Dec 16, 2012
New Highway to Punta Cana
A new highway providing access to the Dominican Republic’s Punta Cana resort region officially opens to motorists today. The Autopista El Coral, or Coral Highway, is a four-lane, 43-mile road between Punta Cana on the country’s eastern coast and the city of La Romana on its southern coast. There it connects with the existing DR-3 highway, creating a direct route all the way from Santo Domingo to Punta Cana. Designed for speeds of up to 110 kilometers per hour (almost 70 mph), the Coral Highway should make it possible to travel from the Santo Domingo’s Las Americas International Airport to the resort region in less than two hours.
CAP CANA - AN OVERVIEW
Cap Cana is a luxurious master planned community located within the Punta Cana region of the Dominican Republic, the second largest island of the Caribbean. Nestled along the country’s eastern shoreline, this slice of paradise is less than fifteen minutes from the Punta Cana International Airport (and with the completion of the new Coral Highway in August, 2012, Cap Cana is now also just under 2
hours from the capital city of Santo Domingo by automobile).
 |
| Coral Highway |
Although Cap Cana’s pure, white sand beaches, turquoise waters and luxury resorts attract upscale travelers from all over the world, it is perhaps best known for its most prominent facilities, the Cap Marina and the Punta Espada Golf Course.
The Cap Cana marina is the largest of its kind in the Caribbean. A collection of mega yachts and luxury
 |
| Cap Cana marina |
sport fishing craft can be found in the marina at any given time, especially during the summer months when Cap Cana is host to a series of fishing tournaments.
The golfing facilities in Cap Cana are world famous for both the quality of play and the breathtaking oceanfront surroundings. The Punta Espada is a Jack Nicklaus Signature course that has played host to the PGA’s Champions Tour and has been ranked by Golfweek as the #1 golf course in Mexico and the Caribbean for four consecutive years.
The golfing facilities in Cap Cana are world famous for both the quality of play and the breathtaking oceanfront surroundings. The Punta Espada is a Jack Nicklaus Signature course that has played host to the PGA’s Champions Tour and has been ranked by Golfweek as the #1 golf course in Mexico and the Caribbean for four consecutive years.
Aug 13, 2012
Xëliter offers villas and apartments for rent
ELECTRONIC INCA
Bicycles and Electric Scooter with the best technology and design available today,
enabling them to accommodate future technology.
Higüey - La Romana - San Pedro de Macoris
for more information electroinca67@hotmail.com
.
Bicycles and Electric Scooter with the best technology and design available today,
enabling them to accommodate future technology.
Higüey - La Romana - San Pedro de Macoris
for more information electroinca67@hotmail.com
Convention for business tourism to be held in Santo Domingo
Santo Domingo, the first city of the Americas, will host the first International Business Tourism Convention (TUNE 2012).
The Convention is scheduled for November 11- 14. It is organized by “Invertirendominicana.com” and co-sponsored by various Dominican institutions, Assist Card – a multinational firm with almost 40 years experience in offering comprehensive care to travelers – and Blue Travel Services Partner, a destination management company which specializes in marketing the Dominican Republic as a tourism destination.
The event aims to promote investment and increase the number of travelers to the Dominican Republic.
In terms of foreign investment, in 2011 the Dominican Republic attracted some US$2.4 billion, equivalent to 4.2% of the country’s Gross Domestic Product.
This figure represents 25% more than the amount obtained last year.
The Convention is scheduled for November 11- 14. It is organized by “Invertirendominicana.com” and co-sponsored by various Dominican institutions, Assist Card – a multinational firm with almost 40 years experience in offering comprehensive care to travelers – and Blue Travel Services Partner, a destination management company which specializes in marketing the Dominican Republic as a tourism destination.
The event aims to promote investment and increase the number of travelers to the Dominican Republic.
In terms of foreign investment, in 2011 the Dominican Republic attracted some US$2.4 billion, equivalent to 4.2% of the country’s Gross Domestic Product.
This figure represents 25% more than the amount obtained last year.
Jul 30, 2012
The best Dominican Villas for Sale
Global economic instability has given rise to a lot of distrust in conventional investments. Nowadays more and more people from across the world prefer to invest their hard earned money in things like real estate, precious metals such as gold and silver, and precious stones. When we talk about buying property, there is no doubt that the Caribbean Islands is the best place for real estate investment these days, especially countries like Dominican Republic that boast of the best yet affordable property options. The country also is popular with foreign investors for its straightforward laws and benefits in real estate dealings. The Dominican Republic villas for sale may be a good option for those of you who want a beautiful holiday home or second home in one of the most scenic and fun countries in the entire world, and do not mind spending a little extra in order to procure that dream residence.
While there are many investors that are opting to buy apartments or condos in the Dominican Republic, it is safe to assume that the potential for profit is a lot higher in private villa properties that give a sense of privacy and luxury. There are two options available for people who wish to own a beautiful villa in the country. The first is that you simply hire a good real estate agency operating within the country and look at their listings or tell them to find you your dream home. Most reliable agencies make it a point to have an endless selection of properties, so as to suit any segment of the market. This translates into you finding your perfect home no matter what location or price range you are looking for. All you need to do is be very clear about your requisites and location desires, and leave the rest to them. Chances are that they will have options ready to see in less than a couple of days, after which you can either go through the property picture or take a personal trip down to DR to have a look and make your decision.
The second is that you take matters into your own hands. You can either ask friends and family to keep an eye out for villas for sale in the country or use resources like the Internet to search out some viable choices that please you. The internet has a large number of Dominican Republic property listings that you may want to check out. Things you should keep in mind are having a tab open with the map of the country and its districts, so that you know the exact location of the property. You can even make things easier on yourself by first deciding on an area or district of the country. Right now the hot spot for property investments is Punta Cana. This is a small resort town that houses the country’s busiest international airport. It may be a perfect location, for those of you who hate taking multiple flights or long road journeys after a long flight just to get to your home.
The country has is an amazing blend of many cultures, thus many of the Dominican Republic villas for sale that you see may vary in architecture, interior design, feel as well as look. While some may find this intimidating, it may be the best fun you have had shopping for a home. Imagine buying a villa that has a very Spanish influence. Wouldn’t it be exciting to live there? It would be like experiencing a different kind of life altogether. After all, what’s the point in buying a house that is exactly like your residence back home?
http://homes.point2.com/
While there are many investors that are opting to buy apartments or condos in the Dominican Republic, it is safe to assume that the potential for profit is a lot higher in private villa properties that give a sense of privacy and luxury. There are two options available for people who wish to own a beautiful villa in the country. The first is that you simply hire a good real estate agency operating within the country and look at their listings or tell them to find you your dream home. Most reliable agencies make it a point to have an endless selection of properties, so as to suit any segment of the market. This translates into you finding your perfect home no matter what location or price range you are looking for. All you need to do is be very clear about your requisites and location desires, and leave the rest to them. Chances are that they will have options ready to see in less than a couple of days, after which you can either go through the property picture or take a personal trip down to DR to have a look and make your decision.
The second is that you take matters into your own hands. You can either ask friends and family to keep an eye out for villas for sale in the country or use resources like the Internet to search out some viable choices that please you. The internet has a large number of Dominican Republic property listings that you may want to check out. Things you should keep in mind are having a tab open with the map of the country and its districts, so that you know the exact location of the property. You can even make things easier on yourself by first deciding on an area or district of the country. Right now the hot spot for property investments is Punta Cana. This is a small resort town that houses the country’s busiest international airport. It may be a perfect location, for those of you who hate taking multiple flights or long road journeys after a long flight just to get to your home.
The country has is an amazing blend of many cultures, thus many of the Dominican Republic villas for sale that you see may vary in architecture, interior design, feel as well as look. While some may find this intimidating, it may be the best fun you have had shopping for a home. Imagine buying a villa that has a very Spanish influence. Wouldn’t it be exciting to live there? It would be like experiencing a different kind of life altogether. After all, what’s the point in buying a house that is exactly like your residence back home?
http://homes.point2.com/
Jul 2, 2012
Up, up and away!
A new tour in Punta Cana attracts the more adventurous, a hot air balloon trip, a quiet overfly of the Bavaro and Punta Cana area to see the beautiful beaches and landscapes from above. This hot air balloon service in Punta Cana has been offered by the Dominican Balloons company (Domball) for several months now and the initiative has strong support from the Dominican Ministry of Tourism.
So far, Russian tourists have accounted for up to 90% of passengers who have purchased these flights, thus the Ministry of Tourism has announced that it will participate in the upcoming International Tourism Fair to be held in Russia to promote the hot air balloon experience and attract more Russian tourists.
So far, Russian tourists have accounted for up to 90% of passengers who have purchased these flights, thus the Ministry of Tourism has announced that it will participate in the upcoming International Tourism Fair to be held in Russia to promote the hot air balloon experience and attract more Russian tourists.
There are two hot air balloon flights any given day, one in the morning (dawn) and another one in the evening (dusk). The trip comprises:
- Arrival at the takeoff point
- Preparation and inflation of the balloon
- Briefing and drinks
- Takeoff and flight
- Landing and packing of the balloon
- Food (breakfast or refreshments, depending on the shift)
- Champagne toast
- Flight certificate
* * * * * * *
“Our philosophy is simple: get everyone out on a bike and riding.”
CULE BIKE ADVENTURE
organize cycling activities and events
Higuey - La Altagracia
Av. Altagracia 125 - Plaza Barzelona
(01) 809 554 7735
or call our argent in bavaro ....
Jun 16, 2012
The popularity is ever increasing
The popularity of Punta Cana is ever increasing. After becoming a very popular tourist destination, Punta Cana is now attracting people all around the world who wish to own a home in the Caribbean. There are many good reasons to own property in Punta Cana. Besides the obvious fact that it is an incredibly beautiful location, looking for a Punta Cana condo for sale can fetch you various other benefits.
Since the Caribbean and especially Punta Cana is a tourist location, any kind of accommodation there can serve as a rental home for travellers. One can earn their initial capital back in no time by equipping the place with a few amenities and then renting it out either through estate agencies or directly to tourists.
As the tourism industry in the Dominican Republic grows, so do the rates of property. Thus right now is the best time to invest in Punta Cana real estate and reap the benefits in the future. As they say, the early bird gets the worm.
Investments and profits aside, it wouldn’t be a bad idea to have a vacation house, summer home or beach house in Punta Cana. After all, it is one of the most beautiful locations on the planet and what could be better than spending a yearly vacation in the Caribbean, away from all the worries of the world. According to popular trends some people are even looking for Punta Cana condo for sale so that they can use them as a retirement home in the future and enjoy their old age among the swaying palms and white sands, listening to the hypnotic sounds of waves crashing against the shores.
Just like anywhere else in the world, there is a certain procedure to be followed while purchasing real estate in Punta Cana. During the deal of any property, the ownership is acquired by registration in the Registry of Deeds. Once registered, the registrar issues the Certificate of Title in the name of the buyer which verifies the ownership rights over the property.
Although you may have to pay a small commission, it is usually prudent to avail the services of a competent estate agency. An estate agent would be able to ensure the interests of his clients and safeguard his rights both before and after sale. He is responsible for conducting legal checks with due diligence and also get all the paperwork in order.
If you do find a Punta Cana condo for sale, make sure that you request to see the original Certificate of Title for it. Also take a copy of the measurements and plans of the premises to avoid any conflicts after sale. Although it may not always be necessary but as an added precaution, you can also ask for a copy of the sellers identify card or passport. This will reduce the changes of you getting conned and discourage any person with fraudulent intentions.
A Punta Cana condo for sale should have cleared the dues for all kinds of property taxes. This can be verified through a copy of the receipt from the Directorate General of Internal Taxes (DGII) or a copy of the certificate of exemption from that tax.
Real estate deals in the Dominican Republic usually begin with the signing of a promise of sale or the purchase option. The buyer can make a deposit of a predetermined amount with the seller to ‘book’ the Punta Cana Condo for sale. The complete terms are agreed and signed by both the seller and buyer, after which a notary is required to legalize the document. Since Punta Cana is a small city with a small population, the formalities usually do not take much time.
Since the Caribbean and especially Punta Cana is a tourist location, any kind of accommodation there can serve as a rental home for travellers. One can earn their initial capital back in no time by equipping the place with a few amenities and then renting it out either through estate agencies or directly to tourists.
As the tourism industry in the Dominican Republic grows, so do the rates of property. Thus right now is the best time to invest in Punta Cana real estate and reap the benefits in the future. As they say, the early bird gets the worm.
Investments and profits aside, it wouldn’t be a bad idea to have a vacation house, summer home or beach house in Punta Cana. After all, it is one of the most beautiful locations on the planet and what could be better than spending a yearly vacation in the Caribbean, away from all the worries of the world. According to popular trends some people are even looking for Punta Cana condo for sale so that they can use them as a retirement home in the future and enjoy their old age among the swaying palms and white sands, listening to the hypnotic sounds of waves crashing against the shores.
Just like anywhere else in the world, there is a certain procedure to be followed while purchasing real estate in Punta Cana. During the deal of any property, the ownership is acquired by registration in the Registry of Deeds. Once registered, the registrar issues the Certificate of Title in the name of the buyer which verifies the ownership rights over the property.
Although you may have to pay a small commission, it is usually prudent to avail the services of a competent estate agency. An estate agent would be able to ensure the interests of his clients and safeguard his rights both before and after sale. He is responsible for conducting legal checks with due diligence and also get all the paperwork in order.
If you do find a Punta Cana condo for sale, make sure that you request to see the original Certificate of Title for it. Also take a copy of the measurements and plans of the premises to avoid any conflicts after sale. Although it may not always be necessary but as an added precaution, you can also ask for a copy of the sellers identify card or passport. This will reduce the changes of you getting conned and discourage any person with fraudulent intentions.
A Punta Cana condo for sale should have cleared the dues for all kinds of property taxes. This can be verified through a copy of the receipt from the Directorate General of Internal Taxes (DGII) or a copy of the certificate of exemption from that tax.
Real estate deals in the Dominican Republic usually begin with the signing of a promise of sale or the purchase option. The buyer can make a deposit of a predetermined amount with the seller to ‘book’ the Punta Cana Condo for sale. The complete terms are agreed and signed by both the seller and buyer, after which a notary is required to legalize the document. Since Punta Cana is a small city with a small population, the formalities usually do not take much time.
Apr 14, 2012
RCI and Palace Resorts expand relationship
Palace Resorts operates and markets vacation products for Palace Resorts hotels, and recently hotels operated by Hard Rock Hotels in Mexico and Hard Rock Hotel & Casino in Punta Cana.
RCI’s Contact Center Solutions division will perform these services for more than 90,000 Palace Premier members out of its Mexico City offices. Customer service support will also be provided to members of Palace Resorts' newest vacation clubs.
According to Robert Chapur Zahoul, RCD Resorts president, RCI has been an important strategic ally to Palace Resorts "since the beginning of our business relationship more than 25 years ago."
"RCI has been our partner in all stages of the group's growth, and has a perfect understanding of our vacation products as well as our all-inclusive services. RCI will provide world-class service to our customers and will play a key role in the growth of our vacation clubs."
*************
The Seafood Restaurant "La Delicia" Centro de Mariscos - Higuey
offers a carefulselection of seafood,
fish and meats and an assortment of select tapas and seafood specialties.
For reservations please call 809 554 9507 - con la suficiente antelación -
809 696 0596 Mr. Mercedes Domingo
809 696 0596 Mr. Mercedes Domingo
Dominican hotels and airports nominated to travel awards
The country was nominated in the following categories: Leading Airport (Punta Cana and La Romana); Beach Destination; Leading Cruise Ship Destination; Sports Tourism Destination; Leading Hotel and Resort Boutique; Leading in Resort Casinos in the Caribbean.; All-Inclusive Family Hotels; Golf Resort; Green Resort; Leading Honeymoon Resort and Leading Luxury All-Inclusive Resort in the Caribbean.
Candidates are nominated by travel agents from all over the world, and the winners are selected by a panel of experts. They will be announced on September 14, at the Beaches Turks & Caicos Resort Villages & Spa.
*******************www.Anuncidom.com*****************
Más que clasificados...un mundo de opciones
En www.Anuncidom.com podrás publicar anuncios de clasificados completamente GRATIS relacionados con la compraventa de casas, carros, muebles, ofertas de empleo, computadoras, celulares, electrodomésticos, artículos de moda, eventos, mascotas y muchos más.
pruebalo totalmente gratis www.Anuncidom.com
En www.Anuncidom.com podrás publicar anuncios de clasificados completamente GRATIS relacionados con la compraventa de casas, carros, muebles, ofertas de empleo, computadoras, celulares, electrodomésticos, artículos de moda, eventos, mascotas y muchos más.
pruebalo totalmente gratis www.Anuncidom.com
Frontier Airlines adds new Denver-Punta Cana flight
The Denver-Punta Cana service will begin at US$350 one-way, as a promotional introductory airfare pricing for this new additional flight.
The Punta Cana flights connecting to Denver will start on June 9, 2012 and run through August 4, 2012. The flights are operating on Saturdays.
The airlines also will be doubling their existing nonstop summer flight between Denver and Cabo San Lucas, Mexico (SJD).
*******************www.Anuncidom.com*****************
Más que clasificados...un mundo de opciones
En www.Anuncidom.com podrás publicar anuncios de clasificados completamente GRATIS relacionados con la compraventa de casas, carros, muebles, ofertas de empleo, computadoras, celulares, electrodomésticos, artículos de moda, eventos, mascotas y muchos más.
pruebalo totalmente gratis www.Anuncidom.com
En www.Anuncidom.com podrás publicar anuncios de clasificados completamente GRATIS relacionados con la compraventa de casas, carros, muebles, ofertas de empleo, computadoras, celulares, electrodomésticos, artículos de moda, eventos, mascotas y muchos más.
pruebalo totalmente gratis www.Anuncidom.com
Mar 18, 2012
No Snow, No Taxes, No Problem: Living a Better Life in the Caribbean
If you are like a large number of other people, it might have crossed your mind, or you might have asked yourself: Is there a better way? Meaning that many people, who are really just getting by these days, after factoring in take home pay after taxes, cost of living, cost of college tuition for children, saving for retirement, cost of medical insurance, housing costs (especially in places such as Boston, San Francisco, New York, etc.) have to possibly make some choices these days that they never thought they would. For example: Do you save for retirement or do you send your kids to college? Do you take a second job to make ends meet, or do you try and make do with your current income and cut back on your lifestyle? Did you think you could retire fairly soon, only to find out your retirement savings decimated by the current stock market? What do you do? What can you do?
Well, one option could be finding a less expensive place to live. In addition to cutting your expenses, without cutting back on your lifestyle, having a higher income from your investments does not hurt either. Where is this magical place? For many, the answer has been the Dominican Republic?
Why the Dominican Republic?
In comparison to many other well-known Caribbean destinations, the Dominican Republic still remains to be a place where real estate is quite affordable, and where a modest monthly income (US$2,000 per month) can go far in terms of spending power. So, for the price of a broom closet sized apartment in the Bahamas, you can have your own home (a real one) in the Dominican Republic. In addition, considering that bank account and income from fixed income investments can offer up to 9% in US Dollars and up to 22% interest in the local currency (the Dominican Peso) and is also 100% locally tax - free, the idea of living off interest from your savings is not such a far fetched idea.
In terms of real estate, there are no restrictions for foreigners as you might find in some other countries (such as Mexico, the Bahamas, Turks and Caicos and to some extent, even Panama). New homes is residential sections of Santo Domingo (the nation's modern capital, containing close to 4 Million inhabitants) can be found starting at about US$72,000. If you want a very upscale home located inside a gated golf course community right on the beach, you can find that also, perhaps going up to the US$400,000 range. In addition, you can also find 5 acres or so of farmland starting at about US$12,000 and home building lots ranging anywhere from US$14,000 up to US$100,000 for something inside one of those very exclusive upscale beach front golf communities we mentioned earlier as well. So, there is truly something to fit every need and every budget. As some additional examples - a very attractive brand new two-bedroom luxury apartment (with 24 hour door man, private secured parking, etc.) will cost about US$90,000 in the capital, and you can go up to US$150,000 for a super deluxe 4 bedroom luxury penthouse as well.
So, all things considered, you can certainly find a way to purchase a home or apartment at reasonable prices and live off your retirement savings at the same time (from very conservative investments, such as bank CD's and money market funds). It is very attainable, and many people have in fact truly found a better lifestyle - the American Dream - or perhaps we should say the Latin American Dream - outside of the United States.
Making a move outside of the US, or your native country where ever that might be, can be a bit daunting. Where do you start? Who do you talk to? How can you go about getting the correct and best advice the first time around? Usually taking an exploration trip is the first step in such a process and luckily there are some organized tours specifically designed with such a theme in mind. One such tour company is Tropical Pathways, operated by Lyle Burke. Lyle has been operating such tours for over three years to date, to places such as Belize, Honduras and Panama. After a recent fact finding tour to the Dominican Republic, Lyle left so impressed that he started adding the Dominican Republic to his group of country tours. Tour participants get to stay in some very first class all-inclusive beach resorts in the Juan Dolio - Santo Domingo area, Punta Cana - Playa Bavaro and even Samana as well. In addition to touring with a group of like mined people as yourself to view real estate bargains, a one day seminar will be presented to offer advice and information on local banking (English speaking representatives from local banks will be on hand), health insurance and health care (it's a fraction of the cost in the US), residency and second citizenship options, incorporation and related legal advice, plus more.
Well, one option could be finding a less expensive place to live. In addition to cutting your expenses, without cutting back on your lifestyle, having a higher income from your investments does not hurt either. Where is this magical place? For many, the answer has been the Dominican Republic?
Why the Dominican Republic?
In comparison to many other well-known Caribbean destinations, the Dominican Republic still remains to be a place where real estate is quite affordable, and where a modest monthly income (US$2,000 per month) can go far in terms of spending power. So, for the price of a broom closet sized apartment in the Bahamas, you can have your own home (a real one) in the Dominican Republic. In addition, considering that bank account and income from fixed income investments can offer up to 9% in US Dollars and up to 22% interest in the local currency (the Dominican Peso) and is also 100% locally tax - free, the idea of living off interest from your savings is not such a far fetched idea.
In terms of real estate, there are no restrictions for foreigners as you might find in some other countries (such as Mexico, the Bahamas, Turks and Caicos and to some extent, even Panama). New homes is residential sections of Santo Domingo (the nation's modern capital, containing close to 4 Million inhabitants) can be found starting at about US$72,000. If you want a very upscale home located inside a gated golf course community right on the beach, you can find that also, perhaps going up to the US$400,000 range. In addition, you can also find 5 acres or so of farmland starting at about US$12,000 and home building lots ranging anywhere from US$14,000 up to US$100,000 for something inside one of those very exclusive upscale beach front golf communities we mentioned earlier as well. So, there is truly something to fit every need and every budget. As some additional examples - a very attractive brand new two-bedroom luxury apartment (with 24 hour door man, private secured parking, etc.) will cost about US$90,000 in the capital, and you can go up to US$150,000 for a super deluxe 4 bedroom luxury penthouse as well.
So, all things considered, you can certainly find a way to purchase a home or apartment at reasonable prices and live off your retirement savings at the same time (from very conservative investments, such as bank CD's and money market funds). It is very attainable, and many people have in fact truly found a better lifestyle - the American Dream - or perhaps we should say the Latin American Dream - outside of the United States.
Making a move outside of the US, or your native country where ever that might be, can be a bit daunting. Where do you start? Who do you talk to? How can you go about getting the correct and best advice the first time around? Usually taking an exploration trip is the first step in such a process and luckily there are some organized tours specifically designed with such a theme in mind. One such tour company is Tropical Pathways, operated by Lyle Burke. Lyle has been operating such tours for over three years to date, to places such as Belize, Honduras and Panama. After a recent fact finding tour to the Dominican Republic, Lyle left so impressed that he started adding the Dominican Republic to his group of country tours. Tour participants get to stay in some very first class all-inclusive beach resorts in the Juan Dolio - Santo Domingo area, Punta Cana - Playa Bavaro and even Samana as well. In addition to touring with a group of like mined people as yourself to view real estate bargains, a one day seminar will be presented to offer advice and information on local banking (English speaking representatives from local banks will be on hand), health insurance and health care (it's a fraction of the cost in the US), residency and second citizenship options, incorporation and related legal advice, plus more.
Mar 4, 2012
Vacation-Home Buyers at Dominican Resort Await Rescue Investor
The 1,600-acre Roco Ki project was among seven detailed in a Wall Street Journal article this week that remain stymied due to lack of financing. Buyers of vacation homes at those resorts paid a cumulative $300 million in deposits, and most have yet to receive their homes or a refund.
At the Roco Ki project, vacation-home buyers paid roughly $54 million in deposits for condos, villas and beachfront homes that still languish as incomplete structures. The project’s developer, American investor Sterling K. Crum’s GeoStar Inc., is negotiating with potential investors willing to take over the project and finish it. The deposits can’t be refunded because they were spent on the resort’s construction.
Roco Ki’s vacation-home buyers say they have heard of several investment groups kicking the tires at the resort in recent months. One group of foreign investors is said to have the project under contract. However, Mr. Crum’s representative didn’t return phone messages seeking comment for this article.
“I’m hopeful that somebody is going to come in and realize that there is a lot of value in this core group of 75 to 100 people who have bought property” at Roco Ki, said Louis Amoroso, a Chicago investor and entrepreneur who paid $1.1 million in deposits for a beachfront home and a condominium at the resort. “And I’m hopeful that they’ll work out a deal that works for them, Roco Ki, the banks and us, and that they will start up the development again.”Robert Sterling, a Charlotte paper broker who paid $900,000 in deposits for a four-bedroom, beachfront home at Roco Ki, said he and fellow buyers are willing to be accommodating of any new investor and wait another couple of years for the resort to be completed. He adds, though, that the buyers will want any new investor to work with them on their purchase contracts rather than dismissing them.
“This thing has to be a holistic solution that involves us,” Mr. Sterling said. “The (buyers) involved in this thing are pretty influential people. If a developer comes in and decides to not honor these contracts and we end up losing the money we put in, that will shut down an entire market (of buyers) – the U.S.”
Kris Hudson/The Wall Street Journal
At the Roco Ki project, vacation-home buyers paid roughly $54 million in deposits for condos, villas and beachfront homes.
As conceived by GeoStar and its partners, Roco Ki was to be a massive resort community with 358 hotel rooms, six restaurants, two pools, meeting rooms, an 18,300-square-foot spa, an 18-hole golf course and dozens of for-sale residences and home sites. Buyers who visited the site in 2005 and 2006 toured the site, by helicopter or by ground, and drank cocktails in a tiki bar perched atop a ridge, allowing them sweeping views of the surrounding jungle. Many met Mr. Crum during sales events at the resort site.
Mr. Crum was identified as the project’s developer by several homebuyers and in a former partner’s lawsuit, which has been settled.
Once the recession hit, costs mushroomed over budget and home sales ground to a halt, GeoStar opted to suspend construction at Roco Ki in 2008. The project still has nine-figure debt, including at least $82.4 million owed to Bank of Nova Scotia and $31.5 million owed to European Investment Bank, according to a project outline circulated to potential new investors last year. Two Dominican banks also have $12 million in loans on the resort.
For his part, Mr. Sterling says he’s not trying to get a refund. He wants his vacation home completed. “I’m not really interested in getting my money back,” he said. “It’s a wonderful place, and it would be spectacular to have a home there and have friends join us down there.”
http://www.rocoki.com/photo_gallery_construction.asp
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