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bajabound2005
Ultra Nomad
Posts: 2760
Registered: 10-15-2005
Location: Punta Banda, BCN
Member Is Offline
Mood: words cannot describe...
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Breaking News: Loreto Bay Baja resort, unable to find new buyer, suspends operations
Nomads around the world will be shocked to read this:
Breaking News: Loreto Bay Baja resort, unable to find new buyer, suspends operations
by Clinton Stark on Saturday, June 6, 2009
TSD Partners today informed homeowners that all operating and construction activities on the Loreto Bay project will be suspended. The announcement
follows months of speculation regarding a potential new buyer for the financially struggling development.
Launched in 2004, the original vision called for a 5,000 unit mega-resort with walkable seaside village homes located along the Sea of Cortez, and 20
minutes from the small fishing village of Loreto in Baja California Sur, Mexico. In 2007, Citibank invested in the project bringing needed capital and
management resources.
A combination of the global economic downturn, the real estate crisis, banking failures and the continual deluge of negative headlines related to
Mexico’s escalating drug wars appear to be contributing factors.
The homeowner email is below. StarkSilverCreek will carry updates, along with editorials on the project, and what may happen next, along with advice
for homeowners.
(this is the email sent to homeowners):
Loreto, BCS, June 6, 2009
Dear Homeowners,
TSD Loreto Partners, S. en C. por A. de C.V. (the “Company”) regrets to inform its clients and stakeholders that, due to the challenging situation
in the international real estate and financial markets, all operating and construction activities for Loreto Bay (the “Project”) will be suspended.
To assist in securing new equity funding and a long-term suitable buyer for the Project the Company hired Cushman & Wakefield. Several
potential buyers and investors have visited the Project over the last few months, yet in the context of the current economic crisis and credit
shortage, the Project has been unable to secure a buyer or new investor.
We regret to inform you that until new funds are secured, as of June 7th, 2009 all hospitality related operations will be suspended and as of June
8th, 2009 all construction related activities will be suspended.
Please note that all homeowners with a home under construction, and all other homeowners will receive further information as it becomes available.
Best regards,
Embree C. “Chuck” Bedsole
Interim President
TSD Loreto Partners, S. en C. por A. de C.V
[Source: email sent to homeowners, also available at the Loreto Bay News web site]
Friends don't let friends drink white zinfandel.
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
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Hopefully and soon, we'll have similar news about Punta Brava, the Tiger Woods nightmare.
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bajabound2005
Ultra Nomad
Posts: 2760
Registered: 10-15-2005
Location: Punta Banda, BCN
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Mood: words cannot describe...
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that one, Dennis, I'm not hopeful about...but still hope. At least at this point if Punta Brava is a no go, no one gets hurt (in the "homeowner"
arena)
Friends don't let friends drink white zinfandel.
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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| Quote: | Originally posted by bajabound2005
that one, Dennis, I'm not hopeful about...but still hope. At least at this point if Punta Brava is a no go, no one gets hurt (in the "homeowner"
arena) |
Agreed...Just hopeful. Bad news for them will be good news for me.
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bajabound2005
Ultra Nomad
Posts: 2760
Registered: 10-15-2005
Location: Punta Banda, BCN
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Mood: words cannot describe...
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Wow! Dennis and I agree on something! Everyone have one on us!
Friends don't let friends drink white zinfandel.
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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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Old Hippy was right all along! Hah
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longhairedbeatnik
Banned
Posts: 32
Registered: 6-3-2009
Location: California
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This is very bad news as I have a friend who has an unfinished home there and she has been frantic for many months because of the lack of progress in
the contracted build. As this was one of the most cross promoted developments in recent years in Canada and the USA, the fallout will be far reaching
and will cause untold damage to the market in Mexico in general.
First Trump and now this.
I feel very sorry for the poor people who paid up front for a home and will now not see the home or their funds. Does anyone have any numbers on the
non completed homes and homes that have yet to be started. 
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David K
Honored Nomad
Posts: 64857
Registered: 8-30-2002
Location: San Diego County
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Mood: Have Baja Fever
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Man o man... how many saw this coming back in 2004?
Very sad that any advanced payments and money already invested are lost...
Like Puerto Escondido, another unfinished mess to blemish the once beautiful region!
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MikeLikeBaja
Nomad
Posts: 122
Registered: 2-25-2009
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| Quote: | Originally posted by David K
Man o man... how many saw this coming back in 2004?
Very sad that any advanced payments and money already invested are lost...
Like Puerto Escondido, another unfinished mess to blemish the once beautiful region! |
what happened in Puerto Escondido? Oaxaca right?
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Loretana
Senior Nomad
Posts: 825
Registered: 5-19-2006
Location: Oregon/Loreto
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Mood: alegre
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Mike,
The Puerto Escondido that DK is referring to is a natural port south of Loreto that has been a well known "hurricane hole" for many years.
An ambitious port development that FONATUR started back in the 70's has been sputtering and fizzling out down there for years.
But hey man, I surfed Zipolite (near Puerto Escondido, Oaxaca) back in my hippy days in 1973. Wild!
"If you want to find the secrets of the universe, think in terms of energy, frequency and vibration."
-Nikola Tesla
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline
Mood: gone fishin'
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sounds like the hotel will be closing as well from this announcement?
what about the golf course?
The other day when toting groceries from ISSSTE to Salvatierra I was surprised to see their downtown office closed down. The following day they were
moving out the furniture and removing the fixtures.
there are more unemployed in Loreto than ever. Guys from the mainland brought over by contractors for LB washing cars, windows, looking for work
anything. Loreto has never had this before. Thanks LB and other developers, you should be held responsible for them after all you are obligated to
provide their transportation back home in accordance with the Ley Federal del Trabajo.
hippie person your friend with the unfinished house needs to take legal action against the persons responsible, Butterfield and Grogan. I feel for
them but the writing WAS on the wall.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by David K
Man o man... how many saw this coming back in 2004?
Very sad that any advanced payments and money already invested are lost...
Like Puerto Escondido, another unfinished mess to blemish the once beautiful region! |
Well .... Suprise .... Suprise
Do NOT pay until the product is complete ....
When will we learn the truth about mexico ....
It is a lawless country .... you have NO protection ...
Do NOT buy or invest in mexico ....
As a gringo you are merely a target ......
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline
Mood: gone fishin'
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Regarding Puerto Esconcido FONATUR has big plans for PE (almost 2 billion dollars worth). There was a public hearing held in March about this project
and there was a LOT of local opposition. They are now supposed to be working on a new MIA (EIR) and should be presenting it again soon. When the
public hearings are announced I can announce them here it is important we participate. The good thing is that they'll have a very difficult time
getting investors now after this.
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline
Mood: gone fishin'
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here is the link to the original source bajabound posted:
http://www.starksilvercreek.com/2009/06/breaking-news-loreto...
you may leave comments in the comments section below.
unlike the official posting ffrom Loreto Bay which is static-
http://www.loretobaynews.com
one thing that I must stress here-
Loreto and Loretanos will survive this we have never depended on Loreto Bay. Yes there will be loss of employment due to this but most of it was
contract and service related low quality low paid jobs. Loretanos have lived through many a hard time and I am proud to stand by them and work
shoulder to shoulder and get through this together with them. Don't underestimate this place.
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rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
Member Is Offline
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| Quote: | Originally posted by David K
Man o man... how many saw this coming back in 2004?
Very sad that any advanced payments and money already invested are lost...
Like Puerto Escondido, another unfinished mess to blemish the once beautiful region! |
well, Pto Escondido is alive again. major money kicked into major repaving of the streets, new lights, etc. major major money. no lots for sale
yet. (or ever?) supposedly because there has been no sewage solution. there is a golf course planned stretching along the north side of the road
in, all the way from the water to the highway. would not be surprised if this Pto E development, like the last, fades into the concrete unfinished
jungle.
reality\'s never been of much use out here...
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stanburn
Nomad
Posts: 145
Registered: 10-4-2007
Location: Santiago, Colima, MX
Member Is Offline
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I knew we could count on CaboRon to post one of his general doom and gloom messages. Maybe he oughta change his name to LasVegasRon.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by stanburn
I knew we could count on CaboRon to post one of his general doom and gloom messages. Maybe he oughta change his name to LasVegasRon.
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You haven't learned yet from the endless stories of Americans being ripped off by mexicans ??
Get your head out of the sand 
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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I drove through the development about 1 1/2 weeks ago while waiting for the airplane to arrive and was surprised with the number of people working on
construction. I can just imagine the havoc that raised with all of the workers there. We have several families who were down there working from San
Bruno who will obviously be back looking for local work.
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capt. mike
Elite Nomad
Posts: 8085
Registered: 11-26-2002
Location: Bat Cave
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Mood: Sling time!
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"I feel very sorry for the poor people who paid up front for a home and will now not see the home or their funds. "
huh??!! Caveat Emptor, friend.
when will fools learn? Cabo Ron is RIGHT!
it's mexico - there are no guarantees. never pay up front unless it's finished and you can inspect it.....and don't get me started on title insurance.
yes it is a lawless 3rd world country. but that's why i like going there. buying there.....that is a whole 'nother new can of beans. 
formerly Ordained in Rev. Ewing\'s Church by Mail - busted on tax fraud.......
Now joined L. Ron Hoover\'s church of Appliantology
\"Remember there is a big difference between kneeling down and bending over....\"
www.facebook.com/michael.l.goering |
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mtgoat666
Select Nomad
Posts: 18393
Registered: 9-16-2006
Location: San Diego
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Mood: Hot n spicy
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how many people bought into the development? and how many houses actually got built? wondering how many people got burned.
and what about people that already took possession of houses -- do they still have sufficient services to take advantage of their houses?
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