Las Olas

Ken:
From the limited information I have read, I would be very cautious. If losing your entire investment would be a problem, you probably should not proceed.

Ken, what did you finally decide? If you do proceed we are all expecting an invitation to the house warming.

I decided to get my $10,000 deposit back and not take the risk. If they do build it it will be a very nice place and I my buy there later and pay a lot more than I would have and loose some Founders Club perks. But at this time I just did not want to take the risk involved.

I might add that I told them on December 27th my last day before my 60 day period was up to make a decision or loose my deposit and I still do not see the transfer in my account yet. Could be the holidays, they have replied back by email saying they were going to refund the money minus a $50.00 fee. We will see.

Ken

Boy Ken,
I wish you the best. I think you made the right decision. I had been following your thread, and I must say, my radar went up. I hope you get your 10 K back. Maybe someday you'll be kicking yourself over the founders perks lost, but when all is said and done, I think you made the right choice.
Best Wishes
Neil

Ken, I hope you get your $10K back soon. Even if you purchase later at a higher price at least you will have reasonable assurance the project will be completed.

Please keep us on the loop about you refund!

Ken, I am not sure of exactly what you are looking for in Las Olas, however a community that is further along is Pakakuna Gardens outside Quito and close to the new airport. It is an upscale development with a master plan of 43 single family homes and 144 villas. I visited about a year ago when the villas construction was beginning. At that time no residences were sold/built. Residences are constructed as sold. If a golfer, you could join Arrayanas which is probably 15 minutes away....nice club with pool, 18 hole course and numerous international  members.

The Pakakuna project I believe was envisioned as a high end expat community for retirees. I believe the project is morphing into a weekend second home community for Ecuadorian upper/middle class as Ecuador has poor press in the USA due to the current presidents disdain for the USA.

I have no relationship with the project but thought you might be interested due to higher end  facilities, construction status and proximity to Arrayanas. Another option is building a home on Arrayanas property.  As that area is in a valley outside Quito the weather is much warmer and less rain than Quito..

Ocean views cant be compared with highland views! Bahia is beach, Quito is mountain. A property search depends on each other preferences. It is great to hear about the Pakakuna project (I will investigate further)though I personally would still be inclined for the ocean.
It look like the wealthy and retiree crowd in America dont seem to be following the MSM as it is known to mislead, otherwise it is hard to understand why they are pouring into South America. Here in Ecuador, Canadian, US and European expats are coming in record numbers...but that is not in the Media.

LE, referring Ken to Papakuna was due to my sense he is a golfer. As there are only 7 viable courses in all of Ecuador, all located in Quito, Guayaquil and Cuenca, golfers options are limited.

The "wealthy and retiree" are not "pouring" into Ecuador. As this forum demonstrates it is those hoping to live on SSI. My point regarding Papakuna is high end developments cannot attract sufficient North American investors to be financially viable due to the poor press the Ecuadorian government receives in the MSM, whether deserved or not.

Just wanted to let everybody know that I got my money back no problem. Seems the only delay was the escrow agent was on holiday between Christmas and New Years.
  I will say that if this project is developed it will be very nice. Will have a beautiful golf course, beachfront homes, condos and golf course homes.
Will keep my eye on this one, may even jump back in if it gets further along where I feel more comfortable with the project.

Ken

Good to hear Ken. I hope you find what you are looking for.

Great to hear that, Ken. Thanks for keeping us on the loop. Relieving to know that everything went well with your reimburse.
Absolutely, I believe the project is a great idea but until it makes it from an idea to an actual building, I would definitely use first american title to ensure an escrow account or would not invest at all. A lot of things can happen. You need to make sure about the developer's tracking records.

fdmcg, point taken about the golf course. It is true, golf courses are limited in Ecuador so far.
I have to disagree with you. I confirm my statement that the wealthy and retirees are pouring in, because I see them all the time. There are new foreign businesses opening here by the coast, many run by US and Canadian, as well as European expats.
There are also retirees pouring in as well, as you correctly said, relocating to live on SSI.

Kind of interested, make that VERY interested, in the availability of water in Ecuador, and future prospects.

From Gwynne Dyer's book Climate Wars, clearly water access
is the next area, as well as heat issues, which we must
be aware of re where we live, etc.

Thanks much.

Hi Ken,

Glad to hear that you got your deposit back.

Good luck in your search.

Hey Ken
Did you ever visit the site at Las Olas. We are thinking of going for a visit. If you have been there what is the property like. Any info would be great.

Hi, I've been folowing this thread and just thought I'd share what I know. I live in Bahia about six km. from the site and have visited it.In Ecuador, they do not do construction during the rainy season so the plan is to wait until the the end of April to start with construction.
Sales haven't officially begun but a number of homes have already been sold.The sales office is due to open around the end of April as well.

?!! there have been construction left and right in Ecuador throughout the rainy season!! both private and Government sector!

Hi Ken,
I have been living in Bahia de Caraquez for a number of years,Also I have seen lots of projects fail before they have started. Las Olas is at the right place at the right time and they will do very well. I know this first hand because I plan on doing a smaller development project south of Bahia de Caraquez next to them. I also know their prices per meter square are quite low compared to Bahia.

Hope this helps.

Dave

I met the developer and toured the project. It will be a very nice project if they build it. They have started the land movement and are in the beginning stages. If this project goes I will be very interested!

Hi Misha,

What more can you tell me about your confidence level of the owner's completing this project. I don't think this is a too good to be true opportunity. It seems like they are offering reasonable compensation to take an additional risk. With you being local, I would imagine you have insight on what is really happening. Have you met David and Kim or Randy? I am headed down in a couple of weeks to tour the property. Any insight you have would be appreciated.

Thanks,
Dean

Hi Dean,

My confidence level of the owners completing this project is a 10 out of 10.

The location is on the coast at the mid point in the dry tropical forest reserve called Cordillera del Balsamo Manabi - Also between Manta and Bahia de Caraquez making this a strategic location in Ecuador.

After 19 years of active living, working and travelling Latin America this area is my top choice for settling down. I can go into many reasons why later when your here in a couple of weeks.

I have a lot of insight on all the projects happening in Manabi.
And have met David and Kim many times as they live here full-time.
I have met Randy a few times as well, and know of his amazing work he has done back home. 

The opportunity and the offering of a reasonable compensation for an additional risk> Ecuador is the land of opportunity and truly the last frontier. 

I am curious Dean to what attracted you to Las Olas? Have you been to Bahia de Caraquez before?

If you need a place to stay short or long term check out my B&B

w. ruta-spondylus-hotel. com
David

Hi Dean,
Would appreciate if you can give us an update when you get to visit. My partner and i already put a $ 1000 deposit to secure a lot till we sign the agreement. We have not seen it yet as we need to take time off from work first.

David also offers a total $1000 reimbursement of flight ticket and 3 nights hotel accommodation for us to come down to view the property and later sign the sales agreement. I feel this says a lot sincerity as all those other developer i know do not offer this.

I read their promissory sales agreement contract and it seems really fair, detailed and yes offering compensation on risk taken based on payment terms. This also cannot be found in other contracts i read from other developers.

There will be 1300 units to be sold but those from the founders plots are already snapped up. I was told that the public sales showroom/sales office will be opened in 4-6weeks at the time i enquired (should be by end of May or earlier).

To those staying in Bahia de Caraques, do you know if the electricity, water and basic foundation infrastructure of the project is completed? David said it is completed. Can you verify that?

I only had conversations with David over skype and emails. He answers my emails promptly and in detailed with in depth consideration (i asked 1001 questions). He seems like a sincere and trustworthy person from my dealings with him. But then again i might be wrong, but my gut is rarely wrong.

If anybody has bought or know first hand experience on the project, please provide information.

Thank you

Hi Marcelan,

The best addvice I can give you is :TRUST YOUR GUT.

Hi David,

Thanks for your insight from someone on "site'. We are staying in lodging being provided by David and Kim but I appreciate the offer. We will be in town next weekend. Maybe we will see you then.

Thanks again,
Dean

Hi Marcelan,

I will let you know how it went after we get back on the 27th.

Dean

All,

We had a great trip down to Las Olas. We spent the weekend with David's entire family. They are wonderful people.

David is committed to this project and has a substantial investment in both money and time. The amount of work he has done over the last four years to get to this point is a bit staggering. David has negotiated with a whole range of people to include squatters, city and provincial representatives, and personnell from the presidents staff.

Heavy construction equipment is already on site and they just purchased two more earth movers that are on a boat from China. They should be in next week. It is very clear this project is a go.

Dean

Dean

Thanks for the update. My wife and I have booked a trip to tour Los Olas this summer. We have talked and emailed extensively with both David and Kim. We are part of the founders club and look forward to watching the development progress.

Norbert

hello to everyone!

:be aware, english is our second language,we did try our best putting up english in this note.!

we are new to this project we have contacted with david, kim, and randy. in the endings, we are satisfied what we need to do
we will booking the flights there and staying 3 days for free sometimes this august. we hope things go well. we dont think its too risky in there. we have done four different other places similar to this process. we seem doing fine, recently we sold beachfront, making almost double investment there and other places are slowly but alright and also we have seen scam projects and pre construction prices as well. this las olas is apparently in a  good condition so far.we were told from other realty in this area. they said this project is cool and people there are very nice. it is something we need input/feedback other sides so is your comments. our feeling is optimistic, not looking for losing money. believing we invest this concrete land sights, not abstract views. if you can tough this land, meaning it's a step of investing in there but yes,it's true must have real, expert, professional, project team there that quiding and developing. we will go there to see for ourselves. everybody in europe saying land is free or a small dollars there but nowdays land gone way up, a great deal of money and this will always go up forever. thats 100 years ago or so. we can image similar to this land of opportunity for everyone. let us each individuals support them and desire for this project to work successfully, then we will accomplish this way. still lot of individuals down the road forever. its maybe better player or be leadership or others, will always strive for better paths.let us work together, not the team alone but we do work together with them all the way. yes, its there but be patient!!
thankyou
joyce and eddie nagle
ps english again is tougher but here is our comments!

I'm seriously considering Los Olas but just like the others on this blog- I have significant reservations as  to whether this project has enough funding to actually get completed. The Founders Club concept makes sense but if the builders are waiting to sell all of the units to finance the project- not sure it's worth the risk...We would like to come down to visit in October 2013 but on Google Earth- I can't find any ground broken at all on this project...Can anyone provide an update? also, are there any other ocean side golf options in Equador for ex-pat retirees? Any other SA or CA country recommendations where you can live comfortably with ocean & golf (approx. $250k house + $2k-$2.5k/mth living expense for everything else)?

I routinely head out to the beaches around Las Olas a couple of times a month, They clearly have broken ground for the phase 1 beach front and the golf course.

There is another Golf course being built North of Bahia, But the area does not interest me as it is too hot and humid. plus not practical living that far up the coast away from the major services.

hello,

let us involving as a teamwork!
coreyl. and mish 16 while ago messages
remind you that we speak different language other than english
buy my guts is telling me to go ahead as much as we want to.
we visited there on aug 15th to 17th recently. its optimistic
in this project.
coreyl. yes it has been breaking the ground pretty good we bet you will see more of them in october. david drove us all around completely its awesome views and some breaking for new roads,too and have some tee offs developing in there already. we can see how they have processed.
misha 16 and us have same exact reaction except we do more details. why not!!
yes its our feeling about how they can have enough funding for this especially for like world class golf course, incredibily lots of money, maybe eventually not world class but normal golf course. thats our major feeling about this. we are not sure if they are ultimate top goal and also enough funding for this top world class golf course but not alone golf course, horse stable, tennis club and so forth. we just hope they do have ultimate in this project with sufficent fundings.
there are some staffs working in the office on a regular basis
thats important to see that and also their lawyer that way we think is working on a regualar basis. as for our observation, we can see david and kim really working consistently and effort to their best abilities every day. also we notice there are also other staffs who been working with this team. there are also other specialists like designing,architecture,etc. we dont know  more depth in that. we are new to this new membership. generally, we think there are more buyers are interesting and would like to pursue in this project. its simply because we feel we like this a lot and opportunity, no question others will feel the same as us. thats major we believe there are other people like us
thankyou
joyce and eddie

ps hopefully its ok to comment our honest comments how we feel to help one others?!

joyce and eddie

Corey,

Once you visit I don't think you will have much reservation about the viability of Las Olas. David and Kim have their act together. The construction happening this year is all related to putting in the infrastructure. Ie. clearing land, building roads, putting in power, running pipes. Construction on the golf course and ocean front homes are scheduled to commence in April after the rainy season. David is a 3 handicap and has a specific plan for the golf course. It is very important to him that it is spectacular. I have no doubt he will make it happen.

I was in the same boat as you when I started looking at retirement property. There are no other true golf course retirement communities in Ecuador. Because of this, I believe Las Olas is going to eventually be the size of a small city. They certainly own enough coastal property to make that happen. Also, almost every lot has a view of the ocean. Some are just closer than others.

Regards,
Dean

Thank you Joyce, Eddie & Dean for your honest feedback and comments. My wife and I are going to plan a trip in the October timeframe to see for ourselves- If anyone has additional updates or comments prior to our visit- they would be greatly appreciated!

Thanks again,

Corey

Can anyone enlighten me on the process to purchase a home in Los Olas?

Have you since visited the property since this post and what did you find and please your opinion would be helpful

Hi Colonel,

I was out near Las Olas today, I did not actually go on the property but from what I saw being just across from them they are in the late stages of excavating and preparing the land right from the beach to all the way back including the golf course and the amenities which I believe are about 3.5km to 4km back.
Lots of machinery working out there, Bull dozers excavators, dump trucks ect

Hope this helps.

We were at Las Olas two weeks ago and there was no machinery to be seen, the road from the highway is a horror story and how they would get machinery thru there is a mystery.

The road is so bad that even a 4 wheel drive would have problems with it.

We went right to the beach and not one bit of work was done on this project..
Be carefull  as we heard this is the third project planned in the last two to three years

Interesting because that road from the highway has been signed off by the Ministry of tourism to be paved this year. including street lights every 80 meters and a bicycle lane from the highway to the beach. It has little to do with Las Olas.

There's several hundred hectors through all the Las Olas property. with lots of high and low areas, Its easy to not see any machinery if they are working in a different area. especially right from the beach.