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wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
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"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.
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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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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?
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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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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.
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wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
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"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?
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
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Mood: Peacefull
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| 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
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