Developers of Jaco Condo Project sue bank for $120 million.
Yesterday morning, the Internet was flooded with the Press Release FROM the developer of a Jacó condo and hotel project suing its lenders, seeking arbitration on $120 million that has caused what it claims was a successful project on the verge of falling apart. No doubt the $120 million was an eye-opener of what is at stake.
The developer, Desarrollos Naturales de Costa Rica S.A., named Banco Centroamericano de Integracion Economica and Banco Improsa S.A., as the defendant. It was pretty clear the developer wanted to make everyone aware of whom the “Bad Guy” was and sought public support. Banks have always been the portrayed as the Snidely Whiplashes.’
Just about every Social Media website (Twitter mostly) had the story copied from every major website like Yahoo, PRWeb and CNBC. Type in Desarrollos Naturales de Costa Rica S.A in Google and the first three pages are filled with the story.
Without getting into the legal grit, lawsuits of this nature have two things in common, money and most important, time, which they are trying to buy. Obviously, it appears to be some type of investment tactic for the developer, in a wishful wish the Costa Rica economy turns around, which it is. Read more... (584 words, 1 image, estimated 2:20 mins reading time)
There is no government regulations to put WARNING signs on Electric Fences.
When I was a kid, I went dove hunting with my dad and his friends, who also brought along their sons. As we were walking the fields, we came upon a fence with a sign, WARNING ELECTRIC FENCE.
One of the older sons, pointed to me, “Yeah, kid, go touch that fence” with the warning sign, ” it’s just a fake sign … see the bird sitting on the wire.” Being naive at the time, I touched it and literary got the shock of my life. I was told later (after a round of laughs) the reason birds don’t get shock, is because they are not grounded.
In Costa Rica, electrified fences are becoming the cheap source of security in many residential communities and private homes, however, unlike the U.S., there is no government regulations as to their use or requirements to post any signs or warnings.
In other words, no permits are required by any government agency to erect an electrified fence, anyone can put unregulated amount of high voltage and amperage passing through the metal wires. María Luisa Ávila, the Ministra de Salud (Health ministry), explains that she could not find any regulation governing electrified fences. Nor can officials of the Instituto Nacional de Seguros (INS) find any such regulation. Read more... (565 words, 3 images, estimated 2:16 mins reading time)
Costa Rica is nowhere different than any other country when it comes to real estate. In the early 2000s the hype of the countries cheap property, relaxing and eco-friendly environments sparked a real estate boom. And like the U.S, when the market busted several year ago, it threw many investors and home buyers into a world of financial ruin. Investments vanished when buyers gave huge sum’s to real estate developers for their dream home, and when the project failed, many realized they had no claim to the property, because they were never any titles or deeds of trust recorded listing them as owners.
Costa Rican civil law being what it is, has little recourse to the unsuspecting. In other words, it has always be a “Buyer Beware,” type of system. The judicial systems of Costa Rica is very costly, time consuming and still based on Napoleonic Law. “No Blood Drawn, No Cause for Action.” However, they do have a consumer law that has helped many.
Recently AM Costa Rica (a very respected newspaper) listed many failed developments, where in some cases purchasers and buyers were forced to take personal action where some has to reinvest into the project to get it built and hire attorneys for deeds of trusts. In once case, the developer told the buyers to move into their condos and claim squatters rights. Read more... (1000 words, 1 image, estimated 4:00 mins reading time)
Real Estate costs are down, now may be the best time to buy, invest or retire in Costa Rica.
My first time in Jaco (about 20 years ago) it was a sleepy and traditional Costa Rican town that did not even have a stop light. Three years ago the skyline was filled with high-rise construction on the feeding frenzy of developers and speculators investing in property. However, that has changed, most investors are doing damage-control, regrouping and wondering how to deal in the slump of the real estate market. Many have given the property back to the formal owners or banks. Those that invested 5-8 years ago are looking at the same property values today. And those with bucks are holding on knowing that anytime the market will change.
That time is now and the most to gain are the ones that made small investments and had the holding power. Read more... (603 words, 1 image, estimated 2:25 mins reading time)
Costa Rica joins the World Green Building Council
Liberia, Costa Rica, September 02, 2009 — PR web)– The Costa Rica chapter of the Green Building was notified of induction into the World Green Building Council. Environmental sustainability in Costa Rica is a major social concern as the country covers 0.01% of the world’s land surface yet contains over 5% of the world’s biodiversity.
In 2007, officials of the Costa Rican government stated that they aim to be the first carbon-neutral country in the world by 2021. In 2008, Yale University ranked Costa Rica as 5th in Environmental Performance among 149 countries sampled. The chairman of the Costa Rica chapter, Craig Williamson, stated, “The establishment of this chapter marks a historic point in Costa Rican history. It provides Costa Rica Real Estate developers the tools and information needed to make sustainability and carbon neutrality an attainable goal. It is important that there is a solid, measurable certification for Green Building, there has been far too much speculation, misleading labeling of projects, and pure green-washing in the past” Read more... (598 words, 1 image, estimated 2:24 mins reading time)
