Sotavento updates

Congratulations on getting in on the ground floor. That said, looking at an S&P 500 index found from 2008-2021 the return would have been around 325% or about 11.25% annually. Didn't it essentially go bankrupt a couple of times anyway, since the current developer is the third that has been involved. I do hope for it's success, but there is no way in the world, given the 13 year history of development, I would buy now. I hope that they do finish as predicted, but wouldn't bet a lot on it. Perhaps, I can be one of those that helps pay your condo fee. Years ago I might have considered buying, but although we are both healthy now, at some point in the future we won't be and I don't think when that time comes I would be comfortable living in Zihuatanejo given the state of medical care there. While there are plenty of places in Mexico where the care is equivalent to care in the states, Zihuatanejo unfortunately has a ways to go.

My wife & I have been visiting Z every year since 2004 and we've always been interested in purchasing a unit at the Sotenvento which was always advertised as new construction "coming soon". On June 17, 2015 we committed and "contracted" with Trevor to reserve Unit 2015. We offered to put money down to demonstrate our commitment to purchase but Trevor told us that he didn't have the capabilities to process our credit card but told us not to worry about that because we had his word that this unit would be reserved for us. We visited our unit several times on several visits while they were under construction (each time offering to put down a deposit).

On or around September 2018 we received we call from Aaron Swartz telling us that Trevor was no longer sales manager the project (its a shame because over the years we liked spending time with him) and that they would NOT honor our request and told us that the unit that we had reserved for $375,000 could only be offered to us for ~$550,000 because of their zoning costs (see communications below).

Well needless to say we could not afford to pay that high-of-a-price. We asked from some kind of a discount on the unit since we had been waiting for 3 years for this opportunity but they were a firm "NO". So we had to walk away from our dream purchase. Frankly, based on my personal experience, I wouldn't trust them. For us they didn't keep their commitments.

aaron.schwarz@sotaventoresorts.com
Fri, Oct 19, 2018, 7:21 PM

to me

Hello Mr. XXXXX

My name is Aaron Schwarz and I am the new Director of Sales and
Marketing for Sotavento Residence Club. As you have seen from our
monthly updates, construction is now in full swing and initial occupancy
is slated for Winter 2019.
I am writing you concerning unit 105, which you have reserved. Several
exciting changes have occurred with this condo that I would like to
discuss with you. The most significant is regarding the Federal Zone. As
you are aware, the previous zone cut directly through unit 105, meaning
that the majority of the terrace could not actually be owned by you.
After considerable time and expense, the Mexican government has agreed
to push out the limits of the zone to allow 105 to be a complete unit,
without split ownership. The upside is that this obviously means the
condo you have reserved can be entirely yours, but has had an additional
price premium attached to it because of the expanded square footage and
the cost of having the Federal Zone moved.
Please let me know when we are able to speak by phone so that I am able
to walk you through the various changes and options.

Best Regards.

Aaron Schwarz