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Andy Does there seem to be demand for more developments?
bhance "Alliant to sell albatross resort" @ http://www.madison.com/wsj/home/biz/index.php?ntid=118264&ntpid=3

Alliant Energy Corp. has found a buyer for Laguna del Mar, the ill-fated golf resort in northern Mexico that the Madison utility company owns.

Alliant officials won't say yet who is buying the land or at what price. But Bill Harvey, Alliant's chief executive, president and chairman, told a conference call Thursday that the Madison utility holding company has reached an agreement with a buyer.

Harvey said Laguna del Mar, valued at $82 million as of Dec. 31, 2004, is believed worth $60 million as of December 2006.


Also: Alliant utility profits rise; will sell Mexico resort
http://milwaukee.bizjournals.com/milwaukee/stories/2007/02/05/daily45.html

Alliant is selling Laguna del Mar, a resort near Puerto Penasco in the Mexican state of Sonora of which it acquired full ownership in 2005. In 1999, Alliant invested more than $41 million with a development group to build Laguna del Mar, and the original developer defaulted on loans.

The Madison energy company did not disclose a sale price for the resort or the identity of the buyer. It expects to close the sale in the first quarter. No impairment charges are expected as a result of the sale and proceeds are expected to be used to fund the stock repurchase program.
bhance From: http://www.jsonline.com/story/index.aspx?id=420576

"Alliant Energy Corp. posted a first-quarter loss of $1.6 million or 1 cent per share, after it reduced the value of a Mexico golf course development it's selling and paid off debt to strengthen its balance sheet."
...
"Meanwhile, the company is moving forward with plans to sell the golf course resort, which became a symbol for Alliant critics of a company that had strayed too far from its core businesses, as its international operations kept reporting losses in recent years.

The company didn't disclose how much it has reduced the value of its Mexico businesses, as the company is in sales talks for the property, located south of California in Baja, Mexico.

Alliant has received several bids to buy Laguna del Mar, company Chairman and Chief Executive Bill Harvey said.

"We are currently evaluating the bids and will soon be negotiating sales agreements with the leading bidders," he said. "We expect to complete the sale no later than the third quarter of 2006.""
bhance Thought I'd throw in this quote from the Luxury Living article noted on the front page:

"Perhaps the most talked-about player in Rocky
Points real estate boom is Laguna del Mar, a 850-acre
master-planned golf and residential community that is
temporarily closed until a transfer of ownership. The
first nine holes of the Jack Nicklaus Signature Design
golf course opened in January 2004. However, until the
current owner, Alliant Energy International, secures a
full sale or joint-venture development partner for Laguna
del Mar, Rocky Points only golf course, which remains
meticulously groomed despite the absence of players,
will wait behind the gates of what Geoffrey Becker-Jones
deems the preeminent opportunity in the marketplace.

Its the equivalent to having a Ferrari sitting in
your driveway waiting for the ignition key, says Becker-
Jones, who is the senior advisor to the Laguna del Mar
development. And Alliant Energy is carefully screening
acquisition interests to select the right buyer."


Also: from Alliant's website (http://www.alliantenergy.com/docs/groups/public/documents/pub/p013213.hcsp)
"International investments are quickly becoming part of our corporate history. We have completed the sale of our investments in Brazil; have sold most of our generating facilities in China; have announced our intent to sell our Laguna del Mar property in Mexico; and are exploring options to maximize value from our investments in New Zealand. Our goal is to complete all of our remaining China divestitures by the end of the second quarter of 2006, and to complete the sale of Laguna del Mar no later than the ***third quarter of 2006.***"
harrietfnp I grew up in New York City with its powerful hurricanes and it's at sea level. The construction I've seen in Puerto Penasco rivals the construction in New York where a hurricane wouldn't frighten me a bit.
Guest There's one topic I would like to see some people cover, it hasn't really been addressed anywhere, and that's hurricaines. Now, I'm not a hurricaine expert, or even an investor but it seems that every fifteen or twenty years a hurricane seems to come through and tear hell out of places like Cancun, Cabo, etc.

I know those are in different areas, but I'm wondering if it's such a good idea to be building ten story condos on a beach only about ten feet up from sea level, as they are in Penasco and other places. I wish someone with a better scientific knowledge of hurricanes and weather protection could comment on Penasco in particular: its hurricaine history, geographic characteristics w/ respect to hurricanes, etc.
Guest
quote:
investor schreef:
I read that it is growing at a faster pace than Cabo, Acapulco and Cancun per capita. Does anyone else know anything?



I've been travelling to Rocky Point for more than a decade. Years ago there weren't any large condo projects on the beach. Now they sprouting up like weeds!

Golf courses are going in, the roads are being improved all over, it's great!

I'm definetly getting in this market before it is too late. Californication of Rocky Point is coming. Don't take my word for it. Go down there and see it for yourself.
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