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lwpa
Junior Nomad
Posts: 38
Registered: 11-20-2010
Member Is Offline
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Club Marena Condo Purchase
After many years, over 45, my wife and I have decided to buy a unit in Club Marena. I thought we did our due diligence by interviewing current owners
and looking into the track record of the owner, but after reading all the posts in this forum I may be having second thoughts. We have just started
the purchase process with only a brief sales agreement and a small deposit. The unit is a resale, 3 previous owners and there is 38 yrs. left on the
original 50 yr lease which each previous owner assumed rather than having the bank draw up a new 50 lease. We have been advised that it is cheaper to
assume the existing lease.
The listing agent for the property is Baja Area Realty Group and representing us as buyers is the sales manager at Club Marena, Eduardo Ochoa, who
seems to be experienced and honest. What advice can you give us at this point? We will be paying all cash, about $580,000. Are we making a hugh
mistake?
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dtbushpilot
Ultra Nomad
Posts: 3296
Registered: 1-11-2007
Location: Buena Vista BCS
Member Is Offline
Mood: Tranquilo
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Where is Club Marena? Do you have a link to check it out?
"Life is tough".....It's even tougher if you're stupid.....
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racheldarlin
Junior Nomad
Posts: 69
Registered: 9-30-2010
Member Is Offline
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Let me get this straight. You are planning on spending $580,000 for property in Baja and you are asking Nomads for their opinion? STOP!!!!!!!!!
Get a Lawyer to look into this for you.
[Edited on 3-3-2011 by racheldarlin]
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Dave
Elite Nomad
Posts: 6005
Registered: 11-5-2002
Member Is Offline
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I wouldn't think being represented by the property sales manager as prudent. My suggestion is to find an attorney and have him represent your
interest. The key is getting clean title. I would insist on a new trust and make the sale conditional on that happening, regardless of increased cost.
Also, the seller must pay cap gains at closing, if applicable.
Do some market comparisons. I don't know what you're getting for 580k so I couldn't say if it seems high, or low.
Bear in mind, this is free advice and worth every penny. If it were me, I'd be very nervous about investing more than 1/2 a mil in Mexico, or
anywhere else right now...
Unless is was as super, super deal.
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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Arn't the owners of Club Marena the same that own Baja Country Club?
We have a Nomad here, Bajaguy, who would trust these people with his life. He should be along sometime soon to give you his input. He's probably at
work sleeping right about now.
BajaNomad advice is not the worst you can find. It's free and many here have seen it all.
Be as careful as possible.
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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 Dave
I would insist on a new trust and make the sale conditional on that happening, regardless of increased cost. |
I didn't know that could be done with a condo. It used to be that a blanket trust was aquired at the beginning and the life of all trusts began at
the same time.
Perhaps things have changed.
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Dave
Elite Nomad
Posts: 6005
Registered: 11-5-2002
Member Is Offline
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Master trusts as final placement are history. Although, I suppose there are still some who's time has not expired. It has been my experience that
most master trusts have been restructured...except those with title deficiencies. 
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lwpa
Junior Nomad
Posts: 38
Registered: 11-20-2010
Member Is Offline
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Club Marena Condo Purchase
I was hoping to get the comments from Ramuma53 who appears to be extremely knowledgeable in Baja real estate laws in general and the Rosarito area in
particular.
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toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
Member Is Offline
Mood: Skeptical
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Dave,
What 'trust" are you talking about? Fideicomiso? He is talking about an assumed "Lease". He would not own the tierra.
IWPA,
With that kind of money you can buy nice property in lots of desirable places. With all the Cartel activity in that area, why plunk your money there?
You have a chance to run. Those who already have bought in Baja are stuck and have to make the best of it.
Today Obama met with Calderon. New promises, commitments, blah blah blah. New bloodshed intensity always follows that kind of B.S...the so called,
"War On Drugs".
So far, we are not being targeted overtly. That could change. Some who live there, near the border area take positive attitudes and just deal
with it. I doubt whether anyone, Americans, Canadians or Mexicanos can say they feel safe. I bet every one of them would love you to throw that money
at them so that they could get out!
And I haven't even talked about all the pitfalls and ways that gringos can get separated from their money...some you could never even anticipate.
Rarely in a game of chance do you get such a splendid opportunity to see how the cards are stacked against you.
Stop romanticizing with this dream.I know it is difficult to be talked down about a dream that your heart is set on. Listen to your head. You have a
chance, NOW, to run. Do It!
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Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
Member Is Offline
Mood: undecided
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Club Marena? $580K? Must be a fantastic place. I'd recommend expanding your property search beyond Baja.
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BajaGeoff
Super Nomad
Posts: 1727
Registered: 1-11-2006
Location: San Diego and Campo Lopez
Member Is Offline
Mood: Heading To Baja!!!
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Is this the condo on the top of the Las Brisas tower?
I have friends and clients that live at Club Marena and love it. The property is well maintained, it has nice amenities and if you surf, well then it
is a little slice of paradise.
If I was retired and looking for a place to spend my golden years on the coast of Baja with relatively close access to the states, Marena would be in
my top 5. Great spot!
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mtgoat666
Platinum Nomad
Posts: 20372
Registered: 9-16-2006
Location: San Diego
Member Is Offline
Mood: Hot n spicy
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| Quote: | Originally posted by lwpa
I was hoping to get the comments from Ramuma53 who appears to be extremely knowledgeable in Baja real estate laws in general and the Rosarito area in
particular. |
Read all 90 pages of the infamous turtle thread before you form an opinion about Ramuma53. He may know a lot about RE, he may also be an example of
the type of character that makes RE purchases risky.
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Russ
Elite Nomad
Posts: 6742
Registered: 7-4-2004
Location: Punta Chivato
Member Is Offline
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3 previous owners?? It may be prudent to speak with them.
Bahia Concepcion where life starts...given a chance!
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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 toneart
What 'trust" are you talking about? Fideicomiso? He is talking about an assumed "Lease". He would not own the tierra.
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It's a condo Fideicomiso. I think his term, "lease", is incorrect.
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El Comadante Loco
Nomad
Posts: 274
Registered: 6-12-2004
Member Is Offline
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I have dual citizenship and I would not do it... For that kind of money you can buy the land a house and have money left over for upkeep and
expenses...
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fandango
Senior Nomad
Posts: 549
Registered: 1-30-2006
Member Is Offline
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WAIT!!!!!!!!!!
why would you pay ALL of the purchase price up front? get a note and make payments, keep the balance of your 500,000 in the US in case you need to run
or you get run off. then you haven't lost every dollar.
unless, of course, that is completely disposible money. remember, never invest more than you can walk away from.
sbwontoo
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Gypsy Jan
Ultra Nomad
Posts: 4275
Registered: 1-27-2004
Member Is Offline
Mood: Depends on which way the wind is blowing
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Investment in Your Safety
Some years back, we watched the first-built, smallest high-rise at Club Marena burn to the ground (this tower has since been rebuilt). The fire
department ran out of water in the first few minutes and could only stand around helplessly.
I don't know if the situation has changed, but no Rosarito fire truck was equipped to send a ladder higher than the third floor at that time,
according to reports.
Some reports said that a propane tank on the roof exploded and caught fire. Some reports said that an elderly woman tiving on a high floor perished
in the blaze.
I would not buy or even rent a home in a high rise in Rosarito.
That being said, there is a huge supply of single family homes in gated communites in the Rosarito area and it is a buyer's market. Just do a little
in-person investigation.
Rent and live down here for a bit to see if the location fits your needs.
We have lived here for years and love it.
“Travel is fatal to prejudice, bigotry, and narrow mindedness.”
—Mark Twain
\"La vida es dura, el corazon es puro, y cantamos hasta la madrugada.” (Life is hard, the heart is pure and we sing until dawn.)
—Kirsty MacColl, Mambo de la Luna
\"Alea iacta est.\"
—Julius Caesar
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lwpa
Junior Nomad
Posts: 38
Registered: 11-20-2010
Member Is Offline
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Frankly I am surprised at most of the responses. I thought most Nomads loved or at least liked Baja, not Baja bashing. Regarding the reported
violence reported by the U.S. press, in my opinion is completely blown out of proporation as it relates to the danger faced by those visiting Mexico.
I am ex law enforcement and have researched the violent crime stats for the greater TJ/Rosarito area and they are less than almost every US city of
similar population.
Regarding paying all cash instead of financing, Mexican Banks currently charge about 10% interest and you can only get a loan for about ten years.
Also to those who don't even know Club Marena, I think it is unfair to knock them.
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Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
Member Is Offline
Mood: undecided
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lwpa, Go for it!
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mtgoat666
Platinum Nomad
Posts: 20372
Registered: 9-16-2006
Location: San Diego
Member Is Offline
Mood: Hot n spicy
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| Quote: | Originally posted by lwpa
Frankly I am surprised at most of the responses. I thought most Nomads loved or at least liked Baja, not Baja bashing. |
love baja and mexico.
but would never invest significant money in property in Mexico.
fun money only, and only what I can afford to lose.
renting seems like a fine idea for mexican real estate.
$580K is a bit more than I would want to put at risk in a country with uncertain title records and little reliable title insurance.
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