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Report: #1252057

Complaint Review: CrownWorld - Nationwide

  • Submitted:
  • Updated:
  • Reported By: Jill Summers — Yangon Other Myanmar
  • Author Not Confirmed What's this?
  • Why?
  • CrownWorld Nationwide USA

CrownWorld Crown International Acquisitions PLC Total Ripoff Realtors for Cayman Islands Nationwide

*REBUTTAL Individual responds: CLICK HERE for FULL REPORT

*REBUTTAL Individual responds: Rebuttal

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I purchased a supposed bargain ocean front property in the Cayman islands from the UK company CrownWorld through their agent Optima investment group last year. I am a new investor working offshore and not very experienced with real estate - I was looking to start off with a low risk investment that would give a slow and steady return over the next few years.

I was told before sale that this was a fantastic short term investment with a great resale potential and that I had received it at a "discounted rate" from USD 248k down to USD198k. A killer deal. It included building plans and surveying as well as covering the expenses for getting building permission. Also a payment plan for 5 years. Sounded awesome.

Only problem is that I have just found out a year later that the property's book value is only USD 68k on a formal valuation that I've arranged myself, that the resale market on the island I bought on is completely dead and has been so for years - and that my property had been on the market for around USD 100k USD for 10 years with no buyer at all (Obviously this value excludes the "building plan" and payment plan).

And just a quick search online showed way better properties for less than half of what I bought mine for. I've been an utter fool.

I confronted them on it and the transition from smooth salesman to hostile aggressor was dramatic. They recorded my phonecalls, Paul Halsall swore at me on the phone and threatened to sue me for I don't know what. They say the price increase was perfectly appropriate because of the building package but according to the valuators this adds minimally to property value in the Caymans in any case.

Since then I have met a number of other people in exactly the same situation with the company - some have lost a huge chunk of their retirement money on these "wonderful investments." I've cancelled my contract and counted my losses. Rather than go through the stress of a legal battle.

All I can say is one thing: Stay away from Crownworld or you will be throughly ripped off.

This report was posted on Ripoff Report on 08/31/2015 02:23 PM and is a permanent record located here: https://www.ripoffreport.com/reports/crownworld/nationwide/crownworld-crown-international-acquisitions-plc-total-ripoff-realtors-for-cayman-islands-1252057. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
0Consumer
2Employee/Owner

#2 REBUTTAL Individual responds

CLICK HERE for FULL REPORT

AUTHOR: Crown World - (United Kingdom)

POSTED: Tuesday, March 22, 2016

All CrownWorld building plots of land are delivered with site infrastructure in place, including roads and access to the islands power supply.

Buyers enter into a contract to purchase and are offered a payment plan to help assist with their purchase.

Once payment terms are fulfilled investors will receive full title on their plots granting them freehold ownership.

Land title is protected and guaranteed by the Cayman Islands Government Land Registry Department.

A full suite of architectural drawings for each plot is delivered along with all construction documents required to build a dream home in the Cayman Islands.

The turn-key architectural project is chosen from a selection of bespoke villa designs determined by the master-plan of each site.

The completion of infrasturcture and the inclusion of Cayman Islands Planning Approval (CPA), a full suite of architectural drawings and desins, MEP engineering plans and project management, significantly enhances the potential value of raw land.

The addition of a turn-key architectural project is ideal for buyers who are looking for a simple solution to building a property in the Cayman Islands. This unique selling point gives this product a competative edge in the current market.

Based on the growing demand for quality modern housing in the Cayman Islands and strong predictions for population growth, there is an expanding local and international market for turn-key land opportunities and constructed properties.

A land investment can be one of the best property investments available. Many investors overlook land as an investment, however, those people who do buy land will often earn significantly higher returns than are available with other investments.

Land is developed through several different stages. Each stage results in a higher value than the previous stage. As development in an area grows, so does the value of the land. The land investor makes his money by holdng the property and waiting for the property to move from one phase to the next phase. The more phases the investor moves through, the greater the return on investment. Sometimes the process is rapid and the return significant, other times it takes longer for the property to appreciate.

Land investment is not for everyone. It can take time. But the rewards can be spectacular if the investor has correctly forecasted future growth.

The authors opinions are inequitable (unfair).

Furthermore, CrownWorld dispute the comments concerning the agent (Paul Halsall). The comments are wholly untrue and unjust. CrownWorld request these defamatory remarks be removed immediatelly as they are malicious and damaging. Paul is a highly credible sales professional, he has an honest approach in all endeavours and deals with people in a helpful manner at all times.

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#1 REBUTTAL Individual responds

Rebuttal

AUTHOR: Crown World - (United Kingdom)

POSTED: Tuesday, March 22, 2016

All CrownWorld building plots of land are delivered with site infrastructure in place, including roads and access to the islands power supply.

Buyers enter into a contract to purchase and are offered a payment plan to help assist with their purchase.

Once payment terms are fulfilled investors will receive full title on their plots granting them freehold ownership.

Land title is protected and guaranteed by the Cayman Islands Government Land Registry Department.

A full suite of architectural drawings for each plot is delivered along with all construction documents required to build a dream home in the Cayman Islands.

The turn-key architectural project is chosen from a selection of bespoke villa designs determined by the master-plan of each site.

The completion of infrasturcture and the inclusion of Cayman Islands Planning Approval (CPA), a full suite of architectural drawings and desins, MEP engineering plans and project management, significantly enhances the potential value of raw land.

The addition of a turn-key architectural project is ideal for buyers who are looking for a simple solution to building a property in the Cayman Islands. This unique selling point gives this product a competative edge in the current market.

Based on the growing demand for quality modern housing in the Cayman Islands and strong predictions for population growth, there is an expanding local and international market for turn-key land opportunities and constructed properties.

A land investment can be one of the best property investments available. Many investors overlook land as an investment, however, those people who do buy land will often earn significantly higher returns than are available with other investments.

Land is developed through several different stages. Each stage results in a higher value than the previous stage. As development in an area grows, so does the value of the land. The land investor makes his money by holdng the property and waiting for the property to move from one phase to the next phase. The more phases the investor moves through, the greater the return on investment. Sometimes the process is rapid and the return significant, other times it takes longer for the property to appreciate.

Land investment is not for everyone. It can take time. But the rewards can be spectacular if the investor has correctly forecasted future growth.

The authors opinions are inequitable (unfair).

Furthermore, CrownWorld dispute the comments concerning the agent (Paul Halsall). The comments are wholly untrue and unjust. CrownWorld request these defamatory remarks be removed immediatelly as they are malicious and damaging. Paul is a highly credible sales professional, he has an honest approach in all endeavours and deals with people in a helpful manner at all times.

 

 

 

 

 

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