Green Village CapCana, Dominican Republic – A Mayan Ruins of Broken Dreams, Lost Promises & a Series of Lies that Continue even until today.
When my wife and I purchased a bungalow villa in January 007 in CapCana Green Village, the CapCana development was a spectacular planned community wth 1st rate facilities including a Jack Nicklaus Punta Espada 18 hole golf course. CapCana was building the largest deepwater marina in the Caribbean, Jack Nicklaus’ Golden Bear Lodge and several beautiful private homes were also under construction.The Trump Brand was being used to sell multimillion dollars lots on the Farillon. This picture and the developer’s plans were only rivaled by the beauty of the landscape and the wonderful DR people who live and work there.
How could my real estate investment in the world’s next great destination be anything but successful. We were so committed to the CapCana Green Village project that we signed a Purchase and Sale Agreement and Escrow Agreement (written in Spanish) after reading this document in English. We hired Espaillat Matos & Assoc. as our lawyer during this transaction.
Our experience and the commitment and plans of the owner/developer lead us to purchase a bungalow villa at Capcana Green Village by paying in full due to a 14% discount (provided by Capcana). The funds were wired to Stewart Title in the US and it was my understanding that the funds would be held in escrow and a draw against escrow be made as the bungalow villa was completed. Our bungalow villa at Capcana Green Village was to be done by October 2007 and there was a penalty payment due if the developer failed to meet this date. When October arrived, the villa was not complete and the penalty by contract began to accumulate. Capcana even provided the Green village owners with credits to allow free nights stay at the Capcana property.
As time went by, the penalty dollars continued to accumulate, several (sometimes monthly) emails were sent to Capcana to raise our concerns, get a status update on our villa as well as an expected completion date. In each instance Capcana’s responses were they were doing their best to move the Green Village Project along and they were committed to paying all penalty dollars. Our first known lie was when they canceled the owner’s credit program (without any notification) as well as not authorizing the use of unused credits. These lies and excuses continued for months leading up to years. Eventually we contacted Stewart Title and were told all monies in escrow had already been sent to Capcana and they assumed no responsibility for their actions as it was completed per the Purchase and Sales Agreement and Escrow Agreement. A site inspection of the villa during this transition found it 50-60% complete like hundreds of other villas at the Green Village. Specifically there had been no changes (not even an additional nail installed) in the last 4 years.
CALL TO ACTION
What you will see (see photos)
I welcome all current Capcana Green Village owners to tour the Green Village for themselves. A guard is positioned at the main entry to the Green Village stopping access. A soil berm closes off the original entry to the clubhouse/fitness center. Inside this unwelcome boundary are the carcasses of well over 100 villas (price range 400k – 800k) left to rot in the sun and rain. The entire Green Village is overgrown with vegetation resembling a jungle. A select few of the villas have been completed, but there are no signs of occupancy.
What you will hear
Capcana management has been instructed by ownership to tell current owners that they still plan to finish the Green Village Project. However, they admit to having no money to do so. When pushed about their plans and the reality to finish even one more villa they have no definitive answers or the money to do so.
There is no sense of reality on how to fix their problem. Reportedly, they previously received millions of dollars from their bond holders and are asking for more. But, why would the bond holders provide more money without asking what happened to the previous money. This all continues while 20-30 Capcana management employees report to work on a daily basis without selling any real estate
I know there are many CapCana Green Village owners with similar experiences as mine. Please post any information, opinions, or potential solutions you may have. We need to find each other, develop a dialog, and establish a plan of action. There is strength in numbers.