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 Moderated by: bartmanaz Page:    1  2  Next Page Last Page  
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Pelican Cove Private Residences  Rate Topic 
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 Posted: Fri Jul 6th, 2007 01:10 am
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DADIO
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:) Pelican Cove is breaking ground! The ceremony is this Friday at 5:00 p.m. on their land. Yah hoo!

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 Posted: Sun Feb 8th, 2009 09:01 pm
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Blue Moon
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What a lark this is .... Pelican Cove has been refusing refunds to buyers after having held money without interest since 2007. The villas are over priced and the condos are over priced... not selling ... and not being built... The Pelican cove project, while starting as a dream, is now becoming another mexican real estate "horror story" . My recommendation to any potential buyer is ...DON'T do it"...
If you want to buy real estate buy something that is REAL, from an honest realtor with a good reputation for honesty.

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 Posted: Mon Feb 9th, 2009 03:06 pm
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bartmanaz
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Note that the original post was dated in July of 2007. 

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 Posted: Mon Feb 9th, 2009 03:28 pm
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hans
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The Pelican cove project as a Mexican Horror Story ?

Is it a Mexican Project by Mexicans ????

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 Posted: Thu Feb 12th, 2009 03:20 am
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Blue Moon
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Sadly they are Canadians. (out of their element & in over their heads) Acting unprofessionally.

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 Posted: Thu Feb 12th, 2009 02:47 pm
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hans
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aaahhhhh.......

By this World Crisis , it will not be the only Project or Business in Problems.

..??...World Crisis...?? or the Rest of the World is also paying the Houses, Cars....etc .      of  the fine people of the USA, finaly they could not pay ???

all that Money that got lost , had to go somewhere ?  ..........Where????

Somebody got richer !

,

Last edited on Thu Feb 12th, 2009 02:49 pm by hans

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 Posted: Thu Feb 12th, 2009 05:33 pm
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Hook
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A lot of it is being held as cash, CDs or bonds by various institutions, including corporations and governments, for the day when they feel it can be safely reinvested in some other instrument that might have greater returns. That's not to say they didnt take losses during the conversion to cash.

The same goes for simple homeowners. For all the stories you read about persons who overextended themselves with creative financing and lost, there are a significant number who got OUT of the housing market with significant profits and NO debt. We all know people like that.

Well, I'm from California, so I know some, anyway..............

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 Posted: Fri Mar 6th, 2009 09:30 pm
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Blue Moon
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Anyone have any idea what is going on with Pelican Cove? I understand they have moved the sales centre into one of the 2 villas (houses) on the PC site.

Pete or Dave at Pelican Cove have not been returning phone messages or emails, except a canned response once this year (2009). (the email reply tags indicate emails have been read... but no response.. no anything... just a vacuum)

It would be very hard to understand why anyone would want to finance the project. Aside from all the obvious issues regarding the economy being in shambles, the project pricing structure is set up for boom economic time.

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 Posted: Mon Mar 9th, 2009 02:39 am
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PlumbBob
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The buyers are in a tough situation because they have signed offers to purchace and now are obligated by a contract.  It's not that PC will not give back the money rather they are not legally obligated to give it back.  I agree the units are now overpriced but tell that to anyone who bought shares high and sold low.  Once they signed on the dotted line and gave up the deposit, the die was cast.  However, if PC wants to compete, they will have to lower their prices and then should offer a discount back to the other buyer or buy them out.  That's just my opinion.  It's too bad the principles at PC are being so tight lipped.  It sure doesn't help to build any confidence in them or the development. 

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 Posted: Mon Mar 9th, 2009 07:00 pm
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hothead
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I believe PC has spent all the investors money instead of putting it in a trust fund,and there is no money to give back. They have been living high on the hog for two years, but there are no new investors and that is why the have gone into hiding and will not return any calls. This is to bad for the people that invested to be scammed by two Canadians. The investors could band together and have the R.C.M.P. do a fraud investigation. This give San Carlos a black eye in my opion.

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 Posted: Tue Mar 10th, 2009 01:29 am
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Jimmy
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hans wrote: aaahhhhh.......

By this World Crisis , it will not be the only Project or Business in Problems.

..??...World Crisis...?? or the Rest of the World is also paying the Houses, Cars....etc .      of  the fine people of the USA, finaly they could not pay ???

all that Money that got lost , had to go somewhere ?  ..........Where????

Somebody got richer !

,


Money evaporates like water....you buy something that is worth $50,000 and pay $100,000 for it in an inflated market. If the market deflates $50,000 has evaporated.

No one has it..it is just gone. Something is only worth what you can get someone else to pay for it.

Last edited on Tue Mar 10th, 2009 01:32 am by Jimmy

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 Posted: Thu Mar 12th, 2009 03:08 am
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Blue Moon
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For any of you following the "PELICAN COVE SAGA" here is the latest response from Pelican Cove>

Dear Valued Client:

The events of the last year have been stressful for the majority of the population including experienced, quality developers like ourselves - Pelican Cove SA de CV. The worldwide financial crisis has greatly affected our ability to get things done as we are not immune to it.

A few of our clients have noticed this delay in the development of the Pelican Cove and have requested their deposits back.
The full intent is to complete the project when it presents the least risks to the buyers and investors. With the financial market still in turmoil, a normal pace of any project development would put undue risks to both buyers and investors for the following reasons:
1) Credit market and capital is extremely limited today. Lenders have been known to back away from their commitment for construction financing even if partial funding has occurred.

2) As we know and have seen and heard in the news, bankruptcies continue in record numbers with lenders and creditors on a global basis. A partially funded development will incur major liabilities from suppliers and service providers working on the construction of the buildings.

3) We have seen many businesses affected by this severe recession, many of which have gone out of business. Suppliers of construction materials, hardware, service providers who have the reputation and have been in business for a long time are among the biggest casualties of this recession. In any development, the developer extends deposits to suppliers for material, hardware and labor. If any of these companies go out of business, the deposits are lost affecting both the developer, buyers and investors.

We would like to assure you that the project has not stopped or disappeared. We have been moving patiently albeit at a snail's pace to safeguard our collective investments and err on being conservative. Moving with haste in a very uncertain climate may jeopardize your investment and ours in this project.

Today your money that you have invested in the project is safely invested in this prime, ocean front property which is still here and will not evaporate in thin air! The property remains free and clear. Having invested in Pelican Cove you still have your full value and for many of you from Canada who invested at a par dollar you have even more right now due to exchange rate.

Your deposit and purchase agreement stipulates that there is no provision for returning any deposits as long as the Pelican Cove continues to operate and move forward towards the development of this project.
We will not be telling you any more when you call about the approximate time frames (just 2 weeks away) that we keep hearing but instead will only notify you when a significant or important event has occurred.

Please understand that we cannot respond to your demands and requests on a daily basis and realize that the current state of the global economy calls for some fortitude and support. We will continue to do our best to realize this project - your dream and ours.

Thank you for your support and understanding.

Sincerely,

David Jaques

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 Posted: Thu Mar 12th, 2009 09:07 pm
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hothead
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SEENS LIKE ALOT OF SMOKE AND MIRRORS

I thought that you had to be mexican to own Ocean Front Property?

Great letter to Investors stateing Don't call us we"ll call you! Don"t worry about your investment we"ll let you know when we decide to go forward. and in the meantime we are to busy to return your calls or e-mails.

No mention of your money being held in a secure Trust Fund.

I hope the investors are all in there young as they could be waiting a long time for things to happen.

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 Posted: Fri Mar 13th, 2009 01:20 am
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bartmanaz
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Hothead

You were wrong-a corporation can own property.

Are you a client of these folks or are you just grinding an axe and trying to live up to your handle?

Bart

 

Last edited on Fri Mar 13th, 2009 08:09 pm by bartmanaz

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 Posted: Fri Mar 13th, 2009 05:57 pm
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Blue Moon
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I'm a buyer.. I put down a large deposit in 2007 with the expectation that it was to be built by now..... I think they have spent the deposit monies..... which in Canada and US is illegal. Normally funds are in an escrow account. Pelican Cove is represented by Dave Jacques and Pete Spencer whom are Canadians; therefore, they know they are doing wrong. Their response of "don't call us" and other comments not referenced herein are not how anyone would normally treat a customer.

Note: we are customers not investors and the delivery of the product is years overdue. Returning of a deposit on non delivered goods is the
the way reputable businesses respond. The project was promised to start 2 years ago and they haven't turned a wheel on the condo complex.

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 Posted: Fri Mar 13th, 2009 08:11 pm
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bartmanaz
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Blue Moon

Thanx for sharing that info.

Bart

 

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 Posted: Fri Mar 13th, 2009 08:19 pm
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hothead
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I am a customer as well, I am retired, and invested in PC in 2007. I invested my life savings and was also told that I could expect to move in the spring of 2009.

I am of the old school,where a hand shake was all you needed to trust someone. Because I am Canadian( a Honest One) I was foolish enought to Trust a Canadian Company building a project in Mexico.

 Pete promised the world to me and called me Daily to get my deposit. He now has not returned any of my calls or e-mails for weeks. Because of this I have returned to work and I will face hardships in my so called retirement.

I have lost all confidence in Pelican cove and now find my self having no further interest in his project. The way people are being treated is a disgrace.

I understand that I have been scammed, as you read about this every day in the paper. And my hope is that other will not fall in the trap I did.

"A satisfied customer will tell a friend."

"A unsatisfied customer will tell a thousand."

I hope that all the 45 investors tell a thousand and we will save 45,000 people from falling into the trap we did.

I wonder how they plan on selling he other 245 units? Or if they have thought of that?

Hopefully the people of San Carlos will steer there friends away,from Pelican Cove .

I will get over losing all my money but I am still proud to be who I am and am thankfull that I have found a job, and can now only dream of a sandy beach.

Its not to late for them to do the right thing, unless they have gone to far in spending what was not rightfully theirs.

FOOD FOR THOUGHT

There is a room with a view in the BIG HOUSE if you wish to go there.

DO THE RIGHT THING

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 Posted: Fri Mar 13th, 2009 09:18 pm
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Blue Moon
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Any buyers interested in a joining in legal action against PC please send me a direct email. The internet can be used to rally buyers against PC to potentially retrieve deposits,

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 Posted: Thu Mar 19th, 2009 01:35 pm
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hothead
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FROM THE PENTHOUSE TO THE JAILHOUSE

I think Blue Moons idea is a Great One

You can count me in, I will send you a message today.

Pelican Cove is still not answering any call or Emails,  Have any of the locals seen Pete or Dave, or have they left San Carlos?

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 Posted: Fri Mar 20th, 2009 02:47 am
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Eire
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Have not seen either one of them.  See that Trump is also being sued by a class action 69 buyers. in Baja California just below the border.  I remember thinking wow if he is in it then it will get done, but was wrong.  In the SanDiego newspaper article it is saying that he only licensed his name, so the suit is against he, Ivanka and Donald Jr.  I remember that they were going to apply for Sentri passes for all their clients, as we all know that that border is worse than Nogales. I guess if you cannot walk into it, don't buy it?

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