Monday, June 2, 2008

A Warning About Real Estate Development

I'm on Eric Jackson's (publisher of The Panama News) email list for updates, etc.  Today I received an email from him that I will post below.  I can not comment on the truth of it because I don't know.  I do know that Jackson and this Rex Freeman are involved in a law suit, and I pass that along.  I also know that real estate scams in Panamá are rampant.  You can follow up the links if you choose or not.  It's just information, as far as I'm concerned, to be assessed like all other information.  I lean towards believing it, because I know the gullibility of the average American and the belief, entirely erroneous, that there's money to be made easily and quickly out of real estate here; the scam artists here bank on it.

So, strictly for your edification or not,  here's the email:

From: "Eric Jackson"
To: "The Panama News email list"
Subject: Where NOT to buy

The pitch:

My wife and I have been here for a year now and have a wonderful R.E. project in Cero Azul.
We're looking for a financial partner either for:

Providing development capital to move the project forward
Will sell to a developer if he likes to run his own show.

Here are two different presentations ready to go!

<> There are 69 home lots which can be sold 'turn-key' with home design, construction, etc in a single corporation.

We have plans also for 20 condos to be built which will add significantly to the cash flow.

The sale price of $8 m2 is below market right now and for 26 Hectares or 260,000 m2 is $2,080,000.
Raw land in the area is selling for $10 m2 .

To completely develop and continue the project, we will need $2.5 million over the next 12 months. We are proceeding to take the steps to acquire permits.

Sale Price includes:
Topography Maps
Master Plan
Introduction to and assumption of current developer relationship
Cuiador in place
One nice horse
Developer cost estimates and development budget

Let me know if this meets your requirements and we'll be happy to meet you sometime. We're in Paitilla during the week and Capira on weekends.


Rex Freeman <>


The guy you'd be dealing with: :

"10/14/2004 04:58 PM
SBR Scam Alert: Gold Palace (SBR rating F-) - who has scammed many large players has reopened under WinBig.Biz (SBR rating F-). The owner goes by the name of Rex Freeman who has many online ventures. It is likely this scam operation will resume soliciting large bettors by phone. WinBig has obtained the services of Capilleira, who is the parent company of (SBR rating D-)." :

The guy's a convicted felon, for fraud and fake ID

See also:

I'm not going to provide all the links from this blog post because that's too much work for someone as lazy as I am.  If you're interested, you can follow them up.

Again, I don't know the truth of it.

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