| As advertised since 2006 |
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| Rocky Point Exposed |
Be Careful, Be Very Careful!
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| Status in 2008 |
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THE HISTORY OF VILLA CORTEZ
Located on Encanto Beach, west of La Jolla, this project in early 2000 was originally
called the Villages II Project. The builder of the development is a Scottsdale, Arizona
based company called Manchester Homes. The developer, Mr. David Letourneau
allegedly took money from buyers of the development but the Villages II project never
materialized. It is assumed that several buyers were switched to Villa Cortez. The
developer has since taken many deposits from new buyers beginning in 2006, and
claims that the first unit (Andalusia) is 90% reserved.
Investors were told that the first completed units would
be delivered in late 2007. In June of 2007, investors were
then told that delivery of their completed units would begin
in eighteen months (December 2008).
As of the second quarter of 2008, other than the model, no infrastructure has been put
in place to support a project of this size, (water, sewer, desalinization plant, electricity,
etc.), nor has ground been broken on any buildings, making it highly unlikely that any
units can or will be delivered by December 2008.
It has been determined that the developer is having financial difficulties and is trying to
secure new financing. Some investors have requested refunds and are seeking legal
recourse for recovery of deposit monies.
The project is still being advertised in the June 2008 issue of Rocky Point Times and
billboards are in place throughout the city. The model is open and sales activity
continues.
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| 2008 billboards |
| OVER 90% RESERVED |
"I Invested in Villa Cortez in 2006 on a unit to be delivered in December. 2008. As of 2008, nothing! Just a model and lots of empty sand." Villa Cortez investor |
| "This development will never happen" Playa Encanto residents |