I can't be the only one on this site that bought in one of the many unfished developments in Penasco. The people that sold them are long gone. With the real estate recovering in AZ, some day someone is going to come town and start finishing those up. What will happen to all the orginal investors. I can't see anyone giving us our money back and we don't really own anything.
unfinished projects
- Thread starter marybna
- Start date
I have heard that one of the unfinished projects in Las Conchas is up for sale by the orginal developer. And I was a buyer at one of them. I never received any notice of bankruptcy and I am no expert at Mexican real estate law, I wonder what is going to happen. We also heard that the 2 developements in the old port had someone interested in completing them and I know alot of people that had put money down on those two.
Roberto
Guest
A friend made an offer on one of the two in LC and it was turned down. A bank and the developer were both involved the bank was in first position and the developer wanted more than they were getting so the deal fell through. Plan was to convert to assisted living which the buyer has developed successfully elsewhere.
dry heat
Pigeon coup coordinator
A best case scenario for those that put money down on projects...
1. if the project is held by a lender, they will eventually want to sell.
2. the more likely buyer (believe it or not) is probably the original developer. they will often come back and buy-back the development at pennies to the dollar. You have to understand that the developer often has done to much leg work and they may be in the best position to finish the project.
3. if the developer buys it back or a new developer comes in, the hope would be that they would offer some sort of a discounted purchase price to those that put money down. If the new developer or existing developer bought at a discount, then it should be easier to jump start sales by selling a discounted lot to original buyers of the development.
1. if the project is held by a lender, they will eventually want to sell.
2. the more likely buyer (believe it or not) is probably the original developer. they will often come back and buy-back the development at pennies to the dollar. You have to understand that the developer often has done to much leg work and they may be in the best position to finish the project.
3. if the developer buys it back or a new developer comes in, the hope would be that they would offer some sort of a discounted purchase price to those that put money down. If the new developer or existing developer bought at a discount, then it should be easier to jump start sales by selling a discounted lot to original buyers of the development.
Question? Talked to someone that owned at SPA when I did. We both sold about the same time and I lost track of her. She is back in AZ now and divorced. She and her husband paid for a Phase 3 unit in LP and a unit at the Marina, neither of which came to be. She was talking to a lawyer in PHX that seem to be fimiliar with all the goings on in PP. She got the Marina in the divorce. The lawyer in PHX told her that those projects that are no finished and have sat and rusted will never come to be. He said that if and when the port is finished, the govt will declare those unfinished projects uninhabitable and whoever get them will have to tear them down and start all over. I have never heard that. I assumed that someone would come in, buy them at a bargin and resell them. I told her I would post this question.
brokenwave
Guest
I had some rebar exposed for 6 years, after power wire brushing it it was clean and shinny, surface rusted only. I was surprised that the rust didn't destroy the rebar, it was 100 ft from the water .
Some rust is acceptable and even advantageous.
http://www.cctia.org/FAQ_Files/10.016_Rust_on_Rebar.html
http://www.cctia.org/FAQ_Files/10.016_Rust_on_Rebar.html
jerry
Guest
Innerseal Dps stops water from getting to rebar but a little rust is no big deal.If the rust or mill scale is light, it will not affect the bond to the concrete. In fact, studies have shown that mill scale and light rust enhance the bond between concrete and steel
Landshark
Guest
We have problems with rebar developing rust within the concrete & swelling causing the concrete to crack & split open. The beginning of the end. Seems like in your case the rust would have run down the rebar into the concrete over the years and create future failures. So your saying you sealed up the rebar & old concrete with Innerseal DPS to provent this? The theory being with an absence of moisture the rust process will permanently stop?
jerry
Guest
Yes....our exposed rebar and cracking on porch was pretty minimal,the walls were Built with 20 inch Performwall .Just used it out of caution.....is yours just in spots? You could just Seal it and put an overlay over it..Could consider a big fix ( cut out rusted Rebar and replace after chipping out concrete...yikes...then patch)or just enjoy the Miracle of nature reclaiming its territory.
brokenwave
Guest
My exposed rebar has been encased in concrete and block walls for 18 years now and no sign of any problems.