- Thread starter Alex123
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Jardines de Coson, Las Terrenas
Deal Done
Do you want me to drive there and take pictures?
Would the salesperson not do this?
m'frog
After sales services in the DR?
Do you want me to drive there and take pictures?
Would the salesperson not do this?
m'frog
Hello - I was wondering if you purchased your property through ICG and how things are going for you. I have also been in contract for a condo in Jardines for over 2 years and have had such a difficult time getting information. Like you I thought permits were obtained in the Spring of 2007 but apparently they weren't until summer 2008. I'd like to compare notes if you're willing.
Thanks,
Melissa
Jardines de Coson
We are buying villa in project. Communication has been very poor and they're way behind promises. The latest is that construction will begin 11/25. Work on drainage, fences and roads has already been done.
Wayne
We are buying villa in project. Communication has been very poor and they're way behind promises. The latest is that construction will begin 11/25. Work on drainage, fences and roads has already been done.
Wayne
I'm also an ICG investor. I agree that communication has been poor. SunCalWayne, is that 11/25 date still on track? I haven't been able to get a commitment date like that from my contacts. I just hope that once construction begins it doesn't take much more than a year; otherwise, we'll be paying a lot of interest on that construction loan.
Has anybody traveled to Las Terrenas and if so, what's the potential of the area? We chose this area over Punta Cana because it seemed to have more upside and better cash flow.
Has anybody traveled to Las Terrenas and if so, what's the potential of the area? We chose this area over Punta Cana because it seemed to have more upside and better cash flow.
Jardines de Coson
My info about the 11/25 start date is as of 2-3 weeks ago. I'm also told that Defazio has relocated to the area to manage the project and that a sales office is open.
We made the same decision about Las Terranas vs Punta Cana, believing that the upside potential was much greater. The Samana area is really opening up and many new projects are underway. One large 5-star project that will affect property values is Terrazas De Coson. It's being built on the hills above Playa Coson.
We're planning a trip to the DR in April. I'll take some pictures.
My info about the 11/25 start date is as of 2-3 weeks ago. I'm also told that Defazio has relocated to the area to manage the project and that a sales office is open.
We made the same decision about Las Terranas vs Punta Cana, believing that the upside potential was much greater. The Samana area is really opening up and many new projects are underway. One large 5-star project that will affect property values is Terrazas De Coson. It's being built on the hills above Playa Coson.
We're planning a trip to the DR in April. I'll take some pictures.
Thanks! One other thing: I was told that the 2 BR condo we're buying for $116k could be worth $240k on the open market. Yet when I look on real estate web sites in the Las Terrenas area I see that $240k for the most part will get you a nice villa. What's your understanding of how much property has appreciated? I would think the worldwide downturn would be affecting the investment climate in the DR, even if their GDP continues to grow 8% a year.
I look forward to the pics! Your trip should be a nice tax writeoff....
I look forward to the pics! Your trip should be a nice tax writeoff....
Jardines
In browsing listings, it looks like condos with direct beach access are listing for above $200K!
Wayne
In browsing listings, it looks like condos with direct beach access are listing for above $200K!
Wayne
Jardines De Coson
We purchased ours through Freddy Miranda located in the DR. We have also been in a contract for a couple of years now. I received the permit via e-mail dated August of this year. Did you get a one or two bedroom? We purchased a one bedroom. Any info. you receive would be greatly appreciated. Thanks
Jennifer
We purchased ours through Freddy Miranda located in the DR. We have also been in a contract for a couple of years now. I received the permit via e-mail dated August of this year. Did you get a one or two bedroom? We purchased a one bedroom. Any info. you receive would be greatly appreciated. Thanks
Jennifer
Progress
Jennifer,
Has Miranda been any better about project updates? Still waiting for a response from my early January inquiry to developer. Would like to have confirmation that structures are going up.
Wayne
Jennifer,
Has Miranda been any better about project updates? Still waiting for a response from my early January inquiry to developer. Would like to have confirmation that structures are going up.
Wayne
No Updates
We have not received any updates on the project since I received the e-mail with the final permit back around September. I am concerned that the project has stopped for some reason. We are very anxious to hear any updates that any of you have received.
We have not received any updates on the project since I received the e-mail with the final permit back around September. I am concerned that the project has stopped for some reason. We are very anxious to hear any updates that any of you have received.
Progress Report - Jardines de Coson
To other investors - I received this message from my recent inqury to our sales agent (see below). I also received a copy of a letter from D.S.L. Panama dated February 18th confirming that they were moving their offices to Las Terrenas that same week.
"Hello Wayne,
Albert de Fazio has just moved his office from Santo Domingo to Las Terrenas, as he will be overseeing the construction on site. The adjacent project, Terra Terrenas, is in full swing and walls are now going up. Site preparation for Jardines de Coson is complete, and construction should start in two weeks.
I have copied the developer on this email. Feel free to contact him directly.
You had mentioned something about a chat room. I wouldn't mind answering questions directly of any other investors. Feel free to let me know of anybody and we will call them.
--
Hans Overturf"
To other investors - I received this message from my recent inqury to our sales agent (see below). I also received a copy of a letter from D.S.L. Panama dated February 18th confirming that they were moving their offices to Las Terrenas that same week.
"Hello Wayne,
Albert de Fazio has just moved his office from Santo Domingo to Las Terrenas, as he will be overseeing the construction on site. The adjacent project, Terra Terrenas, is in full swing and walls are now going up. Site preparation for Jardines de Coson is complete, and construction should start in two weeks.
I have copied the developer on this email. Feel free to contact him directly.
You had mentioned something about a chat room. I wouldn't mind answering questions directly of any other investors. Feel free to let me know of anybody and we will call them.
--
Hans Overturf"
You mention a construction loan - do you actually have one, and if so how did you arrange it? The story from both the Developer and ICG kept changing as to whether or not construction loans would be available and last I heard they were not. I need one, though, so if you have a referral or any advice I would really appreciate it.
Thanks-
Melissa
Thanks-
Melissa
Loans
Like you, we heard conflicting reports about the availability of construction loans. We do not have a construction loan but are financing through home equity etc...
I think the developer had worked on banking relationships and had hoped to provide temp to perm financing. I don't think it ever worked out. That may have recently changed. I just received correspondence from DSL Panama stating that Banco de Reservas would have a mortage program for investors. I don't know if this includes construction-to-perm financing. Here is the latest contact info for the developer:
DSL Panama
Ph 809.240.5354
Fx 809.240.5361
dslpanama@codetetl.net.do
9-1 & 3-7 Mon-Fri
Don't know if they're any better at fielding Qs in English than they used to be...
Let me know what you find out. We may be pressed ourselves to make it to the finish line without some construction financing.
Wayne
Like you, we heard conflicting reports about the availability of construction loans. We do not have a construction loan but are financing through home equity etc...
I think the developer had worked on banking relationships and had hoped to provide temp to perm financing. I don't think it ever worked out. That may have recently changed. I just received correspondence from DSL Panama stating that Banco de Reservas would have a mortage program for investors. I don't know if this includes construction-to-perm financing. Here is the latest contact info for the developer:
DSL Panama
Ph 809.240.5354
Fx 809.240.5361
dslpanama@codetetl.net.do
9-1 & 3-7 Mon-Fri
Don't know if they're any better at fielding Qs in English than they used to be...
Let me know what you find out. We may be pressed ourselves to make it to the finish line without some construction financing.
Wayne
Wow, I'm so glad to connect with someone in my position. This has been a crazy few years with info blackout... I just got this email address for the developer's secretary from Hans, an ICG contact:
Yocairis Cabral
Secretaria
jardinesdecoson@gmail.com
I plan to contact them about financing possibilities and will let you know if I learn anything.
I'm also wondering - is it even legal to hold us under contract for this long without delivering what was promised? I know it is not in the US. 2 years is the max under Fed contract law.
Melissa
Yocairis Cabral
Secretaria
jardinesdecoson@gmail.com
I plan to contact them about financing possibilities and will let you know if I learn anything.
I'm also wondering - is it even legal to hold us under contract for this long without delivering what was promised? I know it is not in the US. 2 years is the max under Fed contract law.
Melissa
Delays
Is anybody getting nervous that this project might not ever be completed? I could see a scenario where the project gets to about 60% done and then the builder is sitting on a lot of money for a long time. In our case, we have used a home equity line so far, but only have $20k invested since nothing's been done yet. But if we have given, say, $100k in borrowed money in a year and interest rates are much higher at that point, this could get very expensive.
I know the realtor has sent some articles making it look like DR tourism hasn't been impacted by the global recession at all, but it's still hard to believe. In 2006 I thought this was definitely a cash flow winner, but now I wonder. Any thoughts? I've been ripped off before and can't tolerate that again.
Is anybody getting nervous that this project might not ever be completed? I could see a scenario where the project gets to about 60% done and then the builder is sitting on a lot of money for a long time. In our case, we have used a home equity line so far, but only have $20k invested since nothing's been done yet. But if we have given, say, $100k in borrowed money in a year and interest rates are much higher at that point, this could get very expensive.
I know the realtor has sent some articles making it look like DR tourism hasn't been impacted by the global recession at all, but it's still hard to believe. In 2006 I thought this was definitely a cash flow winner, but now I wonder. Any thoughts? I've been ripped off before and can't tolerate that again.
If you look at the DR's own tourism numbers, tourism is flat, but not down. I still think the Las Terrenas area is poised to do better than other parts of the Island with the improved access and fairly limited inventory of vacation rentals. I was concerned that nothing happened for a year, but I believe they have really started. I don't see the project stalling unless perhaps a substantial number of investors can't meet their commitments. I'm visiting the site in about 4 weeks. I'll do a post on the progress when I return.
Wayne,
We me have talked before regarding self directed IRA's. I believe Hans may have introduced us.
Anyway, if you are going to be checking out Jardines de Coson, please take a look at Terra Terrenas while you are there. I have a townhouse under construction and am always looking for more information on progress and such.
Thanks,
Burt
We me have talked before regarding self directed IRA's. I believe Hans may have introduced us.
Anyway, if you are going to be checking out Jardines de Coson, please take a look at Terra Terrenas while you are there. I have a townhouse under construction and am always looking for more information on progress and such.
Thanks,
Burt