With the recent National Criminal Investigation Department questioning the DIMAS system in charge of residence permits, during the years 2020-2022, I am just asking what the status of all those construction workers along Eagle Beach and Seroe Colorado is, piecing the next generation of luxury resorts together.
What is their legal status?
I thought that DIMAS automatically rejects all petitions, so how did theirs slip by?
But that is not the topic of my column today.
Today we’re talking about Water’s Edge, a condo on one of the most spectacular spots on the island, hanging on a cliff, at Seroe Colorado.
That building with 9 condos was developed by an odd pair. A CPA from Long Island and an elderly gentleman from St Nicolas.
I imagine the old man told the CPA he was well connected. The CPA had some extra cash and that is how the condo plans were hatched. The two had zero building experience.
And it showed.
From the get-go electricity, water, gas, sewer, it was all problematic and systems had to be redone, but finally I understand seven condos were sold to eager visitors, around 2020. Not surprisingly, the development went into bankruptcy. But something happened minutes before the public auction, and the project was on again, in the same hands, this time vowing to make positive progress.
Since then, the building has been unfinished. Homeowners are dying to move in, but they do not want the property transferred to their name because the punch-list is six yards long, and if they take their property over, they will be stuck with an unfinished residence, in need of endless expensive tweaks.
Doomed if you do. Doomed if you don’t.
Meanwhile the elderly gentleman from St Nicolas passes away, and left his business to his son, who most probably doesn’t have the funds to finish the building, so he hangs out there, with his friends, and plays music.
Security cameras footage shows ice deliveries at 3am, and multiple cars parked outside at all hours of the night.
The Police agrees that it is trespassing, but what can they do? Their hands are full helping the National Criminal Investigation Department questioning the DIMAS system in charge of residence permits during the years 2020-2022.
The homeowners are heartbroken. They have no protection. Buyers beware they say, a lesson they learned the hard way. Can the new Fair Trade Authority help?
Can the notary help? They must be able to make a deal, withhold some cash, until the punch-list is complete.
And the CPA must be hurting too. So far, it only cost him money.
Incidentally, the building next door to Water’s Edge has also been abandoned, unfinished. In the island’s most amazing location. Where is our Better Business Bureau?
Consolation: Dear condo owners, when the saga concludes, you will be ten years older, but you will have a fantastic real estate asset on your hands.
