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anyone here remember the movie cocoon??
I don’t remember much but I do remember when the old few folks discovered the benefits of the alien eggs in the pool that gave them the fountain of youth.
and they were told to keep it secret
but one of them blabbed to the old folks home and it brought in the masses and ruined everything
this is costa rica.
The one fact that is unfortunately obvious is that with the laws the way they are in the U.S. and here, the people who have made the most money here in “real estate” have been the people who never intended to actually build anything in the first place…
I’m referring to the numerous boiler room sales operations in Florida who were selling ocean view land in Costa Rica without the ocean view…
Law enforcement in the U.S. says they can’t do anything because it happened in Costa Rica and law enforcement in Costa Rica say that can’t do anything because all the money was sent to the U.S., and both the scammers and clients were from the U.S.
Thankfully most (but not all of them) have collapsed – which means the customers got shafted and they’re off enjoying their customer’s money – as I predicted here on this site a LONG time ago.
Legitimate real estate developers like this group mentioned in the article who want to do the right thing and build by the book with all permits approved etc., face a very hard time here …
They often say that “past performance is no guarantee of future results” but unless the system is changed drastically – which I do NOT anticipate – it is not a good sign for the future for large real estate developers.
The international lawyers for these developers will take one quick look at what’s happened in the past, they will see that nothing has changed and they advise their developer clients to avoid Costa Rica.
Scott
The guys mentioned in the story simply timed the market poorly and as it stands right now they’re investment has turned out to be a bad one. That’s just the way markets work. Win some…Lose some. Maybe in time it will get better but for now it’s simply a case of bad market timing. Personally, as I read the story about this monstrosity of a development I guess I’m hoping they do fail. The way the project is described just seems so inconsistent with Nature. Multi-Million $$ homes in the middle of the jungle? Something wrong with that in my opinion.
I was amused by the part where they said that they wanted this development of multimillion dollar homes to be part of the surrounding community. Yup, I’m sure it would have been difficult to tell where one ended and the other began.
I almost choked on my tamale when I read “We want it to be a Costa Rican town, not an American town in Costa Rica” I guess they think that everyone here just fell off the banana boat. I don’t almost hope this monstrosity fails, I REALLY REALLY hope it fails and they go back and f”#& up Atlanta some more.
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