1) What does the future look like for an area such as this ? It's right between El Cortecito and Los Corales...
Nobody can say what the future may hold for it, if they do they'll be lying through their teeth. If you really want to know what the area will hold (reasonable) potential for just visit the immediate surrounds, and it won't be any different than anything like buying a house back at home and surveying the surrounding housing/community.
2) How does it work if the project does not have it's titles as yet (Bank will still isses a Certificate of Deposit, but will not disburse the funds until titles are received ?)
As you said: It's a project! No title will be issued until there's something constructed on the lot!!! Banks generally don't co-op with private constructions like these. When they do, it means they're a partner in the actual construction/sale process of the units. If the complex you're looking to invest/buy happens to be handled via a local bank, chances are strong that deadlines will be more or less "met".
They'll issue no title... If they do, it would have to be a fake!!!
3) 5K is asked to reserve the unit...should it just be wired or is ther a better way ?
A reservation fee/deposit is not a final contract!!!
Your purchase price can change (up) at any given moment!!!
Only when you make a contract with a lawyer, can you rest assured that the amount you'll pay is the one you contracted for!!!
Many complexes are built that way, the contractors would offer the units for a nice reasonable price in the starting phase, only to raise the final price due to the actual costs (as they put it and new equity of the unit after construction is about to finish) of the materials.
Many just take their money back and walk away, while others pay the adjusted price and still get the unit as promised.
4) What are other people's experiences buying new projects in this area ?
Did so and first investigated well and deep into the people behind the actual project. Got a lawyer to sign the contract and sold my unit as soon as I got the title and unit delivered with a 125% profit... BTW: I paid for the unit cash 100% no bank financing
5) Does this sound like a good deal ?
Depends on many things, but PC is not for the faint hearted or get rich quick neither...
All I did was stand near the projected complex and ask if I would really like to live there and why... Then I went ahead and paid for it!
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