Loreto Bay Update in San Jose by Michael Coyle, Replay Resorts

Loretoupdatefeb082_2

[UPDATE: as referenced in the original post below, important meetings took place this week between Replay and Citi, and the early word on the outcome is positive. From myloretobay.com:

“A letter from Michael Coyle will be emailed out very soon regarding this, but here is the answer:

I am pleased to tell you that the business plan was unanimously approved and we already are ramping up efforts to take this resort to the next level.

-M. Coyle”

This is definitely the positive news we were all expecting. We will share more as we learn the details about this exciting next chapter in the LB development. BTW – for those who have not seen the golf course photos, you’ll be impressed. Beautiful stretchs of golf fairways against the blue expanses of the Sea of Cortez. Wow. Clint]

Yesterday, Michael Coyle from Replay Resorts was in San Jose at the Doubletree Hotel, a mile from the airport, to update the San Francisco Bay Area Loreto Bay homeowner’s on the development. It was an especially important meeting because of the recent change in ownership. From what I could tell there were over 150 people crowded into the room to watch the presentation.

Investing outside of the US (and Canada) has brought Loni and I some new perspective and colorful stories, all of which we anticipated as part of the experience. From securing FM3 visas, following the development progress of the property we bought over 2 years ago, to making new friends and learning about non-drywall based construction techniques. The vision of Loreto, “where the mountains meet the sea”, as a beautiful village of villas, blending into the dramatic Baja landscape removed the hustle and bustle of city living appealed to us as an investment, and a vacation home. In particular, the architecture was unique. The development was not to be a series of sky-soaring condos, looming over a crowded beach. Rather it would be a “horizontal hotel” of sorts featuring homes with open courtyards, expansive terraces and viewing towers for taking in the surrounding beauty. A bonus is the historic town of Loreto (once the capital of Baja, now La Paz), only 20 minutes away offering charm, authentic Baja culture, and an innocence not found in the over-developed tourist regions of Mexico (Los Cabos for example).

So we were eager to hear from the new management team. Would the vision change? How were they planning to build out the project? And what changes, for better or worse, would be made?

Loretoupdatefeb081_2 For over 2 hours on Sunday, Michael Coyle provided a convincing update on Replay (the new management company, minority partner to Citibank), the principles, their unique expertise in the resort development industry, priorities of Loreto Bay going forward, why Loreto, and the current situation in terms of the construction and development itself for the next 12-18 months. All of this information came with a sense of in-the-moment, with Coyle city hopping to provide homeowner updates while also working on the business plan with Citi and his partners. In fact he was very open about an important meeting this week (Tue and Wed) to review final details of the re-worked financials and business plan.

From my 17 pages of notes, here are some of the key points worth sharing with existing homeowner’s or those considering purchasing in Loreto. I think it’s going to be a wonderful development, unlike anything else in the Baja region, and thanks to a new management team with world-class resort experience (Tremblant, Whistler Blackcomb, Sandestin) we are in good hands.

Side note: for those that have retained The Construction Coach in Loreto (highly recommended) their February newsletter is out and provides some excellent updates on construction, the 10″ PerformWall, an important change to the 1 year warranty, and other pertinent information. Thanks Bill & Laurie for being such trustworthy and expert eyes and ears!

Background on Replay:

  • Michael Coyle has “deep respect” for the LBC founders, and although would have done some things differently, believes the vision, architecture and pioneering efforts were excellent
  • Replay (or Re:play) is about “play” and is a new company, based out of Vancouver, created by former Intrawest executives (after Intrawest was acquired in 2006 by NY-based private equity firm Fortress)
  • The key partners are: Joe Houssian (majority), Michael Coyle, Mike Miller and Bill Green
  • At Intrawest the team garnered some tremendous success developing resorts including: Whistler Blackcomb (BC), Tremblant (Quebec), Sandestin (Florida), and many others

  • They have only 1 Mexican project (Zihuatanejo), and apparent relationships with President Fox, the department of ministry and FONATUR
  • Their flagship project at Intrawest is Whistler Blackcomb (1.5 hours north of Vancouver) which now hosts around 2M visitors per year ranking in top 3-4 ski resort destinations in the world
  • Coyle stressed the importance of “the experience”; if you focus and enhance the experience at a destination, people will stay longer, bring their friends and ultimately will increase value of property and “achieve economic stability”
  • Their first warm weather resort was Sandestin in Florida, a resort residential community; beach & golf is not enough – they took down gates, opened it up, built a pier and invited “the great unwashed”; 750 units; about 100,000 ft. commercial
  • After 2001, were able to buy Abercrombie & Kent, an adventure brand to help Intrawest become a leader in experiential adventure -> a key trend in the market was that people (especially boomers) were valuing TIME more than money
  • The idea behind Replay was to capitalize on this trend, and to re-enter industry, but focus on 4-5 projects that they loved

On Loreto:

  • Planning is essential; once completed for each phase then fixed-price construction contracts will be put in place along with timelines before anything starts
  • Change to buying process: it will be more conventional now, with 10% deposit, 15% at close, and 75% remainder at completion after buyer acceptance
  • The first 75 homes of Agua Viva are on track
  • Custom homes are slower due to their uniqueness, and Coyle has been having conversations with 38 owners
  • Green energy will potentially cost more; for example, a typical annual utility bill is estimated at $1,000. Same bill using green (wind mill, etc.) is $1,700. Decide whether this is acceptable, and also competitive concerns
  • Turbines have shot up in price and are hard to get, also impacts EBIT
  • In Founder’s should finish 100 homes in next 60 days
  • Posada underway (Martin-Ross); only issue was that it’s a condo project but was treated as a series of custom homes
  • “This place is going to look a lot different in 12 months.”

Amenities:

  • Lots of focus on finishing amenities
  • By April 2009: Beach Club, Tennis Club, Golf Club, Fitness Club
  • Baby boomers sense of guilt from largest transfer of wealth in history “Spent health to gain wealth”, now “Spend wealth to gain health” -> foundation will continue
  • We used to go to grandma’s house, now grandma and the family go to the vacation home
  • Read “Younger Next Year”
  • Golf course: 7 holes playable by March 2008 with grand opening scheduled for March 2009
  • Remodel all bars, landscape, pool areas, etc. a the Inn to provide for temporary club-like experience in short-term
  • Rental program: 35% LBC, 65% homeowner

Infrastructure, Q&A, Other:

  • Fractional ownership/all-inclusive not considered at this point
  • Differentiation: continue along same path (it’s good), possible addition of condo/hotels style units in future phases
  • Wider walkways between club and homes from 10ft. -> 35ft. proposed
  • Transportation master plan forthcoming with phases 1, 2 and 3
  • Plan for parking lot by highway -> electric cars are not substitute for car, and will need to accommodate them
  • Distribution system and warehouse also planned close to highway for staging of delivery (Fedex model) as a hub then to hotel, beach club, etc.
  • Commercial model is under review with Bill Green, need an integrated plan then financial model to support it
  • New Replay web site goes live March 15th
  • No additional funds are sought at this point
  • Homeowner communication is one of the biggest challenges and many changes are being made to improve it
  • Occupancy goal for rental program needs to eventually hit 65% for scale
  • Warren McLeod is the head of sales, sold out Four Seasons at Whistler, lots of experience
  • Price appreciation can only happen so much, until amenities are in place
  • Resale: no obligation to sell through LBC, commission down to 6% from 10%

(please leave a comment or email shoot2score67-blog@yahoo.com with any additions, edits or corrections.)

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  • Mark Codiroli

    <p>Hi all. The previous summary is an excellent representation of what went on yesterday and an accurate summary. Two minoe corrections… the firm building the Posadas is Martin-Ross (not Ross -Martin)and Warren's last name is spelled &quot;McLeod.&quot;</p> <p>For those who don't know me, I'm a member of the Yahoo homeowner group, and an employee (sales associate) with loreto bay. </p> <p>One addition, if I may… (this didn't come up at the presentation on 2/24)… Replay felt that our old selling system was too restrictive, requiring buyers to &quot;jump through too many hoops&quot; to buy a home. For example the old &quot;launch weekend&quot; format required people to travel to loreto on certain dates only. This process has been scrapped following the march 6-9 sales event. Sales associates have been scheduled 2 week rotations in Loreto, with 4 on site at all times (One in town at the Mission office, two in the sales office on the paseo and one at the inn). In addition, commissions have beel pooled, not paid to the individual making the sale, but split between the whole sales team. (There are 14 of us).</p> <p> These two changes allow us to offer customers the flexibility to travel to Loreto any time it's convenient for them, not for us. Someone will always be on site to help.</p> <p>We all see this as a positive, constructive change. I'd be interested to hear your thoughts. -Mark Codiroli</p>

  • Clint

    <p>Mark, thanks for your comments. Corrections made.</p> <p>We'd also be interested to hear other's thoughts on the meeting yesterday, including changes to selling processes. I agree with the changes that make buying easier, and more conventional. After all, it works in the US and Canada, and keeps some of the messy schedules & construction project details away from the buyer, thereby streamlining communications.</p> <p>On commissions, that also seems like a positive change, from a buyer perspective. Regardless of who is servicing the prospect they should be treated the same thanks to pooled commissions. Especially with the elimination of sales events where previously you could ensure travel with your prospects, now you may generate a lead here in San Jose, but not be down in Loreto when they visit & sign.</p> <p>For those who don't know Mark, Loni and I purchased from him in 2006, and have now known each other for 2 years and have nothing but great experiences throughout. Meeting great people – another side benefit of this Loreto adventure!</p> <p>Clint<br /> </p>

  • Mark Codiroli

    Hi all. The previous summary is an excellent representation of what went on yesterday and an accurate summary. Two minoe corrections… the firm building the Posadas is Martin-Ross (not Ross -Martin)and Warren’s last name is spelled “McLeod.”

    For those who don’t know me, I’m a member of the Yahoo homeowner group, and an employee (sales associate) with loreto bay.

    One addition, if I may… (this didn’t come up at the presentation on 2/24)… Replay felt that our old selling system was too restrictive, requiring buyers to “jump through too many hoops” to buy a home. For example the old “launch weekend” format required people to travel to loreto on certain dates only. This process has been scrapped following the march 6-9 sales event. Sales associates have been scheduled 2 week rotations in Loreto, with 4 on site at all times (One in town at the Mission office, two in the sales office on the paseo and one at the inn). In addition, commissions have beel pooled, not paid to the individual making the sale, but split between the whole sales team. (There are 14 of us).

    These two changes allow us to offer customers the flexibility to travel to Loreto any time it’s convenient for them, not for us. Someone will always be on site to help.

    We all see this as a positive, constructive change. I’d be interested to hear your thoughts. -Mark Codiroli

  • Mark Codiroli

    Hi all. The previous summary is an excellent representation of what went on yesterday and an accurate summary. Two minoe corrections… the firm building the Posadas is Martin-Ross (not Ross -Martin)and Warren’s last name is spelled “McLeod.”

    For those who don’t know me, I’m a member of the Yahoo homeowner group, and an employee (sales associate) with loreto bay.

    One addition, if I may… (this didn’t come up at the presentation on 2/24)… Replay felt that our old selling system was too restrictive, requiring buyers to “jump through too many hoops” to buy a home. For example the old “launch weekend” format required people to travel to loreto on certain dates only. This process has been scrapped following the march 6-9 sales event. Sales associates have been scheduled 2 week rotations in Loreto, with 4 on site at all times (One in town at the Mission office, two in the sales office on the paseo and one at the inn). In addition, commissions have beel pooled, not paid to the individual making the sale, but split between the whole sales team. (There are 14 of us).

    These two changes allow us to offer customers the flexibility to travel to Loreto any time it’s convenient for them, not for us. Someone will always be on site to help.

    We all see this as a positive, constructive change. I’d be interested to hear your thoughts. -Mark Codiroli

  • Clint

    Mark, thanks for your comments. Corrections made.

    We’d also be interested to hear other’s thoughts on the meeting yesterday, including changes to selling processes. I agree with the changes that make buying easier, and more conventional. After all, it works in the US and Canada, and keeps some of the messy schedules & construction project details away from the buyer, thereby streamlining communications.

    On commissions, that also seems like a positive change, from a buyer perspective. Regardless of who is servicing the prospect they should be treated the same thanks to pooled commissions. Especially with the elimination of sales events where previously you could ensure travel with your prospects, now you may generate a lead here in San Jose, but not be down in Loreto when they visit & sign.

    For those who don’t know Mark, Loni and I purchased from him in 2006, and have now known each other for 2 years and have nothing but great experiences throughout. Meeting great people – another side benefit of this Loreto adventure!

    Clint

  • Clint

    Mark, thanks for your comments. Corrections made.

    We’d also be interested to hear other’s thoughts on the meeting yesterday, including changes to selling processes. I agree with the changes that make buying easier, and more conventional. After all, it works in the US and Canada, and keeps some of the messy schedules & construction project details away from the buyer, thereby streamlining communications.

    On commissions, that also seems like a positive change, from a buyer perspective. Regardless of who is servicing the prospect they should be treated the same thanks to pooled commissions. Especially with the elimination of sales events where previously you could ensure travel with your prospects, now you may generate a lead here in San Jose, but not be down in Loreto when they visit & sign.

    For those who don’t know Mark, Loni and I purchased from him in 2006, and have now known each other for 2 years and have nothing but great experiences throughout. Meeting great people – another side benefit of this Loreto adventure!

    Clint

  • Clint

    <p>Thanks to Jane for some clarification on the relationship Replay has with the President of Mexico:</p> <p>&quot;The current President of Mexico is President: Felipe De Jesus CALDERON Hinojosa..so Replay has a relationship with Fox but I think they haven't met Calderon yet. I think they will be meeting him on this next trip. Of course I read the blog so fast maybe you said that.&quot;</p>

  • Clint

    Thanks to Jane for some clarification on the relationship Replay has with the President of Mexico:

    “The current President of Mexico is President: Felipe De Jesus CALDERON Hinojosa..so Replay has a relationship with Fox but I think they haven’t met Calderon yet. I think they will be meeting him on this next trip. Of course I read the blog so fast maybe you said that.”

  • Clint

    Thanks to Jane for some clarification on the relationship Replay has with the President of Mexico:

    “The current President of Mexico is President: Felipe De Jesus CALDERON Hinojosa..so Replay has a relationship with Fox but I think they haven’t met Calderon yet. I think they will be meeting him on this next trip. Of course I read the blog so fast maybe you said that.”

  • Gary Weseloh

    <p>What is being said about water in Loreto Bay. We purchased in 2005 (our house hasn't been delivered yet) and at that time we thought that LB Partners was going to develop some sort of desalination plant, providing more water than Loreto Bay would use, and the tap water would be pure enough to drink. What are they saying now?</p>

  • Gary Weseloh

    What is being said about water in Loreto Bay. We purchased in 2005 (our house hasn’t been delivered yet) and at that time we thought that LB Partners was going to develop some sort of desalination plant, providing more water than Loreto Bay would use, and the tap water would be pure enough to drink. What are they saying now?

  • Gary Weseloh

    What is being said about water in Loreto Bay. We purchased in 2005 (our house hasn’t been delivered yet) and at that time we thought that LB Partners was going to develop some sort of desalination plant, providing more water than Loreto Bay would use, and the tap water would be pure enough to drink. What are they saying now?

  • Loni Kao Stark

    <p>Hi Gary – At this meeting, Michael Coyle reiterated their intentions to build a desalinization plant. </p> <p>It was also referenced in the Q32007 Sustainability Report for Loreto. </p> <p>If anyone has any more information, please comment.</p>

  • Loni Kao Stark

    Hi Gary – At this meeting, Michael Coyle reiterated their intentions to build a desalinization plant.

    It was also referenced in the Q32007 Sustainability Report for Loreto.

    If anyone has any more information, please comment.

  • Loni Kao Stark

    Hi Gary – At this meeting, Michael Coyle reiterated their intentions to build a desalinization plant.

    It was also referenced in the Q32007 Sustainability Report for Loreto.

    If anyone has any more information, please comment.

  • Judy Delucchi

    <p>What is the Yahoo homeowner's site and how can I join?</p>

  • Judy Delucchi

    What is the Yahoo homeowner’s site and how can I join?

  • Judy Delucchi

    What is the Yahoo homeowner’s site and how can I join?

  • Loni Kao Stark

    <p>Hi Judy, The yahoo groups that Barry and I moderate is for Loreto Bay homeowners in the San Francisco Bay Area. You can find it at: <a href="http://groups.yahoo.com/group/Loreto_Bay_Owners-SF_Bay/&quot; target="_blank"><a href="http://groups.yahoo.com/group/Loreto_Bay_Owners-SF_Bay/</a>&quot; target="_blank"><a href="http://groups.yahoo.com/group/Loreto_Bay_Owners-S…</a></a>" target="_blank">http://groups.yahoo.com/group/Loreto_Bay_Owners-S…</a></a></a> . Just send a note to join the group with your name, LB lot number and where you live in the bay area and we'll add you to it.</p> <p>If you are not part of the Bay Area, there is the Loreto Bay Ning group that is open to everyone who is interested in Loreto Bay. You can join at: <a href="http://loretobay.ning.com.&quot; target="_blank"><a href="http://loretobay.ning.com.</a></p>&quot; target="_blank"><a href="http://loretobay.ning.com.</a></p></a>&quot; target="_blank">http://loretobay.ning.com.</a></p></a></a&gt; <p>Finally, if you want a closed forum to all Loreto Bay home owners, there is the My Loreto Bay site at: <a href="http://www.myloretobay.com&quot; target="_blank"><a href="http://www.myloretobay.com</a>&quot; target="_blank"><a href="http://www.myloretobay.com</a></a>&quot; target="_blank">http://www.myloretobay.com</a></a></a&gt; . </p> <p>Loreto Bay owners from other geographies may have groups that I am not aware of. If you have a group, please feel free to post a link her as others besides Judy may be wondering as well.</p> <p>Loni</p>

  • Loni Kao Stark

    Hi Judy, The yahoo groups that Barry and I moderate is for Loreto Bay homeowners in the San Francisco Bay Area. You can find it at: http://groups.yahoo.com/group/Loreto_Bay_Owners-SF_Bay/ . Just send a note to join the group with your name, LB lot number and where you live in the bay area and we’ll add you to it.

    If you are not part of the Bay Area, there is the Loreto Bay Ning group that is open to everyone who is interested in Loreto Bay. You can join at: http://loretobay.ning.com.

    Finally, if you want a closed forum to all Loreto Bay home owners, there is the My Loreto Bay site at: http://www.myloretobay.com .

    Loreto Bay owners from other geographies may have groups that I am not aware of. If you have a group, please feel free to post a link her as others besides Judy may be wondering as well.

    Loni

  • Loni Kao Stark

    Hi Judy, The yahoo groups that Barry and I moderate is for Loreto Bay homeowners in the San Francisco Bay Area. You can find it at: http://groups.yahoo.com/group/Loreto_Bay_Owners-SF_Bay/ . Just send a note to join the group with your name, LB lot number and where you live in the bay area and we’ll add you to it.

    If you are not part of the Bay Area, there is the Loreto Bay Ning group that is open to everyone who is interested in Loreto Bay. You can join at: http://loretobay.ning.com.

    Finally, if you want a closed forum to all Loreto Bay home owners, there is the My Loreto Bay site at: http://www.myloretobay.com .

    Loreto Bay owners from other geographies may have groups that I am not aware of. If you have a group, please feel free to post a link her as others besides Judy may be wondering as well.

    Loni

  • Loni Kao Stark

    Hi Judy, The yahoo groups that Barry and I moderate is for Loreto Bay homeowners in the San Francisco Bay Area. You can find it at: http://groups.yahoo.com/group/Loreto_Bay_Owners-SF_Bay/ . Just send a note to join the group with your name, LB lot number and where you live in the bay area and we’ll add you to it.

    If you are not part of the Bay Area, there is the Loreto Bay Ning group that is open to everyone who is interested in Loreto Bay. You can join at: http://loretobay.ning.com.

    Finally, if you want a closed forum to all Loreto Bay home owners, there is the My Loreto Bay site at: http://www.myloretobay.com .

    Loreto Bay owners from other geographies may have groups that I am not aware of. If you have a group, please feel free to post a link her as others besides Judy may be wondering as well.

    Loni

  • Karen Wiwchar

    Clint,<br />
    Your enthusiasm for this project astounds me in light of my experience with them. I fell in love with the project some three years ago, and in May 2007 travelled there with a friend. We contracted to purchase two units; one in the Agua Viva development and one in the Casa Nopolo building. <br />
    Nothing has happened and no one is talking to us.<br />
    We understand (through word of mouth, no one at Loreto Bay will talk to us officially) that the Casa Nopolo building is not proceeding. That being the case, we are entitled to a full refund of our deposit. We know of some other owners who have flipped their interest into other units, but most that we have been in touch with are in the same boat as us – Loreto Bay is hanging onto our deposits and not responding to inquiries.<br />
    Our second unit, in Agua Viva, is apparently not permitted. After having led us to believe that we would be closing on the lot, and commencing construction, within three or four months of our May 2007 visit, the Loreto Bay people are again stonewalling. After not responding to several inquiries about the status, they emailed us a &quot;construction advance&quot; invoice in 2008. We responded by saying they must be mistaken, we haven't even closed on the property. No response. We finally had a terse email from their accounts receivable department last month saying the invoice was withdrawn &quot;due to permitting delays&quot;.<br />
    Finally, these new incentives to purchase are not being offered to us, even though we are in no better (and probably worse) position than anyone walking in off the street. <br />
    Our sales associate left the company about a year ago. Her replacement has emailed us saying she too is frustrated in her attempts to get information internally. Throughout the piece we have been emailing the customer service people but have not received any information, much less answers. The last communication we had from them was in early November, assuring us that the Director of AV would be back to us within the week. Several emails from us to them since then have not been responded to. I have now tried several times to reach Michael Coyle but don't really expect an answer to my phone messages.<br />
    <br />
    We are now working to form a group of &quot;homeowners&quot; in similar positions and are finding several; the next step is legal action. By all appearances these folks are in trouble and taking our money with them. I had taken comfort in the &quot;Canadian connection&quot; but I believe they have fooled us all. People should know.<br />
    <br />
    Regards,<br />
    Karen Wiwchar

  • cheryl

    karen, i would be interested in your experiences, my email address is cherylhatesemail@yahoo.com.

  • Karen Wiwchar

    Clint,
    Your enthusiasm for this project astounds me in light of my experience with them. I fell in love with the project some three years ago, and in May 2007 travelled there with a friend. We contracted to purchase two units; one in the Agua Viva development and one in the Casa Nopolo building.
    Nothing has happened and no one is talking to us.
    We understand (through word of mouth, no one at Loreto Bay will talk to us officially) that the Casa Nopolo building is not proceeding. That being the case, we are entitled to a full refund of our deposit. We know of some other owners who have flipped their interest into other units, but most that we have been in touch with are in the same boat as us – Loreto Bay is hanging onto our deposits and not responding to inquiries.
    Our second unit, in Agua Viva, is apparently not permitted. After having led us to believe that we would be closing on the lot, and commencing construction, within three or four months of our May 2007 visit, the Loreto Bay people are again stonewalling. After not responding to several inquiries about the status, they emailed us a “construction advance” invoice in 2008. We responded by saying they must be mistaken, we haven’t even closed on the property. No response. We finally had a terse email from their accounts receivable department last month saying the invoice was withdrawn “due to permitting delays”.
    Finally, these new incentives to purchase are not being offered to us, even though we are in no better (and probably worse) position than anyone walking in off the street.
    Our sales associate left the company about a year ago. Her replacement has emailed us saying she too is frustrated in her attempts to get information internally. Throughout the piece we have been emailing the customer service people but have not received any information, much less answers. The last communication we had from them was in early November, assuring us that the Director of AV would be back to us within the week. Several emails from us to them since then have not been responded to. I have now tried several times to reach Michael Coyle but don’t really expect an answer to my phone messages.

    We are now working to form a group of “homeowners” in similar positions and are finding several; the next step is legal action. By all appearances these folks are in trouble and taking our money with them. I had taken comfort in the “Canadian connection” but I believe they have fooled us all. People should know.

    Regards,
    Karen Wiwchar

  • Karen Wiwchar

    Clint,
    Your enthusiasm for this project astounds me in light of my experience with them. I fell in love with the project some three years ago, and in May 2007 travelled there with a friend. We contracted to purchase two units; one in the Agua Viva development and one in the Casa Nopolo building.
    Nothing has happened and no one is talking to us.
    We understand (through word of mouth, no one at Loreto Bay will talk to us officially) that the Casa Nopolo building is not proceeding. That being the case, we are entitled to a full refund of our deposit. We know of some other owners who have flipped their interest into other units, but most that we have been in touch with are in the same boat as us – Loreto Bay is hanging onto our deposits and not responding to inquiries.
    Our second unit, in Agua Viva, is apparently not permitted. After having led us to believe that we would be closing on the lot, and commencing construction, within three or four months of our May 2007 visit, the Loreto Bay people are again stonewalling. After not responding to several inquiries about the status, they emailed us a “construction advance” invoice in 2008. We responded by saying they must be mistaken, we haven’t even closed on the property. No response. We finally had a terse email from their accounts receivable department last month saying the invoice was withdrawn “due to permitting delays”.
    Finally, these new incentives to purchase are not being offered to us, even though we are in no better (and probably worse) position than anyone walking in off the street.
    Our sales associate left the company about a year ago. Her replacement has emailed us saying she too is frustrated in her attempts to get information internally. Throughout the piece we have been emailing the customer service people but have not received any information, much less answers. The last communication we had from them was in early November, assuring us that the Director of AV would be back to us within the week. Several emails from us to them since then have not been responded to. I have now tried several times to reach Michael Coyle but don’t really expect an answer to my phone messages.

    We are now working to form a group of “homeowners” in similar positions and are finding several; the next step is legal action. By all appearances these folks are in trouble and taking our money with them. I had taken comfort in the “Canadian connection” but I believe they have fooled us all. People should know.

    Regards,
    Karen Wiwchar

  • susan

    i am sick of seeing replay on your front page..a year old!! but you have time to Twitter constantly!

  • susan

    i am sick of seeing replay on your front page..a year old!! but you have time to Twitter constantly!

  • susan

    i am sick of seeing replay on your front page..a year old!! but you have time to Twitter constantly!

  • Loni Kao Stark

    Hi Susan – <br />
    <br />
    This entry is a year old, from February 28, 2008. You may have inadvertently linked to this specific post on StarkSilverCreek.<br />
    <br />
    Bookmark this link: <br />
    <br />
    <a href="http://www.starkinsider.com/&quot; target="_blank"><a href="http://www.starkinsider.com/</a>&quot; target="_blank">http://www.starkinsider.com/</a></a&gt; <br />
    <br />
    You will then always get the latest posts. <br />
    <br />
    We have over 500 new posts since this one you are referencing. <br />
    <br />
    You are right, I'd get tired of seeing Re:play for a year too :-)!<br />
    <br />
    Loni

  • Hi Susan –

    This entry is a year old, from February 28, 2008. You may have inadvertently linked to this specific post on StarkSilverCreek.

    Bookmark this link:

    http://www.starkinsider.com/

    You will then always get the latest posts.

    We have over 500 new posts since this one you are referencing.

    You are right, I’d get tired of seeing Re:play for a year too :-)!

    Loni

  • Hi Susan –

    This entry is a year old, from February 28, 2008. You may have inadvertently linked to this specific post on StarkSilverCreek.

    Bookmark this link:

    http://www.starkinsider.com/

    You will then always get the latest posts.

    We have over 500 new posts since this one you are referencing.

    You are right, I’d get tired of seeing Re:play for a year too :-)!

    Loni