Original Message:
Re: Organize group protest/damages for not getting golf course completed in timely manor (by Michael O.):
We just returned from MC day before yesterday. They are just completing the final few villas in phase one and our pushing phase 2. Current price for the month of December is $326K in either phase one or two. One little problem though...they will not do an equity exchange for less than $25K per week or $100K for a month which means that you will pay $100K PLUS your equity. Thats no deal in fact it is robbery. I tried to meet with Eric White the head honcho in the sales department after backing my salesperson into a corner he couldn't lie himself out of. Mr. White is like smoke he just disappears when you try to find him. The current half truth is the golf course will be finished next year. This was in Dec 2008 the projected date from the Jack Nicklaus website is late summer 2010. "Next year" is actually nearly two years away. Coppel owns 20% of the project Nicklaus and Ritz Carlton own the rest. Want to take a guess at who will control the progress? They are putting in a new road that will come in from the Lighthouse hill area that will service Ritz Carlton and Pueblo Bonito. The public road that will service the access is not paved at this time. Senor Coppel, Senor Bulnes of Solamar/Playa Grande and Ritz Carlton were to partner on building the new road. Bulnes pulled out and tried to sell his interest to the Corona Beer family which fell through. So no new paved public road. Where does that leave the golf course when the access road is not being built. Times are slow because of the economy. When we arrived there were only 32 villas of the 70 occupied. We found out that Middle management staff at Pueblo Bonito were made to take a 20% pay cut or lose their jobs. Outside of that the stay was fantastic. If you want to use your unit and not worry about playing golf the service and site are great. As an appreciating asset don't believe what your salesperson told you. THEY may be raising the price but you won't sell it for that and you certainly will not rent it.