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PovertyBay
Newbie
Posts: 17
Registered: 7-22-2005
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Loreto Bay Sales Process
In a weak moment, I engaged in a brief on-line chat with a representative of Loreto Bay, and inquired about their sales process. The representative
was not forthcoming about what properties are (or will) be available, what they might cost, or other specifics of the sales process. Apparently, if I
were to be interested in Loreto Bay, I must pony up several thousand dollars to demonstrate that I am a serious buyer, attend a sales meeting,
probably attend a further sales meeting in Loreto (which sounds rather like a closing session), and compete with other buyers for the privilege of
bidding on a selection of properties "released" periodically for sale. Properties are said to range in price from $200k to $2m, and I have not seen
any more definitive pricing information, even in prior discussions on this forum. There seem to be several forum members who have participated in the
process of purchasing Loreto Bay properties. Would any of you care to comment on how this worked for you, what your level of comfort was, and whether
or not there were any surprises along the way?
Thanks,
Poverty Bay
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Phil S
Super Nomad
Posts: 1205
Registered: 10-28-2003
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Mood: After 34 years. Still in love w/ my wife
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Well, not being a buyer, but being very close to the "situation". I'd say that with over 500+ buyers in completed sales, equaling over $200M in
sales, that there must be something "non intimidating" about the process for them to "sign up". I'd (uneducated guess)guess that they are closing
maybe 20% of the buyers that are looking at the property. A rather unique way of selling I must say. It's not like if you don't like what you see,
you can walk on down the street & buy from someone else, because there "isn't someone else". A person can think about it, and then suffer the
financial damage of coming back and finding the prices have gone up, and the choice lots are gone!!!!
Cinco de mayo can jump in here I'm sure and tell us about his experience. I'm not aware of any other nomad that has claimed to be an owner.
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Cincodemayo
Senior Nomad
Posts: 725
Registered: 3-7-2005
Location: Pacific NW
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Obviously Poverty has no intention of buying just bashing. Loreto Bay does the process to weed out the non serious as every penny you put up is in
trust and will be refunded wether you purchase or not. The buying process was very enjoyable and there were no "Bidding" wars as you are on a list
when you sent your check in so any one after you is behind your lot preference. Any investors or buyers that I have talked with surely didn't make
their money squandering it on stupid ventures so it seems that Poverty Bay has no clue what he or she is floundering about. I'm sure if Poverty was
serious about buying property in Loreto Bay he'd be met with the professionalism I and everyone else has. But then again if it's not your cup of tea
go down the road....
Don\'t get mad...
Get EVEN.
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vandenberg
Elite Nomad
Posts: 5118
Registered: 6-21-2005
Location: Nopolo
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Mood: mellow
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How about " Friend of Baja "???
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PovertyBay
Newbie
Posts: 17
Registered: 7-22-2005
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| Quote: | Originally posted by Cincodemayo
Obviously Poverty has no intention of buying just bashing. Loreto Bay does the process to weed out the non serious as every penny you put up is in
trust and will be refunded wether you purchase or not. The buying process was very enjoyable and there were no "Bidding" wars as you are on a list
when you sent your check in so any one after you is behind your lot preference. Any investors or buyers that I have talked with surely didn't make
their money squandering it on stupid ventures so it seems that Poverty Bay has no clue what he or she is floundering about. I'm sure if Poverty was
serious about buying property in Loreto Bay he'd be met with the professionalism I and everyone else has. But then again if it's not your cup of tea
go down the road.... |
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Cincodemayo
Senior Nomad
Posts: 725
Registered: 3-7-2005
Location: Pacific NW
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And your point is? Anyone can scroll and read but it takes a real brain surgeon to quote...
Don\'t get mad...
Get EVEN.
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PovertyBay
Newbie
Posts: 17
Registered: 7-22-2005
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Certainly no intent to bash, with all due respect, but the process is very different from any other real estate dealings I have ever encountered.
"Bidding" was perhaps an unfortunate choice of words on my part. However, I have read of potential buyers having decided on a particular property,
only to discover that was no longer available when their number came up. I simply don't want to get that deep into the process only to be
disappointed. My basic question is -- can a buyer not find out what properties are available, and make an offer (or be told the price if it is not
negotiable) without all the fancy footwork?
Yours respectfully,
Poverty Bay
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Cincodemayo
Senior Nomad
Posts: 725
Registered: 3-7-2005
Location: Pacific NW
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It depends on the placement when the buyers sent in their trust money.
First come basis that makes sense as we were high on the placement list and got the lot we wanted. If we didn't get the specific lot we wanted we
would have passed that time around. ALL buyers are aware of the specifics before they pick certain lots and is laid out in black and white.
Don\'t get mad...
Get EVEN.
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PovertyBay
Newbie
Posts: 17
Registered: 7-22-2005
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Thanks for the clarification. At what point does one become aware of the price of his property of interest? And if you pass when your number comes
up, do you retain your place in the selection queue, or go to the bottom of the list? Lastly, at what point is one entitled to review legal
purchase/sale agreements?
Regards,
Poverty Bay
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JZ
Elite Nomad
Posts: 9333
Registered: 10-3-2003
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Cinco: give me a wild a$$ guess what one would pay for a 3100 sq marina front house, on a 10,000 sq foot lot with a 2,000 sq terrance. Or something
comparable.
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vandenberg
Elite Nomad
Posts: 5118
Registered: 6-21-2005
Location: Nopolo
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Mood: mellow
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JZ,
You ARE kidding , right???
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JZ
Elite Nomad
Posts: 9333
Registered: 10-3-2003
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No.
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Cincodemayo
Senior Nomad
Posts: 725
Registered: 3-7-2005
Location: Pacific NW
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When you send in your trust $$ you get all the lot sizes, architect drawings of homes and what homes fit in what lots as you can get a larger lot and
put a smaller home....many choices and all the prices are quoted with the exception of custom homes on waterfront and golf frontage. As for the
placement on not buying I'm sure the next property opening would give you a better advantage. All neighborhoods are opened by sales of former plots as
Fonatur only releases so many lots at a time.
JZ...That would be on the Custom home Dept. and the buyers work with the LB Artitects for designs of customs as they are all dependant on the owners
specs of #'s of baths and bedrooms. Waterfront and Golf frontage are the spendiest....Met a guy and his wife from Newport Beach that were ready to buy
a million $ lot and build a custom home but the lot they wanted already sold....way out of my range
Nopolo Bay next to the hotel was selling smaller condos for $450,000 compared to Loreto Bay for $299,000....Loreto Bay's are homes with a common wall
and great second story verandas with views of Mountains and Sea.
[Edited on 1-4-2006 by Cincodemayo]
Don\'t get mad...
Get EVEN.
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PovertyBay
Newbie
Posts: 17
Registered: 7-22-2005
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Gracias. Much obliged.
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tehag
Super Nomad
Posts: 1248
Registered: 1-8-2005
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Loreto
What happened to JZ's post about Sonora Bay????
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Cincodemayo
Senior Nomad
Posts: 725
Registered: 3-7-2005
Location: Pacific NW
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Looks like edited it out of existance
Seemed like another nice development but on the mainland near Guaymas
Don\'t get mad...
Get EVEN.
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vandenberg
Elite Nomad
Posts: 5118
Registered: 6-21-2005
Location: Nopolo
Member Is Offline
Mood: mellow
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About editing,
You apparently don't like my comments much either
Can't wait to meet you.
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Dave
Elite Nomad
Posts: 6005
Registered: 11-5-2002
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| Quote: | Originally posted by Cincodemayo
All neighborhoods are opened by sales of former plots as Fonatur only releases so many lots at a time.
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What does FONATUR have to do with this, and what do you mean by releasing?
Isn't this a private venture on privately owned land?
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Sharksbaja
Elite Nomad
Posts: 5814
Registered: 9-7-2004
Location: Newport, Mulege B.C.S.
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Hold on there Cinco
A person with no prior Loreto Bay info could put forth those questions with legitimacy IMHO. It does seem that Poverty has followed the forums
discussions to a degree. Although you and some others have been able to find comfort in the promises made it is also quite possible that very few
outsiders can extract that kind of info from a PR prerson or real estate agent from afar.
It seems that with the collective mindset of the folks who have already paid for their (future) place comes the collective comfort of being amongst
same. I am inclined to believe that all these folks have put tremendous trust in the developers and project. Inasmuch it seems a whole bunch of money
is being spent to keep the comfort level high.
Considering the current low occupancy rate I can understand ones concern when direct questions are put to representatives. The scale of the project
and questions raised in regards to future utilities are clearly legit. I am sure that many early buyers will be satisfied but I have serious concerns
about (them) completing the development as planned.
I just wonder how real the "trust fund" is and like Dave mentioned, what role does Fonatur play in the availability of lots. It almost
seems like they pay as they go(for new lots to sell) Just that mention is scary for many.
Cinco, did you get a completion date that is reasonable and one you are comfortable with.
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Diver
Ultra Nomad
Posts: 4729
Registered: 11-15-2004
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This sounds exactly like the type a scam that we are told to say away from in the States.
Sure no problem,
Give us your money BEFORE you even see the property..........
We'll hold it for you; SURE, we'll give it back some day............
Interest on your $$$$; yea right !
Sorry (bait and switch) that lot is sold but this one is available......
Trust our trust - this is Mexico, after all......stable as .... ?? Jello ??
Oh, and then deal with OUR architect and then we will tell you the $$.....
WHEN can we move into our new fancy expensive casita.......
And about those amenities; like water for example.....
This sounds like a scam for the rich...only the rich can afford to lose $$$$
Oh well, maybe, just maybe, we will get our money's worth someday..nah !
Didn't someone named Bill something, do this in Arkansas ??
I was in real estate development for over 20 years and this is the craziest thing I've heard of since before the S&L crisis !!
Good Luck to all you investor/gamblers with more money than .......
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