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Skeet/Loreto
Ultra Nomad
Posts: 4709
Registered: 9-2-2003
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To the Original Post Jesse gave the true Picture about buying Property in Baja.
Many years ago I formed a mexican Corp. so that I could actual control Rancho Sonrisa. Later I used that Corp. to buy and sell property in Baja Sur.
I used a Notoria in La Paz, used other officals in Loreto for at least 18 Properties. NEVER HAD ANY PROBLEMS.
I strongly urge anyone who wants to buy property to learn Spanish, if Slang, get to know the Mesicano People you are dealing with, talk to neighbors
and others in the area. It is a Grand experience!!
Do Not Judge anything in the Future about property by the happenings at Loreto Bay. It was a Scam from the "Getgo". The peop[le who bought into it
just suffered a Lack of Knowldge and Trusted the wrong people.
Up until the Punta Bando debackle,I did not know of anyone who had lost Property in Baja Sur. That has all changed.
I think that anyone who is so scared of all things should stay out of Baja,they will never be happy with their Minds so aganist everything and
everybody.
Baja and its People are Great, The Sea of Cortez is Great.
Buy your House but just do some research before you do so.
Skeet/Loreto
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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| Quote: | Originally posted by Skeet/Loreto
To the Original Post Jesse gave the true Picture about buying Property in Baja.
Many years ago I formed a mexican Corp. so that I could actual control Rancho Sonrisa. Later I used that Corp. to buy and sell property in Baja Sur.
I used a Notoria in La Paz, used other officals in Loreto for at least 18 Properties. NEVER HAD ANY PROBLEMS.
I strongly urge anyone who wants to buy property to learn Spanish, if Slang, get to know the Mesicano People you are dealing with, talk to neighbors
and others in the area. It is a Grand experience!!
Do Not Judge anything in the Future about property by the happenings at Loreto Bay. It was a Scam from the "Getgo". The peop[le who bought into it
just suffered a Lack of Knowldge and Trusted the wrong people.
Up until the Punta Bando debackle,I did not know of anyone who had lost Property in Baja Sur. That has all changed.
I think that anyone who is so scared of all things should stay out of Baja,they will never be happy with their Minds so aganist everything and
everybody.
Baja and its People are Great, The Sea of Cortez is Great.
Buy your House but just do some research before you do so.
Skeet/Loreto |
Exactly, I bought a new house in Baja in 2004 from a developer. The house hadn't been built yet. Instead of knowing Spanish I hired a bilingual
Mexican lawyer who specialized in real estate transactions for $500. He knew about the developer, the history of the land, and how the developer came
to own the land. I followed his advice, he made mods to the contract that the developer agreed with, and he was with me at all meetings with the
developer, at the walkthrough when I accepted the property (the lawyer negotiated some improvements that I wanted and the developer agreed to), and at
the Notario when the deal was closed. Everything went without a hitch.
Also, the lawyer also got all the documents translated for me.
[Edited on 6-18-2009 by k-rico]
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DENNIS
Platinum Nomad
Posts: 29510
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Location: Punta Banda
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| Quote: | Originally posted by Skeet/Loreto
Baja and its People are Great, The Sea of Cortez is Great.
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The government sucks.
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oldlady
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Is it pick on Dennis time again? I have a problem with his post too....he limits the adjective to Mexico.
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oldlady
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That's your opinion Caboron (expressed ad nauseum ) based on limited data and experience.
Returning to the original subject....
IMHO, there is also no substitute for an honest assessment of one's self. Know what you want, be honest with yourself about your tolerance for risk,
inconvenience, cultural differences, etc. Not unlike what is just as common north of the border, those who become unhappy with their decision about
investment in Mexico didn't really crystallize their expectations when they began.
[Edited on 6-19-2009 by oldlady]
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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| Quote: | Originally posted by DENNIS
| Quote: | Originally posted by Skeet/Loreto
Baja and its People are Great, The Sea of Cortez is Great.
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The government sucks. |
Depends upon what's important to you. The mayor of TJ seems to be doing a fine job. There are massive street repair projects all over the city, new
parks are being built, and the violence SEEMS to be lessening. I've been living in playas for three years and there has been continual city and
private investment in the community. It's definitely on the upswing. I know, I live here. I made what for me was a large and because it's TJ perhaps
risky investment and therefore am watching and reading about what's going on a daily basis.
[Edited on 6-19-2009 by k-rico]
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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Jesse did a great job of hitting the nail on the head. Any major project has profit as it one and only goal of development and all of the little
things like social structure, water, property displacement, and hiring workers are just little annoyances to be overcome in the achievement of the
major goal. Small development of one or two places is a completely different animal. It is usually done by someone local and generally fits in with
the overall scheme of things. When Jose and Joselina decide to sell a property, they may well live there, everyone knows way too much information
about the kind of people they are and consequently no way would they risk being made a social outcast by cheating someone. The local builders operate
under the same controls and while they may be agonizingly slow, they will do the best they are capable of doing and you can readily see examples of
their work around town. Instead of gated communities, either in reality or imagined, where everyone is kept completely isolated, communities are
allowed to develop at a more natural pace with a more natural mixture of both worlds where people become friends or at least know each other. Places
like Loreto Bay just furthered the separation and continued the class distinction and erected barriers to understanding and communication. Its pretty
easy to see why the locals sit on one side of the fence and complain about the rich Norteamericanos taking up the good land and resources and the
Norteamericanos sitting on the other side of the fence complaining about having to pay over 100 pesos a day to get someone to clean the house and
wondering why those people never learn to speak english.
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k-rico
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Location: Playas de Tijuana
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Pescador,
I agree except you seem to be equating gated communities with gringo communities. Not always true. I live in a private gated community of over 100
houses all built within several years. I know of one other gringo owner, everybody else I've met are Mexicans. I've also seen a list of owners. At
the time I was the only owner with a non-latino last name.
But I live in Tijuana where there is a substantial middle class, and some of the owners are retired mexican-americans who have moved back to "their
country".
Another aspect that's important here and I think elsewhere in Mexico is the security gated communities offer. When I tell other locals where I live
the first thing they say is "Oh, good security". And, the houses are now selling for 20% more than they were 4 years ago, albeit slower. People pay
for security.
For many reasons, buying into a private gated community is a good bet. But paying US prices for a house in Mexico, that is, prices Mexicans cannot
afford, is not wise. You're really limiting the number of potential buyers if you need or want to sell.
I'm a big believer in "When in Rome, do as the Romans do."
[Edited on 6-19-2009 by k-rico]
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Skeet/Loreto
Ultra Nomad
Posts: 4709
Registered: 9-2-2003
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Another good way to "Maintain " Property in Baja Sur is through a Lease. If doing so be sure to register the Lease at the Local Municpal. Keep in mind
that most improvements go with the property unless detailed in that lease.
A good part of living in Baja is the interaction you have with the People. Learning a new Culture is great. If you have children it is fantastic to
watch them learn from a different Culture.
I have a friend whose daughter grew up from 3 years old through the school system and is now an Executive V-P for a large Company in the states.
Good Luck
Thump!
Skeet/Loreto
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toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
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Mood: Skeptical
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| Quote: | Originally posted by oldlady
Is it pick on Dennis time again? I have a problem with his post too....he limits the adjective to Mexico. |
Uh, that's a verb, Old Lady. Dennis is a man of action.  
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oldlady
Banned
Posts: 1714
Registered: 10-31-2005
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Right you are, toneart ...realized the error but too lazy to edit.
I'll let Dennis speak for himself on the innuendo.
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DianaT
Select Nomad
Posts: 10020
Registered: 12-17-2004
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| Quote: | Originally posted by oldlady
IMHO, there is also no substitute for an honest assessment of one's self. Know what you want, be honest with yourself about your tolerance for risk,
inconvenience, cultural differences, etc. Not unlike what is just as common north of the border, those who become unhappy with their decision about
investment in Mexico didn't really crystallize their expectations when they began.
[Edited on 6-19-2009 by oldlady] |
Very well said, and I might add that flexibility is high on the list of what is important because no matter how prepared one is, once there, their
expectations need to be flexible
Diane
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djh
Senior Nomad
Posts: 936
Registered: 1-2-2005
Location: Earth mostly. Loreto, N. ID, Big Island
Member Is Offline
Mood: Mellow fellow, plays a yellow cello...
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A simple principle....
that I've always tried to live by:
Say what you mean
MEAN what you say
and DO what you say you'll do
ESPECIALLY if someone is depending on you.
I find myself in a shrinking minority nowadays on this point~ and I imagine some of my Nomad amigos feel the same...
MY POINT????
Did LBC DO what they SAID they would do???
Talk is cheap, eh? But do you know WHY talk is cheap???
A: Simple economics: SUPPLY is so much greater than DEMAND...
djh
Its all just stuff and some numbers.
A day spent sailing isn\'t deducted from one\'s life.
Peace, Love, and Music
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arrowhead
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Posts: 912
Registered: 5-5-2009
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| Quote: | Originally posted by k-rico
Another aspect that's important here and I think elsewhere in Mexico is the security gated communities offer. When I tell other locals where I live
the first thing they say is "Oh, good security". |
When good security is the strongest selling point of where you live, it's time to move.
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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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To Rent Or To Buy, That Is The Question
Renting vs Buying Property in Mexico
Posted on 18 June 2009, LatinWorld
By Patrick Connelly
It is, ultimately, the point where the process of living in Mexico
diverges into two distinct paths. The question of whether to rent or to
buy - to purchase that cliff top villa on the Pacific or just rent a
nice place in the nearby town - plagues many a prospective buyer in the
U.S. and Canada. The decision has more variables in it than a college
calculus class, but here are a few things to take into consideration if
you are having the same quandary.
1. Renting keeps your options open
If you are like me and have a total fear of commitment (relationships,
locations, etc. etc.) then renting is perfect for you. Well, that and
if you are just not totally sure on living abroad for long periods of
time or permanently, or don't fancy investing money in a property in
another country. Renting can be a great option for the certain type of
person, especially those new to Mexico. Buying or building a house ties
you down to that property. Renting does not. Simple as that. If you
find out that you hate Mexico and want nothing more than to stay in the
U.S., it is much easier to cancel or see out a lease than it is to sell
a home. And if you want to travel around Mexico or Latin America for an
extended period of time, it is usually easy to sublet your rented
property to recoup some of the losses.
2. Buying a house is an investment
While the global recession has driven down home prices in Mexico in
recent months, owning a home south of the border is still a great long
term investment. The Mexican economy hasn't been hit as hard as the
U.S. has and the situation north of the border will recover in time. In
fact, many real estate professionals are predicting a strong buyer's
market in the coming months in hotspots like Puerto Vallarta and Cancun.
With a bit of shrewd cunning great deals can be found these days and
when the markets bounce back - and they will - owning a property in
Mexico suddenly becomes a very, very valuable commodity.
3. There is far less of a financial investment when renting
Well, duh. Financially speaking, it is definitely the "safer"
of the two options. While you certainly get more bang for your buck in
Mexico than you do in the U.S., buying a home is still a major financial
investment.
4. YOU own the house and deal with no one else
Anyone that has dealt with landlords knows it can be a real headache.
Its no different in Mexico. The fact that you do not own your rental
property and have to answer to a higher up may lead to squabbles over
anything from redecorating to rent to leases. Choosing a good rental
management company can prevent conflict if you want to rent.
On the other hand, when you own a house, you decide what goes in it,
what additions will be put on, etc. etc. You are your landlord.
5. More choices when buying
Odds are, you will find a property for sale in Mexico that matches your
desires before a rental. There are just more options out there to
choose from. Rentals are only ultra popular in certain areas frequented
by vacationing tourists, while good homes for sale exist everywhere.
The choice ultimately comes down to you. Owning a home in Mexico can be
the experience of a lifetime, but it isn't for everyone. My advice
would be to rent a house for a few months in your desired
location….get to know the culture, climate, and lifestyle. If you
fall in love with it, jump in. If you hate it, simply back out or try a
different region of Mexico. This is by far the smartest approach to
take - many a gringo have made impulse buys after a two week vacation in
Cancun or Cabos and ended up with a house they later realize they
don't want.
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toocoldincanada
Newbie
Posts: 4
Registered: 7-30-2016
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From Mitchman
"Not sure, but I think the problem with big Mexican residential developments like Loreto Bay is that the developers spend a bunch on well
thought-out marketing and fail to get the construction financing required to complete the project. Instead, they start with meager insufficient
startup capital, start selling the promises outlined in the prospectus, get a rediculous unprotected down payment from a buyer, use that money to
continue some construction and pay for ongoing current operating expenses (including high salaries for the developer) and hope to get more deposits to
continue construction. It is nothing short of a ponzi scheme."
Hi I am new to this forum. so apologies if I am out of line. I am building in a new development in Canada. It is being built by the same people that
did Loret. Bay. They are following the same pattern. $$ seems to be going to advertising and the construction is painfully slow. My husband went into
a lumber store and found out that none of the trades are being paid. It does look like a PONZIE scheme.
Is there any one who can tell me more on how these people operate? if you lived through it, what would you have done differently before the developer
pulled out?
[Edited on 7-30-2016 by toocoldincanada]
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mtgoat666
Select Nomad
Posts: 18118
Registered: 9-16-2006
Location: San Diego
Member Is Offline
Mood: Hot n spicy
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Quote: Originally posted by toocoldincanada  | From Mitchman
"Not sure, but I think the problem with big Mexican residential developments like Loreto Bay is that the developers spend a bunch on well
thought-out marketing and fail to get the construction financing required to complete the project. Instead, they start with meager insufficient
startup capital, start selling the promises outlined in the prospectus, get a rediculous unprotected down payment from a buyer, use that money to
continue some construction and pay for ongoing current operating expenses (including high salaries for the developer) and hope to get more deposits to
continue construction. It is nothing short of a ponzi scheme."
Hi I am new to this forum. so apologies if I am out of line. I am building in a new development in Canada. It is being built by the same people that
did Loret. Bay. They are following the same pattern. $$ seems to be going to advertising and the construction is painfully slow. My husband went into
a lumber store and found out that none of the trades are being paid. It does look like a PONZIE scheme.
Is there any one who can tell me more on how these people operate? if you lived through it, what would you have done differently before the developer
pulled out?
[Edited on 7-30-2016 by toocoldincanada] |
When you pay money in advance of construction, you are the only person holding risk. If the developer fails, he does not lose money, only you lose
money.
Better way to pay for new construction is to pay based on percent complete.
Or do like me, I prefer to buy places already built (I.e. 'Used" houses).
It is especially risky to pay moneys in advance in Mexico. Just don't do it!
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toocoldincanada
Newbie
Posts: 4
Registered: 7-30-2016
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hi mtgoat666,
I do get it that paying $$ in advance is a risk. Thank you for your response. We are in contact with our lawyer.
What I am looking for is anyone who Knows any of the L*reto B** scam that could share with me what happened there. It is a dangerous game that is
being played right now.
Thanks in advance.
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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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Use search on baja nomad for "Loreto Bay Resort" and click next page link of results to go back to 2003-2011 to read the horror stories. I understand
many units are complete after many starts and stops and funding and management problems, and now it is a beautiful place to visit though sometimes
hard to get to by plane.
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Lee
Ultra Nomad
Posts: 3495
Registered: 10-2-2006
Location: High in the Colorado Rockies
Member Is Offline
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| Quote: Originally posted by toocoldincanada | hi mtgoat666,
I do get it that paying $$ in advance is a risk. Thank you for your response. We are in contact with our lawyer.
What I am looking for is anyone who Knows any of the L*reto B** scam that could share with me what happened there. It is a dangerous game that is
being played right now.
Thanks in advance. |
If you can get others in the development to join you, have your attorney file a class action lawsuit -- freeze the assets of the developers.
Don't invest any more money if you haven't thought of that already.
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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