The 'Balkan Valve'onerous Block Maintenence agreements as condition of purchase?

[Sofia Casa]

Sailing in uncharted waters like the mariners of yore maps of the known world encircled by fearsome monsters and dragons, i.e. most of the  Bulgarian developers providing off-plan units like so many commoditised plastic ducks of a production line!

 So they saw your masts on the horizon in 2004 then fleets started to berth in the ensuing 5 years followed by the current crash on the rocks of inadequate legal and independent advice when purchasing abroad. As the tide of investment suddenly subsided many were swept away in a Tsunami that started with Fannie Mae & Freddie Mac.  
How many are now left paying 7-12 Euros per m2 (on the gross area including a garages and common parts) for services that are poorly delivered if at all, by sister companies set up overnight, often by the Developer, to milk the tail end of the boom!  I want to call this the 'Balkan Valve' as it is a system that allows Developers to control the in-flow of cash and its outflow with a cartel of racketeers in varying degrees of association, all aiming 1) to shut out competition, 2) to monopolise revenue streams and 3) to lock owners into onerous rental guarantee, furnishing and block maintenance agreements for the foreseeable!  

Owners need to use sites like this to work together to seek fair representation to rectify the mess using the law at their disposal e.g. under the 2009 'Condominium Act' there are now clear regulations for owner voting, meetings & collective decision making through the owners committee.  It outrages me to see this situation unfold, as I love Bulgaria (warts and all!) and want to see a stable long term future for this place I have called home for the last 6 years!  The Unionists rallying call was 'workers unite' it should now be 'Overseas Property Owners Unite' I wish you all luck as a property owner myself in Bulgaria & as professional dedicated to property & lettings management.

[Missizippi]

What a good post!

[blitzman]

If any owners of Summer Dreams apartments Sunny Beach BULGARIA are reading the excellent 'BALKAN VALVE' message could they make themselves known and I will contact you. I am a concerned owner feeling powerless. Lets unite NOW.!!!

[frank]

Yes.  Good post by reliable Agent.  Unlike some of those who sold offplan developments, such as Key 4.
Anyone involved (in sections F/G especially) in Orpheus Valley?  Sofia Central?

[Sofia Casa]

Dear Frank:  When I read your post I nearly had to pinch myself, we are in fact unraveling the aftermath of the 'Sofia Central' debacle on behalf of various investors in that very development!  If you need any assistance let us know?