Beware buying pre-construction in SXM

Link

It appears that it's not just timeshare owners that have no protection from government.

First that project seem just to risky and the location not great for a vacation type of property. I would have no problem buying on SXM but never never buy anything pre-constriction! If it has no history or if you can't see it or touch it now... don't buy it. So many scam deals where people thing they are buying something with a clear title and only pay the developer or seller only to find out the seller did have a clear deed. I think that's what happen at what is now the Morgan Property and the former Caravanserai buyers lost everything because the bank foreclosed. Never give any deposit money to anyone except a local Notary office. If a notary is closing the deal you can be pretty sure everything is a good as possible legally. And By the way all you timeshare owners or former timeshare owners like us stop saying your are owners because you are NOT. You have some limited rights to use like a long term rental. And if you lost your timeshare but got 8 years or so use feel lucky because in most cases like Ocean Club you got you moneys worth for what we paid and then some. If it's not deeded and closed with a notary and with someone that's been on the Island a lot time then keep walking. Deal with a local realtor as your rep and SXM notary and you will be fine and pretty worry free. SXM real estate is going to just keep better and better. IMO

Buying on foreign soil you need to be very careful or ready to walk away. However, the one advantage of foreign is it's easier to walk away. We have had and have several timeshares on island and by paying cash to purchase, usually on reseller or ebay market, you don't have to give your ss#. Not the same in the US where it can become a liability that can follow you. We are personally happy with our timeshare purchases on island, no regrets at all.

We had four weeks timeshare at the Towers that we lost due to the typical island nonsense pulled off by Mr. Ansary and his political buddies. Unlike too many we had thirty years of annual usage so we have no major regrets. I believe, however, we are the exception and not the rule.

Yes Pat , you bailed out actually after having no choice but you and the family really didn't loose out as the late comers.

And Lesley, thank goodness we had already discovered the beautiful Beachside Villas so as much as we regretted our Towers loss, at least we found another destination we love equally well. Soon……🙂🙂

Another story in this saga.

Link

O my. The saga continues. A sad one too.

And we were lucky to get our $$$ back preconstruction there. One of the properties. The other property held us up for $5K for "breaking" the contract.
irina

Better to buy property that is built and has a deed.