Is Montecristo Estates sold out & what Pueblo Bonito was selling the last units for

mrerse1 wrote:

josephinet13 wrote:

We were carried away by the sales agent. This is our first investment I am so confused, at times I couldn't sleep, if we had made the right decisions. my husband is so positve that the price will go up due to the construction going on the golf course, Ritz Carlton. We have bought Villa 109 due to finish 2010 from August 16-31,even years for $45,000.00 if paid in cash and 50,000.00 if paid through their financing 12% interest , monthly payment of $562.00 for 10 years. $2,000.00 yearly maintenance fee. We made a deposit of $9,800.00(BOA MC that they open for us )whic h is not refundable, just in case we will withdraw. our balance if paid in cash is due on sept.14. I am now debating if we will go on with purchase or loose the deposit. We love the place but i just read positive and negative comment about. Need Help pls make comment.

Is this price per week or did you get two weeks for this price in Phase 2 ? We are considering purchasing in phase 2 for July

Jim

ericdavid83 wrote:

mrerse1 wrote:

josephinet13 wrote:

We were carried away by the sales agent. This is our first investment I am so confused, at times I couldn't sleep, if we had made the right decisions. my husband is so positve that the price will go up due to the construction going on the golf course, Ritz Carlton. We have bought Villa 109 due to finish 2010 from August 16-31,even years for $45,000.00 if paid in cash and 50,000.00 if paid through their financing 12% interest , monthly payment of $562.00 for 10 years. $2,000.00 yearly maintenance fee. We made a deposit of $9,800.00(BOA MC that they open for us )whic h is not refundable, just in case we will withdraw. our balance if paid in cash is due on sept.14. I am now debating if we will go on with purchase or loose the deposit. We love the place but i just read positive and negative comment about. Need Help pls make comment.

Is this price per week or did you get two weeks for this price in Phase 2 ? We are considering purchasing in phase 2 for July

Jim

Jim We just bought resale...much more desirable (eg (cheaper) than new.

We were recently quoted $53k for a single fixed week in July in Phase 2. We were also quoted 44,500 for a fixed floating week in Phase 2. All prices do not include $2500 closing costs. We get full credit for our presidential unit instead of selling it through a resale.

We were quoted $50k for fixed week in phase one plus closing costs.

When we back out the full price of our presidential unit, it seems that we are getting a better price then what is shown on other timeshare resellers.

Do you mind telling me what you paid and why you found it to be much more desirable ? Thanks for your input.

ericdavid83 wrote:

mrerse1 wrote:

josephinet13 wrote:

We were carried away by the sales agent. This is our first investment I am so confused, at times I couldn't sleep, if we had made the right decisions. my husband is so positve that the price will go up due to the construction going on the golf course, Ritz Carlton. We have bought Villa 109 due to finish 2010 from August 16-31,even years for $45,000.00 if paid in cash and 50,000.00 if paid through their financing 12% interest , monthly payment of $562.00 for 10 years. $2,000.00 yearly maintenance fee. We made a deposit of $9,800.00(BOA MC that they open for us )whic h is not refundable, just in case we will withdraw. our balance if paid in cash is due on sept.14. I am now debating if we will go on with purchase or loose the deposit. We love the place but i just read positive and negative comment about. Need Help pls make comment.

Is this price per week or did you get two weeks for this price in Phase 2 ? We are considering purchasing in phase 2 for July

Jim

Jim We just bought resale...much more desirable (eg (cheaper) than new.

Martin, Having invested in and managed real estate for decades, as well as being a timeshare veteran(we own 10 right now including 4 on Hawaii), I would generally not advise someone to expect significant appreciation in value in a timeshare purchased directly from a resort, regardless of the hype . Timeshares are great for personal use, trading and sharing with friends and family and, some may be rented out but they are not comparable to other kinds of real estate in terms of investments in no small measure because of the resort profit taking on initial sale ...obviously.

"Peasants" who buy "low end units" at Sunset Beach hopefully enjoy the beach, the scenery and facilities of the resort and the pleasure of vacationing there... which is the best reason to buy.

Incidently, when an area is all built up, some of us find it less desirable , miss the natural beauty and look for less crowded places to go!

Doing a google search reveals MonteCristo Estates weeks and fractional shares on the market now. I saw one offering of 2 weeks in October for a mere $35,000. That is obviously lower than the resort selling price .

martinw7 wrote:

I heard that Pueblo Bonito had sold all the weeks to the Montecristo Estates and were sold out of all the villas they planned to build. Does anybody know if this is in fact that true?

Also how did the last units sell for. I heard a year ago when I was last there that my weeks -- first two in September -- that Pueblo Bonito was selling those two weeks for $90,000.

Marty

Units 1 - 18 are the best with the best views that can not be duplicated.

Any late word on the golf course ( or any other) construction? We are going weeks 3 1nd 4 in November. Thanks

ericdavid83 wrote:

wendywins wrote:

The reason you were charged a nonrefundable deposit is that it is not, I believe, a good investment. If you did not back out before the legal deadline, only you can decide what to do next. Try selling it and you will see how much you are offered (less than you paid) Sadly, timeshares are rarely investments except in family vacation fun, particularly bought NEW from the resort. The Resort is recouping advertizing, promotional costs and all those goodies they hand out to get people to go thru the sales pitch. We bought penthouse weeks. We like the units and use them and occasionally rent them but they will never sell for as much as we paid for them never mind more . Moreover, the sales people said the golf course would increase the value of ours as well...and that was years ago. The golf course will eventually be built...but so will more units !

I got my "non refundable" deposit back and bought a resale in one of the coveted 1-18 villas for less than half what they were offering for new. I have the last 2 weeks in Nov. If anyone is going to be there at that time, my wife and I would like to meet them.

I bought one of those coveted #1-18 (#18 is mine, end of second to highest row) for June 1-16th, back in 2005. I have been trying to sell at a high price for almost 3 years and have not been able to. That was when no one knew much about it and when the first Montecristos were being built. There was no resale market. I paid $70,000 and have the 50% off golf/greens fees, but that hasn't done me much good in selling or even renting. I have been able to make a small profit each year by renting, but those prices are coming down. The resort like all these resorts has an air tight contract, and I think over the long term the villas will be worth a lot, but frankly they have put their maintenance fees to high now (double what i started at) and they can raise them 6% per year which they will do because the 100 year air tight contracts produce maintenance fees.

I am selling my love unit with $1200 per week maintenance fees paid for 2009, for between $38,000 and $40,000 which is about 65-75% of what they are selling for today, and with lower maintenance fees. I would not buy it counting on appreciation because the maintenance fees will be too high--for me. So that is why I'm trying to get it sold now, figuring that savvy buyers will figure out that they will have a fantastic two week vacation (or rent it $3,000 per week-average for one or two weeks) and make up the $3800 per year they are paying for it. That's if it is worth nothing in 10 years, which I very much doubt. The development is going to go very slowly now. I know the issue is money, but they do have the Ritz Carlton behind the Quivera (single family mansions) part. The environmental impact statement is an excuse. They are planning to build two more phases of Montecristos, going for $88,000 per week, which means they are no longer exclusive like the first phase. And they don't have the clubhouse for Montecristo owners in yet. That was to be a high level "private club" with its own pools, restaurants etc. because the other are so far away.

I know some salesmen down there but they even lie to me!! They always tell me not to sell until the golf course is in. Well, I think it is a great location and you can truly live them without a car, in a very secure resort, which is going to be an issue in Cabo as the drug trade in Mexico expands.

The other reason I am selling now is that the Mexican government is now in the thing with the fidecommissio (deed) which they get a large cut on by charging for capital gains tax and closing costs, and lawyer's costs etc. I bought a condo in Cabo and sold it one year later when the housing market looked bad (to me, not to Cabo realtors), and Cabo was really overbuilt, and whatever profit I had was taxed and it ended up losing some money even though I sold it for $50,000 more than I'd paid for.

They haven't tried to force that on owners because it will anger those of us that bought and really wanted 50 years (because of maintenance fees). Now they push the advantages of having 100 years, but not resort is going to appreciate over that long a period because it will be old. Who knows what will happen to Mexico. But I'm convinced that the Mexican government doesn't want to see it go because it is a true gem, or at least in will be someday, so unless the whole resort crashes, I think it will be valuable for many years to come.

Anyway, if you know of anyone who wants a good deal, I am advertising now for $38-40,000 and then lowering it to the $37,000 or $38,000 figure if I can't sell it between now and June.

By the way, June is really nice weather, and for people without children or with very young children, it's the perfect place to be. Very trustworthy babysitters too

lafox

josephinet13 wrote:

ericdavid83 wrote:

josephinet13 wrote:

ericdavid83 wrote:

wendywins wrote:

The reason you were charged a nonrefundable deposit is that it is not, I believe, a good investment. If you did not back out before the legal deadline, only you can decide what to do next. Try selling it and you will see how much you are offered (less than you paid) Sadly, timeshares are rarely investments except in family vacation fun, particularly bought NEW from the resort. The Resort is recouping advertizing, promotional costs and all those goodies they hand out to get people to go thru the sales pitch. We bought penthouse weeks. We like the units and use them and occasionally rent them but they will never sell for as much as we paid for them never mind more . Moreover, the sales people said the golf course would increase the value of ours as well...and that was years ago. The golf course will eventually be built...but so will more units !

I got my "non refundable" deposit back and bought a resale in one of the coveted 1-18 villas for less than half what they were offering for new. I have the last 2 weeks in Nov. If anyone is going to be there at that time, my wife and I would like to meet them.

Eric How did you get your refund back . When did you cancel after the transaction. We tried to cancel the next day of the presentation but we were told that we cannot get the refund and we called BOA unless we can prove it a fraud we cannot contest. Pls Help!!!! Josephine

I would prefer not discussing the details of this transcation in the open forum. If you wish, you can call me or email me or I will contact you offoliine. It was quite an adversarial situation.

Eric Pls email me at sisjosie@gmail.com. ASAP I really wanted to talk to you. My middlename by the way is David

josephine

I look back at this thread and see people posting a year ago saying MC is sold out. And that is certainly what they are advertising. However, I just came back from an owners lunch and looked at the sales book (i just asked if I could see it). There are still plenty of weeks in every unit that have been "held back". I also asked if the resort was paying into the $300 per day that is supposed to go to maintenance and not profit. Like any good salesguy/politian he pointed out that my sales contract said that 15% of our maintenance fees can go to the resort maintenance in general and not specific to MC. Fine. But that was not what I asked. So I went on to ask if they would ever open the books to show where the $300 per day maintenance fee we all pay goes. And he started talking about how expensive it is to build the road out to Quivera. Once again. Not what I asked. I tried several different ways and never got an answer. But he did slip once and say maintenance costs were $200 per day (still ridiculously high and still doesn't jive with the 85/15 split). Then he proceeded to tell me that I should just tip more and I would have a much more enjoyable vacation:) Seriously that was the response!

I almost bought this timeshare, but canceled purchase and got full refund the next day. I don't think timeshare is necessary a bad investment, but any big purchase on the spot without serious research and reading the contact isn't a wise thing to do. I won't wonder into the argument of should or shouldn't buy, since everyone has a different vacation need and budget. My comment here is for those who regret buying into the timeshare and wishing to get out of the contract. First, the deposit if refundable. Don't be scared into their seemingly-legal statement that the contract will stick to you once you sign it. The statement itself is non-legal. Second, read carefully in the fine lines in the contract, it says clearly it is cancellable refundable. Third, if you are not sure, you can google PROFECO for its contact info. I got a reply from PROFECO as the following:

PROCURADURIA FEDERAL Department of Conciliation

DEL CONSUMIDOR Services for Foreign Residents

Dear Sir,

According to the following article, there is a term of 5 working days to cancel the contract without penalization.

Article 56 of the Federal Consumer Protection Law states: "The contract will be perfected within five working days from the delivery of, or the signature of the contract, which ever occurs the latest. During this period, the consumer will have the right to revoke his consent without any responsibility. The revocation will have to be by means of warning or delivery of notice, in person, by registered mail, or another method of average reliability. The revocation according to this article, will terminate the contract. In this case, the costs of shipping and insurance will be the responsibility of the consumer. If the contract is for services, this article will not be applicable if the date of receipt of the service is less than ten working days from the date of the order of purchase."

Besides, this right can not be waived according to the Art. 1 from the Federal Consumer Protection Law.

You must send your cancellation request by mail to all the Mexican addresses in the contract, since It is every important that you keep the evidence in written of the cancellation notice within the allowed term, it means, return receipt requested.

You may follow up with e-mails and/or faxes however they may not be considered as a method of average reliability and the normal time frame to get a response and / or refund from the company is around 20 days.

We cannot intercede until this term pass; in the meantime, you may contact your credit card company and dispute the charges if you paid by credit card

For additional information or help, do not hesitate to contact us again. Thank you.

Sincerely,

Daniela R. Celhay

Department of Conciliation

Services for Foreign Residents

Hope this is helpful for some.

I have read so much nonsense and sour grapes on this site it is unbelievable. Montecristo Estates is, and will continue to be a premiere vacation ownership location in Cabo. My wife is in our villa now and I am going on the 4th of October. I can hardly wait. The units are gorgeous and the staff is so attentive and accommodating. I don't believe that you will regret your ownership. I don't.

Now off to paradise - Adios!

P.S. - I am an attorney in Concord, CA and I will post an update with everything that I see upon my return.

I agree with you Ron, I purchased my unit pre-construction in 2004 and have used it every year since then. We bought it because of the location not because of all the promises from the salesman which we knew going in would not come true but the place is still beautiful and they have done a lot to make you feel at home. Although we are trying to sell our unit for a very low price it is not because we dont enjoy it, it is just because we need that money back for other things that are more important right now. If anyone is interested let me know and I will make you a deal you cannot refuse.

You said that you had gotten your down payment returned and then bought second hand. Could you advise me. We own and use Unit 27 at the Montecristo Estates. Dirk talked us into purchasing the whole month of may in phase two. He was supposed to sell our Thanksgiving weeks in 27 in order to pay for the whole month of May. As of now, we have had an american lawyer working?? to get it reversed, but to no avail and this week he dropped it back in our laps after almost a year and told us that he could not help us! Could you help with ideas. I will contact Profeco on this, but feel that maybe Bankrupcy is my only answer. Sadly...Susan

Stayed at Sunset Beach for a week in June and at my villa #12 at MC first two weeks of September. In June chatted with a Sunset Beach penthouse owner who upgraded to a MC villa in MC phase 2 every other year and paid $59K which included her penthouse suite at SB.

Salesman tried to up-sell me to a Phase 2 villa in two weeks in August for $115K which included by villa #12. (The poor guy had nothing else to sell me other than a $4M Quivera year round villa. He really got upset when I started laughing).

Bottomline is that Phase 2 villas are selling like hotcakes. They wouldn't be building so many unless they were selling them. Where I live in northern California just outside of Sacramento in the foothills construction of new housing has all but completely stopped with home prices down 52% since the peak three years ago and down 60% for upscale houses that originally sold for over a million dollars. So to see the MC villas selling so well was very gladdening. And actually of my houses in California and Florida my MC villa is holding its value the best. I walked out around the mountain where the Landsend Lighthouse is and the first Nicklaus Golf Course is to built and scoped it out. The topography is spectacular and the golf course will be the most famous in the world and a gold mine for all concerned. Talked to parties in-the-know on what is going on with there construction. A separate post will follow.

We are fighting to get our contract voided since last November when it was signed. We were duped by our salesman Dirk and our first unit was not sold as he had promised. Do you have any info on how to proceed? We have the 3rd and 4th weeks in November and are not sure if we can use them because of this dispute. The dispute is not for this unit, it is for the new ones down on the non existant golf course. If you want to chat or if you can help in any way, I would appreciate hearing from you. Thanks, Susan

ericdavid83 wrote:

martinw7 wrote:

It is ridiculous the prices the salesmen at MC quote as prices when contrasted with what owners are willing to let them go for on Redweek.

There are many great resale deals to be had on the internet (even outside of Redweek). We just bought one for less than half what the salesman was touting for a "new" sale with only 60% of the weekly maintenance fee.

eric --

What are some of the other good sites other than Redweek.com?

Amazing how few people buy without checking on Redweek.com or some other Internet site.

Truth is that MC is over-the-top as a resort. They are doing an excellent job on maintenance and in giving every owner/guest the royal treatment.

I am here at Montecristo villa #63 as I write this. The market is making good progress and I have heard that they are targeting the end of November for openning, although I believe that this is a bit aggressive. The first phase of the Phase II villas is progressing very well. They are pouring concrete streets today. There is a lot of work being done on these units.

Our salesman offered to sell us into a Phase II unit for one month with a direct exchange for our existing unit at what we paid for it. Although it is probably a good deal, we love the location of our unit and don´t want to trade.

I have also heard that Nicklaus is NOT going to build the second golf course (the resort course) and that the private course on the other side of the light house will not open until 2011 according to the Nicklaus website.

The Clubhouse is well under way, but work has slowed dramatically and although the target date is year end, I doubt that it will be ready till late spring or summer 2010. No word on that, just my opinion.

Most importantly, our unit #63 is gorgeous and the staff as always is courteous, attentive and really dedicated to ensure that our vacation is tops.

I love this place!

Any other villa #63 owners? E-mail me at ron@mullinlaw.com (Concord, CA)