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Hey everyone.
Thanks for the replies to my earlier message. Much appreciated.Does anyone have any knowledge about the developer Mapache, be it good or bad?
Thanks in advance.
MikeThe news about Mapache in La Nacion – the country’s most influential newspaper recently has been OVERWHELMINGLY and EXTREMELY negative.
They have been found to be:
Buying cars for local politicians –
Making very ‘strange’ arrangements for local water rights
Putting up buildings without permits
In his defense, Carlos Arroyo who is the General Manager of Mapache stated that: “En este momento hay 24 proyectos o 40 proyectos, ahí en el Coco y ninguno tiene permisos; no han pagado ni un solo cinco, ni un solo papel y ahí están en construcción; yo solo tengo cuatro.”
Which in brief means that there’s 24 or 40 projects going up in his area without permits and he’s only got four of them. Kind of like when we were kids – “Well everyone else is doing it Mom, why can’t I?”
I would be very careful buying here, there could be significant legal problems for this company and those complications could continue for many, many years.
Scott Oliver – Founder
WeLoveCostaRica.comScott…Interesting,I interviewed with Mapache and a affiliate from Minnisota and he told me that things were selling so fast that they were indeed selling things before getting permits and indeed he was selling things before he even owned them. Places that he maybe had offers on with out acceptance yet. BUT he gave written contracts (which I did not study) with all deposits going to a title company and giving the buyers the chance to back out or move to another of his developments. I did see 3 or 4 of his developments with buildings in various stages of compleation and that was last April or May. He seemed to be very honest and nice. BUT as you have said you really need a lawyer of your own to check everything out.
I am aware of many of the problems and successes of Mapache having bought from them and living close by to Playas del Coco. They have built themselves, or subcontracted a huge number of projects. It is not fair to generalise and state that everything they have touched should be avoided. Obviously there is a big orange light over them at the moment but they do have many satisfied customers. To the first poster. Is there a particular project you are looking at? Maybe I can tell you more.
Ok I don’t know much about this but i recieved this news in a newsletter from Mapache two days ago
“Peon del Sol
There are no current delays and construction is going as planned.
About 80% of the units have started. Each unit is at a different
stage, some at grey construction, some have just begun the base
construction and others already have the roof structures done. You
can see pictures of the advances here
“next time i pass by I’ll take a look…I havn’t been down to Ocotal recently..
Re Mapache Real Estate — Buyer BEWARE!
I’ve picked up five properties from Grupo Mapache, a Costa Rican developer that has built more than 20,000 low-priced condos in the Guanacaste area. Although intially above-board, Mapache has been running into money problems the past couple of years and, regretably, appears to owe their buyers millions of dollars invested in their projects.
As an example, last year, Grupo Mapache assessed buyers of its Costa Marina condos 20% for “start of construction payments” on all condos (despite not having requisite permits to begin construction). Nearly a year later and hung up in attempts to procure necessary authorization from the government’s environmental licensing authority, these projects are on hold for an indefinite period of time–and, indeed, may never be viable.
Nevertheless, Mapache has refused to return the 20% assessment charges to its investors. I, personally, have $371,000 tied up with Mapache Costa Marina and Cuajiniquil projects and have spoken with several others who are in a similar situation.
Considering the size of these projects, Grupo Mapache is making considerable interest on the money it is withholding from us–and buyers have been discussing individual and class action lawsuits against the company.
Those of us in this unenviable situation would like to get the word out to others who may be contemplating investments with this increasingly unethical developer.
THIS POSTING WAS EDITED SLIGHTLY BY SCOTT OLIVER
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