Expat Community > Ecuador

luckydawg
Joined 2011
Posts: 291

BEWARE COTACACHI REAL ESTATE DEVELOPMENT

13 years ago

An expat by the name of Don McGrae, a former Floridian is supposedly building a retirement community with assisted living facilities in Cotacachi. The website is:http://ecuadorlifestyle.com/. And the project is called HACIENDA DE LAS FLORES. He is accepting deposits from expats and making claims. It sounded like something I would be interested it, so I sent Mr. McGrae an email on two occasions asking for some financial information.
1. who is financing the project?
2. who is holding deposits and are they in escrow accounts
3. Who is your bank?
4. Do you have a financial statement?

I have yet to get a response from Mr. McGrae. I have lived in Florida for 22 years full time and I don't have enough fingers and toes to count the number of projects like this that have gone belly up, either by lack of financial resources, dishonesty or just plain bad management. My late wife and her former husband lost about $200k on a high end golf course project in Fort Myers that had Arnold Palmer as an investor and spokesman. Mr McGrae seems like a nice honest fellow, but the road to hell is paved by the skeletons of good intentions. Every day that goes by without a response from Mr McGrae, makes me more suspicious. Prior to retiring 2 years ago, I spent 25 years in commercial and residential real estate development and in my experience if something smells bad, run like the wind.

Anyone thinking of investing in projects like this should keep in mind that the real estate business in Ecuador is like the old west and there is very little in the way of property rights law unless you are well connected to the local elite.

William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

Living in Ecuador Guide

Expats in Ecuador share some of the pros and cons of living in Ecuador. Topics covered include where to live, the bureaucracy, the people and more.

Ecuador Forum
Join our Ecuador forum to meet other expats and talk about living in Ecuador.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Ecuador.

Best Places to Live in Ecuador

If you're dreaming about living in Ecuador, here are the 15 Best Places to Live in Ecuador in 2023.

Healthcare in Ecuador

Expats in Ecuador share their experiences with healthcare and overseas medical insurance in Ecuador.

Cost of Living in Ecuador

Expats offer insight into the cost of living in Ecuador.

Moving to Ecuador Guide

Expats in Ecuador offer advice to newcomers and people considering a move to Ecuador about clothing, sunscreen, renting before buying, gringo pricing, Ecuadorians politeness and much more.

Real Estate in Ecuador

Real estate listings in popular cities and towns in Ecuador.

Pros & Cons of Living in Ecuador

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Ecuador.

Retiring in Ecuador

Advice for people retiring in Ecuador.

10 Tips for Living in Ecuador

If you've recently arrived in Ecuador, here are 10 tips for digital nomads living in Ecuador.

Additional Information:

Visit our Ecuador Index for a Full List

William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

Contribute
Help others in Ecuador by answering questions about the challenges and adventures of living in Ecuador.

Login

Or, Send Login Link

Expat Community > Ecuador

BEWARE COTACACHI REAL ESTATE DEVELOPMENT

Login