Congratulations to RuthLythe for her excellent article in The Daily Mail on the downside of buying into the retirement development dream. Not only does it point out the extent of "event" fees and how residents are misled (for which a spkesman for Peverel/Firstport expressed their sorrow) when they purchace a property, it also amply illustrates the dramatic loss of value in the properties.
In their defence a Mcarthy & Stone spokesman says
"The value of our properties is more than simply financial as our customers buy into a lifestyle based on security, safety and companionship'
in a twist of the knife aimed at Peverel/Firstport the spokesman adds
'Our newer properties are better placed to retain their value as a result of the improvements we have made to our products and developments."
The most noticeable difference, is that Mcarthy &Stone retained the freeholds of the newer developments and have effectively appointed themselves as the managing agent, whilst the older Mcarthy&Stone developments were flogged off to Tchenguiz companies, who appointed themselves in the form of Peverel/Firstport as managing agents.
