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One of my best buddies bought land from Costa Developers and although he was pretty enthused about them at one time, he don’t like them no more.
He says that they lied about so many things and after promising things on the telephone they would say they will put it in writing but never do, he doesn’t trust them no more.
When he first went there, some dude called Flores said they would build his home for $90 per square foot and that construction price would be rock solid for two years when he planned to build his home which was one of the main reason he bought a land there
Then only five months later (not two years) they tell him the construction costs would not be $90 per square foot but $130 and he is real mad because for his house plan which is just about 2,500 square feet that’s and extra US$100 grand he has to find and they lied about the roads which they said would be brick pavers but are now going to be asphalt and he don’t believe them much about anything anymore.
Anybody else having the same problems with Costa?
hmm..doesn’t sound good.
Does he have an option to choose his own builder?
Asphalt may no be as good as brick pavers but perhaps 90% of developments will go with it – not my choice either.
I have a lot of experience with Costa Developers. I own 2 lots in Costa Montana and will start building a home this month. I too have had some problems with Costa Developers; primarily with not disclosing additional cost to build the foundation for the home, but they are honoring the $90 per sq. foot construction cost and THE ROADS ARE PAVERS AND ARE ABOUT 50% COMPLETE. The utilities are in as well as the main entrance, club house and model homes (two of which they have sold). I am very familliar with both Flores’ (Jorge and Carlos). Jorge is the CEO and Carlos head of home sales. As far as my experience and research tells me, Costa Developers over all has performed up to their promises and contractual requirements. I also have not had any problems getting things in writing from Andrea (legal department). It is my understanding that 14 homes will soon be under construction. A few are now under way (I saw this first hand the first of August during my recent visit.
HowardPOSTED IN WRONG PLACE AND REPOSTED HERE BY SCOTT …
Posted Sep 06,2007 7:47 AM Pier12
Scott:
I am a new subscriber to your web site and find it very informative, but I am a little disappointed at some of the comments made about Costa Developers apparently with little or no experience with them or from people who obviously have never visited Costa Rica or personally seen the Costa Montana project. I would like to clarify a few facts without coming across as a sales person for Costa Developers (which I am not). I purchased 2 lots in Costa Montana from Lee Samuel approximately 1 1/2 years ago. He of course was a high pressure sales person and I recognized that from beginning. I did as much due diligence as I could but I certainly understood the risk that I was taking. I strongly recommend that no one invest money in any real estate project that they can not afford to lose!! Anyway, Costa Developers (and I have met with them twice at their office in San Jose)has met every target they have contractualy agreed to. I just returned at the end of August 07 and take my word for it the infra structure is complete except for approximately 50% of the PAVER roads. It was the rainy season and they expect to complete all roads by the end of December. The electricity and water is completed. The club house is complete and two of three model homes have been completed (and in fact two have been sold). Costa Developers worked very closely with officials from Tarcoles for infra structure and I believe built their school a soccer field for their assistance. Now, I have not been totally satisfied with them. Primarily, they did not disclose up front that there would be additional foundation cost as a result of the elevation of my lot. I am building a house on one of the lots. This cost me an additonal $33,000. Some of the financing terms changed, but I believe that was a result of the bank changing the terms not the developer. Which brings me to another point that you and one of the writers disputed. Banco Nacionale is doing financing in this project and in fact they are financing 100% of the home construction based upon the increased appreciation of the lot value over the past 12 months. I paid $80,000 per lot and the bank is 100% financing the constrution of a 3100 square foot home with a totl cost of $356,000. You do the math. I really don’t believe a bank of this size and reputation would be involved with a scam developer. I personally know a couple in Oregon who just sold a lot and building a 5100 square foot home and sold it in pre-construction for $1.5 million. Let me re-state one thing. Be sure this developer will put high pressure on a potential buyer; they are from the US. But can someone show me some “big” projects in the Los Suenos to Dominacl area that are being built by Costa Rican developers. I don’t mean a few homes, but large gated communities. I personally will be more than glad to check them out during my next visit in Feb.08. I could not find them during my last visit to this area; other than the St. Regis project in Los Suenos where pre-construction 800 square foot units started at $750,000. If anyone would take the time to visit Costa Rica and go to Costa Developers offices in San Jose I think they would see a couple things; one of which is a very nice and professional environment with many experts in place. Other that some BS thrown out by Jorge and Carlos Flores they are pretty professional. They have a great architect on board and some decent builders. In summary, I still think my investment has risk associated with it and until my home is complete, sold and money in my pocket, I will be skeptical and stay on top of the project. But please tell your readers that they should not make comments until they know all the facts. I would be more than glad to speak with you or any of your readers; just let me know. Howard
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