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The Costa Developers property owner’s committee at Costa Esterillos Estates announced last week that:
“Please be advised that Costa Developers has not fulfilled their current obligations to the Trust Fund managed by Banco Nacional related to specific properties and obligations in Costa Esterillos Estates – CEE (excludes Reserva). We have been advised that this situation has resulted in the foreclosure by the lender on 126 lots in CEE where title has not been transferred to the buyers.”
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Supposedly Costa Developers (CD) “has defaulted on its loan and a number of property owner lots have gotten caught up in this web by virtue of [i]Costa Developers illegally pledging them as collateral for their loan.[/i]”
As I have mentioned previously in this Discussion Forum:
“…. this is a group of people – many of whom were previously affiliated with Paragon Properties of Costa Rica which turned out to be a TOTAL disaster – that we have cautioned our VIP Members about for many, many years.”
More shattered retirement dreams… I am NOT happy about this but since all the major players are from the U.S., we cannot blame this on Costa Rica.
What to do?
The Costa Developers property owner’s committee at Costa Esterillos Estates advises that:
“If you have bought one of the lots listed below, we advise you to seek independent legal counsel for advice immediately.”
Scott
1 , 204 , 253 , 288 , 326 , 380
10 , 205 , 254 , 289 , 328 , 383
14 , 206 , 255 , 290 , 329 , 384
15 , 215 , 256 , 291 , 333 , 385
21 , 216 , 264 , 292 , 341 , 388
41 , 217 , 265 , 293 , 342 , 389
67 , 219 , 266 , 294 , 343 , 391
125 , 221 , 268 , 295 , 344 , 394
141 , 222 , 271 , 296 , 345 , 397
149 , 224 , 273 , 297 , 346 , 403
154 , 225 , 274 , 298 , 347 , 404
160 , 226 , 275 , 299 , 348 , 406
164 , 227 , 276 , 305 , 349 , 408
165 , 228 , 277 , 312 , 350 , 410
167 , 233 , 278 , 315 , 355 , 411
184 , 234 , 279 , 317 , 359 , 412
190 , 235 , 280 , 318 , 364
194 , 248 , 281 , 320 , 365
195 , 249 , 283 , 321 , 371
197 , 250 , 285 , 322 , 372
201 , 251 , 286 , 324 , 377
202 , 252 , 287 , 325 , 379This is matter is between Banco Nacional and Costa Developers.
CEE is a community of 297 lot owners with 17 homes built and 2 scheduled for construction.
The owners elected Naret, a property management company which is doing an excellent job. The overall infrastructure is in fact in place and the owners are at this point taking on the responsibility of completing all deficiencies that have been identified and documented.
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