Las olas Community project

You could look at this thread here, for the latest

https://www.expat.com/forum/viewtopic.p … 42&p=6

...and for lots of discussions about Las Olas dating back several years.

You can also go here

https://www.expat.com/forum/viewforum.php?id=519

and enter 'Las Olas' in the search box.

Thank you. I'm looking to go down there to buy a condo...if everything works out

Dear Greggy,

Welcome to the Ecuador forum.

Las Olas may turn out to be a great project, but newbies to Ecuador are advised to think long and hard before involving themselves financially in a pre-construction project here. 

I bought into a pre-construction condo project in Quito’s Centro Histórico in 2005.  Due to construction delays, ownership-management changes and the usual permitting/bureaucracy delays, nobody got to move into any of the units until 2011.  My unit was one of the last ones completed.  Just closing on my unit took over a year-and-a-half after it was ready for occupancy.

I had to pester my attorney in Quito so much for so many years that I stopped doing business with her the minute I moved in.  But her lack of urgency was only about 25 percent of the headaches.

Along the way during construction, the management offered me a parking space of my choice to compensate for missing a deadline, and I selected a good one.  Then ownership changed hands and the new guys refused to honor the parking-space deal.  Now I rent a space in the condo complex’s garage for my car -- just $20 a month.  Theoretically, I could have enforced the contract and collected an $8,000 multa stated in the contract in case of the deadline being missed.  But I discovered it would cost $3,000 to bring the lawsuit .. and years of waiting for it to be settled.  I decided not to invest any more money in the thing.

That condo was eventually completed and has been my permanent residence since 2013 when I moved to Ecuador.  I was fortunate I didn’t need it till then.  My taxes and condo fees are a pittance compared with what I used to pay on the house I owned in Connecticut (2001-2007).

In the long run, I got a good deal and the project turned out well. 

But I will never buy into a pre-construction project in South America again .. and I do not recommend it for new arrivals either.  The bulldozers been moving dirt around at Las Olas for a long time without anything yet being constructed above ground, and I don’t believe anyone can reliably predict when your prospective new home would be ready for occupancy.

cccmedia

Hi cccmedia,

Thanks for the helpful insight and the sharing of your experience. The ownership/management company you mentioned...where were they from, how committed were they financially (80% or 90%) into the project.

They have started the tier grading process and putting in the golf course. I plan on flying down there in two weeks. They are only asking for a $1000 to hold and start the contract agreement. 

I have a question, how is the healthcare and the monthly fees for healthcare.

Thanks again,
Greg

Thanks. Good to know about the healthcare. Have you been to Bahia or manta? Curious, how is the satalite for TV and Internet quality?

As someone that will be new to Ecuador what things would you recommend to be careful about. It will just be me...I'm single! 

Thanks again