Lago Azul

Discussion in 'Brazil Property' started by mlawler, May 11, 2010.

  1. mlawler

    mlawler New Member

    Does anyone out there have any information about the development, Lago Azul, located just outside Tibau, on the road to Pipa????? Thx, ML
     
  2. mlawler

    mlawler New Member

    Is there any building going on?? Is there any lawsuits filed or pending?? I am an investor looking for answers. TY, ML
     
  3. JMBroad

    JMBroad New Member

    I did the DDR analysis on this development back in 2007 and I'm afraid to say at that time it did not pass the checklist - in 2007 the developer was unable to provide me with the basic documentation needed to approve the development for sale. It is very possible that the documentation was approved later but I did not follow up - I think I spent around 7 months trying to get the documentation unsuccessfully and then gave up.

    I have driven past there several times over the past year or so on my way to Pipa and although I have not done any DDR checks since 2007. At least the last time I went passed (a couple of months ago) from the outside the buildings which had been built looked in a poorly state of disrepair.

    I know they sold a large chunk of units (300 or so) to a Spanish developer some years ago which was going to finance the construction of the development but it appears that they have stopped construction for now.
     
  4. mlawler

    mlawler New Member

    Thank you for your reply...Any info you can add would be great..ML
     
  5. Jones Ralf

    Jones Ralf New Member

    Does anybody know anything about Laguna Beach in Brazil, have they started construction yet?
     
  6. JMBroad

    JMBroad New Member

    I drove past there about a month ago and no movement yet
     
  7. UFO

    UFO New Member

    We are a family from Denmark who bought an apartment years ago. Then suddenly everything stopped and we have not got any informations since.
    If any one know just something about this development we would be glad to know about it. We also where told, that after the administraion, everything would be good again. But still totally silence.
     
  8. JMBroad

    JMBroad New Member

    Sorry to hear about it UFO - I'll ask around but not sure there is any movement going on at the moment.
     
  9. UFO

    UFO New Member

    Thanks

    Hello
    It was after all just nice to hear some sign of life from our project. Thank you for taking the time to reply in this forum. Right now you are our only connection to the project, so I would greatly appreciate everything you want to find and tell us about. It's a long distance from Denmark to Natal. But we have seen that our apartment is built with walls and roof, others still do not have foundation made yet, so in that way we have after all something, which form really is not even finished. How are you aware of the project? Are you even from the local area? It sounds that you are from Brazil, but just a guess. I attach also the last photo we have from the site, maybe you know about if they get longer than that? Yes sorry for all these questions, we just need to get some information, I think you understand, we have not heard anything for nearly a year now. A SPECIAL THANKS FOR YOU :adore::adore::adore: 1 (28) (3).jpg
     
  10. debzor

    debzor New Member

    Hi UFO

    I live further down the coast in NE Brazil, but I drove past this development 10 days ago. We actually stopped outside and had a look through the gates, and walked around the outside.

    Although it was a Saturday, I regret to advise the place appeared to be completely adandoned, it was deserted, and did not look as though there had been any activity there for a long time.

    Therefore I would concur that your best course of action is to contact your attorney here in Brazil.
     
  11. UFO

    UFO New Member

    Do anyone have new informations.....thanks
     
  12. UFO

    UFO New Member

    Hello Debzor.

    Do you have any new informations since last time...... thanks
     
  13. JMBroad

    JMBroad New Member

    I drove past today and it looks totally abandoned. No workers could be seen on site (although granted it is a Saturday), the paint is all black and dirty on the houses facing the road and the plants, grass and trees which can be seen through the gates are all overgrown. Overall looks pretty bad.
     
  14. UFO

    UFO New Member

    Hello JMBroad.

    Thanks for your informations. Does not sound good but expected. I will be very glad if you another time could take some pictures from there.

    you or any can mail them to me at : <snip>).

    thanks for now
    Rene
     
    Last edited by a moderator: Feb 6, 2011
  15. UFO

    UFO New Member

    THANKS ROB and JMBroad

    :shakehands:For all your informations, my family and me are very pleased hearing from you.

    If you like to give me informations by mail you can use my e-mail : .
     
    Last edited by a moderator: Feb 6, 2011
  16. UFO

    UFO New Member

    Do anyone know something about the legal battle, is there any solution ?
    Do anyone know what is exactly the problem between Costa tour and Promaga.
    We have been told, that the authority would controlled the rest of the project, to finished it.....but maybe another telling.
    We appraise to hire an lawyer now, do anyone know one to recommend
     
  17. Brazil investor

    Brazil investor New Member

    Lago Azul update



    Hello UFO, I am a new member of this forum and, like you, are buying a property at Lago Azul.

    I last heard from Promaga, the Spanish developers, in November 2010. The man in charge of the project said the legal dispute with the original builders and owners of the land was settled and agreement had been reached for them to take over the project. He said he expected the agreement to be signed 'soon' and then Promaga would 'begin the paperwork to resume work as soon as possible and to deliver the houses to take advantage of the 2014 World Cup'.

    He said he hoped he would be able to give me the date for restart and delivery 'soon'. That information was just over three months ago. I have emailed the contact twice since then asking for an update and have not received a reply. I talked today to the Promaga office and they suggested I email the contact again, which I am about to do.

    We actually visited the site in November 2007 and were able to go inside the villa we are purchasing. The builders were putting on the roof at the time and we expected the project to be completed by December 2008.

    So this delay is very frustrating. However, we are still interested in the project and believe that if it is delivered as originally promised it will be worthwhile.

    But we are not prepared to wait for ever. Promaga have offered us an apartment in Spain instead of Lago Azul but this does not interest us. We have had some wonderful holidays in the Pipa area of Brazil and want to be able to spend our winters there.

    Of course, one big concern is whether the stage payments we have made are safe. When we signed up for the project it was said that this was the first project in Brazil to be covered by a Bank Guarantee. But despite asking several times for proof of this we have seen nothing.

    Whilst we did originally consult a solicitor in the UK when we signed the purchase contract we have also thought lately about contacting a solicitor in Spain with a view to recovering the money we have paid. We have the name of a firm of lawyers who say they have been successful in doing this.

    But, as I said, we would still like to go ahead with the project. So it is a bit of a dilemma for us as well.
     
  18. UFO

    UFO New Member

    Hello.

    Thanks for your comment/letter.
    We have now contacted Costatur, to get a new state of this case.
    When we get this state, we will bring it.

    Meanwhile have you any news from this project ?

    Maybe we shold consider to make at case together by lawer, i hope of getting our payments back.

    We now has asked to cancelled the contract and get our money back (just for fun !!!)
     
  19. Brazil investor

    Brazil investor New Member

    Hello UFO.

    Our contract is with Promaga, the Spanish developers, who I believe are selling some 150 of the Lago Azul properties. I heard from them last week. They said they hope to have all the paper work completed within the next seven or eight weeks to enable them to take complete control of the project. As soon as this happens they will survey the site to see what needs to be done and appoint a firm of builders to complete the project, hopefully within 12 months.

    So now we are waiting to see if this does actually happen. We are hoping someone will post an update on here soon to say they have seen building work underway again. If it doesn't happen, then we will be looking in to getting our stage payments back.
     
  20. bobo

    bobo New Member

    Hello Brazil investor,

    I am also a new member and like you and Ufo buying a property at Lago Azul.
    Our story is quite similar: we are also clients from Promaga and also visited Lago Azul for the first time in nov. 2007 when things were looking very promising. We've visited a few more times during the last 3 years and in the beginning the building was progressing, although slowly.
    As you well know since appr. 1,5 year there has been no more building due to problems with Costatur.

    Our contact has told us exactly the same story as you describe so I suppose we might be talking about the same person. We were already told in october/november 2010 that Promaga would take over "soon" but ofcourse 6 months have passed without any progress. We quite understand that these things take time but also heard some "rumors" during our last visit to Pipa at the beginning of 2011 that it might take years to legally take over the project.

    We were also offered a house in Spain by Promaga but as we are living in Spain we are simply not interested and our dream was to have a holidayhouse in Brazil where we've already spent some lovely holidays.
    So for us the dream is starting to turn into a nightmare and we are seriously considering legal actions as we also don't want to wait forever !
    Maybe it would be a good idea to consider taking a lawyer together ?

    We are looking forward to any reactions from members that are in the same situation !




     
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