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amir
Senior Nomad
Posts: 559
Registered: 5-4-2007
Location: Todos Santos, BCS
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Mood: chiropractic
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| Quote: | Originally posted by oldhippie
SDE Business Partnering to Provide MRO Services for Loreto Bay Sustainable Development Project
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It's deja'vu all over again...
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SkyMedBarbara
Junior Nomad
Posts: 77
Registered: 9-17-2007
Location: Loreto
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Mood: Happy
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I sure hope they finish what they have started....we have to look at it.....
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oldhippie
Banned
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"SDE Business Partnering (SDE), a Detroit-based minority-owned provider of labor, MRO integrated services, program management and vendor management
services, has been awarded a multi- year contract to manage the procurement, materials management, and logistics services for the Loreto Bay Company."
I've managed many multi-year contracts where there is no money on contract. The money comes as a result of task orders that are negotiated one-by-one.
It's a contract vehicle where wages, other costs, and terms and conditions are negotiated up front, whether of not it is used, and for how long, is
up to the discretion of the contracting agency.
[Edited on 9-28-2007 by oldhippie]
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cajhawk
Junior Nomad
Posts: 64
Registered: 11-16-2004
Location: Ramona, CA
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1) Citibank is a bank. Citigroup is owned by the same holding company and is focused on real estate due to regulations over banks and real estate
holdings since the Savings and Loan debacle. They purchased the hotel with Loreto Bay and then rolled their equity position into a partnership for the
whole development. They are the lender on the project as well.
2) SDE is getting Loreto Bay to become less of an American/Canadian company and more of a Mexico based company. If you read closely, they will provide
construction management by Mexicans with Mexicans IMHO.
3) The current management hasn't been able to finish amenities and is a high overhead operation. Citigroup will probably focus on correcting both.
I think this bodes well for homeowners long term. The golf course has been partially renovated and would think that some retail space would be their
next focus.
This is what I think is going on from my experience with LB. Sorry to disappoint those that think the "Citygroup" thing was a scam!
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mismisty
Newbie
Posts: 23
Registered: 12-7-2004
Location: Loreto
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Mood: Working again silly me, Remaxdelmar
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Good thing since Citygroup is a Hong Kong company
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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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| Quote: | Originally posted by cajhawk
3) The current management hasn't been able to finish amenities and is a high overhead operation.
I think this bodes well for homeowners long term.
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High overhead operation You mean the lining their pocked phase is over and they're passing the baton.
As for boding well for the owners, I agree with the thought in mind that Citigroup has a reputation to uphold and can ill afford to walk away. At
least we're talking "DEEP" pockets.
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oldhippie
Banned
Posts: 742
Registered: 6-25-2006
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Just to set the record straight about the Citigroup involvement, they're investing other people's money (OPM) pronounced "opium" using a brand new
investment stategy. Loreto Bay is their first investment in "sustainable building projects". Given the size of Citigroup compared to Loreto Bay
Company, the amount invested could be considered chump change and was probably taken from the petty cash cigar box in some secretary's desk drawer.
Plus, in general, real estate investment instruments are taking a beating. Many people think that real estate in general is overvalued. Not to imply
that a $400,000 or more for unit in Loreto Bay is a bad deal, especially if there's running water for a year or two and they get the raw sewage
flowing in the streets of the town cleaned up.
"Citi Alternative Investments
Various businesses at Citi Alternative Investments (CAI) have been active in making environmentally friendly investments. For example, as part of the
Sustainable Development Investment Program, CVC International has invested $150 million to date, including such notable transactions as Suzlon Wind
Energy, a wind turbine manufacturer based in India, and Sindicatum Carbon Capital, a developer of projects that reduce GHG emissions globally. Citi
Property Investors (CPI) invests in sustainable building projects. Its first such investment was in the Loreto Bay Company, a 5,000-home community in
Baja California, Mexico that is one of the largest sustainable resort communities in North America."
http://www.citigroup.com/citigroup/press/2007/data/070508a.h...
https://citigrouppropertyinvestors.com/reinst/
Also, this encouraging news:
Citi's alternatives unit struggles in first quarter
http://tinyurl.com/33wm32
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wilderone
Ultra Nomad
Posts: 3823
Registered: 2-9-2004
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Said Earle Steinberg, SDE president, Construction/MRO. "This marks our first
sustainable development project and we look forward to following the
sustainability principles in every aspect of our work. This adds a unique
element to procurement, as well -- we will only seek out vendors who are
equally committed to the sustainability principles in an effort to protect
and enhance the Loreto Bay environment."
This tells all. They haven't a clue as to what they're doing. They're from Detroit for godsake - haven't a clue as to what Baja is all about.
LB Co. started something from fantasy and found out they couldn't deliver. All the hype about their commitment, and obviously their integrity is pure
smoke. They leave a man-made abomination in their wake, and all the promises to all the buyers in jeopardy.
Citigroup is a NYSE publicly-owned conglomerate, subject to investors' interests. CPI is "the real estatement investment management business of
Citigroup" trying to protect its investment - private investor funds - and must be diligent in doing so, or suffer the allegations of investors and
SEC. If SDE is their choice to make everything alright, then they're doomed.
And I wonder what the results of the test wells for the desal plant were.
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flyfishinPam
Super Nomad
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Registered: 8-20-2003
Location: Loreto, BCS
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Bump!
this is important news for Loretanos.
so far it hasn´t frightened any local negociantes that I speak to. it doesn´t frighten me. but it sure is scaring the panties off many real estate
agents and the carpetbagging leeches who´ve come here for a quick buck on the chittails of that projecto. hopefully this development, excuse the pun,
will bring the prices back to reality all over the baja peninsula. it sure will be difficlut for the founders to see a gain or a break even on their
"investment" there.
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capt. mike
Elite Nomad
Posts: 8085
Registered: 11-26-2002
Location: Bat Cave
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don't be! pay $$ take chances!!!
| Quote: | Originally posted by bajajudy
Where does this leave the people who have bought there?
I am sorry for the people who bought there if they are hung out to dry. |
anyone who "invests" more in mexico than they can afford to walk away from needs a brain transplant!
well the place looked tidy as i buzzed it sat and sun from 500 ft.
didn't have the time to van over tho. had other biz just in town.
as for me....who cares?? except for the workers who may lose jobs, i care for the mex people, not gringos like me!!
ok you eco naysayers, you win!
i never gave it more than 50-50, i just felt gringos should mind their own biz on matters relating to the real citizenry.
it may never be the 5000 units butter beans said it would but the completed
units and partials that MIGHT get finished will be fine for those who like clustervilles.
my friends said , ok - good , less neighbors. that was a riot.
if his place drops 50% he will shrug and say win some lose some.....
how many of you were invested there baja in the 70s when peso devalued 50% every other month and folks had CDs in mex accounts, like their life
savings??
that wasn't butter sauce doin it, twas the guvmint!!
well.........time to check the mex real estate web sites for some fresh bargains!! hahaha
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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edinnopolo
Nomad
Posts: 138
Registered: 5-1-2005
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Mood: laid back
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| Quote: |
anyone who "invests" more in mexico than they can afford to walk away from needs a brain transplant!
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You mean "can't walk away from" I presume
Of all the times I heard and read that statement, I've always thought it to be one of the dumbest I've ever heard. It maybe true for folks who spend
their 2 or 3 vacation weeks here, but what about the people that make Baja their home and moved here lock, stock and barrel, like many of us ?
We did choose this country for many different reasons, and I, myself, am very glad to be out of the crazy California rat race. And NO, if I would
loose my place here for whatever reason, I wouldn't be destitute, but it would put a dent in my way of living. But that's part of living. If you want
to go through life without taking any chances you're a poor soul in my book.
And I would be really surprised if many of the people that live here don't agree with me, and more surprising, that nobody ever mentioned this in this
forum.
Blessed be the flexible for they shall not bend out of shape.
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capt. mike
Elite Nomad
Posts: 8085
Registered: 11-26-2002
Location: Bat Cave
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sorry for your situation amigo - but you're putting one too many bets on the come line. and - just this guy's opinion - many others out there do what
you do - how do ya'll sleep at night?? well, that is if you don't have a great fall back plan.
and yes - i stand by my statement - if you can't afford to walk away from a second home in baja should things go to caca - then you are short one
home. And if you think that's "dumb" don't bother me with any other investment tips like buying property in places where you can't vote nor enjoy
citizens' rights.
placing all your eggs in the baja retirement basket thinking all will be peachy in perpetuity is risky as all get out. But hey........its your dough
my friend. use it or lose it.
risks are fine, i calculate them all the time and pick the ones i am comfortable with. i'll tell ya this for sure tho - i have no intention of
becoming a "poor soul".
glad you're out of the CA. rat race - can't blame you there.
welcome to the land of the real rats, ones with practice .
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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comitan
Ultra Nomad
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Registered: 3-27-2004
Location: La Paz
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Capt. Mike I'm afraid you have a mind set, the only thing you understand is investments that will make money. Those of us who have gotten out of the
rat race and moved to Mexico lock stock and barrel have an investment into comfortable living at less expense, great weather, clean air, and a feeling
of security(yes I feel safe) A great water water playground, my investment is for my life.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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capt. mike
Elite Nomad
Posts: 8085
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no sweat, i respect that. i just could never do what you all do with out a safe sanctuary back up plan. Just my Boy Scout training. you know - be
prepared.
Hell - i am good with a palapa/trailer/truck/BBQ and if i lose that i still have AZ digs paid for.
yeah, i got some investments, 2 kinds actually - ones that make $$ and ones that don't. But i don't keep anything too long that loses $$.
do you??!!
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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Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
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Mike, I gotta agree with Ed and Comitan. Some of us wanted a real nice retirement home in the tropics, found the opportunity in Baja California, did
what we had to do to be comfortable and safe. We just didn't want the "YOU GET WHAT YOU SETTLE FOR" kinda thing, you know, a camper/trailer in the
parking lot of a hotel. We wanted a nice place of our own AND some self-respect. All worked out for us. How you doin?
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tuna stick
Junior Nomad
Posts: 67
Registered: 8-27-2004
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bounce: Is it too early to break out the rum and have a chorus of "Ding Dong The Witch Is Dead"/,or do we have to wait for that fat lady to sing?
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edinnopolo
Nomad
Posts: 138
Registered: 5-1-2005
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Mood: laid back
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| Quote: |
Hell - i am good with a palapa/trailer/truck/BBQ and if i lose that i still have AZ digs paid for.
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But we're not "good with that" and yes, I have paid for digs in Sacramento, a place that over the last 20 years turned into another LA type chithole
with unbelievable traffic and crime. Comparing to that, my place here is unbelievable and will, without any doubt, last me and my kids a lifetime.
Blessed be the flexible for they shall not bend out of shape.
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edinnopolo
Nomad
Posts: 138
Registered: 5-1-2005
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Mood: laid back
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And BTW who the hell wants to live in Phoenix.
Blessed be the flexible for they shall not bend out of shape.
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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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Hey Ed - !! Dumb me. I just figured out why you hated LB so much - you live in no polo? - yes??
Who wants phx?? lots of snow birds from the east and mid west for one example, well in the winter anyway. Built a few shacks for them over the years
too.
I'll take sunshine and 75 in January anytime too. And when its hot for 3 lousy months, i stay inside where my home, office and cars are heavily A/C'd.
big deal. (and buzz up north for weekends)
Well, i ain't retired yet so a portable and disposable vaca spot with an adjacent airport, bar, pool, hotel for drop ins and a bunch of great friends
is damn nice. yeah.....doin real nice Osprey and thx for asking! I'll be doing nicer with an east cape lot one day tho so i am watching them go up.
and i can come south for a weekend iffin i want - can you? Or get right home in
about 3 hours on short notice if i need to.
so if baja still has the allure down the road when i decide making $$ fighting ratz is no longer fun or needed, i'll be buying or building something a
little more substantial to fit my tastes and style, and it will be VERY comfortable, trust me......for about 1/2 a year at a time, that's all.
I love the SOC but pac side is too cold and gloomy winters and SOC above the tropic line is way worse than PHX for heat and humidity.
like i said above here or sum place else - if it works for you, great!
whatever floats your panga.....or liveaboard - how ever you are set. 
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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wilderone
Ultra Nomad
Posts: 3823
Registered: 2-9-2004
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Mike - you are confused. Maybe that rarified air a bit too thin?
"if you can't afford to walk away from a second home in baja should things go to caca - then you are short one home. And if you think that's "dumb"
don't bother me with any other investment tips like buying property in places where you can't vote nor enjoy citizens' rights. placing all your eggs
in the baja retirement basket thinking all will be peachy in perpetuity is risky as all get out."
AND THEN:
"so if baja still has the allure down the road when i decide making $$ fighting ratz is no longer fun or needed, i'll be buying or building something
a little more substantial to fit my tastes and style, and it will be VERY comfortable, trust me......for about 1/2 a year at a time, that's all."
You'd make a good LB real estate pimp. Custom patter for one and all. Actually, we don't care whether you do or not. So don't bother us with your
housing tips.
"Hot" for 3 months out of the year? 115 in the shade ain't hot, mi amigo, it's unfu___inglivable.
And: "buying property in places where you can't vote nor enjoy citizens' rights." FYI, I can't vote in So. Lake Tahoe. Their voting scheme is
calculated to take advantage of those who can't vote - usually a tax assessment - yes, it is unconstitutional. What citizens' rights are you talking
about that would preclude one from buying property in Mexico? You are aware that over half-million social security checks are mailed to Mexico to
American citizens every month?
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