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I recently put a reserve payment down on 2 lots in the 3rd development called Costa Reserva being constructed by Costa Developers. I am planning to go down with my wife and daughter in March 2007. I’m wondering if anybody has been there recently? I, like others posting messages on this site have felt the hard sell being used by this sales team. I don’t have a problem with someone making a living but I would like to know that the people I do business with are at least reputable. I have done my due diligence on the law firm holding the escrow and they are legit. As far as the developement, I have been told that the infrastructure of Costa Montana is finished as well as some model homes. Can anyone confirm this? I understand that any investment carries a certain amount of risk, but I would like to hedge my bets a little by getting some more info on the development as well as the developers, attorneys and architects. Any info would be greatly appreciated.
Hello Vernon,
I purchased a lot last August when construction progress for phase 1 and 2 was evident only by the roughly graded roads. Hopefully when you arrive next month the actual infurstructure, water, electric and telephone should be in the beginning phase of construction. That facet carries far greater weight in insuring the credibility of this developer than building a gated enterence which could end up leading nowhere. In addition, I would expect that most of the lots located in phase 1 and 2 will have been cleared and particially graded for utility placement and eventual home construction.
Yes there is some risk but I was unable to find a reason that would have changed my mind. All one can do is ask the right questions and do a little investigative research and hopefully reap the rewards for these efforts. Any questions feel free to reply. Regards
I did not have a good experience with Costa Developers. My sales rep told me there would be 300 people working on the property when I would inspect it. There was 3 dudes sleeping in the shade when we got there. I went onto the property a couple of times. No body was working. That was a big red flag for me. I got out. The Gibson lawyers were really good getting my money back to me. It took a couple of days.
I don’t see the need to tie up your money with them. If you want to see the property go down there and look at it. If you like it call them up and tell them you want a lot. Meanwhile you can go around the same area and look at all the property that is available down there without listening to their hard close.
Turns out I am the only one who has turned them down after inspecting the property. And they couldn’t believe that I would be giving up all the equity I had already earned.
When I asked to get my deposit back, the sales rep said, “don’t worry I don’t think they’ll stiff ya.”
Are you saying that you sent them money without going down there to inspect the property? I would assume the law firm is theirs and not yours?? Hopefully this is not the case but if it is I certainly hope you won’t become a victim. It may be a little to late to hedge your bets.
Rule numero uno………never send money for property without personally inspecting it in person and then and only then have your own qualified and trusted attorney handle any contract for you.
I was just there in December and saw there signs up everywhere but did not tour any of the properties. That said the property nearest Jaco has quite a bit of building going on, houses, some paved roads and a very ornate entrance. I also saw a big sign in front that says “sold out”. I am not endorceing this project in anyway, just reporting what I have seen. To help eliminate some of the risk involved having your own attorney look into things would be very wise. Some of these companies doing these projects have principles involved with checkered pasts. So even if they are going to do what they say you have to decide if you want to deal with them. I bought land at the begining of a project in Playa Hermosa, then read some disturbing things on this site, after doing some research I decided to go forward. I am happy to say things have all worked out. Based on what I have learned about Scott here, he would not endorse a project where partners have been involved with any sort of monkey business in the past and I absolutely respect and understand that. If you buy property from one of His prefered sellers you have an added level of security right from the start. Mostly it seems these are men who have had problems with the various securitys regulatory agencies in the U.S. or Canada. I will not mention where I bought, but Scott it could make an interesting article on how a “red flagged” project did indeed clear all the hurtles of taking a large finca through the long process of conversion into a gated developement. My guess is you are busy enough with the people you have “cleared” to do this but it still would be interesting to many of the readers on this site.
yes, I’m saying I sent them money before I saw the property. Luckily I learned my lesson without paying for it. I’m letting Vernon know though that I did get my money back with no problem. But I do think as soon as you say yes to the contract, you will not own anything until they fulfill their obligations, because there aren’t any titles to the individual lots they are selling. That’s how I understand it.
Following posts placed in the wrong place and reposted here:
Posted Feb 03,2007 11:26 PM OmniShare
Scott and I have posted on this topic, but I’d like to hear other comments, as I am going to be on the Central Pacific Coast in two weeks looking at properties, and I’d like to hear others’ experiences with Costa Developers. I received some private emails reporting mixed results with Costa. Their project at Costa Esterillos may be a quality property, but I have become extremely wary of any developers using sales organizations out of Florida. The process seems fraught with potential for fraud. I noted from another posting that some of the principals may have had enforcement problems in the US. I’m coming to Costa Rica to get away from high pressure and charlatans, and I don’t need to deal with same from good ol’ USA. If I wanted that, I could stay in California and deal with it here. That’s one reason why I’m moving to Costa Rica, to find reputable people who live up to their word without 6 lawyers and many pages of legaleze. I suspect I won’t find that with Costa Developers. At least, my preliminary experience with them was miserable and reminds me why I don’t want to do business with pushy salesmen from Florida. I hope others are very careful with them, as well.Reply Delete Edit
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Posted Feb 04,2007 5:39 AM Lotus
I think in the long run you will be best served by sticking with the facts. Meaning don’t let (any) pushy salesmen deter you from a purchase that otherwise makes sense. As far as leaving all your troubles behind in Cali I don’t know. Costa Rica is fraught with petty aggravations and schemers. If you are looking for land in a gated community in the central pacific most are run by at least one Gringo. And unless you are going to be there full time a gated complex is probably a good idea or better yet go with one of the Condos Scott listed on this site. Once you are are down there you will be able to get a much better picture of what is going on. You will see signs up for many projects, also get a broker(perhaps from this site) to show you around as there is a lot of land for sale! Have fun, don’t let anyone aggravate you before you even hit the ground and if you are in Playa Hermosa/Jaco go to Jungle surf for the best fish you may ever eat!I am a “newby” to this forum and site. I came across it in an attempt to gain more information into purchasing land and hopefully moving to Costa Rica. I read with great interest about Costa Developers since I have had some dealings with them. I also found them very pushing and am now talking to the Wellington Assset Management Company. Wellington is the developer behind Columbus Heights as well as Vista Pacifica Heights. Costa Developers have the projects Esterillos and Reserva. I am trying to ascertain the credentials in country of the players involved in these projects, paticular Wellington as I have moved on from Costa-Developers. Stewart Title Co. I know of, the law firm being used is Facio, supposedly very reputable, does any one know??
Edited on Feb 05, 2007 16:58
I bought in Columbus Heights early on and have closed on my property. I was there in December and they had made a lot of progress on the land, having just started building in late October. My experience has been good, what ever time frame they gave me for completion I added 1 year to just from my experience with Costa Rica. You will find questionable information regarding one of there principles. I was interested in there ability to complete the project. And you are right there partners are all reputable; Facio, Corelca and Stewart. This has just been my experience and I will not engage in promoting them neither putting them down. Most importantly you must get down there and look for yourself and do your homework,hire an attorney.
Thank you for your information….Paul Iwankowski…he is one of three names I am aware of who owns Coastal Properties which is the company that owns the land, or so I have been told, the other two partners are Carlos Hernandez of Facio Law Firm in Costa Rica and Steve Halfhill a lawyer in the Arlington area.
I have also been told that the court action in the following link in which I saw P. Iwankoski’s name was settled out of court and pertained more the SEC claiming that the “investers” were buying stock and not LLC. or something of that nature.
It does look as if some type of misrepresetation on the part of some was less than forthright from my understanding of the legal language. It also is nearly ten years ago and it would appear that the “investers” reached a settlement.
Does anyone else have any information to support or share concerning the Wellington group??Personally, I went to the head quarters and seen the 30 telemarketers at the welington corperation. I didn’t like what I had seen and will not refer any of my clients to this project.
After I had left they called me every two weeks for 4 months and was telling me to buy because the prices were going up.
To me the prices they were offering were staggering I could buy the same property for much cheaper price with out the high pressure.
Just to keep our facts straight SB, the people you saw at Wellington were brokers selling high risk currency options, not real estate. They only had one project at the time to sell( I remember when you first posted this experience about 6 months ago) which was Columbus Heights. They had phases one through five and they started by selling 5000M2 for $30k, actualy cheap even then for Playa Hermosa, then in 2 it went up to $35K, then $40k, $60K and now the last 5 or 6 lots are at $140k approx.which is about $30per m2. ScottB I don’t know how familiar you are with Playa Hermosa/Jaco but these prices were very reasonable. I just want to stick with the facts here, show me one piece of land in a gated community in this area(not Parrita)that trades at these prices. Have you been to Jaco or Hermosa recently, or ever? On average a small 500-1000m2 lot will run you about $50-75k. And I have a few Tico friends in the area and even with there help it was hard finding a lot that I wanted. No doubt that Paul I. has had problems in the past, I do not dispute that, but I have met Carlos Hernandez at Facio and he was a terrific gentleman, even sent me home with his driver when he heard I would have to take a taxi back to our hotel. Also sat down and patiently explained all the documents I was signing at our closing, almost two hours of his time. I am a Real Estate broker here in NYC and that would not happen here. And when I had left a document at His office he had is driver track me down, who found me at a little Columbian cafe in Escazu de San Rafael. These have been my experiences and they have been good. I must say considering they have sold approx. 225 lots there have not been to many complaints about them on this board from people who have actually bought from them. The only problem I can see is there time table to finish the infrastructure was delayed because of permits, and if you know C.R., this is to be expected. I’m not suggesting Paul found Jesus, but my experience has been good and they have done what they said would be done. Again do your homework if it’s not for you move on.
Following posts placed in the wrong place and reposted here:
@@@@@@@@@@@@@@@@@@@@Posted Feb 11,2007 2:58 PM jmorberg
Hi,I have reserved 2 lot’s in Costa Esterillos, and so far, have met a few people online who are doing the same in either this development or Costa Montana and now Costa Reserva. Those whom i have already met are exchanging information and trying to keep up on the progress of these developments. If you are looking into these developments or have already reserved a lot (s), and would like to be involved in our information sharing, just email me back directly in reply or post here if you like. I think we can only benefit each other with the information we are getting, whether negative or positive. So far a Costa Rican attorney has been recommended, and some of the other’s are going down to the sites to take pictures and report on progress of the infrastructures.
Thanks
Steve
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