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Thread: Potential new owner in Aruba

  1. #21
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    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.

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  2. #22
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    Good luck with the new purchase! I looked at Blue/Azure and also liked those units...
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  3. #23
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    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..
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  4. #24
    Senior Member robin's Avatar
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    Quote Originally Posted by RobM View Post
    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.

  5. #25
    Senior Member schexc's Avatar
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    Quote Originally Posted by RobM View Post
    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.







    OUR COUPLE'S RETREAT. THE PEARL CONDO HOTEL EAGLE BEACH. CONDO ACCOMMODATES TWO ADULTS. YOU MUST REQUEST UNIT #8. https://photos.app.goo.gl/lRquP1F4VtxyZhR42 RENTING DIRECTLY http://www.pearlarubacondos.com/. SEND PM BEFORE BOOKING FOR REFERRAL.
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  6. #26
    Senior Member schexc's Avatar
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    Quote Originally Posted by robin View Post
    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.







    OUR COUPLE'S RETREAT. THE PEARL CONDO HOTEL EAGLE BEACH. CONDO ACCOMMODATES TWO ADULTS. YOU MUST REQUEST UNIT #8. https://photos.app.goo.gl/lRquP1F4VtxyZhR42 RENTING DIRECTLY http://www.pearlarubacondos.com/. SEND PM BEFORE BOOKING FOR REFERRAL.
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  7. #27
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    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!
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  8. #28
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    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!
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  9. #29
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    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!
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  10. #30
    Aruba since 1979
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    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.


    ​In a world where you can be anything, be kind!
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