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David K
Honored Nomad
Posts: 64857
Registered: 8-30-2002
Location: San Diego County
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Mood: Have Baja Fever
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Perhaps I missed it, but I recall that the development company was Canadian? Did that change, or is the term 'gringo' used above to mean any
non-Mexican and not just American?
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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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Goats will be grazing on the golf course. Golf clubs will be called "goat knockers". Golf carts=goat carts.
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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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| Quote: | Originally posted by k-rico
| Quote: | Originally posted by CaboRon
And that IS the difference , when you move to mexico you give up most of your consumer rights ..... |
Yes Ron, it's true, American consumer protection laws are not enforced in Mexico.
DUH!
Glad you're SLOWLY figuring things out. |
I figured this out while living in mexico ....
And I get slammed everytime I bring it up ....
Seems the real estate a-holes in mexico do not want the truth to come out...
And those with a business interest in mexico (BJ comes to mind) want to cover the truth up .....
Remember, do not buy in mexico, do not invest in mexico ....
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
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| Quote: | Originally posted by CaboRon
| Quote: | Originally posted by k-rico
| Quote: | Originally posted by CaboRon
And that IS the difference , when you move to mexico you give up most of your consumer rights ..... |
Yes Ron, it's true, American consumer protection laws are not enforced in Mexico.
DUH!
Glad you're SLOWLY figuring things out. |
I figured this out while living in mexico ....
And I get slammed everytime I bring it up ....
Seems the real estate a-holes in mexico do not want the truth to come out...
And those with a business interest in mexico (BJ comes to mind) want to cover the truth up .....
Remember, do not buy in mexico, do not invest in mexico .... |
LasVegasRonnie-
Why would US consumer laws apply in Mexico Guess what, neither do German
consumer laws....duh?
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mtgoat666
Select Nomad
Posts: 18395
Registered: 9-16-2006
Location: San Diego
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Mood: Hot n spicy
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| Quote: | Originally posted by vandenberg
Small update,
I was told yesterday that the golfcourse wouldn't cease operations immediately, but stay open for a few more weeks.
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well, it may take a week or 2 for the grass to die after they turn off water. in 3 or 4 weeks it should be a dust bowl. some enterprising operator
should be able to milk a week or 2 of greens fees out of the last remannts of grass
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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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maybe they'll bring back EDEN resort.......nekked girls always makes money for a property...right Skeeter?!
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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movinguy
Nomad
Posts: 257
Registered: 3-19-2004
Location: Chula Vista, CA and Tijuana, MX
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| Quote: | | None of the Loreto Bay buyers hang out here with us trailer trash,... wondering why? Tis a funny development, from looks of starwood website appears
to be a bunch of naive dotcom diletatant buyers that bought into and eco resort and did their due diligence wearing rose colored reading glasses.
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And I bet they were going to bring their boats across on the Escalera Nautica . . . 
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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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| Quote: | Originally posted by Bajaboy
| Quote: | Originally posted by CaboRon
| Quote: | Originally posted by k-rico
| Quote: | Originally posted by CaboRon
And that IS the difference , when you move to mexico you give up most of your consumer rights ..... |
Yes Ron, it's true, American consumer protection laws are not enforced in Mexico.
DUH!
Glad you're SLOWLY figuring things out. |
I figured this out while living in mexico ....
And I get slammed everytime I bring it up ....
Seems the real estate a-holes in mexico do not want the truth to come out...
And those with a business interest in mexico (BJ comes to mind) want to cover the truth up .....
Remember, do not buy in mexico, do not invest in mexico .... |
LasVegasRonnie-
Why would US consumer laws apply in Mexico Guess what, neither do German
consumer laws....duh? |
My point exactly ....
Do not buy .... Do not invest in this fourth world dirt hole ...
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Crusoe
Senior Nomad
Posts: 731
Registered: 10-14-2006
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You can only feel sorry for the poor folks that were so naive that bought into this. However, this exact same scam has been going on in Mexico since
the early 1960's on the mainland that I am personaly aware of. First encountered near Manzanillo, then Mazatlan in the 70's and lots of stories around
Vallarta in the 80's of people buying condos and uncompleted houses, which the same ones were sold to 10 other owners, only for them to return to
what they thought was their dream retirement, to find out they had been swindeled. Then go pay a crooked Mex. lawyer and give that person another few
thousand and be swindeled again. Traveling around the Mexican mainland and Baja, the amount of stories one hears is mind bogeling. This won't be the
last.Too bad! The gringo consumer has no rights period. ++C++
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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 CaboRon
Do not buy .... Do not invest in this fourth world dirt hole ... |
What makes you think that your asinine post actually would influence anybody.
Sound like the rantings of a lunatic.
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JESSE
Ultra Nomad
Posts: 3370
Registered: 11-5-2002
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Would i buy property in Brazil, or anywhere else for that matter, using Mexico´s real estate laws as a reference point? NO!!!
I AM BUYING LAND IN BRAZIL!!!!! NOT MEXICO!!!!
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Bielefeld
Junior Nomad
Posts: 67
Registered: 1-17-2008
Location: In Baja, living the live
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So, how did the workers take it beeing fired?? Any news on that?
How is the situation in the local comunity with lots of unemployed guys???
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rogerj1
Nomad
Posts: 265
Registered: 4-29-2004
Location: Gig Harbor, WA
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I wouldn't count the homeowners out yet.
There's lots they can do to make something good come out of this mess. It may not be the dream they bought into but it's still a house in Loreto. The
names of responsible home builders familiar with the project are being referred out to people that have partially constructed homes. Here's a quote
posted by one of the administrators:
"The legal status of the Condominium Regimes is clearly defined in the Rules & Regulations and exists whether or not any specific owner/developer
is in place or in fact even in absence of an ownership entity."
I've read about a number of timeshare developments in both the US and Mexico where the timeshare owners banded together to take over poorly developed
properties.
I think there's going to be great opportunities created here for both locals who want work and for potential buyers. Without having to go through
Loreto Bay to make sales, prices will reflect what's going on and there should be some great deals.
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airmech
Nomad
Posts: 184
Registered: 9-2-2006
Location: Murrieta Ca
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Mood: Expeditionary
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| Quote: | Originally posted by rogerj1
I think there's going to be great opportunities created here for both locals who want work |
Both optimists and pessimists contribute to the society. The optimist invents the aeroplane, the pessimist the parachute.
— George Bernard Shaw
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camador
Junior Nomad
Posts: 38
Registered: 6-8-2009
Location: La Paz, BCS
Member Is Offline
Mood: Enjoing the life !!
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The Inn at Loreto Bay Hotel Closed that was announced at the Loreto news website: http://www.radarpolitico.com/2009/06/09/cierra-hotel-inn-at-...
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cajhawk
Junior Nomad
Posts: 64
Registered: 11-16-2004
Location: Ramona, CA
Member Is Offline
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| Quote: | Originally posted by comitan
Many large developments are under a master Fido, its just the way its done. The only reason I know this is because we had friends in Cabo that the
contractor had a Master Fido for the development and went under before it was completed, the owners had to buy back their homes from the bank at a
negotiated price. |
I have helped market several developments in Mexico and am a part owner in a Loreto Bay home. The individual homesites were sold to the homeowners and
put into a fideicomiso. The people then signed a construction contract with Loreto Bay Company to build their home. The condo regimes are separate as
well to keep up the common facilities.
The bigger issue is the infrastructure for the second phase (Agua Viva) which is the current building area. The Founders Village which is phase 1 is
not complete, but I believe all of the basic infrastructure is in. Even if this development were run by the best developers (which it was not), the
current economic situation wouldn't make it viable. Citigroup should be able to find a buyer in time and is probably going to get a better price for
the asset once the liabilities of the current company go away. It won't be the grand scheme envisioned, but it will still be a wonderful place to live
IMHO.
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David K
Honored Nomad
Posts: 64857
Registered: 8-30-2002
Location: San Diego County
Member Is Offline
Mood: Have Baja Fever
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"It won't be the grand scheme envisioned, but it will still be a wonderful place to live IMHO"
You sir are an optimist! I hope you're right!
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wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
Member Is Offline
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In reply to Pam's forum remark, the LB's sustainability czar had this to say:
David Veniot says:
June 7, 2009 at 2:47 pm
Well said Bill. Many of these homeowners bought into a vision. It was sincere. It was the right vision…imagine the place today in the hands of the
typical Cabo developer. I shudder to think. The homeowners trusted this vision and the business people behind it. A convoluted cascade of events took
place to cause the eventual downfall of the project, which is by no means the fault of the homeowners or any one person. casting blame is easy.
Finding solutions and staying strong during tough times is not. I am glad you are still there."
SO TRUE - THEY BOUGHT A F__ING VISION - nothing more because the reality is that it was NEVER possible or even sensible. A "cascade of events" ???
Mismanaged funds; not doing proper studies; not getting permits; not having the necessary skill and intelligence to acquire the building materials;
not budgeting; not planning - just "believe in the vision" [and send us a check]. Stay tough? Pretty easy to say when your $250,000 isn't on the
line, isn't it?
Venoit - you and the rest of that ragtag motley group calling yourself developers are nothing but a bunch of charlatans. You can go back to Alaska
and run your puppet shows - like you ever had any capability in the first place for that job.
The results quite clearly speak for themselves. You're only trying to distance yourself from the cause of the failures, for which you are partially
responsible.
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wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
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The legal status of the Condominium Regimes is clearly defined in the Rules & Regulations and exists whether or not any specific owner/developer
is in place or in fact even in absence of an ownership entity."
That only means they have to keep paying their homeowner dues.
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wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
Member Is Offline
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"Citigroup should be able to find a buyer in time and is probably going to get a better price for the asset once the liabilities of the current
company go away."
In your dreams. Clue - it's been on the market for 7 months. Citibank has put in its capital, borrowed millions and maybe finished 10 more homes for
all that. HOW ARE THE LIABILITIES GOING TO "GO AWAY"?????????
I guess the way that 5 mile aquaduct that you're going to kayak down some day is going to get done.
After all, IT'S ONLY A VISION. And that's what you all were told
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