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capt. mike
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Posts: 8085
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Location: Bat Cave
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this is so funny.
Wilderone - she got you going eh?
HOAs absolutely can be separated from the other amenities structure, its done all the time - they can sell separate club memberships for any activites
not wanting to be subsidized thru the owner's fund. - like Golf and tennis. And the hotel's income stream can cover many other things like beaches,
cabanas etc. Check out any major time share resort operation, they do it all the time.
the key here is its about those with the where with all to pay CASH for a place they may only use a few months of the year, like about 500 of them??
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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Skeet/Loreto
Ultra Nomad
Posts: 4709
Registered: 9-2-2003
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Look Out Loreto!! The Texans are Coming!
There has been a Media Blitz in the Houston Area for the past month selling Loreto Bay.
Conniental Airlines is starting service Sept. 8th.
Loreto will never be the same, relax, maybe some of those Texans will start a Rodeo.
Skeet/Loreto
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Bob and Susan
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Posts: 8812
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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Continental is already there....
From the East Coast:
Houston, TX (IAH) to Loreto, Mexico (LTO)
Thursday and Sunday with:
Continental Airlines 800-525-0280
Continental Airlines Reservations Website Booking
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oldhippie
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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 quarter of a million dollars or more for house 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/
[Edited on 9-5-2007 by oldhippie]
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elizabeth
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Posts: 742
Registered: 7-30-2004
Location: Loreto, BCS
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| Quote: | Originally posted by 805gregg
I drove through Loreto Bay 2 weeks ago, ugly is the only word to describe the attached housing. All the units I saw had common walls with their
neighbors, a very small front entry or kind of court yard maybe 5'x15' or none at all just a front door right on the street. My wife said it reminded
her of France, maybe thats why we say so many French and Itialian tourists. Selling this mess in Europe. |
It reminded me of a NY tenement with pretty colors...and no grafitti...yet.
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oldhippie
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| Quote: | Originally posted by elizabeth
| Quote: | Originally posted by 805gregg
I drove through Loreto Bay 2 weeks ago, ugly is the only word to describe the attached housing. All the units I saw had common walls with their
neighbors, a very small front entry or kind of court yard maybe 5'x15' or none at all just a front door right on the street. My wife said it reminded
her of France, maybe thats why we say so many French and Itialian tourists. Selling this mess in Europe. |
It reminded me of a NY tenement with pretty colors...and no grafitti...yet. |
Wait until the slave quarters, oops, I mean public housing developments, for those poor Mexican workers to live in are built. But like one poster
said, some of the happiest people live in tar paper shacks. I bet they're really happy today given the hurricane in the area.
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wilderone
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Mike - au contraire - only shows how much more risky the purchase is. Not only are they buying an attached unit, LEASED for 99 (or however many)
years in a foreign country, but the purchasers do not even own the amenties nor have any control over them whatsoever. And I agree, there are all
types of financial structures for purchase of property: time share resorts (a couple weeks with exchange privileges for a hotel room); fractional
ownership of hotel rooms (1/16th or whatever), the purchase of vacation property exchangeable all over the world. With LB it appears you get far less
for your money than I even thought previously - and not all of the LB development units are the same - some are "small hotel apartments". All the
promises of shops, cafes, studios, galleries, etc., I'd still like to know: these commercial spaces will all be individually leased and managed by
independent contractors? And if they're not profitiable, they have the option to quit their business? So LB Co. is making promises regarding the
ecologically responsible and sustainable golf course without having any of the responsibility of its future caretaking because it will be in the hands
of ___ (who)? Will the golf course managers have specific criteria to ensure that it does not become salt and pesticide laden and have adverse
effects on the health of the estuary and the Marine Preserve? So many promises. So many who have so much to squander on promises.
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oldhippie
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wilderone, I think LB homes are sold using fideicomisos. They're not leased, or are they?
The big risk in my mind is the "deal" they've worked out with the Government for water from the measly aquifer. What happens if the gov renegs?
Sorry Mr. Butterfield, we've changed our mind and decided that the water is better used by our citizens and we've also decided to deny the permit for
the desal plant. Of course we'll reconsider if you can get Washington to lighten up on our fine citizens living in the States whose paperwork isn't
quite correct.
Let's see, a Canadian/American company sues a Mexican government agency in a Mexican court. Yup, that will work.
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Don Alley
Super Nomad
Posts: 1997
Registered: 12-4-2003
Location: Loreto
Member Is Offline
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| Quote: | Originally posted by Loretano
Next time get your facts straight before you sound off. |
What? Did someone change the rules?
If LB can make up "facts" from under the shade of their palapa trees, so can we.
Now, did OJ Simpson buy a unit?
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wilderone
Ultra Nomad
Posts: 3805
Registered: 2-9-2004
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Right - a trust not a lease for the restricted zone - whatever - it's not fee simple with your name on it with the land rights too.
"In 1993, then, the Foreign Investment Law was passed whereby foreigners may purchase land in restricted zones provided the deed is held in trust by a
trustee. Thus, banks such as Banamex and Bancomer operate as trustees and can hold your deed in trust for you. The banks, which must hold a permit
issued by the Mexican Secretary of Foreign Relations, charge an annual fee for this service, generally around $500 USD. The trust agreement is valid
for 50 years and must be renewed thereafter for another 50 years within 90 days of the expiration of the first term.
It is through the use of this trust arrangement that compliance with the Mexican Constitution can be maintained: technically you, as a foreigner, do
not hold your deed. Instead, it is held in trust for you by a trustee."
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Bob and Susan
Elite Nomad
Posts: 8812
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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oldhippie...
Loreto Bay is a MEXICAN Corp and EVEN if wholely owned by foreigners has the SAME rights as a mexican citizen
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oldhippie
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Oh, OK, let me re-phrase it.
Let's see, a foreign owned Mexican company sues a Mexican government agency in a Mexican court. Yup, that will work.
Besides, that will never happen, I was kidding. All's it will take is ANOTHER suitcase full of 100 dollar bills. No problemo.
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oldhippie
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| Quote: | Originally posted by wilderone
Right - a trust not a lease for the restricted zone - whatever - it's not fee simple with your name on it with the land rights too.
"In 1993, then, the Foreign Investment Law was passed whereby foreigners may purchase land in restricted zones provided the deed is held in trust by a
trustee. Thus, banks such as Banamex and Bancomer operate as trustees and can hold your deed in trust for you. The banks, which must hold a permit
issued by the Mexican Secretary of Foreign Relations, charge an annual fee for this service, generally around $500 USD. The trust agreement is valid
for 50 years and must be renewed thereafter for another 50 years within 90 days of the expiration of the first term.
It is through the use of this trust arrangement that compliance with the Mexican Constitution can be maintained: technically you, as a foreigner, do
not hold your deed. Instead, it is held in trust for you by a trustee." |
yeah, that's true, I have one. Big difference between property held in a trust where you are the sole beneficiary of the trust and have full use of
the property including the right to sell it and a lease.
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capt. mike
Elite Nomad
Posts: 8085
Registered: 11-26-2002
Location: Bat Cave
Member Is Offline
Mood: Sling time!
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ok, i'll buy that, but
| Quote: | Originally posted by wilderone
Mike - au contraire - only shows how much more risky the purchase is. Not only are they buying an attached unit, LEASED for 99 (or however many)
years in a foreign country, but the purchasers do not even own the amenties nor have any control over them whatsoever. And I agree, there are all
types of financial structures for purchase of property: time share resorts (a couple weeks with exchange privileges for a hotel room); fractional
ownership of hotel rooms (1/16th or whatever), the purchase of vacation property exchangeable all over the world. With LB it appears you get far less
for your money than I even thought previously - and not all of the LB development units are the same - some are "small hotel apartments". All the
promises of shops, cafes, studios, galleries, etc., I'd still like to know: these commercial spaces will all be individually leased and managed by
independent contractors? And if they're not profitiable, they have the option to quit their business? So LB Co. is making promises regarding the
ecologically responsible and sustainable golf course without having any of the responsibility of its future caretaking because it will be in the hands
of ___ (who)? Will the golf course managers have specific criteria to ensure that it does not become salt and pesticide laden and have adverse
effects on the health of the estuary and the Marine Preserve? So many promises. So many who have so much to squander on promises.
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what i find amusing here is: where are all the people who are dissatisfied with their purchases? none posting here - just people who are against it
or do not want, never would buy one.
so - are people who bought vocal one way or the other? and if so, where are they ragging or cheering?
answer is likely nowhere because, they bought them and like them, they go there when its nice or when they want, they paid cash, they can afford such
niceties, they could care less about any controversy - and if/when they tire of it or want to go elsewhere they'll sell at a profit or loss - big
whoop.........
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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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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| Quote: | Originally posted by capt. mike
what i find amusing here is: where are all the people who are dissatisfied with their purchases? none posting here - just people who are against it
or do not want, never would buy one.
so - are people who bought vocal one way or the other? and if so, where are they ragging or cheering?
answer is likely nowhere because, they bought them and like them, they go there when its nice or when they want, they paid cash, they can afford such
niceties, they could care less about any controversy - and if/when they tire of it or want to go elsewhere they'll sell at a profit or loss - big
whoop......... |
You go Mike. Does this not sound a little bit like the voice of reason describing the Free Enterprise System, which, when I last checked, worked very
well.
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Crusoe
Senior Nomad
Posts: 731
Registered: 10-14-2006
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Hmm......But the true reality is.....Should an entire natural and virgin landscape allowed to be totally desicrated for the sake of the "Free
Enterprise System". The true reality is... the "Free Enterprise System " is nothing but a "Farse". Just ask any Loreto Bay Worker. ++C++
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backninedan
Senior Nomad
Posts: 865
Registered: 3-8-2003
Location: Loreto
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I don't care if they buy a hundred of them and are thrilled with the purchase. However if this thing affects the quality of life of those already
here, I do have a problem with it. Not a thing I can do either way, so I may as well buy a bigger tenako, install solar and have another beer.
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oldhippie
Banned
Posts: 742
Registered: 6-25-2006
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| Quote: | Originally posted by Pescador
| Quote: | Originally posted by capt. mike
what i find amusing here is: where are all the people who are dissatisfied with their purchases? none posting here - just people who are against it
or do not want, never would buy one.
so - are people who bought vocal one way or the other? and if so, where are they ragging or cheering?
answer is likely nowhere because, they bought them and like them, they go there when its nice or when they want, they paid cash, they can afford such
niceties, they could care less about any controversy - and if/when they tire of it or want to go elsewhere they'll sell at a profit or loss - big
whoop......... |
You go Mike. Does this not sound a little bit like the voice of reason describing the Free Enterprise System, which, when I last checked, worked very
well. |
The fact that it is the free enterprise system at work does not mean that the product is a good thing. The Mexican drug cartels are also a fine
example of free enterprise. Lots of demand and lots of profit.
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wilderone
Ultra Nomad
Posts: 3805
Registered: 2-9-2004
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THE POINT HAS NEVER BEEN WHETHER PEOPLE LIKE THEM OR NOT. omg - has the past three years of discussions been fruitless? deaf, dumb and blind.
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Cypress
Elite Nomad
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Registered: 3-12-2006
Location: on the bayou
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capt. mike.  Your take on the Loreto Bay situation is good.
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