Real Estate fraud is becoming a major problem in Costa Rica
Yesterday I had a meeting with an account who was involved in a huge development project on the Pacific Coast of Costa Rica. Anyway, to make a long story short, he asked me if I knew the guy who he had meant in Costa Rica. I shook my head, and my account proceeds to go to this guy’s website. The website was professionally done, looked legit etc etc.
Then my account took me to a another website where it showed this guy had twice been indicted on fraudulently securities in the US, and he was NOW selling real estate investment securities on his Costa Rica website.
When my account asked me if there was anything I could do about it? I responded, "Not Really!"
It is well-known that Costa Rica has attracted an increasing numbers of investors and people who want to retire and/or buy a vacation home/condo over the last few years. However, this has also sparked the increase in real estate and investment scams. It is said, that as many as 30% of all real estate deals may have some type of fraudulent dealings with them.
Most who do get scammed end up leaving with a very bad taste of Costa Rica. Or they think US legal system, hire an attorney, thinking of civil lawsuit and, get their money back. The next thing they know, its two years and thousands of dollars later and are in the same boat they started with.
Before one thinks about investing and/or buying one must realize two critical fundamentals of buying real estate in Costa Rica:
- Costa Rica Law is a complexity of the Rican legal system, which is based on Napoleonic law. In other words, unless blood is drawn, “No (physical) Harm, No Foul. ” So fleecing someone out of money is not that big of a deal as it would be with someone who empties a 9mm clip into some poor soul. So if you get burned, do not expect an army of DAs and Law Enforcement to arrest the person. Going through the courts in a civil matter cost time and money.
- There are NO governing laws for real estate agents as the US has, where one has to take a test to become a realtor, agent or broker. In Costa Rica, anyone can become one and you do not have to be a resident or citizen. No permits, schooling or business license required. And because of this, agents are a dime a dozen and all they need is property, regardless of who owns it.
Getting back – you fell in love with the country, found the perfect spot to build or buy your dream home, now, how can I protect myself? Well believe it or not, there are some simple steps.
Property Itself: Make sure the property does not look abandoned or not taken care of. These properties would be "attractive" for fraud as the owners are not checking their property situation.
Residency Citizenship Cards can help give creditability to the person you are dealing with.
Residency Card: You found an agent who looks to be not a Costa Rican and want to put a proposal on that dream home, asked the agent for their residency and/or citizenship card. Both will tell you how long the person has been living in Costa Rica. You may even ask for their Passport. If they have no card that means every 90 days they have to leave the country and then come back in after 72 hours. A Residency Card will pretty much tell you that person is here to stay in CR. The longer the residency, the more creditably that person has. If the person balks at showing his or her card, time to walk out the door.
Internet Search: Go to Google and type in the persons and business name; see if any claims have come up on them.
Get a Real Estate Attorney: Costa Rica has some great attorneys that understand the system. The US Embassy in San Jose has a list of bilingual attorneys and you can go to our Costa Rica attorney directory. A good attorney will do the due diligence to make sure the property has a clean title with no liens attached. A property with a very long clean history means they have belonging to the same person for decades. Properties were the titles have changed many times in the last few years are ones that raise red flags.
Use Caution: If the property is located in zones with high appreciation values be careful. Real estate in high dollars areas like in the Central Valley areas of Escazú and Santa Ana, to North Pacific coastal areas (Guanacaste like Tamarindo) and to Mid Pacific Coast, like Jaco are the perfect places for a conman to hype their victim on, how much money they can make on this "awesome" condo project that will start construction two years from now.
When all said and done, if you take your time, don't rush things, do your homework, you will be able to have your dream home and/or make money on your real estate investment.
For more info see: Investing in Costa Rica, Costa Rica Squatters, Buying Property in Costa Rica
EDITORS NOTE: The below "ongoing" comments that started in April, 2010, are mostly associated with the controversy of Hacienda Matapalo development project, which is located near Matapalo Beach between Puerto Quepos and Dominical.
Ok…it’s back on…thank you!
Hi MS…you sound like an uninformed idiot with an axe to grind. Before you get all the homeowners sucked into your accusations, be aware that there are intelligent people who understand what’s happening…HOMEOWNERS, I recommend that we proceed with caution…talk to the priniciples of HM before proceeding…ANNA, be careful about posting your email on this web site…you don’t know any of the folks posting here and what their intentions are. If you want to talk, we can figure out another way to get in touch.
xx.
Don’t you guys get it? All the money is gone. You get nothing. The two owners live in oceanfront homes in Ft. Lauderdale Florida. 5 years from now, they will still be living in their oceanfront homes. You on the other hand will be slaving for years trying to make up for the money YOU lost buying into a project based on 3-D computer animations. Don’t blame them. Blame yourselves. All the signs were there that this was going to end VERY badly. Look at the guys Twitter feed and read the posts he did, informing you of nothing, and then realize that they were laughing at you the entire time.
Repeat after me, “How could I be so stupid as to send these people 6 cents, let alone tens of thousands of dollars”. Just say that over and over and eventually it will get through into your thick trusting heads. The legal system in CR or USA is going to do nothing for you. It will cost hundreds of thousands of dollars for lawyers. And at the end of the day, the bank accounts are bare.
Just as a side note: They are going to tell you that you can take delivery of your property now. They are going to say, yes, bring us the balance and you can have your land. But what good is it going to do you if no one is going to operate the place. Would you really hand them another $200,000 to take delivery of a wet piece of dirt in the middle of nowhere covered with pit vipers?
The whole project was a 3-D pipe dream. Now let’s stop talking about this and move on to something important. Let’s talk about how nice it would have been to actually spend a Christmas in Costa Rica. Let’s make believe we were living in our 3-D rendered villas. Alice in Hacienda Matapalo land. Pass the tea cup made of candy canes please.
If all is as you seay, then what we have here is a simple case of conspiracy to commit fraud. If there is a clear paper trail to the MD’s personal accounts then in the US no bankruptcy protection applies. This is referred to as “piercing the corporate veil”.
Bearing in mind that there is an extradition treaty between the US and CR, I believe it would have been highly unwise for HM to have carried it one step further and take closing escrow without delivering deeds. If that has occurred (an all cash sale for example)then I believe that CR’s Napoleonic Law does not exempt them from prosecution in CR. I may be wrong.
This is what happens when you don’t listen to your guardian angel. My Jewish friends refer to that as a mensch.
I am also an investor in Hacienda Matapalo. I think there is merit in forming a communication group, we all gain by sharing information. Throwing rocks will achieve nothing.
By exchanging our emails we can best define what course of action is available to us and how best to proceed as a group. I am willing to form a commitee of interested parties to establish an action group. Please respond with positive contributions to my email address: mchalea@yahoo.com
Look forward to hearing from you.
Where they went wrong is having all of the “community” buildings in their design. Condos, shopping centers, the area on the beach side of the road. If they had just sold land for people to build their own villas, they could have had you guys moving in by now. It’s the ABSURD infrastructure they drew out on their 3-D computer screens and then presented to you as fact that killed this project. It would cost $30 million to make that all happen. That’s a lot of money for two guys who send the exact same twitter messages over and over again.
As far as your deposit money goes … All the google searches and emails to each other and threats of litigation won’t do you a damn bit of good. You can’t get money back when the bank accounts are bare.
Blame yourselves for being trusting enough (dumb enough) to buy property based on computer models. They could have made the same H.M. development on Mars or Pluto with those 3-D computer programs. You guys all could have been astronauts. Maybe they could have designed you a rocket powered broom stick courtesy of their 3-D program, so you could fly up to your villas on the weekend.
Just one persons opinion …Caveat de Emptor … Buyer Beware …
If you notice when you were seduced into buying HM, they pushed heavy for your 401K accounts. What they never told you was that you really can’t buy retirement property with those accounts unless you pay about 40% tax at the time you physically move in. You could rent it tax free, but getting renters 3 hours from an airport wasn’t going to be easy and we all knew it.
The project blew up in your all faces because they never had the money (even with your deposits) to build the thing. Building it on a computer screen is one thing, building it with actual physical concrete blocks is another. They built you a hell of a complex if you live in a fantasy world of computer animation. They built you nothing if you wanted real life.
The only reason the infrastructure got built, was at the last second they got a 6.9 million loan from a source in New Jersey. If they hadn’t gotten that loan, Betsy the Cow would still be roaming the grounds. Nathan would be off at the local cantina. And you would have gotten the bad news about 13 months ago. There was never enough money to do this project.
The most expensive part is building things and if you look closely, nothing was built. They never even built the spec house. They just cleared some land and then had a good chuckle.
I am really sorry you all lost your money. Laughing all the way to the bank are what the two friendly managing partners are doing. Didn’t you guys wonder about all the emails and twitter posts, being so generic and lacking information. “Spend the holidays in Costa Rica”. Those guys were laughing at you the entire time. Caveat de Emptor.
I know a lot about what went on behind the scenes. This is one of the dirtiest deals to go down in a long time. You guys should have been suspicious when you saw all those 3-D make believe graphics of buildings on an old piece of farm land. Get ready to end up with nothing. Your 401K accounts cleaned bare. Sorry …
Apparently the Chap 11 filing has been dismissed. According to creditor comments it had been done in “bad faith” without a path to reorganization.
On their website there is a secure link for “homeowners” with “an important message”. Perhaps one of the buyers on this board can shed some light on that.
I to am an investor at HM and am concerned. I one able to publish an email address so we can all start emailing each other? I see there is an admin on here, are we able to publish our emails so eventually those on this blog can get in touch with one another?
If you like to publish your email for personal contact, we will do that. We will edit email so it is like this. yourname(at)youremail.com, to help reduce sp@@ming.
Dear administrator,
I understand that you take no responsibility for the content…that’ s to be expected…but saying that you were behind doesn’t make sence because as soon as a comment is entered, it posts immediately. What I was disturbed about was that one of my comments was removed and then re-posted after I complained…?????
When someone makes a comment, they will see their comment, so they have a chance to edit or delete it. Only when someone posts several times and it has been approved, will that post be published at that time.
So M….I guess that HM has no other options then…seems a little unlikely that HM would come this far…Buy 665 acres of land, do their due diligence in obtaining permits, start infrastructure, have 60 million in pre construction sales, and have no other options for financing except this one company…????how bizarre…
Hey M…I just posted on this blog 3 days ago and my posting was removed. I was asking questions about your last comments (of 1/31) requesting more information. HOW INTERESTING THAT MY COMMENT MISTERIOUSLY DISAPPEARED!!!…perhaps you had something to do with that…I am suspicious that your comments on this blog on fraudulant, misleading, inaccurate, and unfounded. BEWARE…YOU ARE BEING WATCHED!!!
We have an admin who oversees all Blog posts, and sometimes she gets behind. We only delete posts that are not relevant to the subject, and take no responsibly of the creditability of any of the comments, that is up to the reader. We hope to provide an informational source.
Calling all who bought at Hacienda Matapalo, we NEED to get together and get our money back. Let’s form a suit together.
We’re screwed, read this:
“Costa Rica’s Hacienda Matapalo Files in Florida
Centam Partners LLC, a developer of residential property in Costa Rica named Hacienda Matapalo, filed a petition for Chapter 11 protection on Dec. 20 in Fort Lauderdale, Florida, where the company is based.
Centam indirectly owns the 625-acre parcel, which is said in a court filing to be fully approved for residential development. The company also holds a concession to develop a beachfront parcel. The property is on Costa Rica’s west coast.
The petition says assets are $10 million while liabilities total $7.5 million, including $6.9 million owing to secured lender UTA Capital LLC.
The case is In re Centam Partners LLC, 11-44590, U.S. Bankruptcy Court, Southern District of Florida (Fort Lauderdale).”
M:
My husband and I too have invested in Hacienda Matapalo. We are very eager to get together with others who are in the same boat to ensure that we do not lose our investment. Please contact me, or please let me know how I can contact you.
how does one contact the above writer: “M”. you do not have your name and/or contact info. what is the name of the company with whom you spoke that told you the deal “broke apart” and what is the name of the individual in that company with whom you spoke. I would like to contact him myself. Thanx.
Dear M, The deal did break apart and there is a great chance we all lost our money. Hacienda Matapalo thinks they can keep this quiet so investors don’t find out. They go to court 2/03/12 in the morning. This is their second court date. The deal broke apart because of improprieties on the Partners behalf is what was told to me. You did not list contact information to get in touch with you. Everyone who has invested in Hacienda Matapalo better do whatever they can to recover their money…..but from what I understand there is NO MONEY. They may all end up in court for more than a bankruptcy hearing.
i just spoke to a gentleman who works for the company that was going to take over the financing and building for h.m. i was told the deal broke apart because the main people at h.m. wanted them to pay 40,000 dollars a month so they could pay there own bills. he has also told me they are bankrupt and everybody that has invested there will probaly lose their money. i also have invested there and very sad about this news. lets get together and see what we can do. anybody who has invested there contact me if you like.
There are no workers at Hacienda Matapalo.
The company is bankrupt but they are still selling.
Who is the firm watching Paradigma? There is another firm they need to go after.
Anyone heard anything about Hacienda Matapalo.
Mike Greem, you wrote on august 4 that “there is a firm watching their (Paradigma’s) every move.” Who are “these guys” and how does one get in touch with them?
21 Written By butch on August 4th, 2011 @ 10:44 pm
Guys,
For any duped Paradigma clients there is a firm watching their every move. You may want to get in touch… These guys do not clown around and in the private sector and they have about a 90% conviction and recovery record no matter what country and jurisdiction.
Where did you hear the rumors? We also invested in 2008 and have asked all the questions we are reading on blogs.
Anyone with anymore information?
I have read all the above comments about Hacienda Matapalo. I would like to hear from Mike Green and Richard M Jewell..
To answer one bloggers question, no one has title to their property.
I invested in Hacienda Matapalo and have been waiting years for something to be built.
I do not believe there was any pre-conceived deception, I think they bit off more then they can chew. I would strongly recommend waiting until they are well underway with building construction. I have heard rumors of criminal and class action suits being filed. I do not know if that is true.
Anyone knows anything about Costa Developers. They seems like an ok company. doing some research on them now.
Have you heard of Vivienda Housing ( Gastores Vivienda)and Coste Norte Trust? I was encouraged to inest in low cost housing for poor Costa Ricans. The contrct was for three years, and ther was to be a modest capital gain, and at the end of the contact, the principal was to be returned, if requested. The terms of the contract were not met, and at the end of the three years, they refused to return the principal. They told me the National Emergency Fund, of the government of Costa Rica, contracted to pay them for houses and then refuse to pay. They told me that the case ws in the couts. They told me that the banks have stoppeed lending for low coste housing, so that the market for the land bought for thi purpose has devalue 90% in 3 years. They refuse to send me a copy of the pending lawsuit, a copy of year ends, any realestate documents. Any one else know about these companies?
In the early 1990’s we invested with the IDA {Costa Rican Government entity] and was granted a lease. The IDA has not renewed the lease since 2005 with no explanation nor compensation, so we are left with no lease to operate. After lots of monies, many local attorneys we have nothing.
So Trust even the Costa Rican Government?
Hey Mike green…what in god’s name are you talking about, what company are you referring to, and what the heck is this conviction and recovery record all about… What firm is watching “who’s” every move?
Guys,
For any duped Paradigma clients there is a firm watching their every move. You may want to get in touch… These guys do not clown around and in the private sector and they have about a 90% conviction and recovery record no matter what country and jurisdiction.
Does anyone have a actual title to the property they purchased. Might be a good idea before handing money over.
I invested in HM in 2008 and was told my condo would be ready in 2yrs still not built but every time I have called there has been a reasonable explanation like permits etc. In the last 3 years I have always spoken to the same people and have always gotten calls back. I finally had a chance to visit last month and was really impressed. The property is beautiful with fabulous ocean views . Nathan showed us around and I must say the roads are being paved and the engineering for drainage is right on.I feel confident that this project is moving right along.
I invested in Hacienda Matapalo about 2 years ago. At that time, there was only a trailer on the property, and Nathan, in charge of sales and tours. I toured the entire property by horseback and stood on each and every future condo site (twice). Some of the ocean views are breathtaking (and no, not merely a postage stamp like a previous writer had suggested). I have purchased a “tetira condo” that sits on the highest point of phase I. At the time I purchased, both the highway and the new Marina were under construction. The highway is nearly complete and the Marina in operational. Future plans are underway for a Southern Zone international Airport. It took alot of faith and some significant risk to get in at the ground level, but that’s always the risk one takes in a preconstruction purchase. All permits have now been completed and delivered and infrastructure is well under way. The 25 mile beach between Manual Antonio and Dominical is drop dead gorgous: unspoiled, in its natural form, and nothing built on it…From my perspective (and the opinion of many others more versed in international real estate), this part of Costa Rica is going to explode with interest because it is so unspoiled, untouched, and is the home of so much of the countries biodiversity. Yes, jumping into an investment like this early in the game is a risk, like anything else, but I believe it will turn out well …prices are rising as they should and will continue to do so as the demand far exceeds the supply. If you are a skeptic, then I suggest you wait until the vertical construction begins and pay the higher prices…I would recommend a visit to the property so that you can see it first hand. Nathan is an excellent property host: very accomodating and very professional. This group of developers out of Florida have done their homework…They are experienced and professional and have always been available for indepth conversation and inquiries. I think this will turn out to be an outstanding development and that THEY WILL DELIVER. I have visited Costa Rica 4 times now and each visit has given me the confidence that I have made a very wise decision…feel free to contact me with any questions…!
Wow, just came across this blog. Im really surprised to read some of the accusatory comments about Hacienda Matapalo. I invested early on but then had to close up my business due to the poor economy. I was way outside of my cancellation period but they refunded my deposit to me anyway.
I now see that they are building the roads, sewers etcetera which is more than anyone else is doing. Im sad that Im not part of it anymore but happy for those who stuck it out. Maybe someday…
I never heard of the above complaints, but an improper wealth transfer occurred from my family to the pockets of John LaHoud Jr. and partner attorney Mauricio Mesen Chaves [see: http://www.amcostarica.com/072909.htm%5D by various team frauds and deceptions. I have the papers to prove my allegations, but why bother. Fraudsters have better lawyers and more experience, but word does get out. Help others by telling your story. I will tell mine if you write me an email. In short: Old Fashioned confidence fraud with smiling deception and dishonesty. Write for more details. My advise, Prevention is cheaper then the cure.
I’m writing in regards to the gentleman that wrote Hacienda Matapalo was miles away from the ocean with postge stamp views. That is just not true. I have invested in H. M. and have been to the site where my condo is to be built and there is a fantastic view, no postage stamp. I did some checking to confirm the distance from the beach. The main entrance to the complex is about 800 meters (approx 1/2 mile)to the ocean. From the ocean my condo “Titira” which is about 1/2 way back into the property and about 1/2 way up the mountain is approx 1000 meters(.63 mile) from the beach. The permits are in place and construction is on going, log on to YouTube.com/user/costaricacondo/ to see infa structure construction.
It is wise to scrutinise any investment like this and there have been moments I have been concerned about Hacienda Matapalo and my investment. But right now it is moving forward and I am positive about it’s outcome. Seems to me there are some that just have an axe to grind, maybe for good reason, I don’t know, but let’s stick to the facts.
my wife and I dec 1 2010 went to villas sol on west coast to stay listen to time share proposal It sounded good & we gave
$ 7500 down with understanding we could cancel in 10 days if we wanted
that nite we read contract and decide it was not for us so next AM we talked to mktg mgr who said he was a contract lawyer who worked for the time share contractor
I wrote a letter requesting cancelation of agreement which he signed and dated making copies for me and him
he promised to look after it that day. And promised several times later when I phoned but my credit card has not been reverse credited for the amount they took
what can I do as i live in canada I cant go the and I cant seem to find any corp. contacts that will talk to me
dal carter
REMEDIES FOR FRAUD IN COSTA RICA
Unfortunately, many foreigners who purchase real estate, autos, other products and services are defrauded here in Costa Rica. I too, a nine year resident of Costa Rica, have been a victim of fraud, but I am one of the few lucky ones who was able to successful win my claims in the legal system here. One has to be objective. There are many honest ticos, Costa Ricans, but there are also many ticos and foreign residents who will take advantage of a foreigner, and defraud their clients of serious amounts of money, sometimes their entire life´s savings.
The victims of these frauds, in many cases have the odds seriously stacked against them. The perpetrators of these frauds are very intelligent. They are well aware that their clients in many cases, have little knowledge of the language, customs and most importantly, the legal system. They also know that they can make arrangements, in many cases, with victim´s attorney to make the victims claim go away. It is a double pay day for many attorneys. It is not uncommon for a dishonest attorney to receive legal fees from the victim and a second fee from the defendant so that the claim is put in limbo.
Speaking from my experience, I have had very, very difficult experiences with many of the attorneys I have been involved with. Chorizo, bribery, is commonplace in many, but not all, situations here in Costa Rica. On the other hand, the judiciary system, is far less corrupt due to the fact that all judges are subject to strict review. If judges engage illegal decisions, and if you are lucky enough to have an attorney to follow only your interests completely, you have an excellent chance of success in a financial remedy. The judicial review board is very strict. A judge that hands down illegal decisions, if pursued, loses his job. One of the problems here is that almost no lawyers work on a contingency basis. Not all, but may lawyers here want to extract their fees for the most amount of money in the least amount of time.
This is totally contrary to the interests of the plaintiff. I have had the very good fortune or luck to have been able to work with attorneys who were able, not only to get back my investments, but damages well in excess of the amounts for which I had been defrauded. They worked with me, and are working with me strictly on a contingency basis. You pay nothing. You only pay a percentage of your claim when they win your claim. I would be happy to offer whatever input I have to help anyone who has been defrauded here in. Costa Rica.
Joseph Sacchetti
San Jose, Costa Rica
cgconversion@gmail.com
2223 8081
This confirms my reservations about Hacienda Meatapalo. I visited in May 2010. High pressure from the start. Here are the problems:
It is advertised as close to the Pacific… actually miles away… ocean looks like a postage stamp
No building going on(in May 2010)… only thing on property was a small trailer and a lot of cows!!
Fortunately we rented with a couple in Drake Bay … without are requsting the owner where we were staying took it upon himself to investigate when we mentioned Hacinda Matapalo with his contacts… told us basically what you all found out in November …. no PERMITS!!! Which meant no building..
At that point we backed out.
My advice only look at places where there are actual homes/condos already built… no matter where you are looking! Then look at occupancy rates etc. We also noticed a LOT of for sale signs all over Costa Rica as well projects that were halted before completion. Beutiful country but buyer beware… also are you all familar with squatters rights in Costa Rica… another caution flag!
You and your friends get back to us and we can find out what the truth is if you want it?
I invested in a Hacienda Matapolo condo in May 2009. They asked for a $5000 refundable deposit to hold the site I picked and had 60 days to make a final decission and comitting to the 20% required to pre-purchase. The 20% was set-up in 2 installments, one at the end of the above mentioned 60 days the other 90 days later (October 2009). The first payment was adjusted for the $5000 deposit and they refunded $1000 for traveling to see the site. In September,they were obviously pinched for cash, offered a 20% off the 2nd payment due in October if I paid early. Through all of this from the start I questioned and checked into the 3 main principals. They work out of Florida and have been involved with several big project around Ft Lauderdale and south Florida. I found no improprities. Though another posting implied Brian to have a history. If you talked to me a few months back I was concerned about any progress being made. I work in real estate and know gliches in projects especially this size happen, it’s their comunication that concerned me. Lots of pretty pictures but no progress or news as to why. That all changed in November when they held an online meeting of investors/owners. They seemed to come clean and informed us about the problems with permits as well as other issues that have put them over a year behind they also announced the YouTube site. At this time you can go to their site on YouTube and get a weekly update showing them working on infrastructure. Is it a scam?? I hope not but time will tell. R Jewell
I have been following Hacienda Matapalo for the past 18 months. Am concerned that they have flashy materials and other media but have done little in terms of actual physical development over the course of about four years. Last contact – they wanted $5,000 “refundable deposit” to assure that I secure a property of my choice after I visit (on my own dime). There was pressure to make the deposit by Thanksgiving or I would lose out on current pricing. New prices would go 5 to 20% higher after Thanksgiving. When I asked for a few days extra for my attorney to review their “option contract,” they were not flexible and essentially told me there was no point in having legal review. I told them I was no longer interested. Have others had similar experiences they would like to share?
Craig
@Aine. Their website is infected (I checked) and they give off all the signs of “gone fishing”. IMO the only ones who get paid in these actions are the lawyers. There are many companies notorious for using investor dollars to fund operations as opposed to escrowing the funds. Generally undue delays in returning deposits are a sign of a company that is not on stable financial footing. Good luck.
I have also invested with Paradigma and have been paying monthly for four years. Now when I try to access their website I’m directed to a spam warning page and when I try calling their numbers, they’re not available. Anyone have any info on whether this is a scam?
We foolishly invested 4 years ago in Costa Rica in a project with Paradigma. We have been making payments for 4 years and are now giving up. Nothing is being done and it is still undeveloped land. If the owner is an American can you press charges or anything? We are looking into a lawyer with several other investors.
Their CR holding co was established in 2006 and their principals including CR based have been involved since 2006. Personally, I would need to see FULL SETENA approval including Environmental Impact Study, D1 permitting and source of capital. Funny how Windham and Sonesta can’t get funded but these guys have barely turned a shovel and supposedly say (so I have heard) they can deliver housing in 24 months? Do yourself a favor, avoid preconstruction in CR until the capital markets shake out and RE in the US is finally stable.
Am doing my due diligence before investing in HM and am curious to follow up with the two posters.
Mark: Have you gotten your money back yet?
Gabriel: How did you learn that HM has been selling since 2006?
Did either of you do any internet research on any of the principals and what did you find?
Thanks!
Stay Away! No permits, no development experience, no capital, lots of spin though. Been selling HM development in CR since 2006, nothing built.
Went and visited in June. They show you a Mountain side they want you to buy. There are a couple of truck rut roads placed in. Ride horses around. We paid $10,000 to hold a spot.
They acknowledged that we requested the deposit back in time and that it would be cut end of August – the 26th.
Execuses by Brian he is traveling and will get back. Still waiting. Notifying Texas Atorney General Friday, plan on filing deceptive trade and fraud case against them
I’ve personally been affected by mortgage fraud and as of this writing I’m currently awaiting the supreme courts decision to enforce an international arrest warrant for the co-accused who is in Canada while the accused is confined to Costa Rica by restrictions and probation issued by the criminal court.
http://www.sellingcr.com/index.php/Who-is-Sarah-Western.htmlf
Anyone heard of Hacienda Matapalo development? Good or bad?