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Thanks Wendy. I just wish we could or RBC could have sold our unit for double profit. We were lucky to just about break even.

Ummm... Didn't thought I was going to comment on this one but maybe someone can "inlight" me...
How is it possible that the "condos have doubled their values", if, as it is extremly well described and stated, "the current gray picture, presently on St. Maarten, is the collapse of the enormous Indigo Bay project in Cay Hill and the closure of the grandiose Barbaron Development at Belair", "The lack of purchase interest, at their development, forced them to close down shop", if "As we all know, the primary housing market in America is at an all time low", and "This further means that the purchase of vacation homes, in most cases, is not even up for discussion since families are trying to first secure their primary residences back home" (and we strictly depend on the US market...), "With the closure of important projects, mass layoffs follow and what follows mass layoffs, in our tiny community, is an increase of crime", "Rainbow Beach has also been ill affected by the current economic U.S. crisis", etc....
Sounds contracdictory to me!

Kind Regards,
Philippe



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Vinny
did you finally sell your place? What about Aquarius?
Email me will ya?
irina

I believe he is making note of the people in question who he is arguing with who were investors as well as purchasing a unit for themselves and they did sell their investments prior to this real estate collapse for double their money. There is no question in my mind that my condo increased dramatically from the day that all Rainbow units were sold out, but then again, the unit I chose has an absolutely gorgeous view, and paid much less than units that had no view whatsoever.

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Life is not a child's game of follow the Leader. Instead, life is more about finding one's own purpose in life....your life's plan, and then making a positive difference on earth.



Edited 3 time(s). Last edit at 07/19/2008 03:34PM by John.

Who is going to repair the damage done to the hillside at Indigo Bay project in Cay Hill?
Also, IMHO, I dont care what the condo development has, they just arent selling.

Yes irina, we finally sold and unfortunately still have 10 G sitting with the Eratos for Aquarius.

Vinny, I thought you bought a nice unit at Aquarius? Were you planning on selling that as well? You had gotten an excellent inside price I remember you telling me.

[www.vrbo.com]

Life is not a child's game of follow the Leader. Instead, life is more about finding one's own purpose in life....your life's plan, and then making a positive difference on earth.

The excellent price is no longer an excellent price. They began to offer units for 100G less than what we are in for. We werent planning on selling Rainbow until circumstances forced us to. After the whole ordeal with Rainbow, we have no desire to do business with the powers that be.

So sad that the timing just wasn't there for you and your partners. I imagine that if the entire real estate market hadn't hit bottom, it would have been a beautiful place too. Had they started building your unit before you backed out?

[www.vrbo.com]

Life is not a child's game of follow the Leader. Instead, life is more about finding one's own purpose in life....your life's plan, and then making a positive difference on earth.

They didnt build much at all there. It will probably be years before they get to our group of units

John,
When did all the Rainbow condos sell out? They sold out as Timeshares?
Irina

No Irina, those units were not sold out but unfortuntely needed to be built as an afterthought to fulfill the prior Tower owner's contracts which were floor 1 not having much of a view at all, floor 2 having a full view (our floor), and floor 3 and 4 never a problem. This plan was not in place until after they realized that the Tennis Building would need to be pushed back and that the Towers Building would now indeed be affected. If they had stuck to the original plan for the Towers and the Tennis building did not have to be built further back by decree of the government, then that floor would not have existed. Being that this floor now existed but had no view whatsoever, the only option they could think of was timesharing it as no one would actually buy one at those prices with no view. A better option, but one they did not consider was renting it out as apartments to those people that did not necessarily need a view but wanted to live in a very secure resort property. This would have been a better option. Hopefully they will reconsider and go with this option for everyone's sake, including those people that are not within this so called lawsuit which is embarrassing everyone on both sides.

[www.vrbo.com]

Life is not a child's game of follow the Leader. Instead, life is more about finding one's own purpose in life....your life's plan, and then making a positive difference on earth.