Sotavento Luxury Residences

by DanCip, Tuesday, November 06, 2018, 11:44 (849 days ago) @ Talley Ho

One point to note regarding the "optional rental management program" noted in a prior post.....

It's not optional - there are two rental management options and both will not allow you have unfettered access to your unit. There are two programs; a 50% or 60% "sharing program"(they have details forthcoming). Regardless of which option you choice you will basically split income with the management team - less a commission/compensation for their marketing efforts (not ID'd yet), AND as owners of the building you will not participate in revenues from the restaurant or bars.

So if you are looking at this as an investment you should lower your expectations and expect somewhere between a 2-4% return. The other downsides to the project are: the increased crime in Z, political instability, low upside capital appreciation on resales, daily construction work & construction noise for the next several years, and all of this coupled with the guaranted negative returns for the next several years while they market the property for rental traffic.

Because we love La Ropa, it was our hope that we were going to reside at least 2-3 months per year at Sotavento, but because of the restrictions on the resident owners and everything noted above we've decided not to purchase and will instead visit as vacation renters (as we've been doing for the past 15 years)..

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