment i.e. security, facilities pools, golf & tennis, beach access etc. and all services included.

Please also note that in Portugal there is no Leasehold properties, all are Freehold properties and in Portugal at the moment there is no inheritance tax, so your property will pass on from generation to generation until you decide to sell.

Usage period Pine Cliffs Residences

Each year the owner is entitled to 26 weeks private usage of the apartment:

- High season: Restriction of 2 weeks (July or August)

- 24 weeks to be used in the rest of the year.

Revenue & expenses.

The net revenue is calculated as follows - gross revenue with the deduction of all expenses including:

- Operating expenses

- Condominium Fees

- Reserve Fund

- Insurances related to Touristic Exploration

- Management Fees.

All revenue and expenses are collected and paid by the Management Company.

The Management Company prepares monthly accounts for the Rental Pool Program, with the detailed breakdown of the Revenue, Expenses end Net Distribution per individual.

The Management Company also prepares Annual Audited Financial Statements for Distribution to Unit Owners.

Privileges of owners.

All owners of Pine Cliffs will be entitled to the following discounts at the resort:

· 25% on Food & Beverage

· 10% in the Resort’s Jewelers Shop

· 10% in the Resort’s Boutique

· 10% in the Resort’s Wellness Experience

· 15% on Porto Pirata – Children’s Village

· 15% on Tennis

· 25% on Laundry

· 25% on Mini Golf

· 30% on Hotel & Golf Suites Rack Rates

· 20% on Town houses & Residence apartments Rack Rates

For further information or to schedule a visit please contact me.

Amenities

  • 24 Hour Security Guards
  • Abundant Closets
  • A/C units
  • Back Yard
  • Balcony
  • Beach
  • Breakfast Area
  • Community Pool
  • Dining Area
  • Dishwasher
  • Full Time Doorman
  • Furnished
  • Garden
  • Golf
  • Ground Floor
  • Hardwood Floors
  • Home Office
  • Investment Property
  • Pool
  • Pool House
  • Private Entrance
  • Resort
  • Spa
  • Waterfront Property

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.