A Little More Progress

ISSUE #814: June 1-6, 2020

2020-06-07

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

Web: https://www.residenciaslosjardines.com
Emails: info@residenciaslosjardines.com
ResidenciasPropertyManagement@gmail.com

Featured
rentals & sales

Paradisus Condos / Rohrmoser
FOR SALE / RENT
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...

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

FOR RENT
12-2 at Paradisus $1,400 mo.
this one has white living room furniture

Market activity
sales & rentals

Sales: Los Jardines: Units #114, #116 and #124

Rentals:

Paradisus: 12-2 at Paradisus $1,400 mo. (white living room furniture)

Los Jardines: Available immediately: #125 $825 mo.

Residencias Los Jardines
property management, rentals & re-sales

FOR SALE
Unit #114: $ 199,000 / See Unit
Unit #116: $ 195,000 $ 189,995 / See Unit
Unit #124: $ 125,000 $ 115,000 / See Unit

FOR RENT
Unit #125: $875 $825 mo. / Available immediately / See Unit

For sale

UNIT #114
FOR SALE
$ 199,000

Total Area (Sq Ft): 1290
Total area (Sq M): 120
Bedrooms: 2
Bathrooms: 2
Floor(s): 1
Type: Semi-Attached
Furnished: Yes

This 2 bedroom/2bathroom,1,290 sf single floor end unit home includes a 150 sf front terrace plus parking for one car. This house is fully air conditioned and has recently been professionally decorated by international decorator Alcides Graffe and has undergone a complete renovation—new modern furniture, finishings, window coverings, and art work by Carlos Gambino. It is arguably the nicest furnished unit at Residencias Los Jardines and only steps from the pool

UNIT #116
FOR SALE
$ 195,000 $ 189,995

Total Area (Sq Ft): 1290
Total area (Sq M): 120
Bedrooms: 2
Bathrooms: 2
Floor(s): 1
Type: Semi-Attached
Furnished: Yes

This 1,290 sf single floor home includes a 300 sf front terrace plus parking for one car and a separate, secure storage locker. It is and end unit and therefore attached on only one side by a 6 inch cement demising (common) wall, which prevents sound transfer.

UNIT #124
FOR SALE
$125,000 $ 115,000

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

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

For rent

UNIT #125
FOR RENT
$ 875 $825 mo.
Available immediately

Total Area (Sq Ft): 662
Total area (Sq M): 60
Bedrooms: 1
Bathrooms: 1
Floor(s): 2nd Floor
Type: Semi-Detached
Furnished: Yes

This 662 sf, (62M2)+ 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.

Our Lives

What Happened This Week

Weather: Enough rain to keep all happy... garden is looking great.

Stories

A Little More Progress:

1. Rentals: After having renting Paradisus last week -to move in on 12 of June... I got beaten up on the rent, I had to add a 2nd TV and now it seems I have to clean the curtains (they are clean but the tenant is a "diplomate" and is used to spending other people's money). I will but have said this is now the red line... I have also leased 112 and 106C. In both cases, I had to reduce the rent and negotiate hard to get what I ended up getting and to make several changes... That leaves me with 125 -just lowered the asking rent on that as well...

2. Repossession: We are looking to take possession of one of the Los Jardines houes for long time outstanding arrears by the shareholder. This is not something which I want to do but the other shareholders and the parent company is owed a lot of money... and our shareholder agreement provides for this action... and despite months of attempts to collect, it has not happened. So it is time to take action... next week I expect the fur will fly!!

3. Pool Work: Shareholders appraised, sources identified, contracts let, materials selected and ordered. Work will begin Monday.

4. Shareholder Agreement Revision: This was issued without any feedback from the two people I asked. Promises, promises but no follow through...

5. Slippery walkway tile: For years we have had complaints re. certain tile which, when wet and when the wrong type of shoes are worn, are slippery. These are legitimate complaints... We have had this on our "to do" list for a number of years but never enough money for it's priority. It has not moved up the list and we did allocate money for it... Now we are trying to figure out how to do it short of replacing the tile. Acid etchig did not work, painting with a non-slippery surface treament (worked but wore off in a few months)... I have pushed a light sandblasting... it has been difficult finding someone who would do this... a number of people have told me it cannot be done because they had never done it... we have an appointment today with someone who will review the idea... we'll see.

6. BS!!!! #1: A friend of mine building a hotel in the Caribbean has all his construction permits... all of them. his harrassment continues and now he will be tied up thru judicial process for ??? who knows how long... and there is no basis for it according to him and his permits and re-surveying have verified everything... there seems to be a fight going on amongst government agencies over jurisdiction and perhaps bribes by previous government officials and he is caught in the middle.

7. BS!!!! #2: Scotiabank: after saying they would send me a list of documents I needed to provide, I did not receive anything (typical). But wanting closure on this, I contact them... they had dropped the issue but again said they would send me a list of documents to provide... I wait...

8. Foreclosure: Having bought out the mortgage on Jan. 21, I still await the assignment by a judge of my ownership rights. After complaiining of the delay and receiving a court reply that the lapse time was "normal" and "reasonable" -more government BS. I was given a timeline... it would be dealt with in the first week in June... we have just completed the week... we will follow up next week... I have a person waiting to buy it... he is tico, he understands.

9. INS Suit: It grinds away and I continue to get invoices for legal fees.

10. Beach -Air BnB: An opportunity came up suddenly... bored friends wanted to go... not the best week for me but I said we were in... they found a place and went... lots of rain, not as much sun as hoped for, but we had a great time... the house was very nice, everything worked, and it was a great get away... 3-3 1/2 drive -South of Quepos / North of Dominical on the Pacific. We got a one night free discount... we had been the first clients for a long time and no one was coming in after us...

11. Website: I have again decided to update my website. I love it and it is still accurate... it provides lots of information. Trouble is, search engine technology has changed and none of the browsers find it. I market totally through agents... which has been fine but I would really like to have some independence. I have tried updating the website before and was disappointed in the results... I did not see any change. I will try again...

12. Borders and Travel: The CR border closure has been closed until July 1 and there is no assurance it will not be changed again. Problems are still occurring at the Nicaraguan border re. truckers and haulage but they seem to be under control... more or less. Beaches are still closed -open only from 5am-8. Restaurants are opening; many shops are still closed especially those dependent on tourism.

13. Internet: Ours have been slow numerous times this past week. Speed tests have shown we are not receiving what we did before... typical... promise lots, over sell capacity, everyone sucks ...we'll see.

News Items of the Week

Comments:

1. OECD: I am not sure I buy all the explanation but it is probably a good thing for large corporations...the extent of foreign investment now after the supply chain issues, may be a bit of a drag. Re. contract enforcement and government honesty, I have a mixed record mostly on the negative side of the coin.

2. Moodys, Credit Rating: I cannot find the article but the rating agency lowered the outlook on CR from "stable" to "negative". too much spending and not enough growth.

The Advantages of Costa Rica Becoming a OECD Member

“We are what we repeatedly do. Excellence, then, is not an act, but a habit.” Aristotle’s words are an example of a beacon that Costa Rica has followed for a long time: work in pursuit of excellence. A sample of that was a major milestone in the history of Costa Rica’s foreign direct investment (FDI) when INTEL set up its operations in the country in 1996. This opened a broad successful path reflected today on the presence of more than 320 multinational companies in Costa Rica.

This event joins another milestone that Costa Rica proposed more than eight years ago: be part of a group with the highest standards, the Organization for Economic Co-operation and Development (OECD). The process itself took over five years and the approval occurred on Friday, May 15, 2020.

FDI is a winner in this process. Belonging to the OECD is a clear acknowledgment that the country meets the most demanding world standards and demonstrates to domestic and international investors that its policies follow the best practices in areas such as corporate governance, investment, competition, financial markets, and public administration.

As a member of the OECD, Costa Rica reinforces its FDI seal of quality based on four main reasons:

  1. Ongoing evaluation: Costa Rica’s economic data is monitored by the OECD, which provides trustworthy, comparable statistics for setting objectives and progressing.
  2. Development reports: Costa Rica will have specific reports on hand that can be requested to the OCDE, which is also a forum for discussion and analysis of different issues.
  3. Impartial advice: The country will have evidence-based advice from the OECD.
  4. Greater trust: Meeting public policy standards as a member of the OECD, reinforces a greater trust from external investors.

The OECD declaration about international investment and multinational companies provides an open, transparent setting for international investment and feeds the positive input that multinational companies are able to achieve progress economically and socially. The 47 adherents to the declaration represent 82% of the outgoing global FDI flow: 62% of the incoming foreign direct investment flow: 73% of the entering stock and 87% of the outgoing stock.

Furthermore, as part of the evaluation process for joining the OECD, Costa Rica had a series of intermittent reforms introduced to the free trade zone program. Therefore, the fact that this incentive system for FDI meets the international criteria and standards applicable to international transparency and taxation was ratified.

“The OECD’s invitation to Costa Rica reinforces the country’s free zone regime firmness for investing in the country. Its internationally acknowledged seal of excellence continues to be outstanding so any investor may be sure that, by investing in Costa Rica, the incentives provided under the standards are 100% in line with the highest international requirements and good practices,” explained Jorge Sequeira, Managing Director of CINDE.

He added: “CINDE celebrates that Costa Rica is OECD’s 38th member. This reinforces the country’s guiding star as a destination-oriented toward human talent, innovation, and sustainability.”

Joining the OECD also included a series of internal reforms that leveled the playing field based on the organization’s standards. The approved changes include opening more investment possibilities such as: setting up branches to operate under the same conditions as the banks that were already established in the country. Also, major steps were taken continuously to facilitate the establishment of companies, as well as on the regulatory improvement and to ensure that the Free Trade Zone regime meets all of the regulations requested by the OECD without breaching any restriction.

Lastly, and to endow the country even more as it relates to investment, CINDE, along with the Ministry of Foreign Trade and the Export Promotion Agency of Costa Rica, are honing their new strategy for promoting the attraction of investors based on what we call the triple propeller: people, planet, and prosperity surrounded by a world scene where companies will bet even more on strategies involving reshoring and nearshoring, which provides Costa Rica, even more, a proven advantage over its competitors by complying with the international OECD standards.

FOR RENTAL OR SALES INFORMATION
ON ANY OF THE ABOVE, CONTACT:

Brian C. Timmons
Property Manager RLJ and Newsletter Author

Costa Rica:
Cell: (+506) 8-455-59-35
Land line: (+506) 2282-4142 Ext. 101

Canada:
VOIP: (+416) 461-2203

Web: https://www.residenciaslosjardines.com
Emails: info@residenciaslosjardines.com
ResidenciasPropertyManagement@gmail.com

 
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