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Real Del Mar / Condominiums not built!

1 Mexico Review updated:

Along with not building promised houses, they have sold rights to condominiums that have never been built. They had huge promotion parties, which I attended with my friends. They tried to sell me a condo. I am so glad I did not listen to the promises, aka: LIES. Jose Luis Corona was the the project manager, and he said the condominiums would be ready in 2005. Nothing has been started, and now they are going to begin a new sales promotion for other areas in Real Del Mar. Don't buy anything in that area that has not already been built yet. They take huge deposits, and use that money interest free for as long as they can. The buyer either loses interest they could be making, or if they have to borrow it, pay interest. They sell things they are not building to get these interest free loans. It is a type of MEXICAN SCAM. The United Stated State Department warns against buying property, timeshares, etc. in Mexico without doing A LOT of research, and using an attorney first. Avoid REAL DEL MAR, it is a big mistake, unless you buy from someone who is moving out, and the house is already there.

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Comments

Se
  5th of Jul, 2007
0 Votes

Some people are looking for a pot of gold under a rainbow, and believe in truth fairies and Santa Claus. People like that forget that there are liars and con artists doing business and have licenses to steal. I hate to blame the victims, but going to Baja and buying real estate without using an attorney is just asking for trouble. Unfortunately, the articles and tv shows that promote this do not sufficiently cover the risks involved. Even though Frisas construction has done business for fifty years that does not mean customers were happy. Thank God the Internet now will provide warnings for someone who wants to do research through Google. Won't Jose Corona be surprised that when his name is Googled his actions are for everyone, even his family, to see. Real Del Mar will be shown on the Internet to be a shaky place to do business, and hundreds can now avoid it. There is no pot of gold under a rainbow, or in the hills of Real Del Mar - except in Jose Corona and Frisas bank accounts.

Sa
  9th of Jul, 2007
0 Votes

We visited Baja this past weekend to look at homes. I had seen the information here because I had Real Del Mar on my list of places to check out. I decided not to waste my time going there. While there I asked a few people that worked in the hotel I stayed in at Puerto Nuevo about Real Del Mar. They said they have begun to hear problems and there was something in a local paper about not delivering homes. I am glad I was warned about this. I am still looking for the home I want, but I am taking the advice, and moving very slow. I don't want to have the problems other have had in Mexico, and with people like those who run Real Del Mar.

Ri
  11th of Jul, 2007
0 Votes

The biggest problem with buying property of any kind in Mexico is that there are on regulations, no building codes and inspections, no agencies like a board of realtors to protect buyers, etc. That is why it is looked at as so risky. I agree with the postings that alert people to go to the United States State Department site and read their warning against buying in Mexico. It is because they have had SO many complaints, and the department can NOT help them, it is out of their jurisdiction. Would you buy a house in our country that was not made to pass inspections? Well, that is why you are getting there. Untrained people from the beginning of the process to the end, and then they are surprised whtn there are problems. Well, you do get what you pay for in this world.

Ke
  16th of Jul, 2007
0 Votes

I was very disappointed when I went to Mexico after seeing a program on Sunday Morning about Mexican real estate. I agree, the real estate agents are not trained, don't have licenses, and there are developments that have substandard construction. I visited Real Del Mar, and looked at their subdivision. They are using gallon containers full of dirt stacked around to build retaining walls around canyons to keep lots from sliding. I could not believe that. They have a history in Baja of having sewage dumps on the beaches, and people in San Antonio Del Mar are always subjected to the smells. You are not only dealing with suspect sales people, developers, but a government that does nothing to protect the people they are soliciting to move there. Read about the police problems there. They pull Americans over and use tactics to extort money from them. Why would anyone want to live in a place like that, it is worse than communism. It is anarchy!

Ke
  24th of Jul, 2007
0 Votes

When so many Mexicans are leaving Mexico, why would Americans see it as a land of opportunity? Duh...

Ne
  27th of Jul, 2007
0 Votes

There are going to be many projects in Baja not completed, the market has busted.

Ke
  7th of Aug, 2007
0 Votes

Pacifica at Real Del Mar is now marketing the condominiums that were not built by Real Del Mar. Buyer BEWARE!! Use all precautions that the complaints on the Internet suggest. Any real estate deal in Mexico should follow these guidelines.

Ke
  11th of Aug, 2007
0 Votes

If you really want to live in Baja, rent first. After you see if it is really a good place for you, then take your time and research the community. Some are better than others. In two years, the prices will bottom out, and will be about a third of what they are now. Just like in the states, there will be houses just abandoned. The American banks who gave the loans will dump those faster than they are the ones in the states.

Ke
  12th of Aug, 2007
0 Votes

Americans and Canadians who have moved to Baja have hurt the economy for Mexicans. Your speculation on houses has driven up the prices so we can not afford to buy a home even with the factory work we have. We don't want you living in Mexico. We are not as mean about it as you are about us moving to the states, but you need us more than we need you. Gringo come and visit, than go home.

Ke
  12th of Aug, 2007
0 Votes

Read complaint about Pacifica at Rea Del Mar and take advise about buying real estate in Mexico posted in other complaints, especially under baja real estate complaints and mexico real estate complaints. Pacifica is now marketing the condos in Real Del Mar because of the bad reputation Frisas has. It is like a restaraunt saying, "under new management" to put some distance between the old problems and having a chance to continue to do business. Be very cautious, and get a lawyer.

Mi
  16th of Aug, 2007
0 Votes

I think that you people need to do better homework. My husband is an attorney and checked Pacifica out these past few weeks. They have nothing to do with some condominium project that wasn't built or completed. They are a separate company that only recently purchased land inside Real del Mar. They offer title insurance, deposits are submitted to Stewart Title in the USA - not the developer and buyers are provided with a construction bond to protect their investment. I am sorry t hear you had problems elsewhere. It happens.

Ke
  18th of Aug, 2007
0 Votes

In case the comment above was written by an employee of Pacifca, remember, do your own homework, If you take the advice off the internet from someone claiming to know something is good, and it turns out to be a problem, you can't find that person. I agree do better homework, but make sure you use an independent attorney. Not one referred by a real estate agent or the developer. Also, in Mexico most real estate agents work for the developer, they have special relationships. It is like buying something at a store and a corporation gives sales agents bonuses or prizes for selling their product. Of course the sales agent tells you brand X is the best. She wants the trip to Hawaii for selling the quota for brand X. When it quits working in three months, she has changed jobs after her vacation. Be very careful. Sure scams and problems are everywhere, but what the hell do they say that for? Like because it could happen to you in the US, it is ok to get taken in Mexico. Just Google Royal Holiday Club and look at their complaints, you will see Mexican scams are harder to deal with than U.S. ones. You have agencies that can help you here. If you have a problem in Mexico, the U.S. government agencies can not help you. That is why the U.S. State Dept. posted the warning on their site, they get thousands of requests for help each month from people returning from Mexico who bought real estate or timeshares. It is much simpler to rent a place while you are there and when you want to leave you don't have to hope the market is right, and pay 35% capital gains taxes. Oh, they do watch that VERY closely, and you will pay.

Right now most people would not invest in the U.S. real estate market because experts who are not working and vested in the industry are saying the bottom won't hit until 2009. It is even dumber to buy Mexican real estate until after that. Prices have just begun to go down. The whole market was driven by speculation.

Ke
  22nd of Aug, 2007
0 Votes

I don't want to be sorry, so I am being safe. I will never buy anything that is not completed again!! A sign of intelligence is learning from mistakes. A smart person learns from their mistakes. I am going to act smart. An intelligent person learns from the mistakes of others. You can be truly intelligent, and learn from my mistake.

I signed a contract for a condominium that was going to be built in downtown Sacramento, California. It was a large project and was highlighted on the news as the biggest and best thing ever done in the region. I put my money down. They dug the whole, pounded the pylons, day and night, ran out of money. They could not get financing. Now there is no project.

The second choice I was going to buy, which had been built, is all sold out. I doubt I will ever get the chance to buy the unit I wanted in the second choice project. Buying an idea instead of a condo cost me either condo. It happens all the time. It is not just a Mexican problem, it happens everywhere.

Ke
  28th of Aug, 2007
0 Votes

I am glad that the information on how to avoid being scammed is available.

Ke
  28th of Aug, 2007
0 Votes

I know first hand what a problem buying in a place like that is. I bought a place in Real Del Mar in 2004 for $170,000.00. It cost $12,000.00 in closing costs, and another $2,000.00 in other fees to establish the trust. I am now trying to sell the place, and have only been offered $220,000.00. I have been to told it is worth $260,000.00 by people in the development and realtors, but I have only had one offer is eight months. I have been paying almost $1,200. a month for three years. That is over $40,000. in interest. When I sell I have to pay 35% capital gains on what the Mexicans consider capital gains, the difference between the $220,000. and $170,000. It is easy to see with the money I also put into furnishing it, this has been a very expensive and not profitable experience. If I had put that money in the same mutual fund I have my 401 K in I would have received dividends, capital gains distributions, and growth on the price of the shares. I thought I was investing, but instead I was getting an education, and I learned a lot from this mistake. I paid a lot for this education.

Ke
  29th of Aug, 2007
0 Votes

I was going to buy in Baja, but the loan I was going to get fell through because of the problems with lending. Now the only way I can get a loan is with a much higher interest rate. I think that might be the best thing to happen now I see all the problems that others are having. I was going to keep it for a couple of years and sell. Now I see that I would never get my expenses out. I do not understand why the fees to buy a house are so much more than in the US. I understand why the interest rate is higher if you finance it there, because the risk is greater. If I decide I want to buy a place and keep it forever, not as an investment, but as a place for me to have, it might be ok. I now see as an investment it is foolish. I guess the people who are making money from generating all the buzz about it being a good deal don't talk about the hidden costs for their benefit. It is a lot of speculation, and that drove the market there up artificially. The last people who get in are always hit the hardest, and that would have been me if I had gotten that loan.

Sa
  25th of Dec, 2007
0 Votes

I had to sell my house in Baja for less than I paid four years ago because of the down turn in the market. I needed to pay off the loan and quit throwing good money after bad. My advice, if you want to spend time in Mexico, rent. It is much easier to leave when you want to, and cheaper too. The tax consequences on any gain is very high. My advice, invest the money you save each month while renting then when you leave you will have a little next egg to help get you through.

La
  6th of Jan, 2008
0 Votes

I know that the original condos were never built and that a new developer has been brought in. Frisas Construction is still the one who controls the development, manages the homeowners' association and the businesses like the golf course, hotel, etc. I really would not buy in Baja, it is becoming more difficult to sell, when you do the process is tedious, and the capital gains taxes are high. If you want to try living there, rent first, then as you know if you can feel comfortable with an investment then procede. A lot of Americans and Canadians saw news stories and went down there without doing other research and they are the ones that are trying to get their deposits and downpayments back. Coldwell Banker in the Rosarito area went out of business and the owner filed for bankruptsy in San Diego because he had an office in Chula Vista. Another Coldwell Banker office in another part of Mexico had an agent that ran off with close to a million dollars worth of buyers deposits and downpayments. She returned to the U.S. and people are not able to do anything because the contracts were signed in Mexico. Remember the real estate agents and developers are in business for the commisions and profits for themselves. They are NOT your friends, they are con artists. They will get your CONfidence and you could be conned. Not always, but enough times you need to take care of yourself first.

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