Friday, January 16, 2009

The rumor mill grinds on and on and on...

Over the past week or so several disturbing bits of unsubstantiated news, or rumors to be more blunt, have surfaced on the Internet concerning Loreto Bay. No surprise there as people are apt to fill a void - in this case an information void - with any little tidbit that comes their way.

The most recent is a rumor that Re:Play has been fired, or as a reliable source in Loreto put it, their contract expired and, to date has not been renewed.

We've also heard conflicting information on construction in Agua Viva. A visiting home owner said crews were back, although not in full force. But Laurie from TCC says not so. There are still pockets of crews throughout the project, she said, but many crews did not return because they have not been paid. (In a related vein, TCC is still fighting to quell the rumor that they are operating without proper permits and documentation. Obviously, the fact that they are still operating at all should totally dispel this malicious and persistent rumor.)

Why haven't some of these contractors been paid? We, like many other home owners, have been making hefty payments to LB since purchasing our homes. Where did that money go? Or, is the absence of work crews the result of a delay in renegotiating contracts?

Rumors are also flying about the possible sale of the development. It's not news to anyone that beleaguered Citigroup has been shopping the development for some time now. What is news - again unsubstantiated - is that there are now three potential/interested buyers: Re:Play, J.W. Marriott and a third unnamed foreign party.

It's more than irksome that we're getting information from sources that in some cases seem to be less than reliable. One in particular on the Loreto ning site comes to mind (see above reference to TCC's ongoing problem). Are we the victims of some one's malicious sense of humor? Or is this credible information? We simply don't know.

And we won't know until someone in a position of authority within Loreto Bay, Re:Play or Citigroup fills us in. But judging from past experience, we’ll be left wondering for quite some time to come, ensuring that rumors and misinformation continue to fly.

1 comment:

Robert said...

Well Hello from an owner. We bought, with a couple, an encantada in the founders village. We bought when there was nothing done down there because we believed that someday it would be a great place to go. We bought into David Butterfield's vision and have not been disappointed in the product. We visited in Early December, met some of our neighbors and really enjoyed being there. The town of Loreto is not so far, but the cabs charge way too much to take you there. The disappointments we feel are in the failure to build the infrastructure that would turn the little village into a resort. The spa, the beach house, the village shops are not up and running. There was plenty of activity over in Aquas Vita or whatever it is and another friend of ours is building over there. We dealt direct5ly with some of the contractors there for adjustments on our place. They are very competent and offer a good value. They also said that there was some problem getting paid for past work. We contracted with them and paid directly for what we wanted done and they performed well.
I'm absolutely certain that the current economic situation is frightening people off. I'm also certain that we are happy with our investment, we love our place, and that patience will pay off. Meanwhile we will go to Mexico occasionjally and enjoy our place, send our friends and family to enjoy our place, and hang in there.
We may actually live there some day.