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, 2 images, estimated 2:16 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)
Oracle is Investing $100 million into Costa Rica
The upper end of the San José real estate market is really hot right now, fueled in part by a surge in direct foreign investment and an influx of capital and entrepreneurs from throughout Latin America. An increasing number of US companies have recently announced new and expanded operations in Costa Rica. Associated Creditors Exchange (ACE Global) has invested $2,000,000 and hired 500 employees for their operations in Heredia, and will probably hire another 200 people in the near future.
A major increase in large home building is being seen in and around the San Jose area.
Software giant Oracle (who just bought Sun) has also expanded operations in Costa Rica with a new 3,000M2 (33,000 sq ft) office in the Forum II Business Center in Santa Ana. Oracle has reportedly invested over $100 million in its Costa Rica expansion. And Star Tek of Denver, Colorado say they plan to begin operations in Heredia in 2010, and will need approximately 400 staff.
Finally, the Financial Times of London named Costa Rica as the second most attractive location in Central America and the Caribbean for Foreign Direct Investment (FDI). Read more... (251 words, 2 images, estimated 1:00 mins reading time)
