Los Corales

It looks like the developers of Los Corales are still trying to get it going. According to a press release today, they have signed a letter of intent with KSI Capital for a minimum of $25 million to fund the project.

So what do you think? I know there's been a lot of anger aimed at them, legitimately so from what I can gather. Deal? Or No Deal? :?:

(see the press release here: http://rptides.blogspot.com/2009/04/ome ... etter.html )
 

Stuart

Aye carumba!!!
Staff member
From your posted link:

Los Corales is located in Puerto Penasco, a majestic beach resort community located on the Pacific side of Mexico and found in the same geographical region as Cabo San Lucas.
Huh??? Somebody better learn to read a map! Did you write this or just lift it directly from their materials? F- on this report for being nothing but marketing bullshit. Even if they really did get the 25 million. Cabo is Cabo. Penasco is NOT Cabo. People need to STOP comparing Penasco to Cabo because THEY AIN'T ONE AND THE SAME BY ANY STRETCH OF THE IMAGINATION!! The only similarity between the two is they are both in Mexico. End of story.

Corrected for accuracy:

Los Corales is located in Puerto Penasco, an already overbuilt beach resort community with many failed and failing real estate projects. Penasco is experiencing many infrastructure problems, particularly lack of fresh water, due to unchecked development. Los Corales is located on the Sea of Cortez, not the Pacific Ocean, and is about an hour south of Arizona. It is approximately 1000 miles away from Cabo San Lucas and is not part of the Baja Sur geographical region. It is part of the Northern Sonora region.
 

Ladyjeeper

Sonoran Goddess
Staff member
Yeah, and the article also said company representatives have visited the project in Mexico and found it to be a well run operation. So, I guess perpetually closed offices and a big lot full of plastic bags, trash and rebar is a well run project? :eek3: :eek3: :eek3: :x :x :x
 

Jim

Guest
Yea, there are some real bottom-feeder deals right now. 2 bedroom beachfront condo at Princessa listed for $149K. That is listed price. I have recently seen some people accept riciculously low offers.
 
Stuart said:
From your posted link:

Los Corales is located in Puerto Penasco, a majestic beach resort community located on the Pacific side of Mexico and found in the same geographical region as Cabo San Lucas.
Huh??? Somebody better learn to read a map! Did you write this or just lift it directly from their materials? F- on this report for being nothing but marketing bullshit. Even if they really did get the 25 million. Cabo is Cabo. Penasco is NOT Cabo. People need to STOP comparing Penasco to Cabo because THEY AIN'T ONE AND THE SAME BY ANY STRETCH OF THE IMAGINATION!! The only similarity between the two is they are both in Mexico. End of story.
It's a press release from Omega. I thought I made that really clear, but maybe not. Anyway, I put it up there without personal comment so folks could judge for themselves. I'd say they're probably going to get the $25 million, KSI being a company that gives loans to projects that can't get one from anyone else (usually at pretty high interest rates)-- but note that they've signed a letter of intent, which means they don't have it yet.

I TOTALLY agree about that stupid Cabo thing; I admit I snorted when I read it. I'm tired of RP being described as the next Cabo/Cancun/Vallarta, etc. It ISN'T. RP is its own quirky self and doesn't need that kind of totally inaccurate comparison, IMO, not to mention how NOT in the same 'geographical region' they are. Also, I lived in Cabo a couple of decades ago when it was first really starting to grow, and its development followed a very different path from that taken by RP. As you said, the only similarity is that they're both in Mexico.

Personally, I think Omega makes themselves look foolish and amateurish with a statement like that.

But that's just my opinion. I could be wrong. :roll:

PS: You can see their new 'media presentation' at http://www.smallcapvoice.com/ocfn/los-corales/ That oughta get everyone's juices flowing. You'll notice that the narrator can't even pronounce Puerto Penasco right. :mrgreen:
 
S

Submarine

Guest
I like Stuart's version too!


RP's slogan should be: "Rocky Point: Cheap, Close, Better than Lake Havasu."
 

Stuart

Aye carumba!!!
Staff member
La Huerita said:
Stuart said:
From your posted link:

Personally, I think Omega makes themselves look foolish and amateurish with a statement like that.
You and I are in total agreement, fine sir. If Omega is trying to sell something in Mexico, at least try to get the basic facts correct! Otherwise, they look just like another peso-grubbing pendejo developer!

Truth is, Sonora is absolutely beautiful in its own way -- a place where the desert meets the sea and has the best of both worlds. Omega needs to market that. There are plenty of us that are happy in that environment and would willingly buy a vacation home there.

I take that back, there WERE plenty of us until our primary US home values just hit a 10 year low and haven't bottomed out yet. Nobody feels particularly rich these days. Starting (or resuming) a project like that at this point in the US economy is pretty much a death sentence for it. People aren't standing in line to buy condos right now. Beachfront or otherwise. I do think things will come back around, but it's going to be awhile and not at the pace seen in previous years.

I noted something interesting this weekend in Penasco. Big billboard for a condo project (I didn't even pay attention to which one, they so clutter the landscape). It's right across from the police station. I remarked to the wife that times must be getting tight. Instead of a happy, smiling gringo family at the beach, or surrounded in a luxurious spa, or seductively toasting drinks, this billboard had an obviously MEXICAN couple on it. Just a head shot of their smiling faces. So, I figured this project was either A) too poor to pay for American models, or B) really might be trying to entice the Mexican market.

Personally, I bet most locals in Penasco hate that sign because it portrays something they could never afford, even having lived there all their lives.

All us fisherfolk are still waiting for the new marina to be built. Maybe, just maybe, I'll see it in my lifetime.
 

Roberto

Guest
The people seem to have taken back this beach. Lots of cars parking near the water and families enjoying the sea there.
 
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