Annual Shareholder Meeting!!!

ISSUE #638: Dec. 4-10, 2016


Brian Timmons, Newsletter Author
Brian Timmons

Dear friends,

When I started Residencias Los Jardines, I started writing a weekly newsletter -determined to tell all the good, bad, and the ugly. I knew some readers would be interested in the construction process. I expected others might be interested in the lifestyle of two people who had decided to live outside the box. For others, the adventures of Lita, the parrot and the cat took on an entertainment saga all its own.

Residencias Los Jardines is finished. We periodically have re-sales and rental availability. Some readers may be interested in this information.

Brian Timmons
Developer / Property manager
Residencias Los Jardines


rentals & sales

Paradisus Condos / Rohrmoser
Visit our website

Paradisus Condos - click to visit

Each of the units consists of two bedrooms / two bathrooms, and a large living/dining/kitchen area. The floor plan of each of these units has eliminated the optional "den / office" divider. The result is a larger area offering more flexible furniture arrangements while still maintaining the option of including an office area. At 105m2 plus two parking spots each and storage locker, they offer a great opportunity for someone seeking views, security, central location, and first class, all round living...

Semi furnished unit: For sale: $235,000
Fully furnished unit: For sale: $245,000
Floor 12 -west view

Market activity
sales & rentals

Sales: Los Jardines: Units #123 and #125

Rentals: Paradisus: Nothing available
Los Jardines: Unit #123 is available for rent.

Residencias Los Jardines
property management, rentals & re-sales

Unit #106A: $ 165,000 / See Unit
Unit #123: $ 199,500 / See Unit
Unit #125: $ 135,000 / See Unit

Unit #123: $ 1,450 mo. / Immediately / See Unit

For sale

UNIT #106A

Total Area (Sq Ft): 1250
Total area (Sq M): 120
Bedrooms: 2
Bathrooms: 2
Floor(s): 1
Type: Apartment
Furnished: Yes

This is a fully furnished 2-bedroom unit situated in a 2-story building, which has two units on the ground floor and two units on the 2nd. floor. Each unit is the same size (1,250sf) divided into 800 sf of interior space and 450 sf of covered front and back terraces. Units 106A and B are on the ground floor; Units 106 C and D are on the 2nd. Floor. The solid masonry demising wall (common wall) as well as the 5" concrete slab prevent sound transference.

UNIT #123

Total Area (Sq Ft): 1516
Total area (Sq M): 140
Bedrooms: 2
Bathrooms: 2.5
Floor(s): 2 story
Type: Detached
Furnished: Yes

This two story, detached 1,423 sf home + parking for one car has two bedrooms, 2 ½ bathrooms and a 2nd floor covered terrace.
The open railed wrought iron cement stair case leads to the 2nd level where the master bedroom with en-suite master bathroom as well as 2nd bedroom and en-suite bathroom are located. Also accessed from the 2nd floor hallway is the covered terrace.
This is a very nicely furnished home with a good floor plan for those wanting two floors.

UNIT #125

Total Area (Sq Ft): 662
Total area (Sq M): 61
Bedrooms: 1
Bathrooms: 1
Floor(s): 2 floor
Type: Semi-Detached
Furnished: Yes

This 662 sf, + parking for one car and 33sf locker is a one bedroom home on the 2nd floor overlooking the large pool. It is ideal for a single person or couple—or investment property.

For rent

UNIT #123
$1,450 mo. / Immediately

Total Area (Sq Ft): 1516
Total area (Sq M): 140
Bedrooms: 2
Bathrooms: 2.5
Floor(s): 2 story
Type: Detached
Furnished: Yes

This two story, detached 1,423 sf home + parking for one car has two bedrooms, 2 ½ bathrooms and a 2nd floor covered terrace.

The open railed wrought iron cement stair case leads to the 2nd level where the master bedroom with en-suite master bathroom as well as 2nd bedroom and en-suite bathroom are located. Also accessed from the 2nd floor hallway is the covered terrace.

This is a very nicely furnished home with a good floor plan for those wanting two floors.

Our Lives

Weather: transitioning into the dry season... infrequent soft rains, beautiful temperatures, slight breeze.

Shareholder Meeting: This is held at least annually and usually at this time pf year. So it was again. They used to be somewhat contentious and raucous events... they have calmed... fortunately for all. Only one issue of significance... to retain / repair the small pool rancho or remove it... it was decided to repair. The existing roof covering might be changed to better fit in with the environment.

The Board is investigating and expects to propose an upgrade to our existing Internet service... while it will add cost to owners it will be enjoyed by residents who now depend on Internet phones, TV streaming of movies and programs, as well as better, more reliable Internet service.

There was expected to be a discussion re. changing the legal structure of RLJ with proponents of converting to a condominium structure vs. our current corporate / semi-co-operative structure. Proponents feel that such a change would unlock value... there is absolutely no proof of this and lots of evidentiary information to say that is not so. While that can be debated, there are some very real issues that are not subject to debate and I know that those wanting this change have not thought about it... because the debate did not happen, I wonder if the bombshell I dropped on the corporate lawyer who hadn't thought of the issue either... got passed along???? me thinks it is possible... that, in and off itself, should kill the debate... however, are are some amongst us who are thick so maybe not -the well- our only source of water now -would become the property of the state and we would not be allowed to use it... Our water is better than AyA water, more reliable and is free. Another condo in our area having lots of gardens -Avalon Country Club, had water bills of $80 mo. per unit several years ago during the dry season and the price of water has increased since then. There are several other issues that the naive haven't thought about... and that fact that it takes 90% shareholder approval for such a change is pretty good assurance that such a change will not happen in my lifetime. I don't think this will happen so maybe, everything considered, this is the reason the debate didn't get tabled--which is fine, really fine, with me.

INS suit: All the paperwork will be filed this week with the dispute resolution tribunal Chamber of Commerce. By law... yeah, really, they have 150 days... it is a bit unclear if these are calendar days or work days but the belief is calendar days... to render a decision. Supposedly, they will hold a hearing to gather / verify info from me, then ask the defending party to reply in 15 days, and then I have a rebuttal opportunity again within 15 days... then the tribunal has all the info. they are going to get...???... and will render a decision. Yes, the decision can be appealed, but only to one of the supreme courts... Sala 1 or Sala 2... but I am told this is rare. Why is INS fighting this? Being a quasi government body, they have to fight all suites... There is some $20 mil. at stake -obviously I am just a mini player in this issue... banks and big boys are involved... INS's argument is that we, as lenders, all knew the borrower would default and this was a scam... makes no sense but... we'll see... now it is just throw money at lawyers... $10,000 so far... watch them shuffle paper, wait, and ???? INS is also claiming that their employee who approved the security was negligent... well, perhaps but he was their employee and I am sure the decision was reviewed by others so... anyway, the fight goes on, I have a back up hammock should the existing one fall apart in the process...

Wine Club had it's annual Christmas party at the Escazu Country Club. In the past, the 55 people enjoyed it... this year it was lousy, lousy, lousy... I won't be going back there... inconsistency is the norm for CR.

Tomorrow, I am cooking for 18 people... 1/2 of whom I don't know... It is Lita's cooking group Christmas party... I love January... but this is BS!

My December hat says "Grumpy" it will be retired in January.

News Items of the Weeknews


1. Implants: I don't think may of these are exported based upon my observations of women on the street... wow!!!!!!!

1. Costa Rican Breast Implant Manufacturer Invests USD$35M to Expand its Global Operation

Establishment Labs started operations in 2009 as a small enterprise of only six employees, in a garage in Pavas, San Jose. Seven years later, the company strengthens its services by investing USD$35M in the expansion of its global operation, of which USD$16.5M will go to its new mammary implant manufacturing plant in Costa Rica.

The consolidation of Establishment Labs’ global operations, which involves US capital funds from Crown Predator Holdings, JW Asset Management and Percepetive Advisors, includes the increase of working capital for business expansion and development of new products as well as clinical and scientific studies.

The high-tech plant – located in the Coyol Free Zone in Alajuela, that includes a research and development laboratory – will design, manufacture and export breast Motiva Implants® to more than 60 countries worldwide. In addition, the company began commercialization of its 3D simulation system called Divina last September, which was designed in conjunction with Costa Rican companies, including the research and development group of Intel Costa Rica.

“In 2014, I was able to visit the Establishment Labs facilities and see some of their outstanding work. Today, in hands of Costa Rican talent, the company markets and manufactures high quality medical devices to important markets around the world. The growth of Establishment Labs demonstrates the great capacity and skills of our people and is an incentive for other national companies to seek insertion and link with this sector. We are very pleased with this news. From the Government we will continue to strengthen the actions that drive the development of this type of companies, as we do with a stable and growing economy and boosting employment generation,” said Luis Guillermo Solís, President of Costa Rica.

Establishment Labs has stood out for its innovative work in the implants design and manufacture with state-of-the-art technology. Motiva Implants uses integrated RFID microchips to ensure the device´s security and access to the product´s traceability information, linked to an application on patients’ mobile devices.

Furthermore, its new device Divine, uses Real Sense technology – developed by the manufacturer of INTEL microprocessors – to create a digital model of the human body. Through this 3D system, the patient can visualize in real time the possible post-surgical results, thanks to advanced simulation algorithms developed in Costa Rica.

“Establishment Labs is a company committed to the innovation, safety and quality of its products. We are demonstrating this with a new high-tech plant that is carbon neutral and auto-supplies 80% of the energy it consumes through alternative sources such as solar panels. In addition, it meets the highest international standards of green design, representing this way the values that have made Costa Rica great at a global level,” said Juan Jose Chacon Quiros, founder and CEO of Establishment Labs. Alexander Mora, Minister of Foreign Trade, said: “The life sciences sector represents a pillar in the Costa Rican economy, as well as a key element in our diversification and consolidation process in global markets. As a Government, we have worked hard to develop and maintain the right conditions and human talent required by international caliber companies to operate successfully. Likewise, we have strived to position ourselves as an economy focused in activities of higher value added activities, which require high levels of research, development and innovation. That is why we are pleased with this announcement, which is very important for us not only because of the magnitude of the expansion of such a sophisticated operation, but because it has generated linkages with other Costa Rican companies. Almost three-quarters of Establishment Labs’ demand in manufacturing activity is delivered by domestic suppliers. We congratulate the company for this inauguration and we assure that the government will continue efforts to offer them a competitive environment. ”

Establishment Labs’ new facilities will enable the company to produce up to 500,000 implants annually and consolidate the firm’s operations in new markets such as Brazil, Russia, South Korea and Australia. In addition, the Costa Rican company aims to expand its presence in the United States by 2020, following the start – scheduled by 2017 – of the FDA-required clinical trials.

The company’s growth process has allowed the creation of 200 new jobs in 2016, in areas such as production, quality control, logistics, engineering and process quality technicians, industrial engineers and personnel linked to the global marketing of brand. The company’s projection is to hire 100 more people in the next 18 months, which will add to the 295 already existing in Costa Rica, plus another 35 employees located in its offices in Belgium, Brazil and California.

Additionally, Jorge Sequeira, Managing Director of CINDE, said “Medical devices manufacture has had a great impact on the generation of employment and economic growth of the country. Costa Rica is now home to about 70 companies in the Life Sciences sector, which have positioned medical devices as the country’s main industrial export and generating employment for more than 19,000 Costa Ricans.” /PRNEWSWIRE SOURCE Costa Rican Investment Promotion Agency


Brian C. Timmons
Property Manager RLJ and Newsletter Author

Costa Rica:
Cell: (+ 506) 8305-3965
Land line: (+506) 2282-4142 Ext. 101

VOIP: (+416) 461-2203


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