- Thread starter jda
- Start date
Terramar
I won't say much more than suggest you perform an in depth online search about past and maybe recent court cases and allegations involving that development and it's main share holders.
As I always remind prospect buyers contemplating committing funds in ANY development or neighborhood, I would also recommend, you try to talk to as many people as possible who are NOT directly or indirectly interested in the sale (maybe not your RE agent or even some lawyer) and ask about safety, maintenance and it's cost, potential issues with electricity supply and it's cost and their experience, satisfaction or dissatisfaction with the company and people who run the development.
... J-D.
As I always remind prospect buyers contemplating committing funds in ANY development or neighborhood, I would also recommend, you try to talk to as many people as possible who are NOT directly or indirectly interested in the sale (maybe not your RE agent or even some lawyer) and ask about safety, maintenance and it's cost, potential issues with electricity supply and it's cost and their experience, satisfaction or dissatisfaction with the company and people who run the development.
... J-D.
I would not build
Building is an iffy circumstance here. Even buying existing can be fraught with perils but at least you see what you have. One of my goals in life now that I have reached advanced age is to never again deal with lawyers, building contractors or real estate agents. I have learned my lesson the hard way but it is one well learned. Intelligent people are reluctant to voice negative opinions on a public forum. I would not expect much specific response to the ops question. Best of luck
Building is an iffy circumstance here. Even buying existing can be fraught with perils but at least you see what you have. One of my goals in life now that I have reached advanced age is to never again deal with lawyers, building contractors or real estate agents. I have learned my lesson the hard way but it is one well learned. Intelligent people are reluctant to voice negative opinions on a public forum. I would not expect much specific response to the ops question. Best of luck
Terramar is a development in a valley taking off South from the main road Sosua-POP, just in between Sosua Abajo and Charamicos.
Higher lots may have a view at the sea over Puerto Chiquito and see the Sand Castle resort.
... J-D.
Bulding a quality home here at a decent price won't be a problem, but understanding the challenges of living here in the DR and getting assciated with good people who won't take you to the cleaners could be.
Do what what the locals and expats do before they associate with anyone, get personal references for any services you may need.
Do what what the locals and expats do before they associate with anyone, get personal references for any services you may need.
terramar
there are abundant rumors of the developer doing unsavory things here and the land possibly not having clear title. proceed with utmost caution,
there are other developments in the area fraught with less danger.
there are abundant rumors of the developer doing unsavory things here and the land possibly not having clear title. proceed with utmost caution,
there are other developments in the area fraught with less danger.
Thanks for the replys. This will be our 4th property we've owned on the north coast, we did our research well in the past and have done ok. I thought Terramar may be a better choice than some other similiar projects, at least at Terramar you can construct your own house and don't have to buy the inflated package deals of other communities. I'll definetly do my research.
That's not what I hear and the lawyers I have spoke to in Sosua/Cabarete have to say about Terremar. Also I know a few people in Terremar and they have never had a problem.
Can you give specific examples?
If not, it's just more baseless rumors.
I would have to second that! I have handled properties in Terramar with reputable lawyers doing the work and have had no problems. I have good friends who live there, again, no problems.
The maintenance fee seems high. Given that only the ones bought by customers seem to pay into the pot.
There is apparently little transparency as to how the funds are used. Some suspect it is regarded as "income" by the "developer".
I have been reported alleged fraud as to how the electric power was being distributed. There is a developer owned "planta" which supplies power at a premium rate. It has been alleged by various owning or having owned there, that the EdeNorte power had been at times cut off in order to sell more generator power. I have received several claims that there have been issues with "rigged" meters too. Some have been hit with electricity bills in the thousands... USD!
EdeNorte would have been made aware of theses claims. I would suggest prospect buyers to check with EdeNorte's provincial main offices.
These allegations may or may not all be true and everyone is free to diminish these claims as "rumors", as I am not at liberty to disclose sources.
BUT, it indicates at least two things: There are residents and or plot owners who are not happy with the way things are or have been run, so much that they may resort to making these things up and also have created a history of legal complaints against the "developer" and/or the "management".
Thus and secondly, as I always said, it would seem advisable to prospect "investors" to seek to talk to as many people as possible which are NOT related to possible sales and do their own research and draw their own conclusions.
Just a little over a year ago, I knew of various plots inside TerraMar which were being offered for sale by private owners for about half the price the "developer" was asking at that time. I don't know if they are still for sale, but we looked into it and after presenting our client with the allegations we found, the client, after proceeding with it's own investigation retracted his interest. Anyway, buyer be advised to check prices.
Personally, I think it would be a beautiful valley and the view can, from some spots, be quite dramatic. However, the general location in between Sosua Bajo/La Maranata and Charamicos next to probably the ugliest gas station from Santiago to Samana (ol' Texaco) fails to enthuse me.
... J-D.
There is apparently little transparency as to how the funds are used. Some suspect it is regarded as "income" by the "developer".
I have been reported alleged fraud as to how the electric power was being distributed. There is a developer owned "planta" which supplies power at a premium rate. It has been alleged by various owning or having owned there, that the EdeNorte power had been at times cut off in order to sell more generator power. I have received several claims that there have been issues with "rigged" meters too. Some have been hit with electricity bills in the thousands... USD!
EdeNorte would have been made aware of theses claims. I would suggest prospect buyers to check with EdeNorte's provincial main offices.
These allegations may or may not all be true and everyone is free to diminish these claims as "rumors", as I am not at liberty to disclose sources.
BUT, it indicates at least two things: There are residents and or plot owners who are not happy with the way things are or have been run, so much that they may resort to making these things up and also have created a history of legal complaints against the "developer" and/or the "management".
Thus and secondly, as I always said, it would seem advisable to prospect "investors" to seek to talk to as many people as possible which are NOT related to possible sales and do their own research and draw their own conclusions.
Just a little over a year ago, I knew of various plots inside TerraMar which were being offered for sale by private owners for about half the price the "developer" was asking at that time. I don't know if they are still for sale, but we looked into it and after presenting our client with the allegations we found, the client, after proceeding with it's own investigation retracted his interest. Anyway, buyer be advised to check prices.
Personally, I think it would be a beautiful valley and the view can, from some spots, be quite dramatic. However, the general location in between Sosua Bajo/La Maranata and Charamicos next to probably the ugliest gas station from Santiago to Samana (ol' Texaco) fails to enthuse me.
... J-D.
Terrmar
I just researched with my Lawyer in Sosua and he confirmed that all Titles are clear - The company name is Dessarollo Terramar S.A. and the Project is now named "Sunset Valley Terramar Estates". I found this website Sunset Valley Dominican Republic and a nice Image gallery Looks great - also talked to some of the owners - they all have clear titles.
I just researched with my Lawyer in Sosua and he confirmed that all Titles are clear - The company name is Dessarollo Terramar S.A. and the Project is now named "Sunset Valley Terramar Estates". I found this website Sunset Valley Dominican Republic and a nice Image gallery Looks great - also talked to some of the owners - they all have clear titles.
Have you asked about the electric power too (who ran what)?
If there has been fraud or allegations of fraud with the electric meters and if there was either, what the resolution if any was/is?
If any of the main people behind that development may possibly have been jailed recently and if so, what the reason was/is?
... J-D.
What other usernames are you using these days?
Isn't "Gabriela" on the list?
Your right, definitely a funny smell, but not from Terramar.
C
Caral
Guest
Wow, Bommarito, that's a blast from the past. Actually Wm Kirkman (American consul) recommended I contact him.
Not to be confused with his son (?) Chip Bommarito who is an all round excellent guy, a great sport, and a credit to the area.
It is important to make that distinction!!!!
So you got burnt, just don't tar everyone with the same brush.
Curt Erickson, Chip Bommarito, Dean Brown, Jim (American Realty), Sandy (ReMax) to name a few all have excellent reputations.