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Yes, I received this also. Grupo Mapache intimates that you will lose your “guarantee” to a refund unless you let them keep your “start of construction” money–even though such construction is not going forward in the foreseeable future. As a reward, you can get a “share” that is supposed to mean something more than the signed contract you already have with them. Meanwhile, they continue to hold your money indefinitely.
Leave aside the fact that Grupo Mapache should never have requested the 20% start of construction money (since it didn’t have the requisite building permits). As buyers, we are left holding contracts where we have paid Mapache for a specific result that they have not, and cannot, provide. It is unconscionable for them to place “conditions” on refunds, when it is they who failed to meet the terms of the contracts. Buyers could certainly return “start of construction” money to Mapache when it is clear that such construction actually will go forward; however, that should be our choice and we should have control over our money until that happens.
Mapache indicates it is having its lawyers review this and I suggest they look closely–because the courts would almost certainly require Mapache to refund all payments whether a buyer owns a “share” or not.
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
