Las Olas

Loving Ecuador wrote:

wait. does that means that there are still no homes already built in Las Olas as of now?

Look on the bright side - after all this time, there's still an opportunity to pay in advance for housing in an undeveloped development being developed by developers who are really, really trusted.

LeftClique wrote:

Loving Ecuador wrote:

wait. does that means that there are still no homes already built in Las Olas as of now?

Look on the bright side - after all this time, there's still an opportunity to pay in advance for housing in an undeveloped development being developed by developers who are really, really trusted.

Hi again Lefty,
It's like a bad rerun from last year.....we are not buyers, it is none of our business , blah, blah, blah  The guy who started the thread in Dec  2012 was able to get his money back, a lot of the people who could have afforded to lose the money decided it was a bad risk. Apparently nothing has been built yet. I wonder if the gentleman who was there most recently could post his photos or share what he actually saw. on the site. I am curious about the progress. I just can't understand it. Would anyone buy a car that is still on the drawing board?  It is still none of my business but my recommendation to all the latest posters is to read the entire thread and open the links that were provided last year?

Msherrid wrote:

We went and visited the property in March and fell in love with it. Kim and David who are in charge of the development are wonderful. We are buying a Oceanside condo there and plan to retire there soon. I have some photos from our visit if you would like to see them. David took us around and showed us the property and answered all of our questions. There are quite a few expats all ready there renting so they can watch and help

Am a bit confused about the "expats already there and renting". Is that expats who have bought from this development living in the general area, renting a place nearby, until there home is built? Or do you mean, there are expats renting a place in the Las Olas development?

This post makes it sound like something has already been built, and the others make it sound like there has still been no building progress.

Msherrid wrote:

We went and visited the property in March and fell in love with it. Kim and David who are in charge of the development are wonderful. We are buying a Oceanside condo there and plan to retire there soon. I have some photos from our visit if you would like to see them. David took us around and showed us the property and answered all of our questions. There are quite a few expats all ready there renting so they can watch and help

Can you tell us what you actually saw on the site or post photos? Where are the expats renting? How are they going to help? Are they renting from Kim and David or his friends in the business community in Bahia?

suefrankdahl wrote:

Can you tell us what you actually saw on the site or post photos? Where are the expats renting? How are they going to help? Are they renting from Kim and David or his friends in the business community in Bahia?

Looking at the website it would appear they are still working on the infrastructure. So would assume that there is no construction of anything residential as of yet.


lasolasecuador.com/updates/

SawMan wrote:

I hope Las Olas succeeds as well.  While many may view the American development team as a positive, I would not.  Before Ecuador became the "flavor of the month" Panama had its share of American developers enter the real estate market with grand development plans and pre-sales of lots and units that went nowhere, such as eco-living on Isla Brava: http://www.islabravapanama.com/Location/panama.html
This doesn't mean that local developers are necessarily better, but that perhaps U.S. developers possess a bit of naivete when it comes to doing business abroad.

You can go all up and down Azuero, and Western Azuero coast of Panama and see a multitude of American developments that have gone bust, or that have built practically nothing, going on 5 plus years now.  Big projects like these, that promise all the amenities, just aren't usually economically viable in countries like these, which is something a lot of the developers eventually learn. Economics always has the final say.

j600rr wrote:

You can go all up and down Azuero, and Western Azuero coast of Panama and see a multitude of American developments that have gone bust, or that have built practically nothing, going on 5 plus years now.  Big projects like these, that promise all the amenities, just aren't usually economically viable in countries like these, which is something a lot of the developers eventually learn. Economics always has the final say.

Las Tablas, Pedasi, etc. (Panama) are loaded with residential developments in which vacant lots were sold and houses never built.  Developments like that are being peddled throughout Ecuador now.  I do think Las Olas has the better development plan - not selling vacant lots, only completed homes.  This should keep down the speculators having no intent to build.  On the other hand, this requires far greater funding by the development team to pull off....and build a golf course.

sleepmaster wrote:

Corey, your post is the most recent in this thread so I elected to respond to you.  I have a great desire to live by the ocean on a great golf course and play as much as possible, so clearly my antennae have been focused on Las Olas for some time.  I also considered a site visit and possible pre-construction purchase but the vibe I was getting wasn't strong enough at the time.  So, I chose to wait and see how things developed before committing the time and money to the trip from the U.S.  That was at least 18 months ago.

From what I can gather, nothing much has happened since then other than some road work and basic infrastructure work.  No houses are up, no other amenities are in, just a lot of promises.  I have said before and will repeat here that projects like this require enormous financing and the dedication of good, hard working people.  I think the people involved are probably very honest, hard working and well intentioned, but things can go bad for good people if everything doesn't come together.  My worry is that despite money commitments from a lot of "founders", the project will need even more financing and will struggle to get going. 

I am also concerned that the current President of Ecuador, with a clear distrust of the United States and a clear leaning toward a Venezuelan type of governance, is lobbying to become President for life and there is a good chance he will be able to pull that off.  What will become of projects like this one, which clearly target North Americans and whose lifeblood includes U.S. citizens.  Will Ecuador be helpful or hurtful? 

I am very hopeful that David and Kim can pull this off and that I someday will live there.  This has the potential to be a spectacular spot and an outstanding golf course.  However, every successful major residential project/golf course project I have ever seen has started with a completed golf course and amenities, around which springs housing and all the other accoutrements.  That is not the approach here, which makes me unwilling to invest any money at this point.

I hope to get some RECENT feedback from you and others in this blog and I am sincerely hopeful that the news is good.

Dear Doctor et. al.,

I don't know why this whole Las Olas situation continues to irk me. Perhaps it is because as late as this past Spring these developers were continuing to peddlle this place that they will likely never deliver on and are promising more pie in the sky bigger and better things that will also never come to fruition. It seems that however well intentioned they were at the outset the place was dead in the water from the word go. They had no experience building in the Third World (eg. the earth moving equipment literally came on a slow boat from China) and no conception of  how problematic the absence of infrastructure could be for such a huge project. We take water, sewer,electricity for granted. Our infrastructure may be crumbling but  at least it exists. A careful scrutiny of their updated website done in June 2014 (lasolasecuador.com/update) is illustrative of these monumental problems. They have stated that water studies were done, a well 90 meters deep was dug and a water filtration plant for desalinazation was planned. Something in my mind only the US Navy could afford on this scale. Interestingly, this week I can no longer open that area of the site. It seems to me that water studies should have been done before they moved the first grain of sand.Electricity is reported to be unreliable in even the larger towns and cities on the coast. In addition to desalinization they will have to likely generate their own electricity Proposed hydroelectric dams are just that, proposed, and Correa is likely counting on the Chinese to finance them. He is overextended to say the least.I don't know, nor want to know, what their plans for the massive amounts of sewage this place will generate.

Anyway, a picture is worth a thousand words and some of the new ones posted this week make the "progress" look that much better. A few pieces of drainage pipe and a work crew sitting around a hole with a post hole digger did not impress me. Nor did the "state of the art" well driller.

It doesn't matter to me at this point if the buyers do not believe me or do not want to believe me I do not like to see people being taken advantage of  thru their own naivete or wishful thinking. Architects can sit around draw, design and redesign to their heart's content. Renderings and blueprints are essentially just pictures and apparently very seductive ones in this case.Perhaps if Kim and David had started with a reputable (there must be some) SA engineering firm this project might not be going bust, might have been scaled back or deemed unfeasible. It seems they are going in to the real estate tour business now so perhaps some of the investors can get their money back if they choose. I also clicked on "special offers" and scrolled down to the video which seemed a desperate attempt to promote those tours.

All this being said, I suppose, I am empathetic and would not like to have sold my house and spent my life savings to find myself in this predicament. I wish you luck in trying to recoup your losses and your best wishes for me that I am completely wrong

I have never met Kim and David but imagine they must be quite slick and with enough wining and dining down there in Bahia they probably could sell you the Brooklyn Bridge.

Those of us on this blog who have grown tired of sounding alarm bells, being chastised for not minding our own business can only say in an unfortunately callous way that Ben Franklin was right about a fool and his money and also PT Barnum about how often suckers are born

Caveat emptor

Sue

suefrankdahl wrote:

The first homes were supposed to have been completed by October of this year, read the some of the last posters. Either they have changed their tunes or their plans

Straight from the las olas 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."

Technically if construction were to start as of today 8/9/14, then at 4 months that would put them finishing in December, which would suppose still be second half of 2014, but I wouldn't hold my breath that things will be done by then.

j600rr wrote:

suefrankdahl wrote:

The first homes were supposed to have been completed by October of this year, read the some of the last posters. Either they have changed their tunes or their plans

Straight from the las olas 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."

Technically if construction were to start as of today 8/9/14, then at 4 months that would put them finishing in December, which would suppose still be second half of 2014, but I wouldn't hold my breath that things will be done by then.

My mistake, wasn't paying attention. Was thinking first homes were supposed to be completed by second half of 2014, not starting. So technically they still have a little over 4 months to get started, but again wouldn't hold my breath.

Mary Pat wrote:

I have friends who actually moved down there and are renting nearby.  They are still enthused.  I am hoping this project gets built...
Mary Pat

The original post on this thread is nearly two years old. The OP got his money back two years ago.

Apparently this *project* still exists, yet according to May Pat, still nothing has been built.

Sounds to me like Las Olas is more like Los Adios dinero.

j600rr wrote:

There's actually two Las Olas threads Krissyface3. If interested in Las Olas might be a good idea if you find both threads, and go through them. Many different opinions regarding this development.

There are many different opinions between the two threads,and many silly irrelevant speculations too.  I would recommend to go just with the facts and don't let someones bad judgment and bad experience in investing in some other country like Panama affect your decision to come to Ecuador and take a serious look at Las Olas and the other coastal projects of Manabi.

misha16 wrote:

j600rr wrote:

There's actually two Las Olas threads Krissyface3. If interested in Las Olas might be a good idea if you find both threads, and go through them. Many different opinions regarding this development.

There are many different opinions between the two threads,and many silly irrelevant speculations too.  I would recommend to go just with the facts and don't let someones bad judgment and bad experience in investing in some other country like Panama affect your decision to come to Ecuador and take a serious look at Las Olas and the other coastal projects of Manabi.

Well of course it's speculation, and opinions, and it still is at this point. Not like this development has accomplished much in the last several years. Sorry I don't consider a few pictures of equipment, and a few graded roads progress. Granted they are very good at showing updated artist renderings. Oh yeah they did drill a well.

Failed projects in Panama, and other countries as well as Ecuador is very relevant. In almost everyone there is a very common theme. Extranjeros bought a bunch of land, made all kinds of promises, had absolutely no experience building in a third world country, and eventually went bust. You can go all across Central America, and South America, and see this common theme in failed developments.

LeftClique wrote:

Let's see, phase one is housing for 3,500 people?  What's phase two?  Another 3,500?  Never mind the non-existent houses, golf course, and equestrian facilities, I want to see the price tag on a desalination plant big enough to serve that many people.  Anyone feel like taking a wild guess?  $10,000,000?  $25,000,000?

Do you think the US Navy could afford one? Do they already have one? Maybe they sell used ones inexpensively?

misha16 wrote:

j600rr wrote:

There's actually two Las Olas threads Krissyface3. If interested in Las Olas might be a good idea if you find both threads, and go through them. Many different opinions regarding this development.

There are many different opinions between the two threads,and many silly irrelevant speculations too.  I would recommend to go just with the facts and don't let someones bad judgment and bad experience in investing in some other country like Panama affect your decision to come to Ecuador and take a serious look at Las Olas and the other coastal projects of Manabi.

misha16 wrote:

j600rr wrote:

There's actually two Las Olas threads Krissyface3. If interested in Las Olas might be a good idea if you find both threads, and go through them. Many different opinions regarding this development.

There are many different opinions between the two threads,and many silly irrelevant speculations too.  I would recommend to go just with the facts and don't let someones bad judgment and bad experience in investing in some other country like Panama affect your decision to come to Ecuador and take a serious look at Las Olas and the other coastal projects of Manabi.

So Misha, what's your interest in this project? Part of the illustrious Bahia business community? Friend of Kim and David? Seem to remember reading awhile back that you had your own business venture in Manabí. And some remarkable disinformation about Las Olas.

LeftClique wrote:

Let's see, phase one is housing for 3,500 people?  What's phase two?  Another 3,500?  Never mind the non-existent houses, golf course, and equestrian facilities, I want to see the price tag on a desalination plant big enough to serve that many people.  Anyone feel like taking a wild guess?  $10,000,000?  $25,000,000?

$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.

misha16 wrote:

LeftClique wrote:

Let's see, phase one is housing for 3,500 people?  What's phase two?  Another 3,500?  Never mind the non-existent houses, golf course, and equestrian facilities, I want to see the price tag on a desalination plant big enough to serve that many people.  Anyone feel like taking a wild guess?  $10,000,000?  $25,000,000?

$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.

Misha, just out of curiosity do you know how many desalinization plants there are on the coast? We stayed in Manta, did quite a bit of getting around, I had no idea the city had a desalinization plant.

The more distant parts of the town were just bone dry. It looked like a lot of the little houses did not have running water.

I'd like to hear more about the general water supply/delivery systems on the coast.