Home on Lot 11 For Sale PLUS Goodies!

Good afternoon from Red Frog 11.

We are being asked to quantify our price of $650,000 for Lot 11 with Marina Slip #27 .

PROPERTY: We found no comparable properties on Bastimentos so assembled the equivalent of a 'Comp' list (original attached) from the RFB web site on March 15th, 2009. The $650,000 Lot 11 Package (Titled Lot, House, Slip, Boat, Cart, Off Grid Plant, Furnishings etc.) is shown as a yellow circle. The Lot 11 Tortuga, by itself, is comparable at $439,000 on the blue line. Comparable Red Frog Listings are on the 'Special Re Launch Price' blue line. The assumed actual values, together with a WAG for Lot 11, are shown on the red line.

MARINA: The 'Marina' is presently under construction by 2 dozen workers. It appears to have top priority in terms of resources being consumed. The following graphics (original attached) were downloaded from the RFB web site on March 15th, 2009. They describe the present sales price of Red Frog Marina Slips and what will be delivered for that price. Although Slip Prices start at $104,359 we value Slip #27 (which is shown as a yellow circle) at $60,000.

Question: What are the associated costs of owning and maintaining a slip?

Answer: The Association dues (MOA) will start at approximately $100/month. The ultimate cost of this will largely depend on what Owners vote for.

Question: What is the type of ownership for a Marina slip?
Answer: We are currently working through the concession regulations in Panama to apportion the slips in some type of recorded title. However, if this is ultimately not possible, the developers will then organize an appropriate legal structure (i.e. Yacht Club) whereby each owner will become a member and will include their official rights to the boat slip being reserved in this agreement. The ownership will be for the slip and dock improvement. The water concession will be shared by all owners and Red Frog.

Question: When will the Marina be completed?

Answer: The projections are for Q2 2009.

Question: What amenities will the Marina include?

Answer: Electric services, Internet access, ice/vending machines, storage units, Harbor Master and staff, 24-hour full time security personnel, fueling and pumping facilities, free water use, restroom and shower facilities, maintenance services, fully stocked ship store with boating and sailing essentials, deli, bakery, smoothies and coffee shops.