Costa Rica Real Estate – Our first failed project and why buyers are happy!

Here’s yet another reason why you should always do business first with WeLoveCostaRica.coms’ recommended, reference checked, English speaking, fully legal Realtors.

Our long time VIP Members know that even during the boom times we only ever recommended experienced developers with a proven track record of delivering quality real estate and we’re proud of our extraordinary track record in today’s difficult economic environment.

For five years I have been pounding the table warning our VIP Members about hard-sell companies calling themselves “developers” like Paragon Properties of Costa Rica with their hard sell, boiler room ‘fronters’ and ‘closers’ selling land over the telephone.

Thanks to the expert information they found right here since 2003, thousands of our VIP Members have NOT sent – and lost – a ton of money to someone they don’t know for a home that was never going to be built!

Paragon Properties in particular has failed catastrophically and has caused untold misery and financial hardship for thousands of people who were dreaming of their little slice of a paradise called Costa Rica for their retirement.

Where’s the Robocop when you really need him?

Even though we have been contacted by practically every Tom, Dick and Harry begging us to promote their real estate in Costa Rica, we have thankfully turned down 95% of them and up until today, there has not been one single experienced developer with a proven track record of delivering quality real estate recommended on this website that has failed to deliver.

Not one!

We certainly have projects that have slowed and, there’s another developer who is waiting on formal documents from the Registro Nacional which we expect very soon, but not one has failed.

But this week, we were informed of a project recommended on this site that will not be built and you’re probably wondering why we’re delighted…

Well that’s real simple, we’re delighted because the developer will be repaying the full amount that our VIP Members have deposited with them…

The developers of the Wyndham project in Jaco have decided that:

“As a dear and esteemed client of our company and the Wyndham Jaco project, we would like to take this opportunity to inform you about recent developments that directly affect our project. As you are aware, during the last eighteen months the world has experienced the worst financial crisis in the last seventy years. As a result of that, the real estate and hospitality industry in Costa Rica suffered greatly. Moreover, this situation led to the withdraw of all the credit opportunities available to us, including credit facilities already approved for the construction of the condo-hotel. Notwithstanding that, our company with great effort continued with the development for many months expecting a turnover in the credit market and in the attitude of institutional lenders. Unfortunately, this never happened, quite the opposite, on top of that the market continues to shrink and the conditions for development have become almost impossible to bear.”

At Wyndham Jaco we are committed to protect the interest of our clients above anything else; therefore, faced with such adverse conditions for development as we currently do, instead of putting the project on hold and keeping the deposits alleging extraordinary market conditions or a force majeure exception as many other projects have done in the recent months, we have decided to unilaterally rescind the agreements executed up to this date and return all the monies received from our clients, including yours. It is our intent to continue with this project once the market and credit conditions change, but we do not want to negatively affect our clients in doing so, that is why we have come to such a difficult decision. We certainly hope that you can understand our position and agree with us that this is the best approach to all parties involved. Additionally, as a token of our gratitude for your understanding and support, we will provide to you a preferred price and a first choice in this or in any other future project of this company.

Consequently, according to our records, you will receive from us within the next sixty calendar days counted as of the date of receipt of this letter, the amount of US$…… legal currency of the United States of America, which represent the full amount paid by you in connection with the Reciprocal Promise to Purchase and Sale Agreement executed on…..”

Before recommending this or any other project, our Recommended Realtor in the Jaco area Lisle Head does extensive research. here are just a few of the things he likes to see:

• The project must be 100% permitted. No ‘pie-in-the-sky’ ideas that ‘may be’ built one day “if” the developer can suck in enough buyers to help pay for the permitting process.
• Like me, Lisle Head prefers to recommend established developers, preferably with experience in both Costa Rica and the USA which gives him a higher level of confidence.
• The property must be 100% paid for… Lisle is not in the business of getting deposits from customers to pay off the developers’ land.
• Lisle makes sure his customer’s contracts have starting dates for construction and if not started by that date, monies will be refunded 100%. Many developers leave contracts open ended and more often than not, the unwary customer does not notice until it’s too late.
• All Lisle’s customers deposits must be deposited into escrow until the developers show proof of funds to complete the project 100%.

Using these simple, basic strategies – that the majority of real estate sale people don’t even bother with – our Recommended Realtor in Jaco Lisle Head makes sure that his customers – and many of our VIP Members – were protected ….

On behalf of our VIP Members and myself, I would like to thank Lisle Head for being a true and caring real estate sales professional, for doing a great job and making sure that his customers are only shown quality real estate and I would also thank Rico Costa, the developers behind the Wyndham project for doing the “right thing.”

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Written by Scott Oliver, author of 1. Costa Rica Real Estate Scams & How To Avoid Them, 2. How To Buy Costa Rica Real Estate Without Losing Your Camisa, 3. Costa Rica’s Guide To Making Money Offshore and the Director of Costa Rica Living & Retirement – Secrets To Happiness, a new DVD which reveals all with 14 in depth interviews…

Contact Lisle Head now using the simple form below to hear about the best opportunities available:

Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.