Any New Info on Costa Developers?

[vm]

I was wondering if anyone has been down to the developments (Montana, Esterillios, Reserva) in the past month? I am going down in March and will be glad to report back any new developments I find. Thanks.
VM

[dkt2u]

I met with the marketing director with Costa Developers and will be meeting with him this week to take a look at both the Costa Esterillos and Costa Reserva projects. I will give an update this week for anyone that is interested.

[MSG1014]

I was there in November 2006. There was not much happening. The had a nice gatehouse built and that’s about it. A couple of dirt roads and a few trails that’s about it. Many of their lots will be difficult if not impossible to build houses on.

Be very careful with any of the compamies that are strong telemarketers with no actual completed developmnets in Costa Rica.

[Andrew]

Posted in wrong place and reposted here by Scott

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Posted Feb 17,2007 1:52 PM vernon
I am going down to Costa Rica in March. I have put a deposit on 2 properties in the 3rd development Costa Reserva. I have done alot of research on Costa Developers and as far as I know there is 1 model home complete in Costa Montana with 2 more close to completion. The infrastructure is also nearing completion. This would indicate a firm commitment on the companies part to proceed with the completion of this project.
That being said I have also experienced the hard sell from the sales team in Florida on the purchase of this development like alot of you. I have been in contact with Joe Beers in CR and I asked for the Folio # of my properties in Reserva. He explained to me that since they have just started to subdivide this property, that they only have one number available for the whole property. As of this date I have not received the #. That was one week ago. I also tried to look up my lots on the newly updated web site and they told me both sites were in Phase I. From what I can tell, It looks like only 1 is in Phase I. I can’t even see where the other one would be. I am trying to be positive about this whole investment but am cautiously optimistic. So much so that with the help of some of the other people from this web site as well as referrals that were given to me by Costa Developers, we have set up an e-mail network to keep each other posted as to any new information we discover. I have read some of the reports regarding Ellis Kahn and find this a little disturbing to say the least. I have not identified his involvement in this project but it brings up another source of skeptisism. I will report back my findings when I return from my trip and try to answer any questions I can.

VM

[Andrew]

We are happy to TRY and provide objective information about these projects but I have not recommended this one, I am not recommending it now and never will.

Why?

We will ONLY feature EXPERIENCED developers with a PROVEN track record of delivering a QUALITY real estate product in Costa Rica.

Also knowing that the names of some of the founders of a company are not plastered all over a variety of regulatory websites (which is the case with many projects led by Americans here) is also a plus!

There are DOZENS of ‘colorful’ characters from the USA involved in Costa Rica real estate and we can not understand why people don’t just say ‘No’ and insist of working with EXPERIENCED developers with a PROVEN track record of delivering a QUALITY real estate product in Costa Rica.

At present there is no shortage of land and completed real estate for sale in Costa Rica and we will be featuring some really impressive new projects in the weeks to come…

If you think the Costa Rica real estate boom is coming to an end, you ain’t seen nothing yet!

Scott Oliver – Founder
WeLoveCostaRica.com
Author of ‘How To Buy Costa Rica Real Estate Without Losing Your Camisa’

[rebecca]

We have bought lots in Costa Montana..planning to sell one and build on the other. We are in the middle of designing our house with Mussio Madrigal Architects. They reported that the “bricks” for paving are on site. We received some pictures today showing them but no finished paved road as far as I could tell. Also, cable, electrical, etc. are supposed to be in by April. I saw their first house built on the river and it was quite atttractive with the “higher end” finishes they are promising. While I too was very concerned about the hard sell, they have performed as promised in every way. However, anyone really interested in building should see the lot first as there will be a lot of prep work to be done on some of the lots because of the drastic drop from the road.

[Andrew]

Posted in the wrong place and reposted here by scott

Posted Feb 20,2007 5:47 PM daisyinmiami
Hi, My name is Daisy Gomez and am a branch manager for Countrywide Loans. I beg to differ with some of your statements because I have purchased several lots with them and have only had great experiences. I have recently visited Costa Rica and was pleasantly suprised by the amount of infrastructure and progress this company has made. In Costa Montana they are 8 months ahead of schedule and I have personally veiwed model homes. As a mortgage broker I was completely impressed with their affiliation with Banco National and their finance program with Costa Developers. I’m sure that if the bank is willing to finace homes on this property, the property has value and the infrastructure is being completed. Please feel free to contact me for any information.

[vm]

Hello Miss Gomez,
I am going down to CR for the first time with my wife and daughter in March. We are very excited. I have put down a deposit on 2 lots in the 3rd development Reserva and have been trying to do what ever research I can on Costa Developers. This is our first purchase of real estate outside of the US and are naturally concerned. It was nice to see your words of encouragement from your visit. Were you able to see all 3 developments (Montana, Esterillios and Reserva) when you were down there? How far along are they with infrastructure on the last 2? Do you feel confident with your purchase and were you happy with your lot selections. I have begun corresponding via e-mail with several other investors and we are trying to keep each other up to date with information that we find. You are more than welcome to take part in this information exchange. Please e-mail me back in this forum. Thank you and I will talk to you soon.

Sincerely,
Vernon Perrone

[sallymoe]

Hello,
We are also considering investing with these developers and would like to be part of the group for communication. We are anxious to hear what you think after your visit. We are also especially interested to hear how far along the infrastructure is in each of the three developments….
Thanks,
Sally

[MSG1014]

Proceed at your own risk! The people behind Costa Developers have a long history of questionable investment schemes that have been well chronicled and documented on this website. One of the principles has been to federal prison. They have no background whatsoever in real estate, residential developments, architecture ect…in the United States, Costa Rica or any other country in the world. What would make you think that this development is going to succeed?

[daisyinmiami]

Hi Vernon,

I recently visited their two properties (Montana & Esterillos) since Reserva was not yet released in Dec. I was very impressed with an army of workers at Montana completing the infrastructure to allow the building of homes scheduled for the first part of 2007. In Esterillos, infrastructure should be complete by the end of 2007 and also building homes by the first part of 2008. I have spoken with the legal & construction dep’t of Costa Dev. and the finance dep’t of Banco National and have assured me that i can use my lot as collateral for the building of my home without money out of pocket. As you can read, I am very happy with my purchase and have recommended this company to a number of my associates. As far as some derragotory comments I’m reading that sound like they come from questionable sources (competitors), my dealings have been nothing but honorable with every commitment being met. I find the bad-mouthing and slander irrelevant to the success of the projects.Vernon, I would love to take part in your information exchage with other investors.

Regards,
Daisy

[MSG1014]

There is no infrastrcuture for the property by Tarcoles. The people, phone room operators behind this company, are Ellis Kahn, whose backround has been documented by other post on this website, and Jefffrey Martin Goldberg whose register number with the Federal Bureau of Prisons is 22377-048; who as recently as a few yeares ago was involved in a project called MRI in which investors lost nearly 50 million dollars. (look up it’s not hard to do a Google search, it’s all public information)

Neither of these parties as well as some of the other phone room operations based out of South Florida have completed one sucessful development out of the all the the projects they have promoted and sold. I wonder why?

I think the prudent thing to do is to avoid all the known people who have questionable backrounds and deal with reputable people who have a track record of completing at least one development.

Edited on Feb 26, 2007 14:30

[Andrew]

So daisyinmiami you’re saying that Banco Nacional in Costa Rica would finance you – I’m assuming a non-resident of Costa Rica – with enough money for the construction of your entire home with zero out of pocket expenses simply by using your lot as collateral?

This would be a first for me and I do know some of the banks quite well but this is great news…

PLEASE help me to help our VIP Members by telling me who at Banco Nacional told you this because we could bring them a TON of new business.

We all very much look forward to hearing from you.

Scott Oliver – Founder.
WeLoveCostaRica.com
Author of ‘How To Buy Costa Rica Real Estate Without Losing Your Camisa.’

[vm]

I can’t tell if your being sarcastic or not Scott. Is this an unusual practice for a bank to finance a mortgage using your land as collateral?

VM

[Andrew]

There may be a slight note of sarcasm here 😉 and I would be genuinely STUNNED if this is indeed the case but I have already emailed a friend at that bank for a confirmation…

[Author]

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