My experience at Belaire
Just got back from Puerto Vallarta and had the pleasure :hysterical
f attending a presentation at the Belaire Golf resort. Was offered $400.00 incentive to attend. the deal was as outline previously. $125,000 for four weeks in a one bedroom. No maintenance fees if purchased the same day as presentation. Guarantee for a buy back at what you paid. Guarantee payment for each week you did not use of $2000 for a total of up $8000. Term set for 100 years (renewable every 25 at no cost). Thought it is represented as fractional of minimal of four weeks to full ownership. They never mentioned a title reflecting this. They made claims about having acess to a lear jet for traveling to and from the resort. Access to yaghts. Registry exchange.
They then showed me and my wife the model units. Pure luxury and of a size that was beyond belief. I estimated that the studio unit measured more than 1200 square feet and the masters suite must of measured at about 1600 square feet.
It was clearly an unbelievable proposal that by its very nature was to good to believe. I didn't fall for it and did not purchase.
I have extensive experience in the field of architecture, development (structuing development deals), and construction, having worked for the City of Los Angeles in overseeing economic development for the city and have a degree in Architecture from California Polythecnic University.
The biggest giveaway that I should not trust what was presented to me was the quality and size of the model units. a developer builds the maximum amount of units he can sell to maximize his profit and taking into consideration the market values. The quality of materials should also be in line with the price. It is like a dealership selling you a car of the quality of a mercedez at the price of a honda. As much as we wish it, it does not happen. The units more realistically should have been half the size of what they where for the price they were seeking. Secondly the site is not the most ideal site for a creme de la creme development. The best quality units will be found in the best sites and with an appropriated sales tag. The site of the Belaire is not a quality site. Indeed the development faces and is next to the major PV airport and indeed when we were at the presentation we could hear quite well several planes taking off. Thought it overlooks a golf course, it does not have direct ocean acess or will even have ocean views (since existing nine story highrise resorts to the west will block views of the bay).
They never gave me a feeling of confidence that they could or would be able to follow through in building what they said they were. This is not to say that they were able to sway a couple at another table to purchase (based on the poping of the sparkly and applause from staff on the couple becoming new owners).
As to the building site. I did not see any construction activity and basically the site is still in site prep at best. We stayed at the nearby Velas Vallarta and would take daily walks by the Belair and never saw more than a couple of workers basically doing very little. the presenter indicated to me that they were just going to start construction sometime in three weeks. they were awaiting the completion and acceptance of the environmental impact report by the government. Not a very good sign since this part of vallarta was wetlands and development would require dealing with natural habitats and a very high water table.
Upon our return to the States Friday July 11 a few days after the presentation at Belair, I mentioned to my wife that I was left with the impression that unlike other presentations I have attended were the thruth is streched a little to make a sale, the belair smelled to me like a real scam. That it was very unlikely that anything would be built there. That is when I decided to go to the internet and see what I could find out about the Belair and came upon the Tug Blog (thought I have been a member for two years).
I hope I am wrong on this gvien that people have plopped hard earned money on dreams. but based on what I saw I doubt that I am wrong.