Thursday, October 2, 2008

Better late than never

It took a while, but we finally received Michael Coyle's latest update after posting a query on the official homeowner site the day after the update was e-mailed to (some) homeowners. The response was prompt and courteous, but the update itself was something of a letdown, albeit a very attractively presented letdown.

Specifically, the release didn't provide much in the way of substance regarding construction timetables or information on Citigroup's plan to sell its interest. We were happy to read, however, that Replay remains committed to the concept of sustainability and will focus on that aspect of the development in its marketing campaign. And we both liked the new logo featuring the whale cartouche. Simple yet expressive of the area.

More importantly, though, George finally connected with Replay's Bill Green later in the day after first placing a call to LBC Tuesday in an effort to get information on the status of construction of our home and the development in general. Like many others, we've been more than a little concerned about making our next payment - a biggie - without some feedback from the powers that be. (It's worth noting that we've never - at least to date - withheld a payment.)

That conversation ended up being much more fruitful than the e-mail update.

After first reiterating Replay and Citigroup's commitment to the project, Bill said the most important new development (which was not discussed in the update) is Fontaur's (Mexico's tourism arm) pledge to spend $60 million in the Loreto region. Those funds along with money from the other developments planned in the area are sure to bring improvements to the community and region.

As for Citigroup, said Bill, its involvement has paid off because the project is much better off today than it was a year ago. Now, Citigroup, along with Replay, is trying to determine the value of the development. To that end, a Mexican firm has been called in to help evaluate the project. Ideally, Bill said, Replay would like to own the whole project.

On the home construction end, Bill acknowledged there is a definite slow down as efforts are now focused on the Paseo improvements and the Cortez Explorer's Club. Although he couldn't give us any kind of timetable on completion of our home, he did say construction would continue at the current slower pace.

These two communications, the latter in particular, have gone a long way toward easing our concerns about the development. A little communication goes a long way.

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