Hi there!
Fortaleza Adventure’s recent clients, a great couple from Phoenix in the US named Jim and Angie, are back home after an “adventure in real estate”! Briefly, after a couple of days here, Jim became entranced with a major real estate development on Beira Mar and the couple decided that, because there was no downpayment required and the payments were spread out over 101 months, that it would be ideal for them. They were looking at the unit as an investment, not somewhere to live. Jim figured that he could get in…make payments for a couple of years until the building was finished, and then sell for a profit. I told him buying off-plan was dangerous but he wanted to continue with the process. Even though the developer has their own lawyers, I took Jim and Angie to meet my own independent lawyer (now Jim’s lawyer as well). He took a look at a copy of the developers contract and said “No Way!” As is usual in Brazil real estate, the contract was written entirely in favor of the seller.
After a hastily scheduled meeting at my lawyer’s office with the developers attorney plus the agent involved produced nothing more in the way of protection for my clients, Jim and Angie, who had returned to Phoenix by this time, finally said, no.
They are planning to visit Belize next year on the search for a retirement place. They have time, both being in their late 40s.
Just last night, I talked with a lady agent we have used, and she told us she was out R$4,000 after missing a payment date by one day on a property purchase. Apparently she gave the money to her son to make the payment and he was a day late!
Fortaleza Adventure is a small service designed to act as a “Personal Concierge” for visitors to Fortaleza.
One of the areas we get involved with is real estate, particularly since Fortaleza is much more on the “radar” for investors in North America since the “Great Recession” began.
If you would like to know more about Fortaleza or the services Fortaleza Adventure provides, please follow the link or email andy@andyneill.com.
