Blue or Azure Residences

[Nick80]

That is not the name on our unit hold for the company. And we are paying outright for it. But they want most money upfront for a unit that is not projected to be finished for 18 months. They have the developers on the paper work as Poundwise investments & Development VBA and I am not able to find very much info on that name.

[robin]

Welcome!

We bought at Oceania almost 2 years ago and are spending 3 months in Aruba over the winter. The developer is still involved-came to the owners meeting. That is a positive.

The only downside I see at Harbor House is that they dock ships right in front of it, it can get very busy in that area and there is no beach.

We looked at Blue and Azure when we were shopping. I love the views, the size of the balconies, and the amenities, but the square footage of the 2 bedroom was a little small for us. It was our second choice.

I do not know anything about the other complexes.

[manasr]

Hello,
I found lot of valuable info on the forum. Thank you to all contributors. I am looking to buy a unit at Harbour House. I reviewed the purchase/sale contract and noticed that deposit and all subsequent payments are payable directly to the developer (Poundwise Investments). Is it normal practice in Aruba to pay directly to the developer, not Lawyer in trust or Notary in trust. Builder’s account is with a Spanish bank in Miami, not in Aruba. Appreciate any comments and inputs. Thanks

[JohnMtl]

From my experience, when buying a property which is under construction, payments are made directly to the builder.
My understanding is that is how they help finance the project as it’s being built.

It is v very different from purchasing an existing property where the funds pass through the notary and are held by the notary for a very brief period.

(Owner at Azure)

[manasr]

From my experience, when buying a property which is under construction, payments are made directly to the builder.
My understanding is that is how they help finance the project as it’s being built.

It is v very different from purchasing an existing property where the funds pass through the notary and are held by the notary for a very brief period.

(Owner at Azure)

Thank you JohnMTL

[schexc]

I think it depends on the builder. Our property was new construction and the builder required 10% down with the balance at closing. At closing the balance was wired to the Notary's account, which made even more confident with our decision to invest in another country. We spent six years looking at property on the island, before we committed, and almost invested in a development that is still not finished today, now many years later. At the time, the funds were being deposited in the builder's account. We are so fortunate that we did not get trapped in that project. Our best advice, is to do your homework. Do your best to make sure the builder is reputable, like the projects that John's builder is heading.

[JohnMtl]

I think it depends on the builder. Our property was new construction and the builder required 10% down with the balance at closing. At closing the balance was wired to the Notary's account. We're on the island now, so I don't have access to the bank transfer form for the deposit, only the final payment. I'd have to look that up when we return to the states. We did not have to make any progress/construction payments, as the builder financed the whole project.

I think you’re right that it probably depends on the builder and the attractiveness of the project.
The fact that both towers at Azure practically sold out before completion pretty much proves that the requirent for payments up front were not an impediment to sales.

P.S. If you’re also on the island make sure that you check out the beach tennis tournament.

[manasr]

I think you’re right that it probably depends on the builder and the attractiveness of the project.
The fact that both towers at Azure practically sold out before completion pretty much proves that the requirent for payments up front were not an impediment to sales.

P.S. If you’re also on the island make sure that you check out the beach tennis tournament.

I was on the island playing beach tennis tournament.
I have Harbour House price list from November 2018 and April 2019, the developer listed is PGM Condobuilders, however November 2019 price list has developer Poundwise Investments. I went 3 times over last week to Harbour House to talk with the real agent, many workers were on site at Harbour House (maybe at least 40-50), I was passing by on Sunday and also saw people working.