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RobM
05-03-2020, 07:55 AM
Hello everyone, I have just joined this forum and am happy to be here. While my wife first started going to Aruba over 25 years ago, I had my very first trip here this past February and fell in love with everything about it. (Well no surprise, I should have listened to her earlier when she kept telling me how I just had to visit the island and experience all it has to offer:). Well we liked it so much that we currently are in the midst of buying at O Condominium for us to use 4-5 months / year.
I just had two questions for the group:

1-With all the travel concerns going on these days which I do believe, will slowly get back to normal at some point, do those that know the Aruba market better than we do anticipate a drop of any significance on the island to real estate pricing?

2-We are struggling with whether we go for the 2 or 3 bedroom unit. There is a significant price difference between the two (and the three bedroom has a much better view) so tempting to pay the higher price. That said, we would need to rent out some times (so the three might be that much easier) and are interested in hearing anyone's thoughts on this. ie: Did you buy a 2 and wish you had gotten the 3 bedroom or possibly given the price variance, vice versa etc.?

Thanks all,

Andrea J.
05-03-2020, 08:12 AM
Welcome to the Aruba.com community forum.
as I tell my husband ALL OF THE TIME.........."you should have listened to me!"

I believe that you need to speak with a number of Aruba realtors and get a good feel about pricing.

Regarding a 3 bedroom.........if you can manage the cost and the monthly maintenance, a 3 bedroom really is very desirable to families or for 3 couples.
A 2 bedroom is quite popular and I think is pretty much the norm.
Location is also very important.
If you are only able to manage ownership of the condo counting on rental income, think 2x.
People who "need" to rent theirs in order to maintain it are now suffering financially.

I hope some of the condo and home owners chime in!

WaltVB
05-03-2020, 08:51 AM
Hi RobM, welcome to the forum. Good luck with your purchase.

RobM
05-03-2020, 09:02 AM
Thank you for the great feedback and agreed on the comment about renting challenges currently to offset the monthly fees. A difficult time for many I am sure...

LisaGrn
05-03-2020, 09:55 AM
Welcome to the forum, Rob! Can't offer any assistance with condo purchase but always glad to see a new "face" !

RobM
05-03-2020, 10:00 AM
Thank you!!

Bri
05-03-2020, 10:20 AM
Welcome to the Forum!

hineskl
05-03-2020, 01:22 PM
Rob,

We purchased at Gold Coast about 6 years ago.

I am not certain if the pricing in the market will go down or up. I can tell you that buying not from the developer is what I would recommend. We purchased from the developer. Financially was the only way we could at the time make it work and spread out the building and purchase over a couple of years. With patience I think you can get a much better buy from seller. You can always change furniture and such to make it your own.

Do the extra room. We purchased a 2 bedroom condo. Yes, I wish we would have purchased a 3 bedroom.

The purchase is very front end loaded with taxes and such, so make sure you are buying what you really want, because it is a pain and you don't want to do it again unless you enjoy that sort of thing.

My 2 cents.

Kevin

coldsteel337
05-03-2020, 02:22 PM
Welcome to the forum.

robin
05-03-2020, 03:05 PM
Hi and Welcome. Just over 3 years ago we purchased a 2 bedroom condo at Oceania. We did look at a three bedroom, but wanted to have a place that we could afford without having to rent it out and in today's climate, I am happy I don't have to worry about lost income and being able to manage the monthly cost. We do rent it out when we are not there, but do not want to "have to rent it", especially since we are there Jan.-Mar. Our second bedroom is my husband's office because he works while we are there, which does not give us a space for guests, which is both good and bad. I find that the 2 bedroom is easy for me to clean while we are there-it is about 1500 sq. feet and the three bedroom we looked at was about 2,000 sq. feet and seemed very big. I can tell you that there are units for sale at Oceania and you may be able to get a deal. We got a very good deal when we bought because the owners were eager to sell.

If I can help in anyway, please let me know.

Aruba4ever
05-03-2020, 04:28 PM
Welcome and good luck.

RobM
05-03-2020, 10:19 PM
Thanks Kevin for the feedback.. I hear you on the upfront costs for sure. Seems a bit pricey so want to be sure we are in it for a while.. We looked at Gold coast as well and thought it was very nice.....

RobM
05-03-2020, 10:24 PM
Great feedback Robin, thank you! I also agree we want to be in the same place as not having to rent out so much to consider..leaning towards the 3 bedroom as it is also about 1,500 ft2...

Rob

LeaveTheKidsWithMom
05-04-2020, 11:01 AM
With all the uncertainty going on right now, the only thing we know for certain is there are going to be foreclosures and bankruptcy's. To me it sounds like deals in the near future, so if it was me I'd take my time and wait for the market to catch up with the current times.

RobM
05-06-2020, 06:45 AM
Thanks for the feedback and tend to agree there will be some hardships over the current times. A difficult time for many.
O Condo is about 80% sold with only 15 units left and given we are really wanting to be in that particular area am not sure we will have the luxury of waiting it out to ensure we get what we want but good advice I know... Thanks again,

schexc
05-06-2020, 09:37 AM
This reply is based on our experience over the last 10 years, which includes our research, purchase and usage.

1. During the time frames that Aruba experienced a fall off in their tourism industry, think Natalie Holloway, although we weren't looking then, recession period around 2008, the real estate market took a hit. New projects that had stated construction slowed or halted and the resale market became a buyer's market, as owners that were dependent on rental income, sold at a depreciated amount. When tourism picked up and the purchasing market got comfortable again, pricing rose and the appreciated gains started to normalize. Like others have mentioned, I think the resale market might have some bargains and a lot will be determined on how long the tourist drought continues. If a builder is in financial trouble, the same could apply, but I'd be wary of final completion. By the way, the 15 units left for sale seems to have been stuck there for a bit. With the current situation, I'm not sure how fast the remainder are selling. It would be good to know.

2. Bedroom count is based on need and preference. If the unit had a one bedroom lock off, a three bedroom is ideal. I really can't answer on which layout rents better on the beach front, as our's is not. Robin could probable answer better on that.

The overall process to close is not that difficult. Yes, there is the transfer tax to deal with, but the closing lists it as property tax. Good luck with the purchase!

robin
05-06-2020, 10:24 AM
One thing I do want to mention is there are a lot of good deals especially on units owned by Venezuelans. Many of them sell because they have to sell. We bought our unit for $100,000 less than they were asking and they had already dropped their price. We are currently buying a garage at our complex because someone had one and needs the money. There are a lot of units that have been for sale for a long time, both US and Venezuelan owned. Have you looked at anything other than O?

ArubaAngela
05-06-2020, 10:57 AM
I’m in the process of closing on a one bedroom unit at Azure. We were supposed to be there this week to close, but unfortunately we’re not. We looked at the 2 bedroom for more space, but for us, we felt the 1 bedroom was sufficient. Also, the HOA fees are quite higher the bigger the unit you own, not to mention the price tag. We’re originally from upstate NY and have been traveling to Aruba in January for 30 years. We’re now retired in Florida and even though we live in Paradise, we love our home away from home Aruba. I plan to spend the month of January in Aruba and hopefully rent for high season, then we will spend 2-3 weeks at different times throughout the year.

the closing costs are approximately 7% of your purchase price, I know I just paid mine yesterday!!!! With that said, I’m looking forward to the day I can see my condo complete in person. I had to do a video walk through, which made me want to be there even more.

good luck with your decision.

schexc
05-06-2020, 03:51 PM
One thing I do want to mention is there are a lot of good deals especially on units owned by Venezuelans. Many of them sell because they have to sell. We bought our unit for $100,000 less than they were asking and they had already dropped their price. We are currently buying a garage at our complex because someone had one and needs the money. There are a lot of units that have been for sale for a long time, both US and Venezuelan owned. Have you looked at anything other than O?

Could we get both little cars in there:)

robin
05-06-2020, 03:58 PM
Could we get both little cars in there:)

I wish. They are small. Our neighbor who lives there year round has a Honda CRV and it just fits. I am hoping that Stu will finally relent and I can get a small grill that we can keep in there when we are not in Aruba. Our rental space will be available in Feb. but it's not cheap.

RobM
05-07-2020, 07:31 AM
Thanks for the experienced feedback. Agreed as well the 15 units are slow to move right now and likely will be a while I would think. I may need to wait it out a bit although I think the builder is likely good to complete of course, who knows for sure and how long it will take.

Thanks

RobM
05-07-2020, 07:33 AM
Good luck with the new purchase! I looked at Blue/Azure and also liked those units...

RobM
05-07-2020, 07:36 AM
Sounds like you got a great deal when you purchased Robin!
Yes we looked at 4 other places of which many are nice.. We like O mostly due to it's location / beach quality there, and the boutique nature of the hotel. We like smaller places and it seems as if it is going to have fewer renters than come other locations we checked out..

robin
05-07-2020, 09:45 AM
Sounds like you got a great deal when you purchased Robin!
Yes we looked at 4 other places of which many are nice.. We like O mostly due to it's location / beach quality there, and the boutique nature of the hotel. We like smaller places and it seems as if it is going to have fewer renters than come other locations we checked out..

I do not know now because of what is happening if construction will begin, but I wanted to make sure you know that they had planned to start construction of a 240ish room all inclusive Iberostar on the large parcel of land between Oceania and Screaming Eagle.

schexc
05-07-2020, 11:55 AM
Thanks for the experienced feedback. Agreed as well the 15 units are slow to move right now and likely will be a while I would think. I may need to wait it out a bit although I think the builder is likely good to complete of course, who knows for sure and how long it will take.

Thanks

Of course, I don’t know how many of those 15, meet your criteria.

schexc
05-07-2020, 11:59 AM
I do not know now because of what is happening if construction will begin, but I wanted to make sure you know that they had planned to start construction of a 240ish room all inclusive Iberostar on the large parcel of land between Oceania and Screaming Eagle.

I was going to mention that too, when Beach quality was mentioned, but wasn’t sure if they meant beach or Beach occupancy. The small footprint of O, will have fewer renters, but the new resort you speak of, will affect the beach population.

RobM
05-09-2020, 06:19 AM
We have decided to move ahead with the purchase of the condo and I am currently reviewing the contract that has been sent to me. I had two questions for the group and for those that have gone through this before.

1-At what stage does the Notary who I understand all deals must go through get involved?
2-Not being familiar with process in Aruba (we are Canadian), how do I know my funds are protected and in trust? ie: Assume all payments are made in Trust through the Notary, but contract states funds can be used for the Construction costs of this new build which threw me off as I thought the banks financed the project and funds were protected. With 15 units still not sold 5 months before scheduled completion, they will most likely be into negative cash flow so again thought banks financed it.

Thanks for any and all feedback!

annf
05-09-2020, 09:08 AM
Oh boy Rob!! I think you need to speak with a good lawyer here on the island. You are doing your homework and noticed a good sentence in the contract. Keep in mind this is a foreign country... banks do not operate in the same way as they do in USA and Canada. For example if you have money in a bank here it is my understanding that your money is not protected if the bank goes under or someone steals from your account. I would be concerned about buying into anything that is not completed...note that Aqua (in high rise area) has been going up piece by piece (likely using the $ of 'new' buyers) for more than 10 years and there is still no occupancy the last I knew. Like others have said I think there will be good prices available on units in established condos within the year. Tried to stay out of this discussion...but you asked! lol Good luck...you are asking the right questions!

RobM
05-09-2020, 09:20 AM
Thanks for the feedback.. I was surprised when I read this and reached out to both the notary that would handle this deal and am looking to find a lawyer on the island as well as third party input. As an Accountant and a person with large project construction it is all concerning to me however am hoping there is bank guarantee of some sort etc. that I am not aware of yet.

Will see... Thanks!

Andrea J.
05-09-2020, 09:35 AM
Since things are so questionable right now...........there are certain projects that will lay dormant for a while....maybe even a long while.
I think if I were in your shoes, I would not proceed until things get better on the island and it is apparent what will survive and what won't.
My answer is probably the only negative one here.
Sorry.

robin
05-09-2020, 11:17 AM
We bought our unit as a resale and we used a realtor. The notary was sent the info and they did their part-getting all the paperwork together, checking the taxes, etc. I do not know how it works with a new build. SCHEXE can probably help you with that part since he bought at The Pearl while it was under construction. I can also go back into the original documents from Oceania because I do have them and see if there was anything similar, but you have to give me a few days.

We are currently buying a garage from another owner with the help of the property manager. The owner has a US bank account, and we are paying them directly so all the notary has to do is draw up the deed.

LisaGrn
05-09-2020, 11:41 AM
Being a real estate paralegal, I would strongly recommend you have a Canadian attorney review the contract, someone experienced in real estate contract law before you sign anything. The thought of a realtor or notary being in charge sends chills up my spine. At the very least have an attorney in Aruba counsel you, especially since it is new construction. It sounds like this project may be in financial difficulties. Sorry to be the voice of doom, Rob.

Aruba4ever
05-09-2020, 11:42 AM
15 units left to sell does not sound like much if its a large property but when there are only 40 units total. I worry this could be a train wreck with only 62% sold so far in todays market. If you cant pass I would certainly hire a local lawyer that can put language into the contract to protect your funds. Them being able to use your funds worries me. Maybe you put down a much smaller amount with more promised as they get closer to being able to deliver a finished unit?

Good luck.

Aruba4ever
05-09-2020, 11:49 AM
After a little more research they have been selling these units since December of 2017. That is almost 3 years and they have a large percentage still unsold. I would be asking to see reserve funds at the least etc...but I honestly would be passing here with all the questions. After almost 3 years without completion I am guessing their funds are 100 percent gone and they are waiting for new funds to finish the project- but I could be wrong.

robin
05-09-2020, 12:00 PM
Notaries in Aruba are not like the notaries in the US. They are appointed officials(in the Netherlands) with a legal/law background.

LisaGrn
05-09-2020, 12:25 PM
Good to know, Robin. However, from what Rob has written, it sounds to me as though both the realtor and notary are working more in the seller's interest. Rob needs to have someone only protecting his interests, be it an attorney or a "notary" who can negotiate the contract with the seller's agents.

schexc
05-09-2020, 03:15 PM
We closed over three years ago, so I'll have to go back and review some of the particulars. Like Robin said, the Notary position is appointed from the Netherlands and one of high regard.

1. Initially I would say to really know your builder/developer. What is their track record with past projects. Are they still working with a full crew or a skeleton.
2. What is the remaining inventory and how fast has the project been selling, which has been covered here to date.

We purchased pre-construction. The builder let us know a week ahead of time that it was moving out of pre-construction, so we took advantage of it. We occupied our unit three months later.

We were required to make a deposit of 10% down and the balance at closing. You don't find many builders that finance that much of the construction process. That in itself made us a little more comfortable. The builder actually let us occupy our unit before we closed.

We maintained in constant contact with our real estate agent, who also went onsite and took and sent pictures of the project as the construction phases moved along.

This is where I'll have to go back and look at the closing details, to better answer your questions. I'll be back...:)

schexc
05-09-2020, 05:26 PM
I looked back at our purchase agreement and found the info I was looking for. Our deposit went directly to the Notary and was held until closing. If builder was in default, the monies went directly back to us.

I would also recommend that any documentation that you receive does not have to be translated. All of our closing documents were in Dutch, which he couldn't read. The builder translated all of their documents for us. The Notary did not, but could for an additional fee.

Did you decide on the 2 or 3 bedroom unit?

robin
05-09-2020, 06:16 PM
Our notary translated everything for us. I guess it depends on who you use. I think the buyer can choose. We had Johnson’s.

LisaGrn
05-09-2020, 06:42 PM
This is just fascinating to me! You piqued my interest, Robin, and I just had to look up Dutch notaries on Google! I have a much better understanding now and was really happy to read that they have to be impartial. That was all that really had me concerned for Rob. I like to learn something new every day and Robin was today's teacher! :-)

[bold emphasis not mine] "Most importantly, notaries are independent and are required to act impartially. Notaries in the Netherlands have a law degree and may specialize in certain areas such as family law, real-estate..."

schexc
05-09-2020, 07:54 PM
Our notary translated everything for us. I guess it depends on who you use. I think the buyer can choose. We had Johnson’s.

Our deed is in Dutch. Everything else was in English.

robin
05-09-2020, 08:45 PM
Our deed is in Dutch. Everything else was in English.

Yes, our deed is in Dutch, but they translated everything at settlement.

schexc
05-09-2020, 09:31 PM
Our notary translated everything for us. I guess it depends on who you use. I think the buyer can choose. We had Johnson’s.

Our Notary was M. J. C. Tromp. It was setup by the builder and the listing real estate agent. Everything went smoothly.

annf
05-11-2020, 08:40 AM
She Tromp) was our's also. Really liked her. The buyer may choose the notary....our realtor recommended her based on her efficiency as well as knowledge etc. I have had two appointments with her in the past 10 years seeking advice and guidance and neither time did she charge me....I offered more than once... I found that interesting...meetings took less than 15 minutes.

RobM
05-11-2020, 08:48 AM
Thank you all for some great feedback over the past few days. It is all very helpful given much of it is new to me. I had spoken to a Notary a while back who I will eventually use and he is one of 4 appointed Notaries for the island that I know of. All said, I would get additional comfort on wording, and that funds will reside in trust etc.
That said, we had decided on the two bedroom (1,300 ft 2 inside) and were going to move ahead however have become increasingly concerned over the past week. Between Covid and second phase waves, cruise lines cancelling cruises until 2021, bankruptcies, and a project which has been mentioned only being 60% sold after three years, it is highly unlikely many will be sold over the next 6 months even if schedule is held which is also highly unlikely. Being familiar with large project management construction, and seeing the progress today it is highly unlikely scheduled completion date will be met.
My wife and I know we want to be in Aruba and believe O is where that will be however will need to wait this out a bit and see how it all plays out in the coming months. When we do eventually get there, I will need to buy drinks for those that are around and helped out with feedback. Something for me to look forward to.
Will keep you all posted in the coming weeks/months...
Thanks again!
Rob

Andrea J.
05-11-2020, 09:14 AM
I believe that you and your bride "pausing" this is the best plan.

As so many have said and still say "this too shall pass' and win it does, the O will be ready for you.

Good lck.
Thank you all for some great feedback over the past few days. It is all very helpful given much of it is new to me. I had spoken to a Notary a while back who I will eventually use and he is one of 4 appointed Notaries for the island that I know of. All said, I would get additional comfort on wording, and that funds will reside in trust etc.
That said, we had decided on the two bedroom (1,300 ft 2 inside) and were going to move ahead however have become increasingly concerned over the past week. Between Covid and second phase waves, cruise lines cancelling cruises until 2021, bankruptcies, and a project which has been mentioned only being 60% sold after three years, it is highly unlikely many will be sold over the next 6 months even if schedule is held which is also highly unlikely. Being familiar with large project management construction, and seeing the progress today it is highly unlikely scheduled completion date will be met.
My wife and I know we want to be in Aruba and believe O is where that will be however will need to wait this out a bit and see how it all plays out in the coming months. When we do eventually get there, I will need to buy drinks for those that are around and helped out with feedback. Something for me to look forward to.
Will keep you all posted in the coming weeks/months...
Thanks again!
Rob

robin
05-11-2020, 10:40 AM
Thank you all for some great feedback over the past few days. It is all very helpful given much of it is new to me. I had spoken to a Notary a while back who I will eventually use and he is one of 4 appointed Notaries for the island that I know of. All said, I would get additional comfort on wording, and that funds will reside in trust etc.
That said, we had decided on the two bedroom (1,300 ft 2 inside) and were going to move ahead however have become increasingly concerned over the past week. Between Covid and second phase waves, cruise lines cancelling cruises until 2021, bankruptcies, and a project which has been mentioned only being 60% sold after three years, it is highly unlikely many will be sold over the next 6 months even if schedule is held which is also highly unlikely. Being familiar with large project management construction, and seeing the progress today it is highly unlikely scheduled completion date will be met.
My wife and I know we want to be in Aruba and believe O is where that will be however will need to wait this out a bit and see how it all plays out in the coming months. When we do eventually get there, I will need to buy drinks for those that are around and helped out with feedback. Something for me to look forward to.
Will keep you all posted in the coming weeks/months...
Thanks again!
Rob

You may be able to get a better price in the future.

RobM
05-11-2020, 11:41 AM
Hopefully that is the case for sure... Thanks !

schexc
05-11-2020, 12:01 PM
When we were on the island this past trip; we left on 3/22/2020, they were working on O seven days a week, though Sunday was a smaller crew. That being said, I believe that they had all intentions on staying on schedule.

How many units of your liking, do they have left in inventory?

If you've been in frequent with a real estate agent, they probable have a feeling that you are a more serious buyer. You might let them know that you're holding off for a bit and perhaps the builder will sweeten the pie.

All in all, your due diligence will be worth the outcome. It took us six years to pull the trigger:rolleyes:

annf
05-11-2020, 05:20 PM
Wise of you to wait a bit. I am still concerned about the sentence that your $ can be used for construction. That is not your money held in a trust for your benefit if I understand the wording correctly. When we bought our home the notary did hold the money in trust until seller completed her end and was ready to sign....but the building was already up....and not a condo. Best to check with the notary here as to what that sentence means. Good luck and happy to take you up on your offer of a drink!

LisaGrn
05-11-2020, 06:44 PM
Party at Rob's place - time and place to be determined!
Think you are very wise to wait. Please keep us posted!

RobM
05-12-2020, 05:21 PM
With respect to feedback from schexc, there really is only one unit left (possibly 2) that we are interested in. The others are higher up and significantly more $ which is fine as we want a ground floor walkout.
Appreciate the update on last you saw with respect to working 7 days a week as they have since we left end of February completed all the windows, and doors so building is now enclosed.
I am speaking with a notary this week just to get further clarification on wording in contract just to do my due diligence for when we do decide to pull the trigger.
Our plan is to spend most of next winter in Aruba so it will either be as an owner or a renter if need be. As long as it is safe to travel etc. we will be there....
And yes, party at our place for those that were so helpful over the past few weeks. (place really TBD).. :)

robin
05-12-2020, 06:14 PM
We usually spend Jan.-March in our condo and it is wonderful being there for 3 months.

I know they stopped all construction with Covid19 and hopefully they will be starting back again.

schexc
05-12-2020, 06:25 PM
With respect to feedback from schexc, there really is only one unit left (possibly 2) that we are interested in. The others are higher up and significantly more $ which is fine as we want a ground floor walkout.
Appreciate the update on last you saw with respect to working 7 days a week as they have since we left end of February completed all the windows, and doors so building is now enclosed.
I am speaking with a notary this week just to get further clarification on wording in contract just to do my due diligence for when we do decide to pull the trigger.
Our plan is to spend most of next winter in Aruba so it will either be as an owner or a renter if need be. As long as it is safe to travel etc. we will be there....
And yes, party at our place for those that were so helpful over the past few weeks. (place really TBD).. :)

With only one or two units left of interest, I’d be a little more concerned about losing it. I’ve seen builders on the island take a deposit as “reserved”, but that would most likely lock you into a final price.

Certainly a lot of things to consider, at a time when so much is unknown. Hopefully it will all be over soon.

RobM
05-12-2020, 07:31 PM
3 months in Aruba Robin sounds awesome for sure and Schexc, I hear you on the risk of potentially losing the units we want. The next two weeks should be interesting!

ArubaAngela
05-14-2020, 08:38 PM
Rob I’m closing on my unit at Azure in the next week or so and the notary that the builder uses is Johnson. When we purchased last May, we had to put down approximately 15%, then the payments were spread out in 4 payments. We did not send the money to the Notary, it went to the builder. We felt comfortable as the Azure builder also built Oceania, tower 1 in Azure and they are building Harbor House downtown. The Notary wants a lot of paperwork, but I found out it’s not them it’s the bank that is getting very picky. We also had to get a tax ID number. That is something new since March 1. The Notary filled out the form for us and translated it as it was in Dutch. All we had to do was sign and return to them. Also, when we got our contract, it was in Dutch also, but they provided and English translation.

when they let us back in I plan to go to decorate etc, to get it ready so I can list it for rentals. I also plan to come down before Christmas And stay for the month of January. I live in Florida, so I don’t need to spend the whole winter. I will be coming down a couple times during the year, usually around now, then in the fall. Maybe we can all meet up in January.

LisaGrn
05-15-2020, 12:18 PM
How exciting for you, Angela!!

robin
05-15-2020, 12:46 PM
Congratulations! Owing is awesome.


Rob I’m closing on my unit at Azure in the next week or so and the notary that the builder uses is Johnson. When we purchased last May, we had to put down approximately 15%, then the payments were spread out in 4 payments. We did not send the money to the Notary, it went to the builder. We felt comfortable as the Azure builder also built Oceania, tower 1 in Azure and they are building Harbor House downtown. The Notary wants a lot of paperwork, but I found out it’s not them it’s the bank that is getting very picky. We also had to get a tax ID number. That is something new since March 1. The Notary filled out the form for us and translated it as it was in Dutch. All we had to do was sign and return to them. Also, when we got our contract, it was in Dutch also, but they provided and English translation.

when they let us back in I plan to go to decorate etc, to get it ready so I can list it for rentals. I also plan to come down before Christmas And stay for the month of January. I live in Florida, so I don’t need to spend the whole winter. I will be coming down a couple times during the year, usually around now, then in the fall. Maybe we can all meet up in January.

RobM
05-15-2020, 01:09 PM
Good feedback Angela and congratulations on your purchase! An exciting time for sure...
I have heard a number of people explain various circumstances on new builds and a few for sure required the funds go to the developer. the developer of O is one of the larger local developers as I understand it. (They did Gold coast) so suspect it may be a similar situation to what you encountered.
I actually spoke with the owner yesterday and had a good conversation as he walked me through the process. Given they are around 80% complete not overly concerned on completion however is worth understanding the risks as I put it.
They are also using Johnson as the notary funny enough...
Here is hoping we are all safe to travel soon and we get back to the new norm soon. It must be comforting for owners to know they have their own places to go once travel opens up and it is less risk from a social distancing perspective so could see more a push towards the rental market vs hotels etc.

ArubaAngela
05-15-2020, 03:10 PM
Thank you everyone for all the good wishes. Looking forward to meeting some of you next January.

Andrea J.
05-23-2020, 10:46 AM
rob how completed is this condo complex at this point?

schexc
05-23-2020, 06:30 PM
Rob I’m closing on my unit at Azure in the next week or so and the notary that the builder uses is Johnson. When we purchased last May, we had to put down approximately 15%, then the payments were spread out in 4 payments. We did not send the money to the Notary, it went to the builder. We felt comfortable as the Azure builder also built Oceania, tower 1 in Azure and they are building Harbor House downtown. The Notary wants a lot of paperwork, but I found out it’s not them it’s the bank that is getting very picky. We also had to get a tax ID number. That is something new since March 1. The Notary filled out the form for us and translated it as it was in Dutch. All we had to do was sign and return to them. Also, when we got our contract, it was in Dutch also, but they provided and English translation.

when they let us back in I plan to go to decorate etc, to get it ready so I can list it for rentals. I also plan to come down before Christmas And stay for the month of January. I live in Florida, so I don’t need to spend the whole winter. I will be coming down a couple times during the year, usually around now, then in the fall. Maybe we can all meet up in January.

We were told a number of years ago, then anyone purchasing property is assigned a tax ID number. When we closed and moved the utilities from the builder to our name, we went to the tax office, gave them our address and names, and we received a card with our tax ID numbers.

You also need it if you purchase a car on the island.

schexc
05-23-2020, 06:31 PM
Rob I’m closing on my unit at Azure in the next week or so and the notary that the builder uses is Johnson. When we purchased last May, we had to put down approximately 15%, then the payments were spread out in 4 payments. We did not send the money to the Notary, it went to the builder. We felt comfortable as the Azure builder also built Oceania, tower 1 in Azure and they are building Harbor House downtown. The Notary wants a lot of paperwork, but I found out it’s not them it’s the bank that is getting very picky. We also had to get a tax ID number. That is something new since March 1. The Notary filled out the form for us and translated it as it was in Dutch. All we had to do was sign and return to them. Also, when we got our contract, it was in Dutch also, but they provided and English translation.

when they let us back in I plan to go to decorate etc, to get it ready so I can list it for rentals. I also plan to come down before Christmas And stay for the month of January. I live in Florida, so I don’t need to spend the whole winter. I will be coming down a couple times during the year, usually around now, then in the fall. Maybe we can all meet up in January.

Congratulations...!

robin
05-23-2020, 06:51 PM
I think they call the tax number "people number" or "persons number". Kinda like a SS number.

RobM
05-24-2020, 12:53 PM
Hi Andrea,
In answer to your question, O condo is about 80% complete as of last week. Windows are on site and apparently being installed over the next couple weeks. (TBD).
They are far enough along that it should be completed I would think albeit delayed. My best guess based on % complete, if they get back to work fully crewed up in next two weeks, (who knows if realistic?), I estimate a 2 month delay on Sept closing.. Again only a guess at this point of course. I do hear great things from the owner and staff about the focus on completing this so that is hopeful.
So much up in the air at this point of course..

Rob