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My companion and I have just returned from a 9 day visit to CR. Prior to arriving, we both bought several 5 acre parcels of land for $35K per parcel. A representative from the development drove us to the area. Since roads were not installed we were not able to stand on our property. The representative then drove us to another area within the development where roads were in place. The area is georgous. Does anyone have experience with WLI? If so, please give me details, good and bad. Thanks in advance.
OK – You’re scaring me now…
You bought “several acre parcels of land for $35K per parcel” PRIOR TO ARRIVING in Costa Rica? And then when you got here you visited the property but “were not able to stand on our property”?
It may have been more useful to ask opinions and do your research BEFORE you bought the land, no? “Gorgeous land” may be gorgeous but if you’re not allowed or can’t physically build on it, what’s the point?
What does WLI stand for? Is it Worldwide Land Investment?
Scott – Founder
WeLoveCostaRica.comThis was posted on the Costa Rica Living board so I hope Scott doesn’t mind that I post it here; it certainly seems relevant to the developments who have a pay-first-see-later policy.
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Subject: Real Estate Tip by Rudy
Hello Everyone-Although I evolved from real estate consultant to
sales-I do
sometimes help people that are interested in buying here that have
found
properties on the internet etc.I wish to share a caution of “due
diligence”
concerning several developments now happening in Costa Rica. There are
ocean view
lots being marketed via companies that have a few quirks. The first is
a very
cheap price compared with other lots as an introductory offer.
Secondly,there is a deposit of around 40% of the purchase price which
will be refunded if
you do not like the property. A little quirk is they want you to put
the
deposit down first-then they will fly you over from the states etc to
view the
property and if you do not like the property-your money will be
refunded. In my
research of this company I found the lots were yet to be subdivided and
in
the registro and an “agreement for deed” was being issued which in fact
could
not be since in actuality there was not a deed? I discovered there was
a bank
involved with the project as a trustee and in conversation with the
project
manager in Miami I casually mentioned if this particular bank was
involved .
His reply-never heard of them? That was enough for me- I advised my
client not
to buy and told the company I would never tell a client to put up a
deposit
first-sight unseen. I am sure deposits are being given back initially
but
later????? Anyway-I wanted to share this with everyone and a caution
to your
friends that might have an interest. Best RegardsRudy Matthews-
Note from Scott – If you search for Rudy, you’ll find a few of his articles on this site….
Great article – thanks for posting.
DO YOUR HOMEWORK very carefully with Worldwide Land Investments!
Long story short – I have two friends who recently put deposits down for lots with WLI and are actually down in Costa Rica now to walk the properties. I know, I know – I tried to warn them about putting money down before they went down, but I did not catch them in time. They met with reps from WLI and the views they saw were nice, but nothing like the “dog and pony” digital pictures they received beforehand. The lots are very raw with no existing infrastructure along roads that are extremely inept. In short, the types of lots they were shown were pretty common and could be found for much less than what they bought them for. The sales reps then took them to some more developed areas with higher elevation views and said “See, this is what things are going to look like when we are done.” Needless to say, they were extremely disappointed and immediately demanded a refund. They are being given a really hard time about why they want their money back, even though during the sales pitch they were promised that they could get their money back with no questions asked.
There is also extensive debate about this company on another website that I don’t want to cross-promote on Scott’s website, but can easily be found on the web.
Hope that helps.By all means give people other website addreses that contain information that will help educate and protect them where possible but please be extremely careful with the language we use in this forum.
Dave – Please email me…
Scott – Founder
WeLoveCostaRica.comHere is that website forum discussion on WLI that I mentioned:
For those of you not familar with American European Real Estate Costa Rica (www.american-european.net) I have found it very useful. The website/forum is hosted by Russ Martin, who incidentally Scott mentions in his book. I believe Russ has lived in Costa Rica for 15+ years and writes articles for a number of newspapers on Costa Rican real estate.
Tried it. Got re-directed to a tech sales site and lots of pop-ups. What’s the secret?
to original poster, lazrlady:
The people who showed you the property probably don’t even own it. It’s the biggest scam in Costa Rica right now. It’s like buying the Brooklyn Bridge. Rotsa Ruck.
Edited on Apr 05, 2006 23:52
click the link in his text then go to forums, he left out the dash between american-european in the direct link.
Imagine my surprise when I opened my e-mail and found a solicitation from WWLI — they must be culling e-mail addresses from the web, eh? What I particularly like about their pitch is that they say I can “control” x amount of acres — sheesh, I don’t want to “control” it, I want to OWN it!! Here’s part of their opening ad:
You can control land that can be developed or kept as a PERSONAL VACATION OR RETIREMENT PARCEL. For $45,000 you own 5 acres with no additional payments. We have sold land that has appreciated 30 times in just 5 years. (Oh, yeah? Where is THIS land, and have they really been in business for 5 years?)
Prices Are Going Up Quickly!!!
This is the best investment you can make on your future. Please leave your contact info and click send, and one of our representative will get back to you as soon as possible!!!!
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