Happy New Year 2009
By Michael Coskey
Christmas isn’t even here yet and I have to write a few words for our January newsletter! With so many things going on and situations changing so quickly, it all has been a bit overwhelming. But, fortunately for us (and you), there are a number of separate events that have taken place and are about to be finalized that promise to resolve some of the problems brought about by the changing economic situation that we are seeing on both sides of the border. Hopefully, some of this was communicated in the last newsletter.
2009 promises to be a very busy year for CDDG, The Residences and TheHotel. It has been a long, challenging journey, but finally delivery of your condominium at The Residences is close at hand. We are excited to finally be in a position to start planning the next phase of necessary steps required to sit down at the closing table and deliver keys to our condominium owners of The Residences. Obviously, there is a substantial amount of construction that needs to be completed before people begin to move into the building, surprisingly though, it will happen faster than we expect. According to the engineers and our outside Project Manager, by May/June of 2009 a substantial number of condos will be completed, the Lobby level of TheHotel, convention area, two restaurants, both pools, courtyards, parking structure and landscaping will be at level of completion where the delivery process of the condominiums can and will begin. Our original idea of mass delivery of the condos is logistically impossible; we feel that using all of the resources available, we will deliver 30-35 condos per month during this process. Beginning with the upper floors of the North Tower and a few scattered units where our owners would like to get in earlier, we will deliver approximately three (3) floors per month through the summer into the fall and winter of ’09.
As we get closer to announcing a “hard” date, much needs to happen on our part (and yours) both in construction and in arranging these closings. I have spoken with some of you personally in regards to financing and the closing process, the will be a trying time for all of us. We are in the process of looking at different financing packages and availability of funds to help our owners complete the purchase of their individual condos. Today, there are still seven (7) companies offering U.S. style mortgages here in Baja and we are negotiating with a couple of companies to be in a position to offer you the best options available. As the negotiations with these different companies progress, we will keep you informed of how the details come together.
Last week, we sat down with First Title Services to begin mapping out the numerous steps necessary to be in a position to actually close a transaction, the closings in Mexico are “laborious” at best. There is much information that must be collected, disseminated and presented in a timely manner to accomplish a successful real estate transaction, one that protects both buyer and seller. As much as we will facilitate the closing process, First Title Services will be the driving force; they have the knowledge and most importantly, the experience to bring this process to a mutually beneficial conclusion. Beginning in late January, more and more requests for information and documentation can be expected, each request will need to be considered necessary to everyone’s protection of the transaction. Please cooperate and assist First Title Services and our Closing Team at each step of this somewhat confusing closing process.
Each of us here at CDDG know that situations and circumstances are different than from when we started, much time has passed and all of us have gained much knowledge and experience. It is time now to put all of this experience together and walk through the most trying time of any purchase, the closing. We will soon start discussions in greater detail of what the next logical step shall be. In the meantime we want to thank each one of you for your patience and support, when we hand you the keys to your Residences condo all of this will have become, just part of the experience. As we get further along this journey, it is coming to pass what we have known all along, that The Residences “will be the place to be” in Baja for years and years to come. Welcome to the future of Northern Baja.