Maybe not right on the coast, but I sat right on the lot and enjoyed the view. The gentleman I'm talking about is no idiot and does not invest that kind of dinero foolishly. I read the purchase and sale agreements for the Condos; I'm thinking about buying one.
Sorry to disappoint your consulate sources, but the agreement doesn't contain any material differences from any US P&S agreements and it is not a 99 year lease, which is another common misperception. If you don't believe me, go down there and see for yourself.
I wish your buddy the best of luck.