Las Olas

There are two Dams in Manabi La Esperanza and Honda.
here are a couple of clips I just found on youtube, 210 m3/second
https://www.youtube.com/watch?v=BRuwBFfNurkhttps://www.youtube.com/watch?v=GVi0PKoIRu8

Most towns on the coast are supplied from these sources,The Desal plants in Manta that I am aware of are for private developments/gated communities.
In Bahia the problem is not the water but the water storage reservoir is to small, its on a 4 day cycle, so each house or business needs at least a four day water tank/cistern.
I have a hotel and water shortage has never been a problem. even with over a 100 guests last month.

If you go further north up the coast towards Jama its quite dry again, but I have personal found many springs and aquifers, One 25 minutes inland on a farm where I keep my horses. another a few minutes north of Bahia 50 meters back from the beach,  one next to Las Olas 1 km inland 54 meters above sea level. and another North of Canoa before Jama, I drank water from them all and even sent samples to a lab in Manta just for fun.

Another concern I keep reading about is power, The power where I live is very consistent., much more then Vancouver. although with these mega developments popping up all over Ecuador the Government is ramping up their power with six new hydroelectric plants.
One major shocker for you guys who are considering a cheap place to retire, it wont be Ecuador, The good old days are coming to an end. property prices are high and soon everything else will be too when the government  ends natural gas subsidies.

Yeah, I started looking around after I read your post, and the only thing I could find was a World Bank approval of $100M to fund a desalinization plant in Manta, date of approval May 2013. That was only a year ago, desalinization plants are a big project so I doubt that there is currently one in operation in Manta?

And I could find no mention of any other desalinization plant anywhere else in Ecuador, save for some kind for some small eco-project in the Galapagos.

I did run into some interesting water facts about the west coast of south America. From Ecuador to Chile there is 4,000 km of coastal desert (I didn't realize it was so extensive). Both Chile and Peru have multiple desalinization plants in operation. And that it never rains in Lima. That's crazy, a city of 10+ million people high in the Andes, and it never rains.

I would guess that viable development on the Ecuador coast would be totally dependent on the introduction of new water resources not currently available.

Over 100 guests. Isn't this the off season down there? Don't know where  or how to chase it down online but didn't think the hydroelectric dams had been built yet. Probably takes a fair amount of time?

Why'd they drill a well at Las Olas if they had an aquifer?

It's great that there's one north of Canoa. Guess whoever owns property there will do okay long as it's not a great big thing.

How much do those water trucks actually hold? Don't know the population of Bahia but it seems like you'd need of few of them to give everyone a four day supply.

This whole thing is starting to seem very fishy. That there has been no response from the  developers as Sleepmaster noted is quite remarkable. Are they not monitoring their own thread? Do they not have answers? The last updates were in June with photos that may or may not have shown a  lot of progress?  Who was the last person who actually saw them or had contact.? or was on the site and what did they see.? Are they still in Bahia? One of them is based out of Texas. I believe there was one lady who recently gave a deposit  and it was refunded on her request. Was it done by mail?  Are they answering their phones. ? I know that a year or so back there were people who ran into this problem and it raised questions in their minds.  Can we get some answers from someone who doesn't think that this is a lot of silly irrelevant speculation about Las Olas? Hmmmmmmmmmmmm.....

See home construction is still supposed to commence in 2014. Guess we'll see if anything will get started or not here pretty soon. People only care about promises , and dreams for so long before they want some results. I'll speculate that there will conveniently  be some unforeseen circumstances beyond the developers control that will delay things.

suefrankdahl wrote:

Over 100 guests. Isn't this the off season down there? Don't know where  or how to chase it down online but didn't think the hydroelectric dams had been built yet. Probably takes a fair amount of time?

Why'd they drill a well at Las Olas if they had an aquifer?

It's great that there's one north of Canoa. Guess whoever owns property there will do okay long as it's not a great big thing.

How much do those water trucks actually hold? Don't know the population of Bahia but it seems like you'd need of few of them to give everyone a four day supply.

I never said Las Olas has a aquifer on there property, re read the post, I don't  use a water truck, Where do you come up with this?

misha16 wrote:

$10,000,000 $25,000,000. where do these wild number come from?
I went to the desal plant and headquarters in Manta/ 40 minutes or so from Las Olas, 120min from Bahia where I live.
http://www.proquimarsa.com/equiposistemas.html 250k will get Las Olas going for the first phase.
This is the same equipment that is used in the fastest going city in Ecuador, Manta. Manta also is pretty much a desert but yet continues to grow exponential.

I haven't been able to find anything but wild numbers about the cost of desalination plants.  The technology is new, evolving and uncertain.  The link you gave is to a company that makes small units to provide drinking water for boats at sea, which would be inadequate for a large housing development.  It's clear to me that a plant big enough to provide water just for the 3,500 people in the first phase of the development would cost tens of millions of dollars to design and build, and be very expensive to maintain and run.

LeftClique wrote:

misha16 wrote:

$10,000,000 $25,000,000. where do these wild number come from?
I went to the desal plant and headquarters in Manta/ 40 minutes or so from Las Olas, 120min from Bahia where I live.
http://www.proquimarsa.com/equiposistemas.html 250k will get Las Olas going for the first phase.
This is the same equipment that is used in the fastest going city in Ecuador, Manta. Manta also is pretty much a desert but yet continues to grow exponential.

I haven't been able to find anything but wild numbers about the cost of desalination plants.  The technology is new, evolving and uncertain.  The link you gave is to a company that makes small units to provide drinking water for boats at sea, which would be inadequate for a large housing development.  It's clear to me that a plant big enough to provide water just for the 3,500 people in the first phase of the development would cost tens of millions of dollars to design and build, and be very expensive to maintain and run.

The navy must have them. Those aircraft carriers with hundreds maybe thousands of people are out at sea for months. Submarines on patrol for months. Could they carry that much water.? If they do have them am sure they don't buy them from a website. Probably could get a better idea of the price tag if you could find out  who they contract out the job to build them

LeftClique wrote:

misha16 wrote:

$10,000,000 $25,000,000. where do these wild number come from?
I went to the desal plant and headquarters in Manta/ 40 minutes or so from Las Olas, 120min from Bahia where I live.
http://www.proquimarsa.com/equiposistemas.html 250k will get Las Olas going for the first phase.
This is the same equipment that is used in the fastest going city in Ecuador, Manta. Manta also is pretty much a desert but yet continues to grow exponential.

I haven't been able to find anything but wild numbers about the cost of desalination plants.  The technology is new, evolving and uncertain.  The link you gave is to a company that makes small units to provide drinking water for boats at sea, which would be inadequate for a large housing development.  It's clear to me that a plant big enough to provide water just for the 3,500 people in the first phase of the development would cost tens of millions of dollars to design and build, and be very expensive to maintain and run.

http://www.proquimarsa.com/ Home page,/Inicio  Milliones de meters cubicos de aqua. translates Millions of cubic meters
nothing about boats no small units.

Sort of irrelevant anyway to quibble about the price or capability of desal plant given how long it took them to get the earth moving equipment and the well dug. Haven't heard any mention about how the wastewater will be dealt with. Be quite a lot for 3,500 people

Just wondering if you work for Kim and David, Misha. You sure are promoting this whole project for them and sticking your neck out pretty far given all the concerns of prospective investors.

misha16 wrote:

http://www.proquimarsa.com/ Home page,/Inicio  Milliones de meters cubicos de aqua. translates Millions of cubic meters nothing about boats no small units.

I can't get Google to translate anything past the opening page, but the illustrations look like the small units for boats I've seen on other websites.  If you speak/read Spanish, would you mind saying how much they charge to design and build a desalination plant capable of providing water for 3,500 people and how much it would cost to run and maintain?  The only desalination plant costs I've been able to find online are hugely expensive and far beyond the budget of any private individual, unless it were Bill Gates.

And don't forget the cost of the building to house the sucker. Maybe have that architect draw up some designs for the desalinization plant.

LeftClique wrote:

misha16 wrote:

http://www.proquimarsa.com/ Home page,/Inicio  Milliones de meters cubicos de aqua. translates Millions of cubic meters nothing about boats no small units.

I can't get Google to translate anything past the opening page, but the illustrations look like the small units for boats I've seen on other websites.  If you speak/read Spanish, would you mind saying how much they charge to design and build a desalination plant capable of providing water for 3,500 people and how much it would cost to run and maintain?  The only desalination plant costs I've been able to find online are hugely expensive and far beyond the budget of any private individual, unless it were Bill Gates.

There is no quotes for prices. Looks like you'd have to contact them directly with your system needs to get a price, but looks like is a pretty legitimate, and respectful company that would be quite capable of installing a desalination plant for Las Olas. If it would be an astronomical price or not have no idea.

The Pedregal Development in Cabo San Lucas has built there own desalination plant. Would think the cost of that would probably be similar to what Las Olas would need, but can't find the cost for the desalination plant in Pedregal. Maybe someone else can find it.

suefrankdahl wrote:

Sort of irrelevant anyway to quibble about the price or capability of desal plant given how long it took them to get the earth moving equipment and the well dug. Haven't heard any mention about how the wastewater will be dealt with. Be quite a lot for 3,500 people

Just wondering if you work for Kim and David, Misha. You sure are promoting this whole project for them and sticking your neck out pretty far given all the concerns of prospective investors.

not working with them at all

Guess that's how business works everybody helping each other

Well let's see what happens in November. Either they will start building houses or they will have to make up more excuses as to why they aren't fulfilling promises. Just how long they are able to continue will be interesting to see.

and so it goes

livinginbahia wrote:

Well let's see what happens in November. Either they will start building houses or they will have to make up more excuses as to why they aren't fulfilling promises. Just how long they are able to continue will be interesting to see.

Not stating this development is legit, or a scam, but if it's let's say of questionable validity, then it can go on for years, and years. Is very simple formula. First, most that have invested may not be happy with progress, and tired of excuses, but they will hold steady, and hope that their investment pays off. Second, their is a ton of inventory to sell, and all you need is to find fresh faces. As long as more money is going in than coming out, then you can keep promoting, and selling properties for a long time. Isn't it obvious by now that there is always going to be a large supply of people who buy a dream?

You'd like to think there are still some who have and create  their own.

Reposting thread from other Las Olas thread on this blog.

I, William R Russ Sr, am principal in several construction firms,a millwork manufacturing business and several investment LLCs as well as Las Olas Ecuador.
I went into business after graduating from Belhaven College in 1975 with one of the professors there. We specialized in residential construction, I left that business in 1984 and entered in a partnership with Bob Castle. In that time frame, no licenses were required in the states we were active in.

I received my first license ( I was a partner at the time with Bobby Castle who retired 2011) in California in 1992
BOBBY CASTLE CONSTRUCTION
3874 LIMMER LOOP
HUTTO, TX 78634
Business Phone Number:(512) 846-1998
Issue Date    08/11/1992 , we have since changed business type ,

[link under review]

following is list of other states I am licensed with expirations dates , please visit the state web sites to confirm this information.
    Contractor:    Bobby Castle Construction   
    Date:    4-Oct-14   
name on license    STATE    License Number    License Expiration

Bobby Castle Construction    Arizona    288280    Dec-15
Bobby Castle Construction    California    989052    12/31/2015
WR Russ    Colorado    Denver 243341    9/30/2015
Bobby Castle Construction    Delaware    21004209436    12/31/2016
Russ Construction    Florida    CBC1253088    8/31/2016
Bobby Castle Construction    Georgia    CGCC0003334    6/30/2016
William R. Russ    Georgia    GCQA0003342    6/30/2016
Bobby Castle Construction    Kansas    Topeka renewal others reciprocate   
BCC of Tippah Co     Louisiana    33674    3/13/2015
Bobby Castle Construction    Maryland    591   
BCC of Tippah Co     Mississippi    08568-MC    7/10/2016
Bobby Castle Construction    Nevada    58177    8/31/2016
Austin CCCC Ltd    New York       
Bobby Castle Construction    North Carolina    Reciprocates with S.C.   
Bobby Castle Construction    Oregon    87523    3/24/2016
Bobby Castle Construction    South Carolina     G108348    10/312014
Russ Construction    Tennesee    *00054583    5/31/2015
Bobby Castle Construction    Utah    7535038-5501    11/30/2015
Bobby Castle Construction    Virginia    2705144264    6/30/2016
Bobby Castle Construction    Washington    BOBBYCC088PT    11/2/2014



Here is a list of some of our client.
1) Michaels Stores nationally since 1988 in 20 plus states having done in excess of 250 stores.
2) Cost Plus World Market since 1996 - as General Contractor, millwork supplier in excess of 200 stores.
3) Kool Smiles dental clinics - as General Contractor, millwork supplier in excess of 20 offices.
4) Bevmo  30 stores
5) Big Lots  10 stores
6) Bed Bath Beyond
7) JCP
8) GoHealth


I am also principal owner of Texas Fixtures and Interiors Inc. [link under review]
Some of the notable millwork only projects are
1) Dell Children's Medical Center
2) Austin Hilton and Convention Center
3) University of Texas- Irwin Center - sky boxes, men's and women's basketball facility and locker rooms
4) San Antonio Spurs - Locker rooms
5) Austin F1 track - skyboxes
6) Ms State field house lockers rooms


With my partners, Cynergy Investments , Tx LLC) we purchased and developed commercial and residential property. In Hutto TX, we were involved in Legends of Hutto ( Lennar Corporation NYSE: LEN ) and Creek Bend ( PulteGroup, Inc. (PHM) -NYSE )

Our main Focus was the commercial property surrounding the residential properties. We developed Hutto Commons, First State Bank Building, Town North Commons and we extended utilities, built roads and infrastructure for Holiday Inn Express, Hampton Inn, Hejl Lee Building, Town West ( Lowes, Walgreens and YMCA. ) Currently in for permit Town Center plaza , a commercial condo project.

Please email if you would like references  texasfixtures[at]gmail.com
WRR
W.Randy Russ
512.689.6982
skype randy.russ
[link under review]
[link under review]

I started my due diligence on Las Olas a couple weeks ago as I am considering buying a home in their community.
First, I am sharing a post from Randy Russ, one of the owners of Las Olas. On the other Las Olas thread on this blog.

Apparently, livinginbahia does not know how to find information or has another agenda. Not sure what his interest is in attacking Randy Russ or Las Olas was without having any of the facts. Did he even try talking to them for clarification regarding his research? I was very impressed by Randy’s response.

I did talk to them at length, I found that they were very open to sharing information with me. One question I asked them was why they had not responded to this overly negative blog as suggested by one of the previous posts. They said the reason they did not respond was that several purchasers at Las Olas previously did try and answer legit questions people had about Las OLas only to be attacked by individuals that have no experience in project development, some who have not even been to Ecuador, not ever seen the project and in fact, have never spoken to anyone at Las Olas.

I also imagine that there are people on these blogs that unfortunately have ulterior motives. Some may be lesser competitors, real estate agents that can’t sell for the project, disgruntled employees or ones that did not get hired, people that can’t afford Las Olas and are trying to rationalize it, people that just like to be negative in general and people that feel they are providing a public service but really just want to be heard.

So I did a little due diligence on the site. What I found was interesting. Since October 26, 2013 there were 74 posts of which 41 posts were done by only three individuals. The three user names are suefrankdahl, j600rr, LeftClique. In doing a little research into these three I found that none of them currently live in Ecuador. In fact, two of the three have not actually even been to Ecuador yet they provide advice. One is a retired nurse and another is a carpenter. One claims to have purchased properties in South America although it is unclear how much of his dealings actually involved Ecuador. While the one that is a carpenter could have some understanding of construction projects, I do not believe that any have any significant experiences as a developer and certainly none have any experience in building projects in Ecuador or are even close to the league of Randy Russ. So I wonder what expertise or agenda they have for providing such regular and negative advice concerning Las Olas or for that matter, any other project?

Yes, I agree that there is a certain amount of risk anyone takes when purchasing a home prior to construction, whether they are in Ecuador or North America. But with that degree of risk comes the return of better pricing and choice of location. It is up to each individual to do their own due diligence and evaluate their own risk/reward tolerance.

And yes, I realize there may be construction delays. Just like there may be construction delays in any project in North America as well. LeftClique you should know this better than most. Once again it is up to each individual to access their need to move into their new home by a specific date versus the benefit of the savings they may achieve by purchasing a pre-construction home. I asked David about construction timing and he told me that people that purchase from Las Olas understand this is not a race to construct as quickly as possible, despite what the naysayers would lead you to believe, Las Olas is ensuring that they construct all facets of the project to the highest standards.  Las Olas is building a world class community and a world class golf course.

The people I would like to hear from are the approximately sixty home buyers that have already purchased at Las Olas and receive regular updates on the project including a 22 page newsletter update last month and also have their own Facebook page that provides them regular updates. They would truly have useful information about the project. Personally, would also like to hear from people actually living in Ecuador, not people that want to move there and provide only hearsay information. I am told that Las Olas already has ten North American couples living in Bahia. What a great source for information about life in Ecuador.

If you truly want to talk about Las Olas, I would kindly suggest you get the facts first.

Quote: "So I did a little due diligence on the site. What I found was interesting. Since October 26, 2013 there were 74 posts of which 41 posts were done by only three individuals. The three user names are suefrankdahl, j600rr, LeftClique. In doing a little research into these three I found that none of them currently live in Ecuador. In fact, two of the three have not actually even been to Ecuador yet they provide advice. One is a retired nurse and another is a carpenter. One claims to have purchased properties in South America although it is unclear how much of his dealings actually involved Ecuador. While the one that is a carpenter could have some understanding of construction projects, I do not believe that any have any significant experiences as a developer and certainly none have any experience in building projects in Ecuador or are even close to the league of Randy Russ. So I wonder what expertise or agenda they have for providing such regular and negative advice concerning Las Olas or for that matter, any other project? "

You are sooo right about what you said, also very right about the users that you mentioned above (plus the little kitten (I still think you are  so much fun little guy)
I think they feel lonely, want to be heard, even if they have to talk about something that they have no idea.
This Users that you mentioned reported my post about property for sale in Puerto Lopez, based on nothing and the team of this forum close it because 4 people talked about what they have no idea.
This Puerto Lopez real estate is amazing (is not a project, I was very clear about it) wonderful location, and the thread is closed for nothing.
There is no one who can come here and check it out and see all the paperwork, but still the tea of this forum decided to close it.

Due Dilligence, since I am fortunate enough to be one of the individuals singled out, may I ask if you have actually even read any of my posts in this Las Olas thread, or the other one? I have actually consistently given the developers the benefit of the doubt, and wished them luck. You would also see my basic concerns have always been if this is an economically viable project or not, and if there is any value in investing or not in this project, and several of my posts have been straight from the Las Olas website directly. All my posts are still here, if anyone desires to read them, they can do so. Please feel free to point out anyone of my posts that you find to be factually incorrect.

By the way, there is quite a few posters on this site who live in Ecuador that have voiced there many doubts, and concerns about this project. Am only curious why you felt no need to mention that, since having to live in Ecuador to make an informed decision is one of your priorities?

Due Diligence wrote:

I also imagine that there are people on these blogs that unfortunately have ulterior motives. Some may be lesser competitors, real estate agents that can’t sell for the project, disgruntled employees or ones that did not get hired, people that can’t afford Las Olas and are trying to rationalize it, people that just like to be negative in general and people that feel they are providing a public service but really just want to be heard.

That's a very good point, and one that should always be considered.

Due Diligence wrote:

The people I would like to hear from are the approximately sixty home buyers that have already purchased at Las Olas and receive regular updates on the project ...

If you are concerned about receiving info or opinions from people with an agenda, I don't see why you would want to hear from these folks. Once they have put money into the project, they have a powerful interest to defend their investment by talking it up.

They, and the developers themselves, would seem to be the worst possible sources of unbiased opinions.

For myself, I have no opinion on this particular project. I've seen a lot of people, though, buy into land development projects that look great on the prospectus but never come to fruition. So I think a reasonable amount of skepticism is always in order. However, Las Olas may well be a different story.

Bob

I accidently posted this on the other Las Olas thread, so I am reposting here (shouldn't we combine the two?)

I have lived near Bahia de Caraquez for 9 years. I also go to San Clemente (driving on the beach) at least once a month. All I see them doing at Las Olas is moving a lot of dirt around. No roads, no electricity, no water.

I have a friend in Canada who started a very large residential community project at about the same time. All of the roads,  electric, sewers as well as a sewage treatment plant and water has been placed, and approximately 60 homes have been completely built with about 100 more started and in the construction process.

Also, is anyone looking at the books? What are they spending all the money that people are giving them on? It appears there is a very large sales budget. They have a very fancy sales office in Bahia and David and Kim live a very luxurious lifestyle.

just sayin.....

To be clear, I support the developers of Las Olas and hope they succeed in their quest.  I do not live in Ecuador and have never even visited there.  I am depending on the internet (including this blog) for most of my information and have had only two or three email exchanges with the developers.  It is my desire to move to Ecuador some day and to that end I am seeking balanced assessments from reliable sources.  Clearly, ultimately I will need to combine the knowledge culled from these sources with my own personal assessments and experiences.   

It just seems to me that despite what you say about delays being expected, as they are in any development anywhere in the world, some of the concerns raised by contributors to this blog are spot on in their criticism of the glacial pace of progress evidenced to this point.  These are huge red flags, even to an eternal optimist like myself.  Truly, I envision owning a home in Las Olas and spending the next 10 years of my retired life playing golf every day on an ocean side, world class golf course.  I would venture that is the same dream for many others who are scrutinizing this development closely.

The developers could help by being more current with their website (if they choose not to communicate on this blog) and by maintaining a more transparent position of money in, money out.  Reveal the bottlenecks, expose the heretofore unanticipated potholes, explain the delays, refresh the website with honest appraisals and adjusted timelines.  For me, that would go a lot further than posting individual credentials and boasting of prior successes.
I am only interested in THIS development and whether or not it has a chance to be viable.  I want it to be, believe me.

Due Diligence, I don't see what you're upset about, unless you think it makes sense to put money down on a house that hasn't been built, in an incomplete development, in a foreign country.  I'd also like to point out that you couldn't have had to do much research on me to find out I don't live in Ecuador, since I've said so many times on this forum.  I sincerely hope Las Olas turns out to be legitimate, but they'd better get busy and start building if they're going to meet their own projections.

There are many way to obtain info on legitimacy of development by stepping into municipality office in Bahia. It is public information and they will tell you for example if this development has a construction permit, geotechnical study, environmental study, etc done. If no construction permit is issued, be very careful because since 2013 it is new law in Ecuador, that requires 100% funds to be available to finish the development before they issue the construction permit. Also inquire directly from developer the fire department permit, infrastructure existence, etc There are other development around Bahia to explore. Check for example this investment opportunity with all permits in line viviun.com/members/handle?event=f5a7ca9b5c84cbc8e86bc2a7c25b1428&id=215345&message=2

I just got back from a tour of several areas in Ecuador.I traveled from Quito to Cotacachi, than traveled to the coast stopping in Jama area, Canoa, Bahia, San Clemente, Manta, Puerto Lopez, Montanita, Salinas, Playas and then spent time in Cuenca.We enjoyed the trip very much. The people of Ecuador were very friendly and always tried to be helpful despite us not speaking the language. I was really impressed with the road system not so much with the lack of signs. If you do not have a good sense of direction, get irritated when lost or get upset by others driving skills than I would suggest taking a bus or hiring a driver to get around. Once in any city, taxis are dirt cheap compared to here.During our short stay in Bahia, we did manage to have a presentation and tour of the Las Olas site. I also had the opportunity to see other projects including one in Montecristi that is also building a golf course, a nice smaller development near Jama and others near Puerto Lopez and Montanita. While several may have started earlier and be farther along, none of them really compared to Las Olas.The valley that Las Olas is located in is truly beautiful and the beach and coast is amazing especially at low tide. I was impressed with the amount of work that they had done in one year. I saw pictures of the large hill that they removed and I also had the opportunity to talk to a guy that owns property nearby. He said they had been working for about a year and that it use to block the whole valley. Based on what I saw and I am in construction, I estimated that they must have moved over 300,000 cubic meter of dirt. That is over 30,000 dump truck loads of dirt, a lot of dirt.They also have several of the platforms at the oceanfront complete. Very innovative I must say, all with ocean views and I can see why it takes time. If you go back in the property they have most of one of the back communities already graded. I think they said it takes up over 100 acres all by itself. They started construction one year ago and have sure done a lot of work.I am pretty sure I saw the project one person commented on down the coast. That project started three years before Las Olas and was on flat land and takes up less one twentieth of the space that Las Olas does, nor does it have a golf course. So not really a comparison at all.   I would have like to see bigger lots, but they said their research showed that their customers do not want big lots to maintain and would rather have more green space to enjoy while there.The golf course is currently under construction. The holes they are working on cannot be seen from the beach but many can be seen from the public road that runs from the highway down to the beach right beside their property. They said that they are working on the holes towards the back of the property first which are further away from the beach. I saw at least twelve holes under construction. And from what I saw it has the potential to be a great golf course.While Montecristi’s golf course is a good residential course, except for the fact that the course is very short, the home lots are way too close to most of the fairways and it’s not near the ocean, it is decent. But Las Olas looks to be on track to be a really great course. Lots of elevation changes, creative hole designs, many tee blocks so it is both playable and challenging for everyone and extremely picturess. Most of the back nine has ocean views. Of course it will depend on the condition they keep the course in so we will have to see.  The roads is partially graded and still need lots of work. I would have preferred that they had been further along. They said they are focusing on the grading and golf course first which can be clearly seen. I counted at least fifteen to twenty pieces of heavy equipment working the day I was there. Many in the back of the property, working on the golf course or at the front working on the terraces. All in all I would say the project is definitely worth a look. Hope that helps.

Does anyone know when they might actually start building homes in Las Olas? For the last 3 years they have been saying that they were a sustainable community and would only use the ground water under Las Olas. Well, they finally dug a well and had to go 90 meters before they hit water, and there wasn't very much of it. I understand that they are now going to have a pipe built from the dam that Bahia gets its water from. How is that sustainable to be taking so much water away to water a damn golf course in the desert? How long is that supposed to take? Another 5 years? What about electricity? They still have NO infrastructure at Las Olas and only keep clearing native plants away (I saw them destroy many Ceibo trees, which is illegal because they are protected in Ecuador). There is nothing down there but a bunch of damn bulldozers. I sure hope that everybody who invested in this development doesn't lose all their money.....or die waiting for their houses to be built.

livinginbahia wrote:

There is nothing down there but a bunch of damn bulldozers. I sure hope that everybody who invested in this development doesn't lose all their money.....or die waiting for their houses to be built.

The emotion expressed in the first sentence above is appropriate.

Expats who invest in pre-construction projects in Ecuador are subject, at the very least, to delays -- often protracted delays.

I bought and paid for my Quito pre-construction one-bedroom condo in Centro Historico, in 2005.  It took them two-three years to even start construction (the old structure had to be taken down first and parking areas excavated).  Along the way the ownership of the project changed a couple of times.   By the time occupancy of units (little by little) became possible, it was 2009 or 2010 and mine was one of the latter ones to be ready.  It took my attorney two years to close.

Now that's a one-bedroom condo in the capital.  Who knows how long an ambitious project like Las Olas will take and what problems they will encounter with water and environmental issues.

The point -- and obviously this can be seen as latecomer second-guessing to someone who has financially committed to this project -- is that saving money in pre-construction in Ecuador is a tradeoff.  You may have to wait an unpredictable number of years for a good result.  You may be either waiting helplessly for seemingly interminable periods, or pestering your attorney or the developers as though that will move things along appreciably faster.

In my case, despite the 8 years between paying and move-in, I was fortunate.  I didn't need the condo unit until last year and was able to move in during July of last year...now living in a quality apartment, rent-free.

New investors have to ask themselves if they are willing to put up with the delays, and if the potential pre-construction savings are worth the headaches.

cccmedia, Camino Real complex, Centro Historico, Quito

livinginbahia wrote:

Does anyone know when they might actually start building homes in Las Olas?

Don't shoot the messenger. I am only quoting straight from the LasOlas website.

"WHEN WILL THE FIRST HOMES BE READY?

​We expect to commence construction of our first homes in the second half of 2014.  Initial homes will take four months to construct."

That was post #101 I made of which copied and pasted directly from the website.

As of today "Home construction commencing in six months"
http://lasolasecuador.com/master-plan/

Not making any judgements, only relaying the information that the developers have posted directly on their website.

To ccmedia,

So you paid pre-construction prices for your condo and then waited 8 to 9 years to move in?  And that's a formula you're comfortable with?  What would that money have grown to had you invested it in simple low risk mutual funds for that same period of time?  Have you considered that you probably would have doubled your money, but instead the developers/new owners had use of your money for all that time.  Is your condo now worth TWICE what you paid for it?  Was the time and money spent on lawyers factored into the formula? 

Pre-construction or "founders" prices are vague "guess-timates" based on predicted future value.  They rarely prove to favor the buyer. Instead, a lot of people are left holding virtually worthless investments or are forced, like you, to wait a seemingly interminable amount of time to realize their dream, usually at considerably greater cost. 

Until there is sufficient evidence of adequate infrastructure (WATER, power, roads, waste management,access, etc.) and completion of the golf course (the key feature), I will choose to wait to invest. After all, once these things are accomplished the decision becomes less risky and the price paid, although higher, probably more accurately reflective of the value. 

Avoid the "opportunity" to get in early at a lower price, unless "early" means after roads, water, power and golf course are in, but only a few houses or condos are built.

[moderated: inappropriate]

ditto

He wanted to move to Ecuador. Guess CCC wasn't worried about how to spend or invest his money. Wish I were living rent free for the rest of my life in my dream location.

sleepmaster wrote:

So you paid pre-construction prices for your condo and then waited 8 to 9 years to move in?  And that's a formula you're comfortable with?...Have you considered that you probably would have doubled your money, but instead the developers/new owners had use of your money for all that time.

I'm not sure why LivinginBahia ("Jajajaja") and SueFD ("ditto") are laughing.  But it is clear to me why j600 prefaced his latest post with the statement, "Don't shoot the messenger": this thread is like a hornet's nest, and understandably so, ready to erupt at any point.

Your implication that I was comfortable with a formula of paying pre-construction pricing and then waiting eight years is to misunderstand what I was trying to do.  The formula or plan was to obtain access and use of the unit in a reasonable time, have it rented out to Centro Historico visitors (I had an experienced rental agency standing by from the start) and eventually have it for part- or full-time personal use many years down the road.

The point I was trying to make -- and I think a re-reading of my last paragraph in the earlier post makes it clear -- is that the likelihood of long delays and headaches must be considered by potential pre-construction investors.

No "formula" could have predicted that I would need the condo unit in the summer of 2013 because my U.S. doctor was ordering me to take early retirement and recover my failing health in a more favorable climate...and that the condo would finally close at just that time.

By the way, the unit HAS appreciated considerably since "el principio,"
according to other property owners here in Centro -- not doubled, but probably around 60 percent higher.

As recently as two years ago, I was paying $1,025 a month to rent my one-bedroom apartment in Bethlehem, PA, plus a couple hundred more for utilities and cable TV.

Now my association fee is $29 a month, water-electricity-heating usually totals about $15 a month, taxes average about two dollars a month, and of course, it's rent-free.

I have absolutely no problem with folks venting on this thread (although my preference would be that it's not directed at yours truly).  In fact, I think venting is probably a healthier path than what I was doing waiting around for years and occasionally trying to push my attorney into getting things moving.

Nobody said this has to be the most civil thread on Expat.com.

cccmedia, Centro Historico, Quito

sleepmaster wrote:

To cccmedia...

Until there is sufficient evidence of adequate infrastructure (WATER, power, roads, waste management,access, etc.) and completion of the golf course (the key feature), I will choose to wait to invest....

Avoid the "opportunity" to get in early at a lower price...

Sleepmaster,

I think this advice is prudent and your decision to wait is intelligent.

cccmedia, Quito

I wasn't laughing at you, but at Las Olas for changing their projection date of construction of the houses from November 2014 to "6 months." which in Spanish translates to "manana" or in contractor terms to "two weeks!"

Perhaps we are comparing apples and oranges here.  CCC expected his apartment to be an investment, collecting rent and seeing the property appreciate, his investment to secure his visa.  Others, especially those going for a retirement visa, are probably not interested in paying rent while waiting for a house they paid for to be built.  CCC was fortunate in his timing, having to move from one paradise, Bethlehem, PA, to another.  He could have paid less rent for a one bedroom in Christmas City, but he never contacted me.  He was willing to give up Musikfest, Coca Cola Park and the Iron Pigs, and now Phantoms hockey just started in Allentown.