Development of our beautiful condominium stalled two years ago (January 2016) when the developer experienced cash-flow problems. Now, with all eight of the original project investors pulling together, we are back and moving full-speed ahead !
Accomplishments in the past year:
All ownership titles have been distributed for all 14 residence units. All liens against the property are discharged; all Plusvalia taxes are paid; all property taxes are paid.(still in process)
- One apartment owned by an original investor has been re-sold.
- The Valle Encantado Owners’ Association has been operating for 16 months now. Valle Encantado operations are self-supporting through our budgeted condominium fees (aliquota).
- We have professional Administration, provided by the <link> company. They keep us fully compliant with Ecuador’s and Cuenca Municipality’s laws. They oversee our on-site staff, three young men who provide 24/7 security presence and grounds maintenance.
- The security system is complete.
- The internet service and all-site Wifi are complete.
- CHANGES TO VALLE ENCANTADO OBJECTIVES:
- The developer originally intended that VE would operate as a time-share vacation destination. Now, Valle Encantado is a residential community.
- Therefore, many of the residential units are being modified:
- Many of the heating systems are being upgraded with high-efficiency, top-of-the-line Carrier split-unit heat pumps. Many of the domestic hot water systems are being upgraded with tank-type electric heaters. Various improvements to thermal insulation are planned.
- Many apartments will add closet and storage space.
- The VE Owners’ Association modified the Association Rules to facilitate owners’ rights to modify and individualize their homes.