Belize Lot Scam--Be careful out there.

[Bruce Lynn]

Huge scam reported in Belize.  I think you always have to be careful buying lots in any development.  Lots are tricky.  This is just one of many international projects that have not worked out.  Developer may have had good intentions in the beginning, but too often seem like they run out of money before they can fulfill promises.  

https://www.wsj.com/articles/ftc-alleges-100-milli...

I think this happens not just internationally but in the US too.  First tax sale property I bought was a 5 acre lot in a huge development that had originally sold for something like $80,000.  I picked it up for $12,000 and sold it about six months later for a nice profit.   Tons of lots for sale in the development today at a fraction of what the nice people from all over the country paid for them from the developer.  Years and years later there are still very few homes in the development.   At least roads, utilities, and the amenities got put in.

I also think of Lake Whitney south of DFW which is more or less in the same position.  Amenities got put in, but failed for the most part.  Main restaurant is closed, I believe one of the two golf courses is closed.

Be careful out there buying lots from the developers in resort communities.....especially international developments catering to foreigners.