Molino de Agua Project
The Residencias Molino de Agua project (left top) was launched in November, 2006 at Trio Restaurant in Puerto Vallarta. It includes a 130 unit condominium building, immediately south of the Rio Cuale, with beachfront units and Banderas Bay views on the extended Malecon in Puerto Vallarta.
The Vallarta Tribune reported in November, 2006 that 90% of the units, including 100% of the $1 million plus penthouses sold out upon launch and that delivery was expected in Fall, 2008.
I visited the sales office this week and can confirm that NO units have been sold. About 70% of units have been reserved with $10,000 cheques which have not been cashed. Exactly 60% of the penthouse units have been reserved. There are potential buyers who have made multiple reservations as they have not decided which unit they would like to buy. Pro forma budgets for the condominium corporation have not been developed.
The Vallarta Tribune reported in November, 2006 that 90% of the units, including 100% of the $1 million plus penthouses sold out upon launch and that delivery was expected in Fall, 2008.
I visited the sales office this week and can confirm that NO units have been sold. About 70% of units have been reserved with $10,000 cheques which have not been cashed. Exactly 60% of the penthouse units have been reserved. There are potential buyers who have made multiple reservations as they have not decided which unit they would like to buy. Pro forma budgets for the condominium corporation have not been developed.
Although the demolition of the previous buildings and trees on the site appears complete, ground has not been broken on the new project.
Delivery is expected in Spring, 2009. Based on construction progress and pre sales activity, that delivery schedule is extremely ambitious and will not likely be met.
Recommendation: January 12, 2007 - Pass
Recommendation: January 12, 2007 - Pass
