Development Turn-around !!

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:

  • LEGAL:
  • 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.
  • 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.

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