Las Olas Ecuador development

janway wrote:

There was a guy called David here in Uruguay that was involved in a stalled development called Sugarloaf near Piriapolis.  Would not be the same person would it?  There were supposedly a lot of lots sold and promises of a restaurant, spa etc. but nothing much was ever built and the few people who did buy in and built a home are left with all the costs for maintenance etc. and little possibility of reselling their homes.

Thought that development name sounded familiar.
Here's another reminder of why I find I.L real estate recommendations comical, if not just downright stupid.

http://board.totaluruguay.com/Business/ … s_for_sale

Again and again people in the know advise strongly not to invest in projects that are not yet built.

I heard that William Randy Russ, the developer of Las Olas, had developed other properties in Texas. So I looked everywhere for information on these developments and could not find anything. I then researched Mr. Russ and learned that he just received his contractor's license in 2009 (Las Olas was started in 2008) and has never done anything bigger than a bathroom remodel. He owns a bathroom fixture store in Austin. Am I missing something here?

livinginbahia wrote:

has never done anything bigger than a bathroom remodel. He owns a bathroom fixture store in Austin. Am I missing something here?

No, but obviously some "investors" are.

[Moderated: No free ad on the forum]

I started my due diligence on Las Olas a couple weeks ago as I am considering buying a home in their community.
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 purchased from Las Olas understand this is not a race to construct as quickly as possible they committed to complete the current group of homes in three years, 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 not just plowing some land and throwing up some houses.

The people I would really 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 not just speculation. 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 itself already has over ten North American couples living in Ecuador. What a great source for information about life in Bahia and Ecuador.

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

Due Diligence wrote:

I started my due diligence on Las Olas a couple weeks ago as I am considering buying a home in their community.
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 purchased from Las Olas understand this is not a race to construct as quickly as possible they committed to complete the current group of homes in three years, 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 not just plowing some land and throwing up some houses.

The people I would really 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 not just speculation. 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 itself already has over ten North American couples living in Ecuador. What a great source for information about life in Bahia and Ecuador.

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

Agree, it would be great to get some info from folks actually in Ecuador, not Florida.

Here is the information that Randy posted in response to livinginbahia's post.

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

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.....

x

livinginbahia wrote:

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.....

Yes, the answer is to wait until some of the above-mentioned infrastructure is in place.  Wouldn't you want to be sure there will be water, sewers, electricity?

I chatted with Nathalie, (she is with the sales team), on line at the Las Olas website yesterday. She answered every question I asked about Las Olas and also sent me a very informative, 20 page newsletter regarding the development. There are updates on the website that are in the newsletter. We are in Ecuador this March to visit the project. So looking forward to that little adventure. Please regard this as information only.
Cheers!

I've been following the Las Olas project for roughly a year and a half now and read extensively both threads on Expat-Blog and also saw few other posts on other forums.  I'm usually a reader, but today, I decided to share my thoughts.

First of all, doing a quick due diligence on Randy Russ and David Maksymuik over the Internet is a fairly easy task.  Anyone with good Google search skills can, for instance, find how many shares of Ameresco David owned in his previous job (through Edgar Online), and can easily double-check with the State of Texas the different corporations in which Randy is involved (which will allow you to confirm his earlier post). 

Ecuador as great weather, low cost of living (for now!), an amazing coast without a golf course (on the coast I mean).  It's not a project that will suite everyone's taste or needs, but there are a lot of people who are looking for that lifestyle, and usually, they have to pay a minimum of $400k to have their dream come true.

I had many exchanges with Kim and David over the last year and the latest updates on the project (http://lasolasecuador.com/updates/) convinced us to give it a shot and have a look.  I will be spending a few days at Las Olas in mid-November and will happily report here and post some pictures if possible.  We are not looking to buy at Las Olas to retire or use it as a vacation home.  We are a young family in our late 30's (ok, I just turned 40!) and we are looking to live there full time with our kids. 

Why?

Our kids love surfing, my daughter loves horse back riding, the four of us are golfers and who wouldn't like to see an ocean sunset everyday?  We spent most of the last 7-8 years under the tropics and we can no longer see ourselves having a busy life in North America's cold winter and trafic.  At the same time, living in a country under development is not always easy.  That's why, IMHO, Las Olas is a wonderful project with a modern infrastructure.  Nature is at your doorstep, but at the same time, you feel safe and secure in a community full of activities. 

Missing Power every 5 minutes, no water for days, steam powered Internet... I know what's life without what we usually take for granted.  I respect people who are going off the grid or build on their own in a foreign country.  But, that life is unsustainable for most us who still need to work and want to keep in touch with friends and family back home.  Will David and Randy be able to deliver?  We will see.  Is investing in this project is risky?  It sure is!

Some people invest in bonds while others invest in ventures.  If you are consider to take that risk, book your flight and go have a look.  Most projects in Central America are selling "tours" and basically they are selling you a holiday.  At Las Olad, they are offering free accommodation, will pick me up at the airport and will even credit $1,000 for the airfare your we buy.  No project can afford that if the conversion rate is not very high.

So I'm taking the risk and I'll you know my thoughts when I'll be back.
 

@yulrun, Of course you are free to live your life as you see fit, and I don't give a damn about Las Olas one way or another, but I was just looking at their website....

And they're calling the place an "Eco Community". I cannot imagine how a high end development in a country as poor as Ecuador can dump vast amounts of water on a a golf course and call itself eco-anything. If you have ever been to coastal Ecuador to see how poorly the people there survive and the stark lack of water supply available - and this project is going to develop water resources just to green a golf course?? I'm not sure how your conscience would let you sleep at night knowing the sprinkler system is pumping away keeping the lawn pretty in the midst of a 4,000 km desert that runs most of the west coast of south America, and that while your grass is all shiny and new, and a few miles down the road (or right outside of your security gate) the people are living in a desert dustbowl.

What an unfathomable mis-allocation of resources.   Eco my azz.

Since you are a gardener, you should know that the type of grass they will be using for the course can be watered with salted-water.

paspalumgrass.com

It will also be a links type of course, which means the surroundings of the course (where you shouldn't hit your ball) will be left "as is", completely natural.

From what I've read, every house will have a green-roof with rain-water collector/storage to use around the garden and to flush toilets.  Solar water-heater are also included and I will bet that LED lightning and high efficiency appliances will also be standard.

I've seen better, but I've seen a lot worse.

Great news, they are watering the golf course with salt water!!

Yulrun, it is good that you are only 40 years old because at the pace they are developing Las Olas, you will be lucky to have a home before you are 65. They dug a well and had to go over 90 meters to hit water. You are right, there is very little water. This is a DRY TROPICAL FOREST, so there may be a little rain they can collect from their roofs for about 2 months of the year, otherwise they will be depending on this very deep ground water, and who knows how much is there? The salt water to fresh water treatment plant is a pipe dream, it is way too expensive to do for a private development. Also, it is a big red flag when they spend so much money courting prospective buyers. I would much rather invest in a development that puts their money into the development and not sales.

Also, how can you check the finances of THIS development? How much money have they collected so far from buyers? What have they spent it on? How much do David Maksymuik and Randy Russ take from the kitty for their own personal use? How much have they spent on sales so far, and how much more do they intend to spend? I know how much it costs to build in Ecuador, and the prices they are selling their homes for barely cover those costs. So how is it they are able to spend so much of the money on sales and living expenses? I don't believe there is any other source of finances for the project. It is now illegal to use buyers money to build anything now in Ecuador. You must have the finances BEFORE you start building, due to the large number of projects that have failed because of this system. If anyone has the answers to these questions, please let me know.

Confusing the Ecuador coast with Bermuda.

Hey Guys,
I am seeing lots of post on this and curious.  i have seen thousands of such property development projects in India they do make houses  just like dreams. Not every thing is like Slum dog millionaire movie .
I have heard and seen such projects here where they have great reception,sales office, website, sample houses etc etc but after getting money they just run and dust is left.

I assume most of people are investing their hard earned money do more research and don't jump into this kind of projects if there is smallest doubt.

Thanks.

@livinginbahia, have you seen the post of Mugtech above about the background of Randy Russ?

Between you and I, do you have an idea of how much worth the Las Olas project as a whole?  Please give us a number!

You should first have a read at the latest updates on Las Olas website regarding water sourcing.  You'll find out that the government wants to provide water.  When you will find out how much money this project will inject in the local economy, you might realize why local authorities are acting differently.

Here in Mauritius, every high-end hotels have a desanalization plant as a back up in case of water outage.  I have a friend who owns a stake in a business selling these solutions.  I'll ask him out how much it cost, but from discussions I had with him in the past, it's not something ridiculous.

Think about it, I've read that in a thread someone saw that the World Bank financed a $100 million desanalization plant in Manta and everyone was astonished.  From the stats I had access to, 500k lives in Manta.  That's $200 per person.  It's quite cheap to get drinkable water don't you think?

Man, these guys bought 1,500 acres of land (and a lot more from what I've read) before selling a single lot.  Now, they maybe sold 60 lots/house/condo and are grading the whole place, shaping a golf course, building roads, infrastructure, etc.  The cash they got from buyers is nothing for a project of that size.

IMHO, they haven't put one dime in sales and marketing yet.  Sorry, but they are just testing the market.  They have over 1,500 residences to sell.  They know they need to prove things out first and that's exactly what they do...

Another thing that prospective buyers should check out: Do they OWN all the land they say they do, or have they just made deposits on all of the land they say they own? How is the government going to supply all that water to this development? There are no fresh water sources nearby and water would need to be piped in from far away.

Since you are living in Bahia it would be helpful if you could go to the City Hall and inquire.

livinginbahia, what is the average price per sq. meter to build in Ecuador, or rather the Bahia area? Know prices will vary depending on low end, or high end build, but what roughly would be the price to build something to NorthAmerican standards? Have never been able to find a general price consensus. See this project is at $75 per sq. meter, and was curious if that would be about the average price to build per sq. meter?

$75 per sq. ft....

Not that cheap!

yulrun wrote:

$75 per sq. ft....

Not that cheap!

Lol, yes excuse me, you are right, although that would have been a really good price per sq meter

They say the building system they are looking to use is allowing them to achieve lower cost and I think it makes sense.  Why quality concrete houses in developing countries are expensive to build despite the low cost of workforce?  It's because it takes a year and a half to build!  And the longer it takes to built, the longer the contractor need to finance the construction before he gets paid, so again, you need more capital.  It's even more expensive for the buyer because even if you are paying step-by-step, you need to live somewhere in the interim. 

I see it here in Mauritius, it's SO LONG to build.  We have friends who bought a house in a new estate on plans 6 years ago and they haven't moved in yet.  They started moving ground 4 years ago and building houses 2 years ago and you still see buses and buses of Philipinos and Bangladeshi coming to work everyday... (imagine, Mauritians getting paid about $500/month are too expensive!  It's cheaper for builders to bring in foreign workers they pay under $200/month!). And I'm talking about houses worth around $2 millions for a 3,500 sq. ft. house...

When I looked at the Hormi2 system they want to use (youtu.be/m0cQD1a9tZ0) I have to admit that it will be much faster to build (like the typical wooden frame house in North America).  It's like a Mecano game and it can easily be integrated in a real production chain process helping them to built faster and cheaper.

I was a little bit suspicious at the start, but then realized the Coca-Cola HQ in Ecuador was built using that system, so I assume it's not bad at all.

Ok, so my friend who owns this company (http://see.mu/home-en.html) told me a desalination plant to treat 500 cubic meters of fresh water per day is an investment of roughly 600k Euros.

He said that it's usually good for daily usage for 2,500 people.  So rough estimation means it's a capital investment of about $300 per person.

It makes sense because if you want to provide water for 500,000 people the cost would be $150 millions (excluding distribution!).

Another thing to keep in mind is the lost of water in underground pipes of aging distribution system.  A new distribution network shouldn't have that problem.

Of course, you need electricity to make it works, but my friend told me that some hotels here in Mauritius are using solar panels, so the cost of electricity is dramatically reduced.  Of course, solar panels and batteries are more expensive to install and it takes a lot of space (and can also be quite ugly...).

All in all, I think it's a valid scenario for Las Olas if ever they can't get connect to the public network to source fresh water.

yulrun wrote:

Ok, so my friend who owns this company (http://see.mu/home-en.html) told me a desalination plant to treat 500 cubic meters of fresh water per day is an investment of roughly 600k Euros.

He said that it's usually good for daily usage for 2,500 people.  So rough estimation means it's a capital investment of about $300 per person.

It makes sense because if you want to provide water for 500,000 people the cost would be $150 millions (excluding distribution!).

Another thing to keep in mind is the lost of water in underground pipes of aging distribution system.  A new distribution network shouldn't have that problem.

Of course, you need electricity to make it works, but my friend told me that some hotels here in Mauritius are using solar panels, so the cost of electricity is dramatically reduced.  Of course, solar panels and batteries are more expensive to install and it takes a lot of space (and can also be quite ugly...).

All in all, I think it's a valid scenario for Las Olas if ever they can't get connect to the public network to source fresh water.

Depending on how accurate this article is, it looks like the electricity, or energy is half the cost of the operating system.

http://www.bloomberg.com/news/2013-05-0 … study.html

Well, half of operating costs doesn't give us an idea of the final cost per cubic meter.

I don't know the cost of electricity in Ecuador, but I've seen estimation between $0,50 and $1,00 per cubic meter.  We are paying roughly $1 in Mauritius, so I assume we could expect the same in Ecuador.  That's an average of $20/month for a family of 4...

We are paying way more in bottled water!!

Just got a Google Alert about Las Olas.  They will have a booth at this trade show in Toronto this weekend.

- zoomershow.com/events/toronto2014/

If anyone intend to visit, it would be cool to have a report about the seriousness of the team, the interest from other visitors and a few pictures.

Thanks!

Would love to hear from someone who has been there recently and had 'eyes on'. Thanks!

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.

Did you see any infrastructure under all that grading? I never have. If they have not put that in first, they will have to dig up the roads to put in water, sewer, electic, etc., which makes me wonder about their plans. But I agree, the Pajonal Valley, which is the valley it is in, is gorgeous.

To PeterWMass,

Thank you for the informative post.  It is truly helpful to read current appraisals and encouraging to read your description of the volume and type of work that has been done.  Specifically, I am glad to hear your account of the golf course holes being graded. The layout, in my mind's eye, sounds great. 

I agree that small courses, crowded by residential units, are not at all appealing.  A great golf course needs plenty of room and a truly great course has breathtaking views.  If Las Olas finishes out the way it seems to have started, it will be spectacular. 

Are you considering investing at this point?  I would love to hear about it.

Thank you, again

mugtech wrote:

Great news, they are watering the golf course with salt water!!

Yeah, one less desalinator to worry about !!!

Thanks PeterWMass for sharing your observations following your visit.  Very informative.

I will be visiting in two weeks time so I will try to post some pictures here.  Maybe something different then what we saw up to now.  LasOlas posted an update on their website this weekend (http://lasolasecuador.com/las-olas-ecua … -up-close/) and the pictures they posted look quite impressive.  It's not an easy nor a small plot of land to shape!

I doesn't seem to be a place with heavy rainfalls, but managing rain water will be a challenge, so I'm looking forward to see how they intend to manage that.  If you remove a ravine or change it's path and not well planned, water will find it's way back...

Does anyone visited the LasOlas booth at the ZoomerShow in Toronto a few weeks ago?  It would have been interesting to have some feedback.

Looks like there are several blogs since 2012.  One recently was shut down due to negative questions on the progress.  I didn't see them as negative, people were concerned that others possibly investing too soon?? 
I am very interested in this project but dates keep changing on any building.  Now they are saying April, 2015?
Hope no one loses their investments and this community is eventually built.
I'm waiting to visit after it's built even if it means paying more!
I don't play golf BUT very interested in the beach and community retirement.
Any new information from current investors??

Yes, the other thread was shut down after BobH suggested it.  You better stay on his good side or this thread could also be history.  If we are going to get an onsite report, it had better be positive.

That's crazy!! It was the most informative thread with 2 yrs of detail. I was very curious what "investors" thought of progress? Same pics and comments in 2013 are in late 2014! They must be nervous and/or confused?
Why shut down a thread like that?
If David has that much power, it's concerning!
Are people getting refunds or waiting until April 2015? I was shaking my head "him and his wife are so "NICE" nice doesn't cut it for me!

are members of the "Founder's Club" even able to get their money back? I don't think so. There are between 20 and 30 people renting condos in Bahia, waiting for their houses to be built in Las Olas. I believe there is "peer pressure" to not question anything about the development, if you ask questions, you are shunned by the group. Seems very suspicious to me. I am also concerned that they are now going to be using the same water source as the city of Bahia de Caraquez. The city only gets water 3 days a week now because there is a shortage of water. What are they going to do when Las Olas starts taking enough water for 1000 homes AND a golf course?
(Moderated: inappropriate towards the Expat.com team)