Finally, we have all numbers from the Customs here in Costa Rica and
now I understand why all imported stuff is so expensive here.The Customs
duties go from 34 to 47%... But finally the containers are here, in
Costa Rica!You can request Inventory list for each type of condo -
studio / Loft (2 bed/1 bath) and 2 bed / 2 baths.
You can see the samples and request a full inventory and pricing HERE:
http://www.1costarica.net/Furnishing_Service/page_2382793.html
Hello Sonia,
My name is Christian
and represent Mr. Hockenberry, who is a close friend of mine. We are
represented legally by Mr. R Loria.
Thank you kindly for
the info and believe me, I understand this is an urgent matter for all of the
owners within the unit.
Like I advised Mr.
Sorin Costache Mr. Richard Hockenberry is terminally ill and unfortunately he
will not be making any future payments, no matter how little the amount might
be.
He is selling his unit
and is asking for only $25,000, almost half of what he already had put in.
I have informed Mr.
Costache of this and he has been very helpful and understanding from the beginning.
Chris
Constante
Dear Torres Owners:
We are still waiting to receive the monies from most of you regarding your
condo fees at Sweet Towers of Coco. We, as the
new Administrators sent in our first request right after the meeting
in which we became your Managers and Administrators.
We understand perfectly that a request for money is not what everyone wants
to hear, specially after all the money you had to put into this building to pay
the outstanding lien from Mapache and also to get the electric meters hooked
up. But that was only the beginning of taking possession of your
units. Now we need to start managing the building and maintaining it on a
daily basis. Money is needed to start the daily gardening, caring for the
swimming pools, garbage pick up, black water treatment plant inspections
and cleanings, hiring a night guard, paying the common area electricity and
water, etc. No one can run a business on an empty account and of course we
can't work for free.
All I am asking at this time is for $450 from each unit that will be placed
in an escrow account for a few months of your $75 per month condo fees.
This fee will cover the administration of the building plus what is mentioned
above for several months.
It will not cover for the new landscaping, the common area lamps that
are needed, and other expenses that are needed to make the building suited
for occupancy, rental and sales. We are submitting some estimates to Sorin
Costache, the treasurer , for his review.
You all got this far together and we have been involved for a long time in
helping Torres in any way we could. Now we must go on and we must
condition Torres and make it presentable and beautify it to make it more
appealing and attractive for rentals and sales. BUT WE NEED YOUR
HELP!
Please DO NOT IGNORE this notice and do not abandon your own
investment. Garbage is piling up, the grass is growing high, the place is
unsafe without any guards and it is in need of lights all over the common areas
and we also need a washer and dryer. Two or three owners have moved
into their units, but no one is taking care of the common areas, and garbage is
starting to accumulate.
We cannot do anything without your funds to take care of your investment in
the proper manner.
Sonia Benavides B.
CR Board of Realtors #1292
Sunset Properties
S&H
Playas
Del Coco
Guanacaste-Costa Rica
Tel: 506-2670-1453
Cell:506-8937-9955 (NEW)
24 July 2010
Los Torres Owners
During a visit to Costa Rica last week, I feel there are several challenges and issues to inform you all of. I did an extensive look around our community and wish to share with you all my findings and conclusions.
First, let me share a little professional background, so you can see my findings are quite accurate. My designations consist of being a Certified Engineering Technologist, Mechanical Engineering Technician, Solar Power Engineer, and of most recent become a licensed Water Treatment Specialist, all from Canadian Institutions.
I believe those companies that are vying for a property management contract with us, the owners of Los Torres, should take a serious look around our community in order to find what I believe needs to be complete before we continue on with our “tropical landscaping” I also believe that us “the owners” should see there is much more work to do, as follows:
Water Treatment Plant
This has been somewhat unattended for quite some time; although I have left with the understanding by Tony of Mapache someone has been fixing malfunctioning parts. The surrounding area is far from being clean and tidy leading to a perfuse odour and bacteria issues. The longer we leave the plant unattended from maintaining and testing, the worse it will become, in turn creating a great expense. We must act fast with getting our water treatment plant in tip top shape.
Drainage
There was a major drainage problem around the external perimeter of unit’s number 11 and 12. Waste water was backing up from outside the building into these units. This created a serious flooding problem in the one unit. I contacted Tony at Mapache, whom had his team work fervently to fix the problem. We conferred this issue would be fixed under warranty and sure enough within a day the job was completed with my great satisfaction. There was also one toilet installed incorrectly leaving very little space for draining when flushed and again was fixed in a proper and timely manner. I also understand, at least one other unit has had blockage in a waste water drain. I strongly recommend we all check plumbing immediately to find if there are other or existing problems with plumbing and drainage. I suggest if you cannot do this yourself, have someone in Costa Rica check your unit right away.
Hydro
Although hydro is now connected and working properly, the platforms where the meters are located are not finished with various wired places not covered or not completed. The area is a mess and needs to be finished and the surrounding area is dirty, unclean and untidy.
Fresh Water
The water storage tanks are now buried in the ground, but the 1 ½ “ABS fittings joining the plumbing are leaking profusely and need to be fixed. I am not 100% certain; however this may have been caused by the differential between weight of the earth and weight of the water, when under pressure.
Buildings
Because of the delays in completing this project, there has been some water damage to the soffiting and facia of all buildings. This water damage has created some possible mould and mildew issues.
There are many light fixtures not completed.
There are many exterior doors that have some weather damage, some may have swelled.
Our balconies and patios are filthy dirty, with much dried concrete on them and several cracked tile.
There is little, however few clay roof tiles displaced from various buildings.
Common Area
The pool, although complete and working properly, there is an area where dirt has not been filled in around the concrete deck. This has caused some minor cracking of said concrete decking and needs to be filled in as soon as possible before this decking worsens.
Sidewalks around the perimeter have been left unattended from cleaning. Therefore, our sidewalks have formed spotted areas of a mossy bacterium. There is also places within the walkways have plumbing, wiring, forms, and re-bar protruding through. I suggest power washing and tidying all walkways and buildings.
Although one of our trees has foliage, there is portions of branches that maybe dying and this tree needs some trimming as branches are falling on one building roof.
The common area building needs an extensive amount of cleaning and debris removal, including all rooms, sinks patio, tiles and roof.
The outside shower is not completed, is leaking water and growing algae.
Conclusion
There is much to be completed, fixed, cleaned, tidied, pressure washed, painted, and purchased to create a beautiful tropical paradise for us all. Please consider to have these issues done in a prioritised and timely manner.
Other Considerations
Landscaping
Laundry facilities
Patio furniture
Barbecue
Cable TV
Wireless Internet
Garbage Disposal and Recycling
By John E. Owner of No 12
Hello everybody, please make a note on your calendar. The meeting
for the Torres del Coco will take place on the 30th of July. We must
change the board of directors and finalize the management
company hiring. Also we are still waiting on some of you to send the
extra $276.00 for the landscaping job to be completed. Some people are
already living in their units and are using the facilities. It would be
nice to get the landscaping done as well.
Thank you,
Sorin Costache
For those who would not be able to attend the meeting, please download the attached Proxi for Individuals.
Corporation entities, please email for the text of the proxi to
sales@costaricaproperty.co.uk
Attachment(s): PROXY SWEET TOWERS OF COCO S.A. individuals.doc
Dear Sorin,
Although we have never meet personally; I would like to thank
you for taking on the thankless, time consuming work and responsibility of
completing the Torres del Coco Condo Project. I realize that you have a
large vested interest for having this work completed for you and your
investors; but thank you for assisting all the condo owners with the completion
of a project that the developer was financially unable to complete. Not
all the condo projects in our area have been as blessed with someone like
yourself to take control to salvage buyer/investors investments. Nor do
many people take on this kind of task and have a successful ending.
My office represented an owner with the purchase and now the
sale of their condo in this project. Having been in the real estate
profession in this area for the past 17 years, and directly involved in many
condo associations and on many board of directors for these companies; I feel
it is important for owners to consider the following ideas that I listed
below.
It is my opinion that the owners take the next legal steps to “hold a legal shareholder’s meeting” to “nominate and vote in owner’s to replace the current
people on your board of directors of the company that owns your common land.
Then you will have control over your condo project and legally be able to sign
contracts with a property management company. You will also want the
ability to rent or sell your condos without any legal issues outstanding.
Unfortunately, we have all witnessed to many condo projects and associations
have problems due to the lack of their legal and management affairs not being
in order in their associations down here.
Please take the appropriate legal steps and get involved in your
condo development to ensure that everyone will be protected. Here are
ideas for you all to consider:
All owners should know
where the legal books and legal documents are being held at this time and where
they will be held in the future.
When will a LEGAL
shareholder’s meeting be called for the owners? Where will it be
held? And which lawyer will call the meeting and prepare the proxy’s for
the owners unable to attend?
Which lawyer will
represent the condo as the legal resident agent for the company?
A vote should take
place to legally approve any legal clauses, that you would want added to the
current Costa Rican S. A. company rules and regulations for the Condo
CC&R’S or Condo By-laws (or whatever you prefer to call them). Who
will be responsible to complete this task for the owners?
Which shareholders would
be willing to be on the legal board of directors for this company? The
current board consists of some of the Mapache owners, family and staff I
believe. And who will be living in the country to do the work required by
the board of directors?
Will you vote at the
shareholder’s meeting on who will be the new management company? And also
on what the condo fees will be for the services that will be provided to the
owners to establish a budget?
When will a bank
account in the Torres del Coco condo company be set up and who will have
signing authority over owners funds?
When we sell the
condos; we will need to legally transfer the share of the individual condo, so
we will need the information on who to contact to make the legal changes in the
shareholder book?
Who will be
responsible to pay the property taxes and the company taxes for the
group? The owner’s or the management company?
How will collections
be handled in the future for unpaid bills? Penalties for unpaid accounts
that will affect the smooth running of your condo?
When will the current
trust be closed?
I look forward to the response from the group of owners and/or
their lawyers. It will take everyone working together to have a great
condo development. You need a dedicated board of directors and management
company to run your condo for your success. Giving your ideas and input
is important now… help your group do things right the first time.
Wishing you all the best in the future.
Sincerely,
Iris Mailloux
Broker/Owner
Resort
Properties Papagayo
Playas
del Coco, Guanacaste, Costa Rica
Dear Las Torres del Coco owners,
it has been a while since my last email and many of you, are wondering why and what is going on with
the project. I had to deal with other Costa Rica issues not related with the Torres del Coco, i was in
vacation with my family as well, everyday work... and next thing you know a month passes with no
correspondence. First i want to ensure you that work has always been in progress and things are
getting done and with no more wasting time here are the facts.
I have been in direct contact with every single owner in that project and many of you acted fast and
understood the necessity of the extra funds.
FINISHED WORK
1. The electrical problem is completely solved and every unit has been wired and ready for the meters
to be installed. We have a guarantee of one year on the job. With the exception of two units that have
not fulfilled their obligation to pay for the additional work. the electrical meters were supposed to be
installed this week but due to the heavy rains and the bad weather conditions, Copeguanachaste was
unable to deliver and install the meters.
2. The pool is now clean and fully operational. It has also been maintained by the company that fixed
it at no addition cost.
PENDING WORK
1. The parking areas, paint and concrete works, burial of the 2 blue bins of water next to building two.
2. Landscaping
3. Hiring of the management company
Here are the reasons this work is still pending:
As mentioned on my previous emails we had a budget for all this work to be done and we were
counting on every dollar that need it to be received in the trust. But that is not the case:
The owner of unit number 24 Mr Rick Hockenberry has fallen very ill and therefore lost his interest on
the unit that he purchased long time ago. He had paid up to $31.000 and he has a balance due of
$5000.00, closing costs plus the additional $1000.00 for the additional work. ($6000.00 total)
The owner of unit number 30 also did not pay and that leaves us with a total of much need it $7000.00
to finish what was planed.
Here are some good news before i continue with the rest: Mr. Hockenberry wants to sell his unit and
he is willing to take a $6000.00 loss on his investment, that means that if any of you wants to
purchase an extra unit here is the bargain. $25.000 net to be paid to Mr. Hockenberry, $6000.00 to be
paid to the trust (so we can move with the work)and the buyer pays for the closing costs and the 6%
of ($31.000) for the real estate agent handling the sell. That should be in the vicinity of $2000 or $2200.
So...for $33.200 any of us can have an extra unit below the price that we all paid for.
SO HOW WAS THE MONEY SPENT, was the concern and the topic of the many emails i have received. As
promised i will provide full accountancy of the funds received by the trust.
See attached PDF file.Please let me know when you can send those money so we can start work again.
Thank you,
Sorin Costache
Attachment(s): Tores_del_Coco_owners.pdf
Dear Las Torres owners:
Enclosed you will find our proposal for the Property management of your complex.
We strongly believe that we can not only fulfill your expectations, but exceed them and
improve those areas that may be in need of improvement.
We are qualified, have the staff, the tools and the experience, and our office is located a
couple of minutes away from the “Las Torres” building, and we reside in the
neighborhood, no more than 3 minutes away from the complex.
We have a strong desire to help you to improve your facilities with regards to the initial
start up of the landscaping and the beginning of preparing the building for residential and
rental use. We are enclosing the budget to run the building. We estimate $75 condo feeper owner per month.
We suggest the opening of an emergency fund, with a small fee from each owner once
per year, say $50. That can take of emergency repairs in the common area
Unlike most projects over here, we don’t believe in billing the owners every time
something breaks (as washers and dryers, water treatment plant, pool pumps, etc.) and we
don’t charge you extra every month for the payment of the common area utilities. Our
budget just includes one payment per month of $75 period!
The owners are Hedson Maldonado, an American citizen and a permanent resident of
Costa Rica, processing his citizenship at this moment and Sonia Maldonado, a Costa
Rican citizen, lived in the USA for over 20 years, naturalized US citizen. We both are
fully bilingual and we are able to fully understand both cultures and our business is
incorporated under Costa Rican laws, in compliance with the tax office and the pertinent
licenses required by the Municipality (City Hall) to function legally in Costa Rica.
We are also submitting our proposal for Unit rental Management, which is separate from
the building management and the common area. If you choose us as your rental
managers, which includes taking care of the inside of your units, any repair necessary and
to promote and rent your units according to your wishes, our fee for procuring the renters
is 20% of the rental income, and requires an individual contract with our company.
You are at liberty to choose other rental managers in which case they are responsible for
any repairs inside your units since we cannot deal with other manager’s renters. They
will be in charge of everything INSIDE your units only.
We want to emphasize that at present we have rented 100% of the units we have available
to us. Some are: “long- term” quality renters and some others to seasonal vacationers.
We attribute our rate of success to our reputation on customer service and the extra care
we provide to our clients, many of which are returning to us every year, also our website
and word of mouth and boards, carefully placed on our office windows and also at a mini
mart that we own (also located in the Plaza) that we use to promote our rentals as well,
not to mention that we accept all major credit cards, making it easy to book with us. We
offer a variety of services to the travelers through a network, from car rentals to tours,
airport pick up, etc. To the owner that prefers long-term renters, we carefully screen the
applicants and make sure that they qualify financially as well as morally to reside in your
units.
Some of you may not be aware that Las Torres building has a waste water treatment
plant. This plant needs some particular maintenance that is mandated by the Costa Rica
health Department and reports have to be filed, etc. Taking that into consideration, we
have already obtained an estimate of this work and we are including it here. We must
point out that other companies we consulted charged up to $700-$1200 per month, while
we got it for $180. It is essential to keep this plant running smoothly if we want to avoid
bad smells and ongoing sewage problems as we have seen on other buildings.
In closing, we would like to emphasize that we hold our job to the highest standards, have
the experience, the capacity and the willingness to do an excellent job for all of you. We
will answer your enquiries in a timely manner, paying you the respect and attention that
you as a client deserve; we will find ways to keep your costs down, inform you of the
issues regarding the building and/or your unit and will take care of your property as if it
was our own.
Introduction...
My name is Serguei Galkine, I am the owner and managing director of Tropical Felgate (CR) Ltda company.
Who we are...
Our main business activity is real estate development and sales, we also offer a full property management and rental management services. We have been in real estate development and sales business since 2005 and in property and rental management since 2006. We do not have a flashy office as it is my believe that we should keep our expenses to minimum and therefore save your money as well. Our office is located in Green Forest community in Las Palmas and I believe that all of you have seen our signs and boards all over Las Palmas and Cocomarindo. We have a fully staffed and fully equipped property management wing of the company and our employees practically do not rotate at all, which shows a dedication of the management and employees to the company and the job they are doing.
What we do...
We do property management for 38 units in Las Palmas at the moment (Green Forest of Coco Beach and Villa San Angel community) and rental management for 55 units. After El Penon del Sol and Sweet Dreams community in Ocotal is finished, we shall have 35 more units in property and rental management.
We have our own maintenance staff, but sub-contract a professional pool treatment company and security company with full insurance cover.
If you are not too happy with your current management company and looking for the new managers, you might consider switching to us.
We would be prepared to offer our service for management and would suggest the following budget for maintenance:-
Monthly Budget for Las Torres del Coco Studios Community
in Urbanisacion Las Palmas
1. Full time gardener/pool guy - US$390.00 per month;
2. Professional Chemicals Pool Treatment - US$90.00 per month,
Supplied by Aquarium Company.
3. Chemicals for the garden - US$100.00 per month.
3. Security - US$900.00 per month for the shift 5.00 pm to 6 am, 7 days a week.
We use fully certified and insured security company.
Administrative Expenses: US$700.00 per month.
Total: US$2,180.00 per month.
Which makes condo fee of US$45.42 per unit per month for a community of 48 units.
We would recommend adding 10% on the above fees as a contingency fund.
The funds will be kept on a separate account and spend only on emergency
repairs and improvements in the communities.
In this case, the Condo Fee will be US$49.96per month.
Please also note that expected raise of condo fees is 6% in each consecutive
Year due to the inflation in the country.
Why go with us?
1. We are very meticulous when spending your money, so, all receipts for money spent will be available at all times.
You will receive regular monthly statements for your unit, so you will always know where you stand.
2. We can pay utility bills on your behalf and we do not charge our clients for this service like other companies - 5-7%.
3. We do not just pay the bills. If we see that the bill is abnormally high, we always try to get to the root and find out why that is and, if there's any problem, try to fix it as soon as possible.
4. We have our own handy-man who is good with plumbing and electrics and can fix any problem within a few hours.
If there's no extra money spending involved for materials or sub-contractors, we don't even charge our clients for repairs.
5. We have been in property management business for almost five years, so we have all necessary equipment and tools in the company already, so you won't have to spend your money to buy it as most of the start-up companies.
6. Our management staff speaks both Spanish and English, so you won't have any communication problems.
I can go on and on, but being a home owner myself, I know that we have all bases covered.
Dear Torres del Coco owners,
For the past two and a half months we all have demonstrated that where there is unity and understanding things get accomplished.
I am happy to inform you that we are very close to getting the job done (something that Mapache had promised and never delivered). I will give you a full detail of my findings, I will also provide you with the list of expenses, the work progress and what is to be done in the next 2 or 3 weeks.
First I would like to address to the ones that have not send their money in yet. Some of them have been ignoring the emails and the issue altogether and I don't understand how else they think that we could have done it without raising additional funds. Once again even if you purchased your unit from a real estate agent, a broker or directly from Mapache; you are not excluded from this common responsibility. Please make arrangements for sending your money before things get more complicated. There are 6 more owners that need to pay and is not fair to the ones that paid to cover your share. In fact you will not be covered - you will simply not receive the benefits that all of us have planned to accomplish. The following owners are:
| |
10 | Alex Kruglyak |
22 | Ian and Iadvinka Kobesco |
23 | Vivian Quiñones |
24 | Rick Hockenberry |
30 | Laslo Nagy |
33 | Robert Morgan |
Couple of them have contacted me and are in the process of sending their funds, and with 4 remaining to pay.
OK, now let me update you with the present facts.
The concrete boxes where the transformers will be installed are now finished and the trenches are being done at this time. The low voltage wiring will start as early as next Wednesday and the installation of the 2 electrical poles is also completed. I spoke with Mr. Luis Abadia today and the work is moving according to the schedule proposed on the contract. (attached is a copy) We have made to payments so far, the initial deposit of $4500.00 on (03/25) and the second payment of $11350.00 on (04/12)
You all know the situation with the pool and the deteriorating condition that we found it to be. We hired a professional company to perform a deep cleaning of the basin. There was also a valve not working which need it to be replaced. The bottom was leaking and also the lights were not properly sealed; therefore leaking as well. All that is now done and they await payment. Attached is the invoice that we need to take care of. I explained them that I will release the funds after 2 weeks of monitoring the level of the pool and at least six months guarantee of the work.
A landscaping quote in also in the works and I should be done as soon as the electrical company is done.
There are also 2 big blue bins with water attached on the building number two (units 7,8,9,10,11,12) Those bins were installed by Mapache and they look awful, I will get a quote for burring them under the ground next to building number two with a small access from the top. This will improve the esthetics of the complex and also will keep the water at a colder temperature.
We also need to finish the parking areas, paint the wall in the back parking lot, touch ups.
Property taxes for the first quarter of 2010 also need to be paid and that also comes up from the $1000.00 additional per unit.
We must also hire the management company after all the work is completed so the units and the complex will not deteriorate again. Sonia Maldonado has provided us with the breakdown of the expenses and a quote for the management at US$75.00 per month including black water treatment plant service ($180.00 per month) US$3.75 per unit per month.
Serguei Galkine of Tropical Felgate provided a quote for the management at US$45.42 per unit per month, not including black water treatment plant service ($180.00 per month) US$3.75 per unit per month.
We should plan on paying beginning May 15th or June 1st.
See the photo update here: http://www.1costarica.net/Projects_Update/page_2199850.html
Attachment(s): Electrics Quotation.pdf
Hello to all owners of Torres del Coco.
First i want to thank most of you for your fast response and sending the funds.
I just spoke with Mr. Abadia and he told me that the plans were already signed by COPEGUANACASTE and he is ready to move forward with the construction of the boxes for the transformers and start digging for underground wiring. A $4500.00 advance was made last week that represents 10% of the total job. This coming Tuesday he will need the next payment of 25% of (45.000.00). Here is our current situation:
1. We have not received payments from the owners of the following units:
7 | Serguei Galkine |
8 | Serguei Galkine - resold (owner unknown) |
9 | Serguei Galkine - resold (owner unknown) |
10 | Serguei Galkine - resold (owner unknown) |
11 | Serguei Galkine - resold (owner unknown) |
12 | Serguei Galkine - resold (owner unknown) |
30 | Laslo Nagy |
31 | Robert Head and Hale Johnny |
32 | Dwayne Little |
33 | Robert Morgan |
34 | Charles Simpson |
35 | Robert Head and Hale Johnny |
37 | Robert Head and Hale Johnny |
38 | Robert Head and Hale Johnny |
40 | Robert Head and Hale Johnny |
42 | Robert Head and Hale Johnny |
2. As i mentioned on my previous email if everyone pays there will be enough funds for the following objectives:
a) finish the installation of the transformers and the repair of the underground wiring
b) finish full professional landscaping
c) professional cleaning of the pool ( left without water for the past 6 months)
d) pay property taxes for 2010 fro the whole complex.
e) finish the parking areas and complex touchups - paint, bbq area...
Based on our calculation if everyone pays there should be enough money to cover all af the above and perhaps a small amount left which be unknown at this point. We could issue small rebates to all owners or we can use those funds for the community reserve fund. ONCE AGAIN THAT IS IF EVERYONE PAYS.
Insurance for individual units or all the buildings can be purchased at any time through Sonia Maldonado from Sunset Properties.
We will wait until the end of next week (that is April 9) to receive your answer of the funds in the lawyers trust account, after that we need to present those owners with different options that may not be in their best financial interest. We cannot offer free rides and please do not think that will be done for everyone with other people's money. Unfortunately we are all together is this and we must all comply.
One of the options for those that do not pay is; to not have their units wired for electricity and they would have to hire the company on their own to get their unit connected to the general transformers. They would have to pay for the damages and repairs of the underground digging and inconvenience of the rest of the owners. Perhaps there are other options and if your name is on the list above please contact me so we can make necessary arrangements.
Is time for the rest of you to step up and join this common effort to finish the proposed work. Your delay is costing everyone time, money and energy.
Please send your comments to my email costachesorin@yahoo.com
Best regards.
Sorin Costache
a quote for Las Torres for Hazard Insurance This is Sonia Maldonado, Owner/Broker of Sunset Properties.
I want to let everyone know that I sell insurance in Costa Rica for an agency that is associated with me. The insurance is for the National Institute of Insurance, which has been a monopoly in Costa Rica for 50 years.
I sold insurance in California for 10 years and was a licensed representative over there.
I have a quote for Las Torres for Hazard Insurance as follows: (yes, I already went there with the insurance Broker that works with us). This is the same price that you will pay if you go to the headquarter of insurance to purchase it also.
This is for replacement value of the building.
$7,745 per year for the whole building, coverage at 100%. (no deductible).
This comes out at $161,35 per unit, per year. It covers the following:
1. Fire and thunderbolt
2. various risks such as: strike, revolt, civil commotion, malicious damage and acts of ill intention persons
3. Collision of vehicles against the property building, falling airplanes and debris from airplanes
4. Explosion and implosion and the fire derived from it
5. falling trees, antennas, TV towers, radio, electrification and similar
6. Hurricane winds
7. Flood and landslide
8. Convulsions of nature, such as tremor, earthquake and fire derived from it, volcanic eruption, tsunami, and underground fire
Sonia Maldonado
Sunset Properties S&H
Playas Del Coco
Guanacaste-Costa Rica
Dear Torres del Coco owners,
For the past couple of days I have been in contact with Mr. Luis Erasmo Abadia, he is the electrical engineer from Modicel Adavi S.A. (this is the company that Mapache need it to contract to install the transformers). The quote was done back in January 11 of this year and has a 30 days price guarantee. He is in the process of revisiting this quote and give us the best price available.
This could be a long process if we don't start asap, because as per Mr. Luis recommendation there are few more steps before installation. That is building the concrete bases where the transformers will be installed, making the drawings and submit them to the COPE GUANACHASTE for approval and than the actual installation and repairs of the concrete path ways, landscaping etc...
The electrical meters are supplied by COPE GUANACHASTE after all the work is done and approved. This will be an extra cost of $25 - $35 per meter, per unit.
I will send that quote to every investor to OK and everyone's authorization the funds to be released from the trust account by the lawyer so we can begin. YOUR PROMPT RESPONSE IS IMPORTANT
Please inform Theresa at "Grupo Juridico Latinoamericano" upon sending your money so we know who has send it or not.
Consequently I have been in touch with Sonia Maldonado from Sunset Properties who also made a proposal for the management of Torres del Coco. Attached is the proposal with letter of credentials the Sonia have prepared for us. The manage other properties in Coco and they have an undisputable reputation. They have also facilitated the sales of some units in Torres del Coco and they personally know some of the owners. they operate form their office in Pueblito Las Palmas which is located 50 meters from Torres del Coco.
As mentioned on my previous emails my partner Anatoli and myself will be there on April 9, 2010 and we hope to hold the meeting for the HOA on April 12, 11:00am local time in the Pueblito Las Palmas located at the entrance of the Las Palmas community. We will discuss the forming of the HOA and the removal of Mapache's family members from the executive positions of the corporation.
I have received many responses but I am still missing the answer from few owners. We CAN NOT do this if only 60% or 70% of the investors pay. This is very tight and we need everyone to send their money by the end of this month. I will have to cancel 2 air thickets and reschedule the trip for the end June. This will cost me money and I'm sure things will remain the same.
Today $15000.00 were wired into the trust account from my group and the rest of the owners will send theirs on Monday.
Mr. Johnny Hale have asked me if we have insurance on the Torres del Coco. I talked with Francisco Alvarado as soon as I received your email and he stated that usually the developer offers one year insurance from the time the property has been finished, on the structural interior or exterior of all the buildings. Mapache will give us a full description in writing when I arrive there in April. Each individual owner can purchase insurance for his or her unit if they wish.
See the attached documents and send your response in a timely manner.
Thank you, Sorin Costache
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Attachment(s): Quote for Las Torres-DOC3.pdf
I believe by now you have already seen our proposal here:
http://www.1costarica.net/blogs/las_torres_owners/archive/2010/03/11/management-proposal-for-las-torres-del-coco-studios-community-from-tropical-felgate-costa-rica.aspx
As bad news travels fast, I believe that you have probably already heard that Mapache
lost their office in Las Palmas. It was quite a commotion on Monday
morning in here.
Quite a few Nicaraguans broke into their office around 6.00 am and were
sitting there waiting to be paid for the months they worked for Mapache
without pay before they left the office. Lots of Police were involved, but luckily, it did not turn ugly.
Carmen Arroyo send an email by the end of that day saying that their property
management office will be in Mario Arroyo's house and they moved the
sales office to La Ponderosa (on the road from Liberia to San Jose.
News travels fast in Coco and next day we were approached by HOA
presidents of 3 communities on the subject of managing their communities.
It is still too early to say, but it seems that we shall get two
communities across the road from Las Torres and in that case, we would
be able to provide even a better quote for the management as we'll be
able to share a security guard with one of the communities.
We need to accelerate the process of forming a Home Owners Association and picking up a management company as it is very likely that Mapache is not going to provide a security for the community any more. The guard who was at their office was keeping an eye on Las Torres until now.
Below is a provisional new quotation which is true, if we get another community across the road into the management (to be confirmed by the end of the month).
Monthly Budget for Las Torres del Coco Studios Community
in Urbanisacion Las Palmas
1. Full time gardener/pool guy - US$390.00 per month;
2. Professional Chemicals Pool Treatment - US$90.00 per month,
Supplied by Aquarium Company.
3. Chemicals for the garden - US$100.00 per month.
3. Security - US$450.00 per month for the shift 5.00 pm to 6 am, 7 days a week.
We use fully certified and insured security company.
Administrative Expenses: US$700.00 per month.
Total: US$1,730.00 per month.
Which makes condo fee of US$41.19 per unit per month for a community of 42 units.
We would recommend adding 10% on the above fees as a contingency fund.
The funds will be kept on a separate account and spend only on emergency
repairs and improvements in the communities.
In this case, the Condo Fee will be US$45.31 per month.
Please also note that expected raise of condo fees is 6% in each consecutive year due to the inflation in the country.
I know that another company - Sunset Properties - is working on their quotation. This is probably the only management company which I would be OK with, if they win the bid in a fair competition.
Dear Torres del Coco Owners
after
receiving any email from all of you and expressing your concerns about
this project i have some positive news that i would like to share with
all of you:
Concerns:
1.
The shares are issued by a corporation "Sweet Towers of Coco SA" which
Mapache family members have the following positions - PRESIDENT:
Margarita Aroyo Quiros, SECRETARY: Andrea Aroyo Quiros
Answer:
All
the shares of this corporation were endorsed to Jose Manuel Arias (the
lawyer the initially opened this corporation) and he became the trustee
of those shares. Than new shares were reissued with the name of each
buyer and the number of the unit that each owner purchased written on
the share certificate. This corporation had and still has only 48
shares. he is still the legal owner of some
shares that have not been picked up yet but the balances were paid.
Remember the everyone needs to sign the corporation asset book so they
can become legal owner of their share. (or a power of attorney to
somebody that could physically be there)
2. How can we remove Mapache as the executives of this corporation?
Answer:
This
process requires some time and is kind of lengthy but it could be done.
Is not necessary in order for us to finish the project and we are at no
risk whatsoever at this point. here are the following actions that we
need to taken order to get this done:
a.
publish a convocation message in the business section of "LA GAZETA" as
well as in a regular local news paper such as "LA NACION" with the date
and place of the meeting ,the agenda so all owners can attend.
b.
give at least 2 weeks' notice to all the owners so they can fly to
Costa Rica and attend the meeting. In case that they cannot be present
they could sign a proxi letter and someone can represent their interest.
c. a bilingual lawyer that could communicate with all the owners present at the meeting.
d.
three members that need to be voted for the following positions:
PRESIDENT, SECRETARY and TRASURER. Those members do not have to be
living in Costa Rica full time or be Costa Rican citizens or residents,
but they have to act in the interest of all share holders and provide
information of any change in ownership of any share and other necessary
responsibilities.
e. conduct the meeting and elect the new officers.
As mentioned above this can be done now or after the project if finished since we are at no risk at all.
3. Does this properly or corporation have any leans or any debts?
Answer:
This
property and corporation is completely free of leans, debts or any
obligations towards any party. See the attached study of the property
from the nation registry in Costa Rica.
4. Have all the taxes been paid or any other penalties that we don't know of?
Answer:
Al
the property taxes have been paid and are up to date. For 2008 and 2009
(963.238.95 colones) have been paid and the taxes for 2010 (850.245.25
colones) will be due in the next couple of months. We are hoping to
have few dollar left after everything is done so we can apply the
remaining money towards this payment. See the attached receipts.
5.
Where is the letter from COPOGUANACHASTE requesting that a second
transformer needs to be installed and why only one company can perform
this work?
Answer:
Attached
is the letter from COPOGUANACHASTE and just like here in the States the
electrical company can only contract qualified contractors that are
certified and insured according to the state requirements.
6. What if Mapache can go and get another loan without our consent?
Answer:
Mapache could act
ONLY in agreement of the share holders. In other words there cannot
take another loan against this property, rent or live in any of this
units, manage the property without our consent or any other decisions
that are to be made in this property.
7. Sorin, are you able to send to us the legal documents that show the current state of our ownership?
Answer:
The legal documents are the following:
a. The current state of ownership is each individual share.
b. 48 shares of the corporation - as mentioned above most of the shares have been already distributed.
c.
The books of the corporation (assets, meetings, registry) which i don't
have any copies of it, but i will make copies when i get there in first
week of April.
Now let's get to the plan of actions also suggested by Mr. Serguei in his previous email.
1.
we need to form a Home Owners Association which in its turn will
protect our interests and manage major issues of finishing the
community and managing it in the future.
here is the link published by Mr. Serguei:
http://www.1costarica.net/blogs/las_torres_owners/archive/2010/03/11/proposed-las-torres-del-coco-studios-hom-e-owners-association-by-tropical-felgate.aspx
2. We also published a proposed Rules and Regulations of the Condominium.
here is the link published by Mr. Serguei:
http://www.1costarica.net/blogs/las_torres_owners/archive/2010/03/11/proposed-las-torres-del-coco-condominium-rules-and-regulations-by-tropical-felgate-costa-rica.aspx
3. Proposals from different Management companies.
The
one we've done business with and have a great reputation is "Sunset
propoerties", also Mr. Serguei will submit his proposal for this
purpose.
Mr. Serguei comments:
”I
know Sunset Properties very well and would not mind if they were the
managers, though I would be strongly against other candidates you
mentioned. They might be good on sales, but screwed up on property
management already."
4.
We must also fund the trust with the $1000.00 per unit so funds are
available for hiring contractors to finish the remaining work.
The rest of the attachments i will email tomorrow.
Please send your comments ASAP
Best regards,
Sorin Costache
Attachment(s): endorse.pdf