joel
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Loreto Bay, after the real estate fall
I'm not a Loreto guy, but I do go through town from time to time. Can anyone share with me how prices in Loreto Bay have changed over the past year or
so? Are units still selling? Are they still building new ones at the same pace or is the project near completion?
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wilderone
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Are you aware that the original company that started the project is no longer at the helm? It is now run by a company (Replay) which is trying to
complete the units that were sold in the past 4 years and also finish the clubhouse and some of the retail space. Their method of selling units has
changed, and their rules for renting units has changed, which may impact sales. There are resales, which, after a certain period being under the
listing exclusivity of LB, are then allowed to be sold by any realtor or seller. I understand that more resales have come on the market when learning
the exhorbitant green fees would affect their anticipated lifestyle. Many of the "promises" regarding wind turbine power, a desal plant, will likely
not happen due to high cost, which may affect the overall planned buildout. The project is nowhere near completion and probably will never be
completed to the extent and in the manner that was originally touted. Out of the planned 6,000 units, approximately 325 are built, and another 200
still to be completed - more or less. I'm sure the LB sellers are in denial about the real estate market, and will hold out as long as possible. The
town of Loreto has also gotten more proactive in controlling the negative effects of development within their jurisdiction, and will most likely
become more diligent in enforcing existing regulations, such as for permits, shore zone, etc.
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joel
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Thanks for the update. So are there units for sale and is so the LB company is keeping them listed at artificially high prices? Does anyone know for
how much? I think the billboard at the airport in Loreto says "from the 300,000s" is my recollection, but it could even be $400k.
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CaboRon
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joel,
Here is their website ... it will give you a start ...
http://www.loretobay.com/cms/
CaboRon
[Edited on 6-1-2008 by CaboRon]
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Don Alley
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Registered: 12-4-2003
Location: Loreto
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I believe an advertising sign for Loreto Bay at the Loreto airport says units start at $400,000.
There are finished units for sale by their owners available here:
http://www.loretorealty.com/residential.asp
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joel
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Thanks guys.
Units are still listed very high, IMO.
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wilderone
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They're deluding themselves. It's a quasi-Arizona/SW condo with few amenities, 10 miles from any town, in a deserted, segregated, high-density
cluster governed by CCRs that will never be finished - so all the residents will constantly be listening to construction machinery and have
construction workers and construction debris and dust in their neighborhood - not to mention all the additional, innumerable environmental atrocities
of this development. David Butterfield should be ashamed of himself, but instead, he touts himself as some kind of world famous sustainable building
guru. He's a fraud.
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flyfishinPam
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Here's one listed for under 300K
| Quote: | Originally posted by joel
Thanks guys.
Units are still listed very high, IMO. |
Hi there,
After the LB resales are finished being listed with loretorealty.com LB's official reseller, they can then be listed with other agents. LB has no
incentive to sell resales when they have yet 5,000 more new units to sell so the prices at loretorealty.com are overinflated. There are motivated LB
sellers.
http://www.doradoloreto.com/real_estate.php?LIS_ID=28
http://www.doradoloreto.com/real_estate.php?LIS_ID=39
More Loreto Bay resales listed here
http://www.doradoloreto.com/real_estate.php
You can get more for your money in the Loreto area outside of the Loreto Bay property. Good Luck.
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wilderone
Ultra Nomad
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Hurry! Don't delay!!
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