BajaNomad - 201 unit Condo Project in Loreto coming

201 unit Condo Project in Loreto coming

Steve in Oro Valley - 11-12-2008 at 10:01 AM

Today's WSJ has a story about a proposed J. W. Marriott managed condominium project in Loreto (right on the water)....

Neil Ginsberg, of Arizona is the developer...

Before obtaining a construction loan, he will have to get 30 buyers to plunk down 20% up front on the $750,000 (each) units...

Even tho times are tuff, Ginsberg thinks conditions will improve in February and at that time he will begin a sales push...

There is also mention of an improvement to the airport in Loreto....

My reaction: This is just plumb LOCO...

Steve in Oro Valley

cajhawk - 11-12-2008 at 10:34 AM

This is in the middle of Loreto Bay at the old Whale's Inn site. I know a lot of the sales and marketing team. I wish them luck at this price point and in this economy -- hope it works out!

capt. mike - 11-12-2008 at 11:07 AM

Steve and CA Jayawk- do you have contact info on Ginsberg?? website, project name etc.?

Steve in Oro Valley - 11-12-2008 at 12:13 PM

Hi Mike:

He is a Scottsdale real estate developer and apparently is a University of Arizona graduate and native of South Africa....

Is Tuscany Villas in your area? About 6 yars ago...

I googled using "Neil Ginsberg condo"

Steve in Oro Valley

Steve in Oro Valley - 11-12-2008 at 12:24 PM

Mike:

There is a J. W. Marriott website which mentions 201 units:

liveloreto.com

Steve in Oro Valley

capt. mike - 11-12-2008 at 02:21 PM

thx Steve, i got him thru the SDL office. Google to the rescue again.....

wilderone - 11-12-2008 at 04:43 PM

http://spanopartners.com/proj-marbella.html

looks like a freakin Cancun all-inclusive. too bad

"hope it works out" Why? there aren't enough condos and hotel rooms cluttering up the Baja gulf coastline?

I hope there's no air service. I hope they can't get the buyers. I hope there's a huge hurricane that increases the federal shoreline by 50 feet. I hope SEMARNAT puts an end to it. I hope the citizens and government of Loreto protest the drain on water and electric services. I hope they get stuck with an empty beach and no takers.

capt. mike - 11-12-2008 at 05:01 PM

aww.....come on Wilderone...don't sugar coat it, get off the fence...tell us how you really feel!!!
:lol:

i applied with them today. if hired i'll be sure to voice your concerns. :yawn:

but me thinks not to worry....i don't think these will be going like hot cakes anytime soon with USA RE in the tank!! :light:

elizabeth - 11-12-2008 at 06:25 PM

Quote:

Originally posted by cajhawk
This is in the middle of Loreto Bay at the old Whale's Inn site. I know a lot of the sales and marketing team. I wish them luck at this price point and in this economy -- hope it works out!

I don't...

Phil C - 11-12-2008 at 06:43 PM

What was wrong with the old Presidente on that site that was torn down? It was "all inclusive" except maybe for clothing.... had great landscaping and pools. Guess we need more, bigger, better.......or worse.

gnukid - 11-12-2008 at 06:52 PM

There are already so many unsold homes across the region? I would estimate that there are 50,000 proposed homes unsold from Loreto to La Paz? Mexico is always so optimistic in light of the non-existent travelers and lack of loans and cash for these purchases? I like optimism, reminds me of my dog.

vandenberg - 11-12-2008 at 07:16 PM

These condos will go from a measly $ 700.000 to 3 mil.
Should keep us common folks out of the market.
However, some of these early retiring CEO's could well buy the lot for their "now impoverished" families.
They already put a 10 ft wall around the place to keep out the riffraff. :biggrin:

bajamikey - 11-12-2008 at 11:10 PM

what.... baja needs another mini loreto bay!.............nada!!!!!!!!!!!

Von - 11-13-2008 at 07:55 AM

HEY! Where were they passing the drugs at? When they decide to build and price these C-O-N-D-O-S....... :lol:

Pescador - 11-13-2008 at 10:33 AM

Quote:

Originally posted by vandenberg
These condos will go from a measly $ 700.000 to 3 mil.
Should keep us common folks out of the market.
However, some of these early retiring CEO's could well buy the lot for their "now impoverished" families.
They already put a 10 ft wall around the place to keep out the riffraff. :biggrin:

No, actually, the wall is to keep the riffraff from the citizens of Loreto and its environs. Imagine what could happen if all of those CEO's and shysters were turned loose on the local population.

CaboRon - 11-13-2008 at 12:09 PM

To hell with the condos ...

What Loretto really needs are hotel rooms ....

CaboRon

capt. mike - 11-13-2008 at 03:39 PM

Amen Ron. i am not against condos per se but i firmly believe Loreto can use some competitive hotel rooms. and now i see the old Mission has gone time share............suckers all.

sorry the link is truncated

capt. mike - 11-14-2008 at 06:54 AM

http://www.marketwatch.com/news/story/JW-Marriott-First-Resi...

you need to copy it all into your browser, clicking on it won't work.
it is the WSJ on line blurb.

[Edited on 11-14-2008 by capt. mike]

k-rico - 11-14-2008 at 07:35 AM

Think of all the places you can go if you have 3/4 of a million dollars to spend on a condo!

I'd be headed for Hawaii or a Caribbean island and looking for a house in a tropical setting. You know, where it's green, paved streets, maybe a bookstore, some entertainment, etc.

Loreto is a nice place relative to other places in Baja, but this plan is crazy.

"Even tho times are tuff, Ginsberg thinks conditions will improve in February"

Sure..................

[Edited on 11-14-2008 by k-rico]

Udo - 11-14-2008 at 09:54 AM

$700,000.00 will buy a very nice PREVOST.

Just my two centavos

wilderone - 11-14-2008 at 10:02 AM

"Think of all the places you can go if you have 3/4 of a million dollars to spend on a condo."

yeah - you can buy a house in La Jolla, San Diego County for $700,000, and have water, streets, medical care, golf (even Torrey Pines golf course is a municipal course), close enough to Baja CA to vacation regularly, fishing fleet. If you had $700,000 to $3 million, why would you buy into a condo project? You could build your own private mansion or purchase a wonderful existing home in Baja CA if you wanted. Plenty of property management to rent it out if you wanted. Ginsberg must have met Grogan in a Scottsdale bar where they go to lick their wounds post-over-development real estate market collapse - Grogan probably talked himself into a job as a "consultant" dba ATC Marketing, LLC.

And I don't like their website hype (sounds like the "promises" of LB Co.):
"Upon completion of sale of all units, an internationally renowned, but not yet publicly announced "flag" hotel will manage hotel and restaurant operations, ensuring strong rental of units when not owner occupied. This project will be complete in late 2011." [and] "It may also be indirectly by earmarking a portion of project profits to benefit the community, such as our Marbella resort in Loreto, Mexico where we are building a school for the disabled children of the community."

They're building a school for disabled children AT THIS TIME? NOW? Is this true? Are they also building a desal plant for the project? NOW? They'll get professional management when completion of SALE OF ALL THE UNITS - they may never happen.
How can they in good faith state that the project will be completed 3 years from now, when they need all private buyer money up front. It took LB Co. 5 years to sell and build 300 units, with $15 million spent in aggressive advertising, and they still don't have all the promised amenities.

And Ginsberg/Spano will be marketing to the same people that LB Co. did, minus the clueless Canadians who bought the first phase LB Co. Different buyers? All multi-billionaires who can easily throw $1 million around? I kinda think these folks would know the value of a buck and where to spend it. The whole thing sounds like a ill-conceived boondogle, and the only person profiting is the seller of the Whales Inn - who laughed all the way to the bank.

flyfishinPam - 11-14-2008 at 10:07 AM

Instead of Loreto placing their focus marketing to the So Cal/LA crowd (as they have been doing since forever) who are mostly hurting now they ought to start focusing on the Dubai crowd if they expect to reach their goals with this kind price structure.

they need 30 buyers to put down 20% of 750K in order to get financing to get this thing off the ground? haven't they been reading the news lately???? even if they find these people that is only 4,5 million US dollars how will that guarantee a loan large enough to get this project off the ground with the expenses that they will have to make not including the "tips" to those who will be issuing all of their permits to do everything they will need to do?

flyfishinPam - 11-14-2008 at 10:19 AM

No wilderone there is no school being built. In fact since I moved here in 1999 the population has more than doubled and now the same schools that have been in place since before I came here have still not been improved or made larger. Instead several of them teach in shifts, 8am to 12pm then 1pm to 5pm for elementary school. On top of that the teachers suck bigtime and Loreto's children will remain unable to compete while children from other cities pass them by. So huge a population boom due to this "progress" and no new schools and the same lousy teachers that don't know their subject and don't care about teaching. I have school age children so I follow this very closely. Mine go to the only private school in town but that one only goes to 6th grade. I am not sure what I will do once they are 7th grade and beyond. At this point I am hoping another private school will open up or I will have to send mine to the public school which I know sucks bigtime and I will have to suppliment their education with home schooling. Home schooling is not recognized in Mexico so we will have to follow a US program.

By the way those canals in LB have been dug and are incomplete and it does not look good for them financially so they may never be completed. Its disgraceful.

wilderone - 11-14-2008 at 10:48 AM

"So huge a population boom due to this "progress" and no new schools"

That is disturbing, given the amount of money that supposedly is funneled to the citizens of Loreto via the Loreto Bay Foundation, and Intl Community Foundation grants - thousands of dollars go to Loreto projects, but no money for an obvious need - childrens' education. The money is there - why is it so mis-spent? Mark Spalding - can you tell us?

CaboRon - 11-14-2008 at 04:24 PM

Quote:

Originally posted by wilderone
"So huge a population boom due to this "progress" and no new schools"

That is disturbing, given the amount of money that supposedly is funneled to the citizens of Loreto via the Loreto Bay Foundation, and Intl Community Foundation grants - thousands of dollars go to Loreto projects, but no money for an obvious need - childrens' education. The money is there - why is it so mis-spent? Mark Spalding - can you tell us?

It dissapears into the pockets of corrupt individuals.

This is a deeply corrupt society that has a dark side.

The Mexican people will never see the improvements.

CaboRon