Ohh dear, another investment opportunity

harryopal1

Another sad story about people being conned by a smart operator offering an investment opportunity in villas. Bad enough being conned but the pathetic lack of serious response by various police forces and authorities is rather depressing. Reported today by the ABC. https://www.abc.net.au/news/2024-03-23/australians-allegedly-scammed-in-bali-villa-investment-putry/103604512

Balifrog

Well, there is one born every minute..... Hell, invest 33.000 $ and get it back in 1 year.....rolleyes.... Back to what I mentionned before : never trust anybody ! And do your due diligence !

Markit

I think the victims were all young people with no real experience. Looking back at a long life I've fucked up too - anyone here that hasn't?

Balifrog

Markit wrote I think the victims were all young people with no real experience. Looking back at a long life I've fucked up too - anyone here that hasn't?

Nope, never "invested" 33k $ with a complete stranger in a developping country.

Zimbo

In the words of Ancient Rome: Caveat emptor.

YachtRock

A lot of these happening recently - more than usual. I think it's a telltale sign the real estate bubble is about to burst here in Bali.

Markit

YachtRock wrote A lot of these happening recently - more than usual. I think it's a telltale sign the real estate bubble is about to burst here in Bali.

If you're planning on a down-turn, don't. It didn't even happen during the pandemic when there weren't any people here - prices didn't go down a dime but new building speeded up.

YachtRock

Markit wrote If you're planning on a down-turn, don't. It didn't even happen during the pandemic when there weren't any people here - prices didn't go down a dime but new building speeded up.

It absolutely did happen during the pandemic. I'm not trying to brag, but I scooped up some land for an extremely cheap price during the pandemic that has since doubled in value. There were a lot of people lowering prices during the pandemic to cover their personal/business costs if you looked hard enough.

Markit

YachtRock wrote It absolutely did happen during the pandemic. I'm not trying to brag, but I scooped up some land for an extremely cheap price during the pandemic that has since doubled in value. There were a lot of people lowering prices during the pandemic to cover their personal/business costs if you looked hard enough.

Y'all seem to mistake "buy" price for "sell" price. Sure you bought something for "cheap" but wait until you sell it for the shock of the real. Land and house prices here are subject to massive "fantasy" inflation and once someone sells something you never hear from them again.

Balifrog

Markit wrote Y'all seem to mistake "buy" price for "sell" price. Sure you bought something for "cheap" but wait until you sell it for the shock of the real. Land and house prices here are subject to massive "fantasy" inflation and once someone sells something you never hear from them again.

Would be interesting to know the prices in that appartment complex they are building adjacent to the new mall on Danau Tamblingan in Sanur. First line on the beach, prices must be sky high. But I am sure they will sell....

YachtRock

Markit wrote Y'all seem to mistake "buy" price for "sell" price. Sure you bought something for "cheap" but wait until you sell it for the shock of the real. Land and house prices here are subject to massive "fantasy" inflation and once someone sells something you never hear from them again.

Yeah, I'm not worried about selling any time soon. I didn't buy it to turn a quick profit. It will be a gift to my kids someday when I pass. But the deal was so good at the time I couldn't turn it down.

Markit

YachtRock wrote Yeah, I'm not worried about selling any time soon. I didn't buy it to turn a quick profit. It will be a gift to my kids someday when I pass. But the deal was so good at the time I couldn't turn it down.

Sure but just don't go counting them chickens. An acquaintance bought land and built a house he thought was wonderful. Sadly after he died and the fam came to try selling dad's dream it wasn't nearly so good as dad had originally thought and the fam had no interest in hanging on for a good price. Went for pennies on the pound. Lucky buyer.

Balifrog

Markit wrote Sure but just don't go counting them chickens. An acquaintance bought land and built a house he thought was wonderful. Sadly after he died and the fam came to try selling dad's dream it wasn't nearly so good as dad had originally thought and the fam had no interest in hanging on for a good price. Went for pennies on the pound. Lucky buyer.

Dad should have used the money on booze and girls.....

Balifrog

You refer to "Magnum Residences Sanur"? Just south of the new ICON mall although the marketing material shows coconut trees and low rise villas at the ICON mall location. Owner of Magnum seems to be Indonesian businessmen although nothing is transparent here. 1 bedroom unit prices start at AUD 670,000 while 2 bedroom start at roughly AUD 1,300,000! Melbourne prices to Indonesian standard, maintenance and legal protection. In addition likely a sky high service & maintenance fee. https://projects.apfg.com.au/project/magnum-residence-sanur https://magnumestate.pro/sanur_eng#1

1 B/R unit 400k Euro

YachtRock

Markit wrote Sure but just don't go counting them chickens. An acquaintance bought land and built a house he thought was wonderful. Sadly after he died and the fam came to try selling dad's dream it wasn't nearly so good as dad had originally thought and the fam had no interest in hanging on for a good price. Went for pennies on the pound. Lucky buyer.

Yeah I can see that. Not everyone's dream home is everyone's dream home. I'll probably just keep it empty. Easier to sell empty land than one with a house on it around here in my opinion. I also know a few bule struggling to sell their "dream villas" right now.

Shadrach

I once had a so called friend entice me to invest in a pyramid game unknowingly. I was told if I put money in and came to meetings 300 miles away I would get a bunch of money, but if I just wanted to invest half and stay at home and wait I would only get half of the big payoff. Needless to say I never saw that (Friend) again or my money! She had told me she invested $3000 and won $12,000, so if I invested $1,500 I would win $6,000. I thought that was a good deal, as I didn't have to go anywhere except wait at home for my pay off! I learned she was near the top of the pyramid, so she got payed, so she would go and get 8 friends to invest and lose everything! I never really knew what was the truth! Except I was a sucker!

harryopal1

And another cyber scam. This reported today by the ABC. Nearly $500,000. A curious feature is that the fellow caught was a former policeman with 13 years experience. And you can't help but wonder how does a policeman have $500,000. Of course it may be legitimate based on inheritance of whatever but raises questions. The other ironic element is the victim saying how he feels he has let his wife and daughter down. And it all developed from a long running internet "romance". If you enjoy a bit of schadenfreude, here's the link go the story. https://www.abc.net.au/news/2024-03-29/ing-macquarie-crypto-romance-scam/103640562 ![](https://balipod.com/uploads/attachments/4066-8a272c5a666d9a450aeb71bb35f86cdc.png

Balifrog

YachtRock wrote It absolutely did happen during the pandemic. I'm not trying to brag, but I scooped up some land for an extremely cheap price during the pandemic that has since doubled in value. There were a lot of people lowering prices during the pandemic to cover their personal/business costs if you looked hard enough.

Agreed, I know a guy owning 2 restaurants, he sold one in order to be able to save the other. Another, tourist driver, had 2 cars (one that he rented out), sold one in.order to cover his daily living expenses. Needless to say that in both cases they didn't sell at the best price, but rather at what they could get.

Shadrach

Balifrog wrote Dad should have used the money on booze and girls.....

That's a great idea! What was that man's vision of a great home maybe wasn't everyone's dream. I have been trying for three weeks now to get a letter of domicile from where I am living now. They say I need a letter from where I moved from that says I moved. Ridiculous if you ask me! Where I live now, they say they have never gotten a guest a Surat Domicile before and want a Surat Pindah first. I have contacted the local Kaleng and gave them the address and tel# of where I lived before, and asked them to verify I lived there, and to help me get this Surat Pindah so I can get the new Surat Domicile. In America we have a phonebook to call all government officials to get documents. That seems to be unheard of here. They want me to hire an expensive driver and go all the way to the other side of Bali to get this paper, that I don't even know they have. I told them why don't you call the important people there, and they look at me with this stupid face and say I don't know their Tel#. I guess making a tel# directory for important government people is something from another world! So much for smart phones and technology! It's back to the coconut wireless!

AuroraB

Would be interesting to know the prices in that appartment complex they are building adjacent to the new mall on Danau Tamblingan in Sanur. First line on the beach, prices must be sky high. But I am sure they will sell....

You refer to "Magnum Residences Sanur"? Just south of the new ICON mall although the marketing material shows coconut trees and low rise villas at the ICON mall location. Owner of Magnum seems to be Indonesian businessmen although nothing is transparent here. 1 bedroom unit prices start at AUD 670,000 while 2 bedroom start at roughly AUD 1,300,000! Melbourne prices to Indonesian standard, maintenance and legal protection. In addition likely a sky high service & maintenance fee. https://projects.apfg.com.au/project/magnum-residence-sanur https://magnumestate.pro/sanur_eng#1