Expert: Dick Dennis - 7/19/2007

Question
Dear Mr. Dennie,
A trio of brothers who are life long friends of mine retired from their mutual jobs (high principal, correction officers) and sought to live their life long dream of developing on the beaches of Dorado, P.R. Here's the problem; the project is now finished and they can't seem to get buyers who are willing to pay their asking price even though they've already lowered their prices. The mortgage and other bills are due and money is not coming in. personally, I think they had a weak marketing strategy in place and the agent did not operate with a sense of urgency. These decent men stand to lose all of their life savings. I've tried to help by posting on the Internet via several sites and getting the word out. No luck. What do you suggest? Feel free to visit them at WWW.Trinquility.com. I look forward to your reply. Thank you!

Answer
First of all, Nils, your friends skimped on the website. The first impression is nice, beautiful, but then everthing else goes nowhere. No pictures, no actual floorplans that can be read on the screen, no creative financing ideas, no explaining why buying those condos is a great idea, no beautiful PR landscapes. NOTHING. If that is any indication, then I can understand how the rest (if any) marketing has flopped. As for me, I have never been to PR. The first thing I think of when I think of PR is a vacation spot, with lush palm trees, swimming, beautiful greenery, some of the more well-known spots in PR. I am guessing this project may lend itself well as second homes. They may be decent men, Nils, but they are going to lose they project if they don't wake up. That bank is going to get it back in its lap and then they will lower the price much lower to get it off their hands, or one of their investors will do it. I would immediately start thinking of creative financing besides getting someone to do one heckuva marketing plan. They obviously did not do their homework and research BEFORE they planted the first shovelful. They were so anxious to jump into their retired life they got hooked like most everyone else. Your friends fell in love with PR but failed to realize it usually has problems selling real estate even in good times. I do wish you and your friends well.


Dick Dennis