Costa Rica News – After the arrest of Pat Hundley in February the future of DayStar in Jaco seemed to be in jeopardy, however it is not easy to replace a property management company over night. With an internal audit taking place and changes needing to be made it was only a matter of time before DayStar closed it’s doors. That Day seems to be today.
As per an email that went out to DayStar Condominium owners a new company called Lost Beach will be taking it’s place to try to restore order to the chaotic situation left as a result of Pat Hundley’s arrest.
The email below was received by the Costa Rican Times this morning.
Two Grand Rapids area real estate developers have established Lost Beach companies to restore the credibility and long term value of the beachfront resort properties currently managed by DayStar Properties Management SA (DayStar) in Jaco, Costa Rica. The new companies are entirely independent of DayStar and its incarcerated owner, Patrick Hundley.
David Byker, a Grand Rapids businessman who has investments in Jaco, Costa Rica, including 25 condominiums under DayStar’s management, recently sent a letter to the home owners association (HOA) members of Diamante del Sol, Bahia Encantada, Bahia Azul, La Paloma Blanca, and The Palms. The letter outlines the process that Byker and other members have followed since Hundley’s arrest in February 2014.
“Soon after these events unfolded, a number of owners began to discuss our concerns about the management and decided immediate action was necessary to protect our interests. I’ve since worked in conjunction with Denny Cherette – an experienced commercial real estate developer and a fellow Diamante del Sol owner – to conduct forensic accounting and attempt to reconcile all HOA accounts and Owner accounts. What we discovered about the management practices is very disconcerting.”
The businessmen have since established Lost Beach companies to protect the owners’ interests in the properties by providing rental, resale, management, and maintenance services.
The group has spent thousands of dollars of its own money and countless hours to investigate DayStar SA and establish the new companies. All costs of establishing Lost Beach in Costa Rica and the U.S., branding and marketing, and hiring of employees have been borne by the new Lost Beach, LLC, alone.
Lost Beach will be managed locally by Lisle Head, who has more than 16 years of real estate sales, rental, and management experience.
“Lost Beach and its leadership will be absolutely focused on transparency to the ownership groups, financial best practices and accountability, clear and honest communication, and optimizing value and financial performance,” says Byker.
“It’s our belief that this organization will provide a level of confidence and peace of mind for the owners who have been so deeply disappointed. We are confident that the Jaco resorts will be successful with proper management.”
The Lost Beach office is located on Calle Ancha Jaco Commercial Plaza Boulevard #1. More information is available at www.lostbeachvacations.com.
We can only hope that these changes can restore some sort of structure to a very integral part of the real estate rental and sales market in Jaco.
We know that the the DayStar owners have remained in limbo with the future of their investments since the arrest of Patrick Hundley……. the future seems to be now with these changes.