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wessongroup
Platinum Nomad
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Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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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. |
Ditto's.....
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Gaucho
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Location: Laguna Beach/East Cape
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Mood: Bohemia por favor...
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I would get a new fideicomiso for sure and not assume the existing one. If you are plunking down $580k in cash the new "fidi fees" are a drop in the
bucket. You don't want to cut corners with that much cash down. I would also get title insurance by a reputable firm like Stewart Title http://www.stewart.com.mx/
As was mentioned above definately talk to previous and current owners. This IS a beautiful spot.
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gnukid
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First and foremost:
Never use the seller as the buyer rep-Huge Red Flag. Run away.
Never allow the seller to dictate the terms of the fidi while reducing the value. Run away.
Second:
I think it's way too expensive for what it is-the real value to me is about $150,000US today compared to values round the country, I reviewed all the
units for sale there online, the place is next to the freeway stacked up like sardines on a cliff with little access to the beach, and the beach has
surf which while an advantage for some is a disadvantage for swimmers-yes I know there is a beach access- but you could have a much more desirable
location, more space, better value, less risk, for lower price.
Looking closely at property development and history, it's unlikely this can go up and very likely to go down based on comparables. Worse with such a
large building, you are dependent on a large number of people being able to maintain a second home and a vacation lifestyle which are the first things
people default on in a crisis as we see.
You would be well advised to be less vulnerable to neighbor's failures, owner's and manager's failures, and regional problems by choosing a location
and development more carefully.
As my father would say, "you could live very nicely on that amount for the rest of your life without any risk at all. Why take such a high risk?"
What could you possibly gain compared to what you most likely lose?
Consider Baja's advantages: Vast open beach front, easy access for walking, fishing, kayaking swimming for family and friends, inexpensive property
and homes, great community, peace and quiet. This place has none of those. So what does it offer?
[Edited on 3-4-2011 by gnukid]
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Bajahowodd
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Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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I have to chime in on this, too. The amount that is being spent for a condo in Rosarito staggers my mind, especially in the current economy and
housing turmoil NOB. Just have to wonder what you could do with that kind of money in places on the coast of CA, given all the distressed properties
and foreclosures. And given that NOB, there would be much less likelihood that the ongoing drug war could adversely affect your purchase.
Maybe, as has been mentioned here many times before, about not investing beyond what you could walk away from, perhaps our friend has money to burn.
Just my opinion, but if I was going to invest a half a mil or more in Mexico, I'd better have alot more than that in the bank for back up. Times
change. 20 years ago, I would have said, go for it.
[Edited on 3-4-2011 by Bajahowodd]
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Gaucho
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For that kind of money I would look in Las Gaviotas. Safe, guard gated, nice ammenities, established, lots of character and a really nice beach.
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Dave
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| Quote: | Originally posted by Gaucho
For that kind of money I would look in Las Gaviotas. Safe, guard gated, nice ammenities, established, lots of character and a really nice beach.
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I have several friends who sold in Gaviotas and moved to Club Marena because Gaviotas has much higher percentage of absentee owners who rent to
weekenders and summer vacationers. At times the noise level and crowded streets are unbearable. Club Marena controls this to some extent through its
CR's.
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Woooosh
Banned
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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. |
Try posting on a thread he is active on and ask him to follow this thread for you. Club Marena is indeed nice. But what if the price you are paying
is from top of the market six years ago? Sadly, there is no MLS for Rosarito comp sales. If you find out a neighbor paid half what you did, or if
a similar unit comes up at half the price you paid... will it bother you? If not- don't worry about price- just make sure the paperwork is correct.
This price thing I described happens all the time in projects down here. You are definitely in the drivers seat down here right now- only 100 sales
for Rosarito in 2010 if that tells you anything. Don't let anyone rush you or your money burn a hole in your pocket.
[Edited on 3-4-2011 by Woooosh]
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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Gaucho
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Location: Laguna Beach/East Cape
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Mood: Bohemia por favor...
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I could see that! I've partied there plenty 
| Quote: | Originally posted by Dave
| Quote: | Originally posted by Gaucho
For that kind of money I would look in Las Gaviotas. Safe, guard gated, nice ammenities, established, lots of character and a really nice beach.
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I have several friends who sold in Gaviotas and moved to Club Marena because Gaviotas has much higher percentage of absentee owners who rent to
weekenders and summer vacationers. At times the noise level and crowded streets are unbearable. Club Marena controls this to some extent through its
CR's. |
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bajatravelergeorge
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Dam, why didn't I buy one for 290K when I had the chance back in 2003. Club Marena is one of the great success stories of the Gold Coast. Super
property and being located at a world class surf break will help keep values up. But for 580K you had better be buying one of the penthouses or one
with 250K in upgrades.
I wonder if you take over a fideicomiso, do you have to pay the 2% city tax on the sales price? Or is that only paid on a new fideicomiso.
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bajaguy
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Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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IWPA
Check your u2u....upper right corner of this page, by where you sign in..........
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mcfez
Elite Nomad
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Location: aka BN yankeeirishman
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$580K
Ever occur to anyone here that $580K may be chump change to this guy?
I do agree...dont ask the questions here...get a legal pro to answer.
Old people are like the old cars, made of some tough stuff. May show a little rust, but good as gold on the inside.
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wessongroup
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And "Subject to"... comes to mind....
Think you will be getting some great input on this "location" and many other considerations....
Its all good... and a good question to ask right here...
As you can see many have a lot of knowledge and thoughts on this and the more you get from folks who have lived down here ... well, it can't get much
better than that...
Don't think anyone is charging ...... yet... 
[Edited on 3-4-2011 by wessongroup]
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Von
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Way to much for it~ Rent one out first~ never give out all your cash~ or even 20% down~ good luck~ And i own land on the beach in Rosarito~
READY SET.....................
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JESSE
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Club Marena is a nice place, no wonder Leonardo Di Caprio and James Cameron resided there during the filming of Titanic. 1/2 a million dollars might
sound like too much for some people, but it isnt for a place like Marena. I have stayed there a few times and its a very nice place, wich in my
opinion, its worth it if you have the $$$.
Now, i would agree with the advice of some members, get a lawyer who works for you, study your options carefully, and buy your condo.
Its a good property, in a safe area, secluded, no noise, and its worth it if you do your homework.
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skipowell
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Registered: 11-9-2009
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Having spent time at Club Marena, I can see why the values are still as high as they are. The units are beautiful, as well as the grounds. You can
not even touch anything in the states for under 3 million with the features of Club Marena. Yes it is close to a highway as one person posted, but
then what isn't in Rosarito/Ensenada area that is ocean front. The other premium condo's Los Olas (spelling??) are up in the same range if not even
higher. You would not be able to get a home with anywhere near the same features in Gaviotas for that price and I agree Dave the weekend party crowd
gets old in Gaviotas.
We currently own two homes in Mexico (in SADM) and feel relatively safe with our decision. Like I said in an earlier post, when we are ready to make
the move from a house to condo living (no longer have big active dogs) Club Marena would be our first choice in Northern Baja.
For what it is worth there is a woman that is very active on the Rosarito Forum at the Trip Advisor website that lives in Club Morena that might be
able to give you some insight.
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SDRonni
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Location: Serra Mesa/Rosarito
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lwpa: Some said we were crazy when we bought at Las Olas Grand, but we have never been happier. You just can't put a price on that incredible view!
Though we may never make money when (if) we eventually sell, many, many years down the road, we enjoy our place all the time, always commenting with
each sunset how fortunate we feel. Many on this board pooh-pooh the idea of living in a high-rise condo, but, for us, it was a perfect choice. The
security, the maintenance of the grounds and only having to show up to enjoy is just the ticket for us older, retired folks. We have friends who
have lived at Club Marena for many years and they absolutely love it there. We have been to their place and it is very nice! I say go for it and
enjoy!
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lwpa
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Registered: 11-20-2010
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Thanks to all for the wide varied of opinions. Almost all who know Club Marena agree that it is one of the most premier properties along the gold
coast. Values of units remain fairly stable and expensive because of the quality of contruction, maintenance of buildings and grounds, amenities such
as two clubhouses, two swimming pools, two jacuzzi's and probably the most important factor an ocean view to die for. The unit we are buying is the
penthouse which is two stories with 3600 sq feet and was totally remolded 2 yrs. ago.. If it were located anywhere in the US on the ocean the price
would range from around 3.6 to 5 million. The cheapest unit in Club Marena would sell for $300,000. I guess I am a little crazy but at my stage in
life I think I am making the right choice for me.
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Dave
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Good job
| Quote: | Originally posted by lwpa
The unit we are buying is the penthouse which is two stories with 3600 sq feet and was totally remolded 2 yrs. ago |
Forget everything everyone has said. That super, super deal I was talking about?
You just got it. 
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BornFisher
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Can I come over for the housewarming party? I`ll bring fresh caught fish and beer!!!!
Really, I think that place is great, I`m below it (K-38) in the low rent trailer park district!
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DENNIS
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| Quote: | Originally posted by lwpa
The unit we are buying is the penthouse which is two stories with 3600 sq feet and was totally remolded 2 yrs. ago.. |
Jeeezo...that's about the size of Calimax. 
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