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Does anyone have updated info. as to what’s happening with the Costa Del Sol project at Playa Bejuco? These were single family homes which were sold in 2006. The project has ran into all kinds of delays and issues with builder.
Thanks.
Nothing at this point and not sure that status of the developer. His name is Mauricio (first name) and my understanding is that all the owners of the development have placed funds in an escrow account and are either trying to force him to complete the project or get rid of him. There are some nice completed properties in the area but the project seems to be half completed. Again, any info would be appreciated.
Bob.
Forgive me for asking a stupid question but when you say the developer ‘Mauricio’ is saying “nothing at this point,” does that mean he refuses to speak with you?
Are you one of the investors?
Don’t the investors have contracts that call for certain things to be completed by certain times?
Scott Oliver – Founder
WeLoveCostaRica.comI have not been able to to get a hold of the developer. I’m not an investor but considering buying one of the properties. Just came back from a visit there and got various bits and pieces of information from current owners and real estate agents. Here is the original web site to the development:
So if I understand you correctly:
1. “The project has ran into all kinds of delays and issues with builder.”
2. The developer is telling you “nothing.”
3. “All the owners” …. “are either trying to force him to complete the project or get rid of him.” Yet …
4. You are “considering buying one of the properties.”And all of this makes sense to you?
This has all the ingredients of a profitable and fairly secure real estate investment does it?
With their website that is clearly out of date stating that “AN EXCELENT INVESTMENT! (Yup! They can’t spell either) “With the construction of the new road from Ciudad Colón – Orotina to the Pacific Coast, Costa Real will be only at 1 hour from San José (to be delivered December 2007) I DO NOT THINK SO. This factor alone will guarantee an instant increase in value.”
This is only my gut feeling having done 45 seconds of in-depth research but I would suggest that you RUN AWAY and DO NOT SEND THEM A DIME.
Scott Oliver – Founder
WeLoveCostaRica.comScott, appreciate the thoughts. I’m a banker myself and I’ve done some due dillegence. As noted, there are funds in escrow to complete the project. It’s a matter who will complete. Your preferred realtor in Jaco, Lisle Head is a big promoter of the project and claims to have been involved with project from the start. He has sold a number of prooperties and has a few listings. He seems like a straight forward guy and claims that the worst is over. Number of people I have talked to that own properties are committed to stay. I’m just trying to get other opinions from you or other people that may know something about it.
I will ask Lisle for his feedback…
Over the past 20+ years I have helped many investors to invest significant sums of money in a variety of professionally managed hedge funds… I monitor them closely and ‘if’ there are any proposed changes to the management of the fund, we will examine the fund again, and the manager’s track record as if it was a new investment…
My point is, you are buying the developer’s concept and the existing investors obviously believed in him enough at one time to invest their money with him, but now: “It’s a matter who will complete.”
Perhaps you would be best finding out who exactly will complete it and carefully analyze exactly who they are and what they have achieved BEFORE investing your money. As it stands you are considering investing in a racehorse when they haven’t decided who the jockey is…
Scott Oliver – Founder
WeLoveCostaRica.comHi Bob. Just like I stated when we met. The money is in escrow and the work is in progress. Landmark is handling the management of the project and they just took over this responsibility less than 3 months ago. Please if you have further questions or need more information email me and I will provide you with whatever you need to make your decision. As you know I was very upfront and honest about everything that has happened in the past with this project and where it is going.
We purchased a home at Costa del Sol (we completed early May 08). We accomplished this with the help of Oceanside Realty and Lisle whom you have already dealt with. Lisle is very very straight forward and hands down is one of the best people to speak to about this project as I believe he owns a few lots/homes at Costa Del Sol. What I’ve learned so far having dealt with real estate in Costa Rica is eveything seems to take time and there doesn’t seem to be a great urgency. Patience is not something I have been blessed with so it was a challenge waiting for everything to be in place BEFORE we committed all that money. We are very pleased with the development. We are very pleased with Allamo Homes who manage the development as well as our home there. We love the location of Costa del Sol and we are equally pleased with the quality in construction. Mauricio has been very quick to respond to all of our queries as we went through the purchasing process and we are still in touch with him as we are with Felix from Allamo who is excellent! We probably had the same questions as you have and I think you are doing the right thing by asking around. All the folks we met at the development during one of our stays, really enjoy being there. Yes, there have been hiccups along the way I’m told. Yes, building has been delayed I suppose. However, we have been in the picture since early December and each time we visited the property we found considerable progress being made. Immediately after the recent hurricane in the area, we were in contact with Felix at Allamo homes AND Mauricio who both gave us updates on our property and the Development at large. Their information seemed to be very upfront and honest. Whether its Good news, bad news or indifferent news; I found Mauricio to be a good and accessible guy. The project in my opinion is a good one compared to many others we looked into in the surrounding areas; but as with all real estate purchases – get a good lawyer! We found a great lawyer from San Jose who made sure we got good title (free and clear) and we are happy with our new home. Feel free to contact me for a more in depth account of my personal experience with Costa Del Sol.
so i take it the biggest concern is the time it is taking to get the project finished?
i was out there in april and saw them working alot…
how about the drainage….what problems came up at this site during the recent deluges, if any…
thanks…
im still lookingThank you very much for your in-depth feedback. It’s exactly what I was looking for you. We spent a lot of time looking around the area. Can you tell me which unit # you bought? Also, would appreciate the name and telephone # of the lawyer you used.
The drainage has been great. I was very impressed after the tropical storm as there was no problem with drainage or flooding.
Actually that really wasn’t our concern. Our main irritation was just the closing. We were waiting for different things specific to our home before closing and sometimes it seemed like people were dragging their feet. We were there in April too and they were really getting on with the development in general. It was around the same time that we officially got the Property Managers Allamo start taking care of things. They are certainly good to deal with.
As a representative for the sister project to Costa del Sol, I can recommend Facio Abogados law firm to you. http://www.faciolaw.com/main.htm is a link to their website.
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