Paragon Properties in Costa Rica

[jimliesen122]

Scott,

I noticed that it has been a while since you posted this very helpful posting about the only really important info on a plano document, the Folio Real number. (BTW, (warning, shameless plug coming up) I loved the book called “How to Buy Land In CR W/O Losing Your Camisa.” In it, there are step by step instructions on where to find this info and how to deal with that information.)

I am sure enough time has passed for folks to have seen it and perhaps investigated their own purchaser documents, but the curiousity is driving me crazy!!!!

Any progress?

[jimliesen122]

Hello? Hola?? Anyone here anymore??? Where’d everyone go???? With all the people who were Paragon customers, certainly ONE of them has their Folio Real, right????? Come on, it’s been over 2 weeks now.

[jimliesen122]

HOLA!!!!! Que pasa??????
Where’d all the people go????

[bhdixon]

I’ve got a folio number and I backed out of the deal with a refund! Just kidding 🙂

I don’t know, I’m not sure anyone has a deed by now. Even myself who if I’d stayed in, wouldn’t have had time to get it. The deal was you get it after you pay off the whole thing. The reason most people found it attractive is that they don’t have to pay off the whole thing for 5 years. E gadds! I don’t even know if I’ll be around in 5 years. I could get hit by a bus or something 🙂

[jimliesen122]

Yes, but surely SOMEONE out of the legions of customers have finished the payment schedule. Let’s not forget, they have (purportedly) nearly sold out 9 or 10 projects at 90-110 lots each… That’s roughly 1,000 lots and 1,000 folio reals, right???? Hmm, at an average of $50,000 each, that’s about $50,000,000 buckaroos or about 2.5 TRILLION Colones… OOPS!!! That’s not right, they sold those parcels for more than $50k didn’t they? You know, for the cost of raw land in some of these areas which I persoanlly have seen at $1.50 per sq. meter (or less, which is about $6,000 per acre, BTW), they have made a handsome profit so far. I am sure the accountants and lawyers are busy… getting those folio reals ready to send out.

Edited on Feb 28, 2006 14:52

[chicmac]

Sounds real fishy to me… I really hoped someone would come forward and show that they were the legal owner but this forum was stopped dead in it’s tracks by that one simple question.

All these people in the dozens of pages of the Paragon forum shouting about how great their deal is and not one single person – NOT ONE PERSON – can actually show that they are the legal owner of land being sold by Paragon in Costa Rica. There is something very wrong with this picture.

Maybe there’s only 300 sales instead of the 1,000 that the other post mentioned but even so, out of 300 people – NOT ONE PERSON CAN SHOW US THAT THEY OWN Costa Rica land.

So if they can’t show they own land, what is it that they do own then? Is this some kind of an IOU? I’ll give you your land one day in the future? Is it an option?

And are you saying jimliesen122 that Paragon has taken in about $50 million and they are still the legal owner of what they have been supposedly selling, is that it?

Am I the one that’s just plain dumb here? Help me to understand this… Because it looks like I’m definitely in the wrong business.

[bhdixon]

Hello Jim,
Well, I think it is no secret now that they are way behind in developing those properties. Until the infrastructure is in they can’t get the permits to subdivide so I doubt anyone has their folios yet. The reason I got out was because they seemed to be behind in doing things. At a certain point they were within their stated sched but once they crossed that threshold and fell out of sched, it all started looking very unattractive to say the least. I think I made the right decision to get out, thank God.

[lipskm]

In my case I decided to cancel contract with Paragon after I watched the old movie GLENGARRY GLENROSS.
I can recomend everybody to see this movie

[jimliesen122]

All I am saying is that even if they have only ‘sold’ 1/2 of their land at the discounted price of $50,000 or so, so far, perhaps that small handful of folks have only taken in $25,000,000 gross in the last couple of years. And they brag about the first few projects which are now at least two years old…

Now, think about it. If you had taken in that kind of dough with the minimal outlay of capital to perform these con struction jobs (perhaps $2,000,000 + advertizing) don’t you think you could at least spend some chorizo cash and get some things completed?!?!?? Seems to me a chorizo sandwich ought to be easy to make with all that bread!!!

(Sorry, ‘chorizo’ in CR is not like Mexican sausage we eat in the United States of Mexico… In CR it means sausage, but it’s a term for bribery cash.)

[bhdixon]

Dear Chicmac,

No Paragon is not the legal owners of those properties. As long as they are in business they are legally bound to turn over the folios as soon as available under their “agreement for deed” contracts they made with their customers. However if they were to go out of business before permits were obtained, then everyone who purchased that did not have their deeds yet, would be the sorry owners of individual corporations that basically own nothing except an agreement with an entity that no longer exists. (Hence the the risk factor).

[Andrew]

This posted in the wrong place, don’t need another thread on this company – Reposted here by Scott
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Posted Mar 17,2006 2:23 PM andrewmdeal

I have read many of your comments in regard to Paragon. They seem similar to any real estate deal/agent that I have ever experienced – some good and some bad. I have been speaking with them and I am very intrigued. Sounds like a good deal, but seems a little too good to be true. Has anyone had any real legal issues with them or just complaints on the tone and manner? What are the real concerns as far as future ownership issues. Please advise…coming to CR next week to see the property and I didn’t put down any cash to do that. Just scheduled a vacation and built it into the itinerary.

[bhdixon]

Hello Andrew,

Well if you read some of my earlier posts you will see that I went thru the whole process with them before deciding to cancel out. The verdict is still out on Paragon. The real danger to me seemed to be the possibility of them going out of business before I received my executed deed. The whole process seems to take very long if you go thru with it. That was what I was worried about. But to be fair I should also say that it wasn’t just Paragon but that I decided not to invest in CR at all right now regardless of which land developer I used. I was looking for that great minimal risk venture that would justify me paying large sums of money to drag my whole family down there twice a year or so.

All the people I met at Paragon were very professional and personable. The real issue with Paragon is the way the deal is written and if it is really such a good deal afterall taking into account the risks involved. I believe they are earnest but the deal is structured to protect them and not so much you if any mishap should happen. Read your contract very carefully and be sure you are ok with it. The fact that you haven’t invested anything yet is good. I would be surprised however if they show you anything without having you put down their customary deposit of $35K. This is how they are financing all their advertising and operations while they try to sell and develop their properties.

[linlsd1]

Wonderful! We are like blind here in the us. We are in the process of going with Costaricanlandsales in Parrita. Las Palmas. This would really help!

[Author]

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