Las Olas – Esterillos Oeste – Insight Please

[coachvic2]

Hello everyone! I have been a member and an avid reader for a long time. My wife and I are currently looking into a lot at the Las Olas Beach Community in Esterillos Oeste. I have read some of the previous post (6-7 months old) where people said it looked abandoned. I was wondering if anyone had any new insight to the project?

The guy who I am in contact with told me (offered the info on his own) that they had closed the Esterillos Oeste office for sometime and they only now re-opened it in the last couple of months. He claims that they are getting a lot more inquiries and down payments since the new highway opened up and they have dropped their lot prices. He has been very helpful sending me scans of the lot documents and permits etc as well as pics/video of the lot and community. We are planning on heading down in July to handle the particulars to the lot purchase.

I was just hoping a third party could provide some insight before I actually buy airfare and proceed any further. Thanks.

[DavidCMurray]

I have no knowledge of this development, but I do have a general word of caution to share.

If this effort has been inactive for any length of time, for any reason whatsoever, proceed very, very carefully. Don’t put any money down on anything until you have seen this (or any other project) with your own eyes and until you have done [u]your own[/u] due diligence.

Other contributors here and I have warned before that you should not take anything at face value or as represented by anyone who has any interest in consumating a deal that you’re involved in. Don’t trust the word of the salesperson. Don’t trust the word of the owner. Don’t trust the word of other purchasers. Don’t trust the developer’s attorney. And if, somehow, I were to get involved (and I’m not), don’t trust me either!

Hire your own attorney to verify all the legal matters. Then hire a second attorney to check the work of the first.

If (say) utilities such as water, electricity and telephone are important to you, verify for yourself that they are available. If paving the roads is important to you and they are not already paved, how and when will that work be completed? How can you be sure?

Hire your own surveyor to survey the property. And if you buy, have him register that survey in the National Registry.

There is a rich record of residential community developments starting with a bang and ending with . . . nothing. It’s easy to print up some brochures, draw subdivision plans, establish a phone bank, etc. It’s much more difficult to actually do the work on the ground.

Please be sure you’re dealing with a legitimate project with a high likelihood of successful completion before you invest anything more than time and airfare. This may be a great opportunity for you, but know the facts first. Then write the check. It’ll still be there.

[*Lotus]

I second what David said. I know this area well(own land in Playa Hermosa/Jaco), there is plenty of land available at this time. I would use one of the recommended realtors to help me if I was looking and was not very familiar with the area. There are a number of projects that are in trouble in the area(not saying Las Olas is, I don’t know) with SETENA etc..
Lisle in Jaco seems pretty solid

Pura Vida

[coachvic2]

Thank you both for your help. I was already thinking about a getting a lawyer to represent my interest. Is there a preferred WELOVECOSTARICA lawyer or can anyone recommend a good one. How much do laywers run in CR anyways?

I have been to Jaco/Hermosa a couple of times and love the area which is why we choose to look here. I will contact Lisle and Freddy to get their insight as well.

If anyone else has anymore insight by all means chip in. It is truly appreciated!! :D:D

[costaricabeachliving]

I have a place down the street from Las Olas….it has been abandoned for some time for a reason…some of them suggested by the prior posters…I suggest you contact our local realtor…Scott knows him, Dave Treadway. He can be contacted thru this site….Dave will fill you in ….

[rcpoppell]

Dave Treadway. He can be contacted thru this site….Dave will fill you in ….[/quote]

I know Dave Treadway and he can help you.
My own home is in Bejuco and I know the Las Olas bldg was closed in january.

1st rule is : get up and go visit for yourself.
Try Spirit Air.
Meet Dave personally…rent something in the area.
Drive around with Dave…see it up close and personal.

[Andrew]

Just published

[ https://www.welovecostarica.com/members/Living_in_Costa_Rica_in_the_Hidden_Gem_of_the_Central_Pacific__Esterillos_Oeste.cfm ]

Scott

[Petor2]

I was a prospective buyer of a lot at Las Olas. I sent a 10,000 dollar escrow deposit per the reservation agreement to Latin America Title. We booked travel, and the Las Olas staff was supposed to have booked accomodations and airport transfers for us. When we arrived, no one was at the airport to meet us. I was finally able to contact the sales person on his cell phone. He told me he had been abruptly fired and was sorry to hear that I was stranded but gave me the phone number of David Aven, a principal at Las Olas. I was able to contact Mr. Aven after several tries. He told us to arrange for our own transportation and accomodations. We had been approved by the sales person to stay at Los Suenos, but Mr. Aven wanted us to stay someplace cheaper.
We met Mr. Aven the following day at our hotel and he gave us a showing of the property. He gave us all the information and a P& S agreement. After a brief deliberation that evening we decided against purchase.
1) The site is near a wet area
2) we asked locals (Ticos) about the project and they weren’t very happy about the conditions
3) we didn’t think it was a good value (the prices have since dropped by 50% however)
Meanwhile, Latin America Title was attempting to contact me. The contract was expiring when we were in Cosat Rica but I couldn’t access an email attachment from them so waited until my return in a few days to the States. I contacted Latin America and they told me the contract had expired and that they had given the escrow deposit to Mr. Aven. I had been told previously over the phone by the sales person that the contract period would be extended.
That was over a year ago. I retained a law firm in Costa Rica to retrieve the funds and expenses. Initially they were encouraging, but later indicated it would be high risk and discouraged me from pursuing this.
To date, the escrow funds, airport transfers expenses, and accomodations for 2 nights that were in the reservations agreement have not been recovered. I don’t expect they will be either. I have tried to stick with facts that I can document here. Hope this helps

[coachvic2]

Thanks for all of the insight. I have contacted Dave and he is actually meeting with the Las Olas folks this week. Great timing! 😀

Petor-sorry for the bad luck, but thanks for sharing your experience.

[Versatile]

I guess that an upside to not being well to do or rich is that i have no money to do stupid things with. lol

Not trying to beat on any one person; but some seem to pay lots of “stupid tax”

In actuality i most likely have done some very stupid things with my money! Just on a smaller scale! lol

[michaelm]

I visited Las Olas In the beging of July. I also am interested in anyone who has been looking at this development. The salesman told me that there were knew owners and he is selling lots. I spoke to a buyer from Canada who said he was coming down in August to start building a home. I think Esterillos Oeste is a great area to live just wondering if anyone heard anything more about this.

[rcpoppell]

[quote=”michaelm”]just wondering if anyone heard anything more about this.[/quote]

I contacted the sales guy by email from the A.M. Costa Rica e-newspaper site. They are running ads everyday.
The guy now sends me his sales e-mail every week or so. He makes lots of claims about how the owners bought this land 7-yrs ago, own it outright and never suffered any setbacks.

I reiterate my standing maxim: “Go See for your self”
Talk to anyone and every one local. Drop in at the Low Tide Lounge and make friends.

[gkbiz]

Try to find out what happened to the folks who put up money at Las Olas before they abruptly shut down the first time. Look up Gary and Meg B. who live in the area (around the corner from Las Olas) and used to work for Los Olas when the development was being pitched the first time. Everyone in the area knows them. Be prudent!!

[noel2560]

If you do your research for real. you will find this development is solid, no debt titled lots and just look around Costa, stuff went sideways everywhere, they are moving on roads. power poles, surveying etc.

If you don’t think for 49k it is a good deal, you are poor at research.
Hills of Esterillos, CostaEsterillos, don’t even compare.
I bought in phase 1 and have all titled documents, met the owner etc, this is as solid as Costa Rican real estate is.

[noel2560]

Sounds like you don’t have a clue, about real estate or the site. Real estate tanked and burnt lots of people in your country in the last two years Jaco is the worst, and the so called specialty realtors Lyle and a couple others I would not trust their advice, to self serving and not looking for customer value.
49 k walk to the bar and beach, titled lots??
No brainer, you must live in the dark buddy?

[Author]

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