alcones de Majagual Update - February 2008

Nicaragua's Premier Green Development
From the Creator's of Morgan's Rock

We made a lot of progress in 2007, here are some of the highlights:

- Our first set of residents moved in

- The clubhouse on the beach opened

- Internet was installed throughout the project

- Rentals increased considerably

- Major infrastructure improvements were made

- Our first off-grid houses are up and running

Here's an update on improvements planned for 2008:

Pitaya Vaya

In November 2007 we finished the layout and preliminary design for our hotel and clubhouse area on the beach. We are currently going through approvals and permits for the 30-room hotel, which we expect to begin later this year.

For those of you who have visited Morgan's Rock, we expect the hotel at Balcones to provide an equally memorable & picturesque experience.

Pitaya Vaya will include a 70 meter long swimming pool, full service restaurant, surf shop, spa, and spacious common areas for homeowners and hotel guests. The hotel has a unique ecofriendly design and will be built as much as possible off-grid.

In the meantime, to provide a place on the beach for the current home owners and to add a bit of energy to the project, we opened a snack bar and mini-clubhouse on the beach.

The tranquil spot includes the bare necessities: sandwiches, ceviche, a shower, hammocks, beer, and a bit of shade right on the white sandy beach at Playones. Visitors reactions have been great and their experiences have increased our enthusiasm for the new hotel.

Finished Houses and Rentals

We started 2007 with two finished houses and no-fulltime residents. That seems like a long time ago. As of Christmas break we have 10 finished houses and almost all of them full of renters or residents. We expect to build at least 10 more houses in 2008, with another phase of Eco-houses and several custom houses in the works.

Aurora Beachfront Realty is currently offering six of the houses in the development in its rental program. Vacation Rental rates range from $1,000 weekly for the Eco-Houses to $1600 weekly for a 4 Bedroom custom house. Rentals have increased drastically in the last few months with many repeat renters. We see this as a great source of income for home owners in the project and expect occupancy to increase substantially with the completion of the hotel. Contact Aurora Vacation Rentals for info on renting houses in Balcones de Majagual. (www.vacationrentalsnicaragua.com)

New Ocean View Lots - Owner Financing

We have 10 new ocean view lots available a short walk from the beach and surf. These lots are designed for custom homes with Architect Matthew Falkiner. These are the closest lots to the ocean so far in the project and are just a short stroll to our new organic garden and green area. They range from one- quarter to three-quarters of an acre in size and owner financing is available on certain lots.

Prices Range from $95,000 to $125,000

Contact Aurora Beachfront Realty for more information on sales.

Second Phase of Eco-Houses

In October 2007 we finished Phase 1 of the Two-Bedroom Eco-Houses. These modern architectural showpieces are currently being rented and used regularly by the owners. We currently have four Eco-Houses in Phase 2 available for $255,000, as well as Eco-House 10 from Phase 1, which is completely finished and available for $239,000.

First Off-Grid Houses

We have finished installing systems in two houses in Balcones de Majagual that take them completely Off-Grid. Eco-House number 7 is powered by a 2 KW PacWind Turbine and six 130 Watt Panels. This system provides more than enough energy to power the house year round. The amount of wind and sun in southern Nicaragua make building off-grid feasible and cost effective.

We plan to begin construction in the upcoming months on the Four- Bedroom Green Roof Houses. The Green Roof Houses will have rain water recycling systems, LED lighting systems, planted green roofs, and will be powered completely by alternative energy. We are always looking for ways to incorporate the most innovative Green Technology into the project.

Visit www.balconesdemajagual.com for more info on the Green Roof houses.

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