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Yipes …

Yipes …

Tim Mello just zinged this alert my way:

The AZ. Department Of Real Estate has issued a cease and desist against FIESTA DE CORTEZ HOTEL URBANIZADORA VACACIONAL DE PUERTO PENASCO, S.A.,DE C.V. in response to complaints …

Arizona Department of Real Estate announced today (5/30/07) that a CEASE and DESIST ORDER and a Notice of Right to Request Hearing was issued on May 21,2007 against IGNACIO CHAVEZ-MORAN (an unlicensed individual) and FIESTA DE CORTEZ HOTEL URBANIZADORA VACACIONAL DE PUERTO PENASCO, S.A.,DE C.V. (a foreign corporation and unlicensed entity).

Mr. Chavez-Moran (owner of Fiesta) engaged in offering to sell, or advertise the selling of condominiums offered by Fiesta for a development known as Fiesta De Cortez Suites and Hotel Resort aka Fiesta Golden Resort (the “Property”). The “Property” is located in Puerto Penasco, Sonora, Mexico. Mr. Chavez-Moran failed to notify the Commissioner of the intent to sell condominiums or ever applying for a subdivision Public Report [A Public Report serves as license to a subdivider to sell and market (wherein disclosures are made) in order to protect the consumer.] with respect to the “Property”. Further, he failed to file copies of advertising materials used in connection with sales of condominiums with the “Property.”

Arizona Consumers who have filed complaints with the Department have lost approximately $378,318 earnest monies due to illegal activities of Mr. Chavez-Moran. If you are aware of any other Arizona Consumers who have been harmed as a result of Mr. Chavez-Moran’s actions, please have them contact the Arizona Department of Real Estate, Investigations Division.

The Arizona Daily Star has picked this up as well … A copy of the notice hasn’t hit the site yet, but here’s a PDF copy of the cease and desist.

Aaaaand … here’s a follow-up article in the Az. Daily Star

You may recall from earlier posts that the AZ. Department Of Real Estate, which has been heavily involved in the Mexican real estate market and trends, along with the Arizona Mexico Commission, etc., also publishes Buying Real Estate in Mexico – A Consumer’s Guide.

Anyone out there have some more info on this?

There’s also High-end tourism growth is criticized, from the San Diego Union Tribune:

Rapidly growing tourist corridors in northwest Mexico are time bombs that strain environmental resources and threaten the region’s long-term economic potential, a newly released study concludes.

Conducted by the Mexico City-based Mexican Institute for Competitiveness, or IMCO, the privately funded study criticizes what it describes as developers’ growing tendencies to appeal to the high-end tourist market through luxury hotels and golf courses, saying these have placed increased demands on the region’s scarce water supply.

IMCO is a politically neutral, nonprofit think tank that focuses on issues affecting Mexico’s economic competitiveness. The study was commissioned by the Mexican Nature Conservation Fund, which supports environmental groups across Mexico, including the Gulf of California.

…throughout the peninsula, “in terms of sustainability, the main problem is water,” said Rodrigo Gallegos, a consultant to IMCO.

The study singles out golf courses. The typical golf course uses enough water for a population of 6,000, the study said. Although many use recycled water, in some areas where there is not enough supply, the golf courses are sustained by fresh water drawn from local aquifers. current technology is still too expensive, IMCO’s Gallegos said.

The study says local and state governments are doing little to control the rampant growth, and it calls for rules to regulate the development.

You can read the whole article here.