I bought a beachfront lot and condominium there. One of our upcoming neighbor who also bought a lot there is already staying in Bahia and visits las olas often. I was told that there have been lots of people coming to view and the founders club sales is almost complete. The plan is to have the power, fibre optic cable and water lines all running into the property and down to the homes area in the next month. They are going to run them all at once. Right now most of the land are already being cleared.
I heard of rumors especially those who say the project do not have enough money etc. Firstly how would they know the financial status of the company since it is not a public listed company. Secondly, these developers have a solid track record in US, where one of the partner Randy Russ owns. texasfixtures.com/html/services.html
After dealing directly with one of the owner, David, I feel more comfortable as he is a very upfront, systematic, fair and genuine person. He answers all my queries patiently and in depth even after buying the place(you know how some people are, after buying they just don't care). I conclude that those rumors likely comes from other real estate agents or developers who do not want this project to be sold.
David told me that they will soon be opening a public sales office soon. They found an sales office in Bahia but pending some paperwork. They also intend to open another sales office in Cuenca and currently searching for a suitable place. The showroom will be completed soon. The project will take 3years and the payment terms after the deposit is on 36monthly installments.
If you are really keen, you should approach David directly. At end of the day what is listed on the contract is key importance. I read it and pleased with the terms and feel secure about it. In addition, David offers $1000 flight and 3nights accommodation to potential buyers to visit the lot and will reimburse you if u decide to purchase it. I don't see any other developers offering such thing.
Hope this helps.