On behalf of our many valued Agents and Representatives we feel compelled to officially comment on the current process of pre-construction/pre-completion condominium sales in Puerto Vallarta. This is with particular, timely concern given the recent issues surrounding purchasers, David Troy Francis and Michael Boustead, of an "in-construction" unit; and whereby the expectations and relations of both the Developers, the Agent and the Buyers are at such opposite ends and are currently embroiled in both legal and Social Media conflict.
Condominium construction throughout Banderas Bay is a sound, decades long residential development institution. Builders and Real Estate Agencies have long been selling condominium units to trusting buyers, who have been handed over large percentages or even the entire purchase price for their pre-purchased units well before they were completed. In the course of this evolution, like anywhere in the world, there have been a few failures - some spectacular and some not - and mostly related to serious swing changes in the general economy. (Again, similar to what markets experience in economic cycles world-wide). The vast majority of projects sold in this manner have been completed, delivered and deeded to their rightful owners.
Despite these good odds! We at CB La Costa, coach and educate our valued clients and will only recommend entering into any pre-completion purchase agreement when a Development has been properly vetted by the Asociación Mexicana de Profesionales Inmobiliarios, (AMPI), also known as The Mexican Association of Real Estate Professionals. We also prefer and encourage listings that are formally approved for the FlexMLS system. Coldwell Banker is accountable, regulated and international.
(Coldwell Banker Real Estate LLC is an American real estate franchise owned by Realogy with headquarters in Madison, New Jersey. It was founded in 1906 in San Francisco, and has approximately 3,000 offices in 49 countries and territories.)
We pride ourselves on a deep knowledge of our markets, demographics, purchasing and selling stakeholders! We will only recommend properties when we are fully convinced that a particular development, given this knowledge, is a sound, viable and reliable option. We understand that we cannot solely rely on AMPI or our customers to do their own due diligence. We take it upon ourselves to do our own extensive research with every property we list and put our name on at any one of our four Brokerage offices; and as well for every Buyer we represent. We understand that all it takes is for one apple in the barrel to go bad for it to affect the entire batch.
It is our sincere hope for all the parties involved in this recent, confusing purchase situation first mentioned above, to sort things out quickly and equitably. In the meantime, we will do everything possible working diligently with all our trusted colleagues and agencies throughout the Bay to ensure and protect against any similar situation, affecting anyone anywhere in our beautiful piece of paradise