-LATE BREAKING NEWS-

Late Breaking News- PLEASE HELP NOTIFY THE PUBLIC AND REAL ESTATE PRACTITIONERS OF THIS IMPORTANT ALERT.



Arizona Department of Real Estate announced today (5/30/07) that a CEASE and DESIST ORDER and a Notice of Right to Request Hearing was issued on May 21, 2007 against IGNACIO CHAVEZ-MORAN (an unlicensed individual) and FIESTA DE CORTEZ HOTEL URBANIZADORA VACACIONAL DE PUERTO PENASCO, S.A., DE C.V. (a foreign corporation and unlicensed entity).



Under Title 32, Chapter 20, the Department may issue an order directing any person to cease and desist from engaging in the act, practice or transaction or doing any act in furtherance of the act, to make restitution or to take appropriate affirmative action to correct the conditions resulting from the act, practice or transaction.



Mr. Chavez-Moran (owner of Fiesta) engaged in offering to sell, or advertise the selling of condominiums offered by Fiesta for a development known as Fiesta De Cortez Suites and Hotel Resort aka Fiesta Golden Resort (the "Property"). The "Property" is located in Puerto Penasco, Sonora, Mexico. Mr. Chavez-Moran failed to notify the Commissioner of the intent to sell condominiums or ever applying for a subdivision Public Report [A Public Report serves as license to a subdivider to sell and market (wherein disclosures are made) in order to protect the consumer.] with respect to the "Property". Further, he failed to file copies of advertising materials used in connection with sales of condominiums with the "Property." Arizona Consumers who have filed complaints with the Department have lost approximately $ 378,318 earnest monies due to illegal activities of Mr. Chavez-Moran. If you are aware of any other Arizona Consumers who have been harmed as a result of Mr. Chavez-Moran's actions, please have them contact the Arizona Department of Real Estate, Investigations Division.



The Cease and Desist Order shall be recorded in the office of the County Recorder for each County within the State of Arizona, pursuant to the provision of A.R.S.§32-2182.02 (A). To view the Cease and Desist Order in it's entirety, CLICK HERE.

http://www.azre.gov/PUBLIC_INFO/News_Alerts/Documents/Fiesta_De_Cortez-Cease_and_Desist.pdf

This is why I am still hesistant to buy anything down there. I won't do it until I get my Mexican citizenship. Not that it would prevent from losing money but I don't want to rent the land.

Definitely find somebody in Arizona with good references doing business in Puerto Penasco.

Roberto,

I made a visit to Eldorado Ranch in San Felipe last year and their operation seems to be totally legitimate with title insurance and permanent ownership under fidelcomiso laws.

This may appeal to you because one of your favorite spots seems to be just up a good highway in Mexicali. The ranch offers nearly free trips to see their property, but they team you with a sales person until about 8 PM before cutting you loose for the night in San Felipe.

I did not find any chica action during my saturday night stay. The two local strip joints had about 5 guys per chica and neither of the two hotties acknowledged my existance except when collecting dollar bills on stage.

Furthermore, I think the ranch is a bit too far north resulting in water that is muddied by tidal action. I am more inclined to invest in something on the mainland side south of guaymas, but have not looked very hard yet. Hopefully, the real estate bubble burst is hurting Mexican prices too, because I thought that they were asking a bit too much in 2006.

H4A2

Definitely want to do "extra" due diligence when buying in RP. As Roberto said, get someone (preferably an agent) with references, interview several.

Deposits and downpayments should be held in escrow, never in the sellers hands.

caveat emptor

My $.02 worth......

When I went looking in Rocky Point I was surprised at how expensive the places have gotten. A 3 bedroom house in a shitty neighborhood was going for $300K. Comparable to my house in Phoenix except I live in a nice neighborhood here.

yeah my brother decided to get a trailer instead, paid about $5k for it, pretty nice I'm told. Pays around $45 a month for storage then a couple of bucks to move it into the park on the beach and hook up water and electric.

my brother is trailer park trash....lol

I've never done the trailer thing, he says its a pretty good time (non monger) tho.

My buddy owns a fireplace store on the road to sandy beach and said I could park a trailer for free. If I do it I would pay him something so he keeps an eye on it but it sounds very tempting. Then again, I don't know if I go enough that it would even make sense.