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Just received OFFICIAL notification that Sonesta Jaco is filing suite against it’s lenders…The last paragraph of the letter is as follows:
“Personally, we are very sad and greatly lament that many years of hard work have been jeopardized by the actions of Banks who have shown little respect for the efforts, time and money of others. We are grateful for all our customers. business and support. We will continue to stand behind our commitments, acting in good faith. We are here to help finalize this matter in the best way possible. The actions by these three Banks have placed the project in an unfortunate position and we hope to resolve this matter quickly in order to reach the best possible outcome for all the parties involved.
The events mentioned above are the current status and our best assessment of the situation. We will be sending periodic updates of the legal procedures and will bekeeping you updated.”Regards,
Joshua ten Brink
I am a realtor and I am one of the few people that actually closed on the unit that I bought from Joshua in pre-construction, One One Jaco. I had planned to pay for my unit with commissions I was going to make on the sales in One Jaco alone, but the international crisis was a set back for everyone worldwide. Almost all my buyers walked when they had to close, only one of my agents and I decided to go for it, even if it meant getting a mortgage on the balance.
Joshua ten Brink took our money and forgot about us. His story explains about how he worries about the investors money who didn’t close, the suppliers and of course his own, but he didn’t say anything about those few that decided to back him up when he most needed us and is dropping us like a stone. I have been sending him email lists of needed repairs for over a year now. I have used my unit 4 times now and every time I’m there, everything goes bust. The ice maker of my fridge and my dishwasher don’t work and I’ve been asking for the guarantees for one year now. I just got back today from my Semana Santa stay and the elevator did not work half the time (today, walked the 6 stories four times) and the internet connection went bust so I had to sit in the sales office sweating like crazy with no a/c. There are only 4 guards and 2 cleaning ladies in the whole project today. And they got paid late this week, poor employees even have to suffer through all that. Oh, and guess what? When I arrived on Sunday afternoon, someone had “taken” my hot water heater, one of the guards had to play electrician to get another one installed as I was ready to kill someone.
After I received Joshua ten Brink’s communication about him suing the banks, I asked him for a list of “owners like me” and his answer was “I can not give you the other owners information without their approval. I will reques their approval in order to release their names. For various reasons you know that I can not release the names without their consent.”
I will keep you all updated on the One Jaco saga.
Ivo HenflingI also have a deposit on a condo in Sonestajaco. I also have asked for a list of fellow buyers.I was asked to work with the developer and the bank to find a solution, and not with my fellow buyers. Whats wrong with going both routes? Privacy was the stated reason for denying my request.I understand that, but its not a valid argument. A simple email to all the buyers involved, asking if they would want to communicate with other buyers would be very simple and those who agree can do so and the very few who do not won’t. The perfect storm for a developer is when his buyers start talking and sharing ideas, pooling resources and start demanding honest verifiable answers. Of course a developer is going to try to cover his rear end, and having to deal with a hundred or so intelligent, motivated (and throw in many pissed off buyers) is exactly what he doesn’t want. I have had the pleasure of locating and sharing ideas and with some of my fellow buyers and every single one of them appreciated and thankful to be able to discuss their situation. I will continue to locate others and there are several of us now and the list is growing daily.I Thats it for now.
Yes, privacy is a valid argument but Joshua could see this coming and an email to all owners can be sent out in a minute as they have been sending newsletters to all of us all the time. I have not had any response since yesterday morning, so it seems we need to go public to find each other. Embarrassing though, that I have been working with them for many years and now they’re hiding. Shame on them and shame on me for trusting them for so long. We’ll get on some more forums, maybe an article to AM Costa Rica and get on Facbook will help to wake them up. At least, I’m getting response already and buyers are starting to wake up. Anyone who bought or has an option to purchase/sale agreement with Sonesta One Jaco can email me at ivo@godutchrealty.com
Ivo HenflingI have been involved with this project since 2007 and have a large investment in it.
I asked Joshua on Wednesday to forward my contact information to all investors (I doubt he will) as I am preparing to meet with my lawyers on Monday to review my options.
If you would like to discuss this further please feel free to contact me on markdavis68@hotmail.com. If you know others that are in a similar position please do not hesitate to forward my email address to them.
I am not looking to profit from this. I just want to share the information that I have so that everyone can move forward together. If need be I can also recommend a law firm that is already up to speed on this issue and ready to take action on your behalf.
[quote=”tomtwoshoe”]The perfect storm for a developer is when his buyers start talking and sharing ideas, pooling resources and start demanding honest verifiable answers. Of course a developer is going to try to cover his rear end, and having to deal with a hundred or so intelligent, motivated (and throw in many pissed off buyers) is exactly what he doesn’t want.[/quote]
This would be a good idea if the Developer actually owned the project. The Trust acquired ownership of the properties and granted the Developer special powers to act on their behalf.
You need to go after the Trust. Your units are being held in Trust in the name of Banco Improsa. Just do a search at the Registro with your folio numbers and you can verify this for yourself.
Desarrollos Naturales de Costa Rica S.A. owns nothing so don’t even waste your time going after them.
If you want to see a copy of the Trust document in English or Spanish you can send me an email at markdavis68@hotmail.com
I’m another one of those suckers who actually paid for their units under the impression that the opening or ‘partial’ opening was just around the corner.
I’m angry. I’ve been deceived from the start.[quote=”ticolandia”]I’m another one of those suckers who actually paid for their units under the impression that the opening or ‘partial’ opening was just around the corner.
I’m angry. I’ve been deceived from the start.[/quote]Please email me so we get a list of all that are being affected. So far we have a pretty good list going but would like to get as many as possible.. lewkeim@wt.net
Josh is apparently still paying the employees and they were receiving their pay several days late. So if the trust owns it, why wouldn’t the trust take it over? There is something not right. Why hasn’t the trust contacted the owners yet?
[quote=”godutch”]Josh is apparently still paying the employees and they were receiving their pay several days late. So if the trust owns it, why wouldn’t the trust take it over? There is something not right. Why hasn’t the trust contacted the owners yet?[/quote]
Maybe because Banco Improsa is a client of the developer (not buyers) and the developer is paying them a fee to act as the Trust. I don’t believe that Trusts ever take over a project. They probaby have a strong fiduciary relationship with the developer.
All known owners / investors were sent a letter today from my lawyer. It is an introductory letter spelling out his intentions. We only have about 4 months before the arbitration is to be completed. It is my understanding that the intention is to sell the project to a hotel investor. Joshua has urged all players to put pressure on the banks. I strongly suggest that everyone involved act now before the arbitartion is over and your options severly limited. Who you use or what you do is your business. I do wish however that WE all do something to protect our investments…
I understand that Arbitration has not started yet. Arbitration is supposed to start 150 WORKING days from the moment the 3 judges are chosen. That’s 30 weeks. There’s more time than money…..
If you have NOT received the latest ‘Customer Update’ letter from Joshua ten Brink dated 9th June 2010 regarding the legal action that is being taken, please email me at: admin@welovecostarica.com and I’ll happily forward it onto you …
Scott
[quote=”godutch”]I understand that Arbitration has not started yet. Arbitration is supposed to start 150 WORKING days from the moment the 3 judges are chosen. That’s 30 weeks. There’s more time than money…..[/quote]
Everyone should note that we do not have 4 months to ponder action. The banks, if successful could have the arbitration vacated in a week or two and then you probably can kiss your money good bye.. Do as this site and every site about Costa Rica real estate says and hire a good lawyer – just do it now.
Josh is probably short in money and hence the reason the old furniture packages , doors and sinks are for sale. Note that it cost 200k to get the arbitration rolling. If you don’t pay it you don’t arbitrate it. Good luck to all..Joshua ten Brink, GM of Sonesta One Jaco, has just sent all the investors and buyers an update on the situation with the banks.
To my opinion the update Joshua ten Brink of Sonesta Jaco doesn’t mean anything, it doesn’t say anything new that he couldn’t have said in the update on March 29th.
Joshua sent it also to WeLoveCostaRica but I really don’t know if this is really meant to find support or some other reason. He is thanking everyone for the kind words of support, constructive criticism and solidarity.
I must have missed quite a few communications. I wish Joshua would show us all those supportive emails? I invite Josh to send him to my email address, with pleasure I will post them on the internet so everybody can see how happy we all are about his solidarity with us. For your information, I just brought all my furniture back to San Jose as I am afraid security is not up to standard anymore. Also, there is no water to flush the toilet or take a shower. So much for solidarity with those who closed on their unit.
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