Condo Construction in La Ventana del Mar
For the time being, the construction of the excellent condos in La Ventana del Mar has been halted. Workers were laid off, and there’s nothing going on.
Rumors abound when something like this happens, and I’m sure it doesn’t do much to bolster confidence in those who may already be a little gun shy about property in Mexico.
I’ve heard everything from Pat Butler is going bankrupt to it’s just a dispute over interest rates. The truth is probably somewhere in the middle.
From what I can tell, all the bank notes came due and interest rates are higher. So the cash flow isn’t there until the refinancing goes through. Who knows what would happen if they can’t get something worked out within the budget…