WHAT IS THE CURRENT STATUS OF THE PROJECT?
Grading of our unique oceanfront terraces in the Las Playas and Vista al Mar communities which will provide every home a spectacular ocean view is currently nearing completion. Preliminary grading of the Campos de Golf community has been completed. Construction of retaining walls and installation of power, water and waste water infrastructure is underway. The special state-of-the-art terracing design now provides virtually every home with a glorious view of both the ocean and Ceibo Valley Golf Club (not just the front row of homes like in most communities).
First homes in Vista al Mar A row are now under construction. Both the retaining wall and road base and sub-base for this street is completed. The final road will be completed after the construction of houses where heavy equipment is no longer required.
Initial grading of the main 5 kilometer main road has been completed and now awaits the completion of grading in the two oceanfront communities.
Clearing and preliminary shaping has been completed on every hole for our world-class Ceibo Valley Golf Course. Holes 14 to 16 are currently in the finishing process with drainage completed on greens and bunkers, irrigation and rough planting is underway. The 13th, 17th and 18th holes are in the final stages of being shaped and drainage and irrigation systems are expected to be installed shortly. Final shaping work is underway on holes 10 to 12. As soon as the final shaping is completed, our shapers will start the final shaping of the front nine.
Horse pasture fences are currently 25% complete and temporary shelters for horses will soon be built.
HOW MANY RESIDENCES HAVE YOU SOLD?
We sold 52 homes during our introductory phase. After our pre-construction Sale, which ended in February 2016, we have sold over 80% of condo units available and 60% of released lots in the Las Playas community. More condo units will soon be released for sale and all home sites in the Vista al Mar community are now available for purchase.
WHAT IS THE COST OF A HOUSE OR CONDO AT LAS OLAS ECUADOR?
Prices vary based on the location and the view, although nearly all of the currently available residences offer amazing views. In the Las Playas community, condos start at $140,000 and homes at $233,000. In the Vista al Mar community, condos start at $98,500 and homes at $188,000. Visit our special offers page for all the latest benefits we offer with your purchase. .
WHEN WILL THE FIRST HOMES BE READY?
We started home construction in the Vista al Mar community in February 2016. First few houses will take a little longer to build as we are training local staff to North-American standards. We are expecting the first three houses to be completed around the middle of this year.
WHEN WILL THE GOLF COURSE BE READY FOR PLAY?
We anticipate construction of the first nine holes to be completed around the third quarter of 2016 and the full course being completed around the second quarter of 2017. During the first year of operation, the golf course will be using the tennis club as a clubhouse.
WHY DO YOU NOT SELL JUST THE LOT?
Most developers in Ecuador sell only lots. The reason they do this is that it allows more people to purchase land in Ecuador with a lower initial investment. We will not sell lots, but rather sell finished homes situated on lots. The reasons for this are as follows:
1) It greatly reduces the number of buyers that are buying the land purely for speculation purposes.
2) It substantially reduces the construction period for all houses to be built.
3) It reduces headaches by having us build a home rather than a purchaser trying to build their own home in a foreign country.
WHAT ARE THE SIZES OF THE HOMES AND CONDOMINIUMS?
We have five home sizes starting at 1,350 sq ft, 1,500 sq ft, 1,720 sq ft, and 2,000 sq ft. The 2,000 sq ft. homes are available on a limited number of large lots or by purchasing two lots. This allows owners to build a custom 4-bedroom house. Condominiums start at 1,000 sq ft. Three story condos average 1,000 square feet of interior space and over 400 square feet of outside terrace.
CAN I RENT MY HOME OUT?
Yes, you can rent out your home yourself or if you choose you can utilize the Las Olas vacation rental program, designed to effectively market and rent your property in order to maximize the return on your investment.
WHO ARE YOUR BUYERS?
The average age of the buyers is between 52 and 62 years of age with some buyers as low as their 30’s and some in their early 70’s. 85% of buyers are from North America with a few from Europe and Ecuador.
HOW CLOSE IS THE NEAREST TOWN?
The seaside town Bahia de Caraquez is 12 minutes from the property with a population of 30,000. The city of Manta is currently 55 minutes away and the travel time will be reduced to 35 minutes with the completion of the new highway, expected in three years. Manta is the fastest growing city in Ecuador with a population approaching 300,000, it will also have the largest shopping mall on the coast, which is currently under construction.
HOW HARD IS IT TO GET A VISA?
For part-time residents Ecuador offers a three months travel visa which can be extended up to an additional six months if required.
Ecuador offers permanent resident visas to foreign investors and/or retirees. The process involves many steps, but is relatively easy. Getting a residence visa is a normal step in making Ecuador your first and second home. We recommend that you use an attorney for the process as the visa laws change frequently and you can easily miss required steps or documents. Our legal partners would be happy to assist you through the process. Alternatively, there are several services to help you through the process, just be sure to check references.
There are several different types of visas available. If you are planning to move to Ecuador you will need a residents visa. A residents visa is required before you can bring your belongings into the country.
HOW MUCH BANK DEBT DOES LAS OLAS ECUADOR HAVE?
WHO OWNS LAS OLAS?
Las Olas is owned by a Private Interest Foundation that includes several investors and is managed by Founding Partners Randy Russ and David Maksymuik.
WHO IS THE DESIGNER OF THE LAS OLAS GOLF CLUB?
The designer of the golf course is Golf Course Architect Kris Savignac who spent fifteen years working closely with Pete Dye on designs such as the Ocean Course at Kiawah Island, and he’s recently redesigned a course right here in Ecuador.
WHAT IS THE SIGNIFICANCE OF MY RESERVATION AGREEMENT?
The sooner you get your reservation agreement and deposit in, the sooner you can reserve a lot at Las Olas. Your reservation is residence specific, it allows you to choose the lot or condominium unit that best meets your family’s needs or investment strategy.
Our customer support team will help you identify a lot that best suits your needs. You can always change the location of your home once you visit Las Olas Ecuador.
Signing a Reservation Agreement provides:
- Up to four days of free accommodations
- $1,000 credit towards your airfare, if you decide to purchase a home
- Transfers to and from the airport
- We will also help plan your trip
Take a look at our Reservation Agreement for more details and benefits.
IF THE COMMUNITY IS CARLESS, HOW DO WE GET AROUND?
It is mainly a carless community with electric cars and golf carts as the mode of transportation within the community. However, we recognize there will be a need for a vehicle outside the community from time to time. Outside the gates near the entrance there will be secure covered parking for those that own cars. We will also have cars available to rent, should you wish to simply take trips to town or to discover the diverse, rich cultural, and culinary experiences the different regions of Ecuador has to offer. Las Olas will also have regular shuttle services, free home delivery of groceries and other parcels, and a location in Bahia to drop items that you wish to be delivered to your home.
WHAT IS HEALTHCARE LIKE?
North Americans have access to an excellent level of medical care in Ecuador. In the bigger cities, such as Quito, Cuenca, Manta and Guayaquil, hospitals are equipped with the latest in medical technology and the staff are fully trained with qualified doctors and nurses in all fields. In fact, many have trained in the US and the UK. The cost of the average visit to a doctor’s office is in the region of $30, with a visit to a specialist costing a little more at around $45. This price is considered to be reasonable as Ecuadorian doctors spend on average between 30 and 45 minutes with each patient. Bahia de Caraquez has a fully staffed hospital located just 15 minutes from Las Olas. Further, Las Olas plans to have a medical clinic right on site.
Dental work can be done in Ecuador for between 50% to 80% lower cost than in North America.
IS THERE ANY HOMEOWNER ASSOCIATION FEES?
When you purchase a home at Las Olas you automatically become a member of the owners association, for which there are monthly dues. The association establishes and administers rules governing the community and forms an architectural control committee to review building plans for homes that are not pre-approved. Annual dues are used for improvement and maintenance of roads and common areas, administration, security and insurance, among other expenses. Dues will be paid monthly and are expected to be in the $80-$120 range per month.
WHAT COMES STANDARD IN THE HOUSE?
At the moment, our special offer includes the following upgrades:
- Granite or quartz countertops
- Hardwood kitchen and bathroom cabinets
- Solar Thermal hot water heater
- Solar electric power system
- Superior quality fixtures and faucets
- Four appliances included (Fridge, stove, washer, dryer)
- And even your golf family membership (initiation fee) is included!
Take a look at our pricing page to see all the benefits available to you.
IS THE POOL INCLUDED?
No, but at the time of construction it will be cheaper to install. We estimate the cost at time of construction will be between $8,000 to $12,000.
WHERE DOES THE WATER COME FROM?
We will have three sources of water.
- Potable water will either come from the provinces new pipeline that supplies the city of Bahia and store in our water tower prior to receiving additional filtration so that it is drinkable right from the tap or from our front aquifer well system.
- We have an aquifer underneath the back portion of our property and have a well (90 meters deep) that will be used to irrigate the golf course along with ocean water.
WHERE DOES THE POWER COME FROM?
- We will be bring 3-phase power from the Bahia sub-station.
- We are also currently investigating solar panels as alternative energy source to make Las Olas a self-sustainable community.
WHAT ARE THE GREEN FEE COSTS?
We have not set the fees as of yet. However, we anticipate the fees to be approximately $150 a month per family.
CAN I PLAY THE COURSE IF I AM NOT A RESIDENT OF LAS OLAS?
No, Ceibo Valley Golf Club is a private golf course for residents of Las Olas Ecuador and guests only.
CAN YOU PROVIDE ME REFERENCES OF PEOPLE THAT HAVE ALREADY PURCHASED?
Yes, we would be happy to provide you with contact information for current owners.
- Sign Reservation Agreement and provide a deposit to secure your reservation number. Funds are deposited in a Texas Escrow Agent’s escrow account providing you up to sixty days to visit the property. The funds are fully refundable if you decide not to purchase a property.
- With our assistance select and reserve the lot that you feel would best suit your needs.
- Coordinate travel with our Client Service representatives.
- Visit property and review your choice of secured lot at time of signing the Reservation Agreement or choose another lot.
- Select home design and layout, where options are available.
- Sign the Sales Agreement and pay remainder of initial down payment and receive the deed of your lot. (All Ecuadorian contracts must be signed in Ecuador and notarized or provide a Power of Attorney.)
- At the same time as signing the Sales Agreement, sign a Construction contract for the construction of your new home.
- At the same time as signing the Sales Agreement, sign Condominium Rule and Regulations Agreement.
- Follow construction progress of your home.
- Make any future payments that may be required as per the terms of the Sales Agreement.
- Take delivery of your home.