CR Beach Investment Real Estate

[azannet]

I have been looking at one of their offerings and want to see if anyone else knows of this one.  It is in Bejuco, Puntarenas and is a gated community.  I have seen this offering on a few real estate sites, but I am having trouble finding info on Bejuco.  Your help is greatly appreciated.

[Ivo]

Hi Azannet
Attached goes a map of the area. It's located south of Jaco. Up and coming area, but not much infrastructure in the Bejuco area. The beach is nice. Research the developer well, history, if infrastructure is in, if your money stays in escrow till you'll get delivery of your unit, is it titled, do they offer title insurance etc. Our forum is full of tips about doing do dilligence.

[Russ]

Have a look at our Costa Rica Developer Checklist / Quiz. to evaluate the developer's experience.

[leshuey]

What is the name of the development?   Les

[Sherry]

I was just about to sign and mail my check when I found this information from January 06.  Everything I have found shows this to be a legitimate company, but there was still this question hanging over me as to why I needed to put down $25,000 just to be invited to "view" the property..... I could see putting down $500 or $1000 as good faith and a real interest but $25,000.... that of course you are guaranteed a refund if you don't like the property once you see it.  But how good is the guarantee when the check is made out to C.R. Tropical Properties.... I would feel safer if it was made out to Stewart Title or someone I knew. 

Has anyone had any recent dealings with this company?  Their website is costaricanlandsales.com

Just checking before I cut the check.....

Thanks.

SA

[Sherry]

I am looking for any recent information on C.R. Tropical Properties.  They are selling land -- 3 gated communities in the mountains outside Quepos.  Emerald Dunes is the only one that has any lots left (they say).  The tracts are 1.25 acres and you have to put down into escrow $25,000 and then they send you $500 to come view the property.  After viewing, you can get all your "deposit" back if you don't like what you see. 

I just don't understand the large "deposit" to see the property.  They appear to be a legitimate company but before I cut the check, I wanted to see if anyone has any more recent info.  It sounds like the infrastructure is 70% completed and of course they show photos on the website. 

I would like to own property in Costa Rica because I think it is a beautiful country, but I can't afford to be involved in a scam and certainly don't want to lose $25K. 

I'd appreciate any info.  Thanks.

SA

[Russ]

Hi Sherry - I am glad you came by our forum. 

I don't have any specific information on this company or development, but please do not give them any money!

 

You definitely should not deposit $25,000 in an account for property you have not seen.  You don't even know which lot you would purchase or if the development even exists?  Have you seen the correct documentation for the lot you would get and also had it reviewed by an attorney in Costa Rica or a real estate broker?

Again, have a look at our Costa Rica Developer Checklist / Quiz. to evaluate the developer's experience and the project.

Please read the following topics to see comments - experiences - and arrests made in similar cases.

http://american-european.net/living_costa_rica/index.php/topic,191.0.html
http://american-european.net/living_costa_rica/index.php/topic,202.0.html
http://american-european.net/living_costa_rica/index.php/topic,349.0.html
http://american-european.net/living_costa_rica/index.php/topic,286.0.html

These companies are the same company or operating under the same M.O.  The truth of the matter is that they are promising a lot and offering very little in return.  The people buying these properties are unfamiliar with Costa Rica, real estate in Costa Rica and also the procedures for buying real estate here. 

This is a very risky investment in my opinion and I always advise people not to buy real estate sight unseen and not to deposit money unless it is into an escrow account controlled by your own attorney or an objective, trustworthy third party.  (a state or private bank, a title company, escrow company, etc)

[frettless]

Sherry,

You have very good instincts. Do the same diligence that you would do if you were buying property in the US. It's for the same reasons you stated that I have stayed away from all of these companies that want cash up front but are vague about who owns what and when development will be finished.

[rcmccarthy]

Sherry,

I called on this land offered through C.R. land specialists.  1st, I was not impressed with the phone operators I first talked to.  It seemed to me, that the area is in Parrita, which as the moderator of the site that has been writing you back says is not the same as Manuel Antonio/Quepos.  It has been a couple of years since I was down there, but if I remember correctly, there isn't too much other than ocean and forest when driving toward quepos from san jose.  It is not to say that they won't develop the area and add a market, but it is not Quepos.  You may have heard of Tom Martino, the trouble shooter, here in colorado who says never pay a deposit.  While I don't necessarily agree with this, I think he is right in this instace.  Where have we ever had to put down that much money in earnest?  While I would like land in C.R., I will talk to my friends who live there for a reference on who to buy from rather than someone requiring a downpayment that big.