SANTO DOMINGO.- The Dominican Republic, especially Puerto Plata, ranks as one of the least profitable countries in the Caribbean for investments in buy-to-let properties, according to property investment watchdog Web site Global Property Guide.
High taxes (gross rental income was taxed at a rate of 29 percent in 2007), a history of real estate fraud and rental laws that favor the tenant all contribute to gross rental yields of between three and five percent per annum on coastal properties, the site says. Jamaica, Puerto Rico and Bahamas all post higher yields, and Anguilla tops the list with yields of almost 13 percent per annum.
However, the site notes that the strict rental laws, which fix monthly rental rates at one percent of the property’s value, do not apply in specific tourism areas, which has made Dominican Republic an emerging market for luxury property investment.
Property taxes in the country still remain below comparable investments abroad, another factor attracting foreign capital to Dominican Republic.
From: United States
So is the Dominican Republic good for real estate investment? It appears that it so only for luxury rentals property.
Written by: DaniDr, 8 Jan 2008 11:07 AM
From: Dominican Republic, Santo Domingo
In my opinion the luxury property market will be severly affected by two factors: The rate of construction that's being mantained in the DR will soon flood the market with much more offer that demand. And, the economic crysis and mortgage meltdown in the USA will make a lot of effect in the mid-wealthy investors, since they will probably will be able to invest their money better in the USA if the prices collapse there.
From: United States
If so that's not good news for Barahona and future development there. That region is looking forward to the development that has been predicted for it, in the near future.
From: United States
The other situation is that many retirees are finding the real estate tax in the US hard to manage and will find that living abroad is better for them financially. Florida is no longer the ultimate in retiree destination.
From: United States, atlanta GA
hey i love my house in Puerto Plata and can not wait till the day i move to it full time from Atlanta ga
but yes it seems hard to rent it out
From: United States
The situation is that you have thousands of people traveling there but many rather do to AI. What you need is a management company offering specials and so forth. Free pickup from airport included in price, etc. I know of one in Costambar that is regularly occupied. But I beleive they offer maid service, and breakfast. Dinner is additional.
Written by: Escott, 8 Jan 2008 6:03 PM
From: Dominican Republic, Sosua/Cabrera
I never had a problem renting my condos in Sosua at a much better rate than what was in the article. Question of Location, Location and of course LOCATION. Did I happen to mention LOCATION?:)
Also the money to be made here in real estate is NOT in the rentals but in capital gains by a long shot.
I just made a deal on a condo to sell it for 168k I paid 58k for 5 years ago and made money with it every year. Did much better than that on raw land sales.
Overbuilding is only happening in certain markets and not all. Sosua/Cabarete have been growing exponentially.
From: United States
Thanks Escott. This was very informative. I've purchase land in Barahona 4 years ago and I'm speculating for the tourist movement to finally arrive. But it appears that Sosua or Costambar in POP would be my better bet for the immediate future.
Written by: Escott, 8 Jan 2008 8:09 PM
From: Dominican Republic, Sosua/Cabrera
I am willing to bet that land in Baharona has appreciated since you bought it. Raw land, right?
Although the more important tourist areas get more rentals the other areas have still appreciated in value. I would say that Punta Cana leads the nation in desireability but I don't desire it for myself as I find it as boring as the cornfields in Kansas. The government promoted and invested loads of money there to make it what it is. I like the combination of Mountains and Beach as well as not feeling in danger of hurricanes here on the north coast.
From: United States
Escott, Barahona is what you say: mountains and Beach. Except for the Bahia de las Aguilas, the beach in Barahona are rough, but nothng that cannot be remedied.
Are you a member of DR1?
Written by: Escott, 8 Jan 2008 10:08 PM
From: Dominican Republic, Sosua/Cabrera
No to DR1. Yes to
http://Lifeinthedr.com/forumI made the mistake of staying in Baharona one time on a Sunday night. Man was that place LOUD. I think I remember passing by a International Airport in Baharona? I heard the beach was a little rough but didn't go.
I basically feel that the entire country is real nice but the North Coast doesn't get Hurricanes so that was a major factor for me.
Puerto Plata Airport is 8 minutes from my home in traffic so that is a plus and now more and more airlines are flying in there. More Direct flights from Europe than any other airport and now Jet Blue is flying in from NY.
Written by: headsup, 8 Jan 2008 11:12 PM
From: Canada
I have been reading Escott and Richard's comment about property in the DR. I have been considering buying property there for about 1 year. Although I have never "offically' travelled there I have read probably quite a bit to get a sense of what this country is all about. I do like the Samana peninsula due to the fact that it doesn't seems as "tourist" oriented as areas such as Puerto Plata, La Romana and Punta Cana. I hear there is a highway ben buid to connect Santo Domingo to the Samana area and also the new El Catey Airport near Las Terrenas. I would appreciate any comments and advices about the country and moving from a north american lifestyle to a more relax atmosphere. I am also curious about how much need is there for the spanish language. I am french canadian and have been living on Vancouver Island in BC for 26 years. I speak fluent french, english and little spanish.
Thanks in advance
Michelyne
From: United States
Michelyne,
I must admit Barahona is not touristy, you may be more comfortable in somewhat "transplanted" citizen enclave. There are many in the Northcoast.
IAre you moving alone or with family?
From: United States
The North Coast is staged to boom as the Puerto Plata Airport is easy to fly into and out of, and is so close to Sosua and Cabarete. Samana is the sleeper, and will explode when the highway is completed. Most of the Western area like Barahona is difficult to sell, because although there is an airport no one flys to it, and convenience is the #1 thing that tourist are looking for. juan Dolio is exploding with Condos, and has a couple nice golf communities. It will benefit from proximity to Las Americas Airport - Santo Domingo, but there is nothing at all to do there, and trust me a true tourist does not want to venture at night into Santo Domingo. Punta Cana Region enough said, but too commercial to even be considered the DR, so it depends on what lifestyle and culture you want to live in. I prefer Santiago for the City life, and Sosua /Cabarete for beach and bar hopping.
Written by: headsup, 9 Jan 2008 12:14 AM
From: Canada
I am not looking for the night life and bar hopping lifestyle. I would lkie to stay away from towns that are too hectic. I want to find a peacefull place where I could make friends easyly. I love the nature and I am quite physically active. I like the outdoors so Samana sounded like what I was looking for. I am not looking for investment property but a property where I would live and feel safe. I like the smaller towns, no more then 50,000. I thought that Samana/Las Terrenas would be a great area to live. I own a high ends hair salon where I live and I could easyly find some work in that field. Although after been my own boss for so many years I am not sure how working for someone else would feel. If money permit I would like to start a similar business in the DR. I just need a new start. What does this area has to offer (Samana/Las Terrenas) ?
Thanks for all your comments
Michelyne
From: United States
The Northcoast has been booming for awhile so I wouldn't consider it a opportunistic investment area right now since any purchase price right now will be high. Although if you havethe capital you can probably make a profit.
I'm not familiar with Samana but Barahona does have that small town feeling and there are a number of large scale projects being dicussed for the area. Which can give you a great opportunity to enter into a business with less capital.
Written by: Escott, 9 Jan 2008 8:51 AM
From: Dominican Republic, Sosua/Cabrera
Samana is not going to become a big tourist area in my opinion. El Catey Airport is in Nagua and not that close to Samana but closer than Puerto Plata which is the airport that services that area for the most part now. Only American has announced flights so far to El Catey, all others are charters.
A good friend and almost brother in law is a VP for a Canadian Airline/Tour Operator in charge of development. He says that tons of rooms in Samana go empty and are offered to him for very little money but they can't sell that area in Canada. They tried and the planes go empty.
Someone said that the prices in Puerto Plata/Sosua/Cabarete are high already but I would like to mention that the prices in Sosua/Cabarete are lower than the prices in Puerto Plata, Santiago of course the Capital and La Vega. I just bought a lot in the most high end Gated Community in Sosua for under 12 US dollars per m2 and am negotiating on another lot in this community for a friend at about the same price.
Written by: Escott, 9 Jan 2008 9:00 AM
From: Dominican Republic, Sosua/Cabrera
To the French Canadian,
I recommend Las Terranas for you because this area is full of French and Italians. I do recommend that you look only in Gated Communities for both safety and welfare. I also think gated communities are better investments. If you want a less touristy place check Cabrera!
The reason my friend said Samana/Las Terranas is hard for them to sell is because it gets a lot of rain and more than Puerto Plata area. He said that is why the hotels are empty. When you live there is doesn't matter but to vacation for a week and get 3-5 days of rain is a big negative. I like the rain, my plants grow:)
PS I bet the price per m2 in Baharona is at least equal to Sosua, tell me if I am wrong. The community I purchased in which is the Top of the Line here is also big lots. Mine is about 15,000 m2. I did sell a 5500 m2 lot in another community lower down in the food chain for 61 m2 which was the most expensive lot to sell there ever.
Written by: Escott, 9 Jan 2008 9:02 AM
From: Dominican Republic, Sosua/Cabrera
If you would like to know about the community I purchased in do a search on Google for "Haciendas El Choco" or check out my blog but go back to October where I posted pictures of Neighboring homes.
Http://www.escottinsosua.blogspot.com Written by: Escott, 9 Jan 2008 9:11 AM
From: Dominican Republic, Sosua/Cabrera
DRCAFTAATTORNEY what you wrote could have been written by me word for word, I agree completely with what you wrote although I do NOT share your enthusiasm for Santiago but I am not a city person and only go there to shop in such places as Ochoa/Pricemart and Hache.
From: United States
Yes, I think Santiago is going to blow up, because Santo Domingo is to hectic, too traffic and people, crime is high, and the place is full of pot holes, and dirt. They really need to to take the prisoners, and form clean up details, that would enhance the place 100%. But, Santiago is alot more cleaner, and peaceful, plus the airport, UPS, and Fed Ex is so convenient and have newer terminals. Alot of factories are expanding there, and its just an easier place to do business. Plus, with the growth of the north coast, its only an hour over the mountain. Puerto Plata while the largest city on the North Coast, is really just a small town, and is missing a lot to be considered a True City! Now, for Escott, let me know where you are buying because at that rate $12 M2 I have alot of interested buyers. Now, for Michelyne, I recommend Sosua/Cabarete, and if you are interested in the Salon business, contact me, as I am expanding my salons and planning on putting one in Puerto Plata.
From: Dominican Republic
Michelyne stay away from the Sosua-Costambar areas if you want a tranquil location. CRIME!!! NOISE!!! POLLUTION!!!. It is clear someone is promoting a pig in a poke. Therse is a power plant on the edge of Costambar and it spews out noise and pollution when it is running. The motorcycles in Puerto Plata are like locusts and what was once a beautiful place has been trashed. If you want to get hustled every time you go out then go to Sosua. It seems to have attracted that kind of crowd. In short Michelyne, what I'm saying is go and see for yourself. You are planning a big move. You need first hand information and you won't get it on line. There are far too many horror stories of fraud out there. As for those who want to promote that area, CLEAN IT UP FIRST. It was many of the things you say but it is no more. Michelyne don't make youself another statistic.
Written by: Escott, 9 Jan 2008 4:25 PM
From: Dominican Republic, Sosua/Cabrera
Dear Mr. Juan,
I hope you don't think I am promoting Sosua for Michele. I advised her that Las Terrenas was a good place if you like French and Italians and I said if you want mellow middleclass Dominican Town I recommend Cabrera.
Also in your comments regarding Sosua I don't agree with them as a resident of Sosua. Perhaps as a tourist with blinders and who checks their brains at the airport when they arrive that may hold water but not for anyone else. With just half a brain they aren't subject to the negatives you pointed out. Many Dominicans PRAY on TOURISTS I agree. I would love to show you a SOSUA you have NO CLUE ABOUT. Get in touch if you come North.
Mr DRCAFTAATTORNEY,
I mentioned the community which is Haciendas El Choco which in my humble opinion is the numero uno gated community in all of Sosua and I would challange anyone to disagree with that.
Feel free to send me an email if you want to exchange phone numbers for more info.
Written by: Escott, 9 Jan 2008 4:30 PM
From: Dominican Republic, Sosua/Cabrera
If anyone would like to be showed around Sosua and Cabarete which are very close I would be happy to give you the quarter tour. I will show you in a few hours what you wouldnt learn on your own in ten trips. Yes that is an invitation to Juansantodomingo also.
From: Dominican Republic
Escott I stand by my comments about getting hustled to Michelyne about Sosua. Yes it is beautiful but too dangerous for the uninitiated like Michelyne. I am there often and I talk to North Coast visitors often. They lament the contrast between the beauty and the crime and grime (Pollution, noise and insecurity). Those of you who live there may be too close to see it as an outsider would. The goose that laid the golden egg is dying. Only you locals can nurse it back to life. As for the real estate, how many properties have been sold to unsuspecting purchasers by people who were not the owners? Word travels fast.
Written by: Escott, 9 Jan 2008 5:16 PM
From: Dominican Republic, Sosua/Cabrera
Mr Juan,
You speak to tourists who get hustled by low class Dominicans constantly. I agree. I agree that these same tourists check their brains at the airport when they come here. I would be happy to show you places in Sosua without noise, polution and insecurity
As far as that goose you refer to it is alive and doing great. I am not a Sosua type of guy and will be moving to Cabrera but Sosua is without a doubt the best place for an outsider to land in the entire country. It has a vibrant expat community that offers help to newbies so they can get over=around problems.
The only people that sell property that they don't own are DOMINICANS. Using a good attorney will alleviate that problem and also only giving your deposits to your attorneys to hold in escrow is wise advice I always give people.
Dominicans are about the most immoral people in the world and they will take the gold out of your teeth if you smile and you will still have the stupid smile on your face after!
From: United States
Wow, its interesting to read the comments, as I don't think Michelyne will be taken, actually I did not even think he was looking for a villa or land. I recommend to anyone moving any where on the Island to rent first, that way they will get an opportunity to see all of the pro's and con's of an area, and what we may like others may not, so its best to see for yourself. After renting for a year, then I think it would be a good time to purchase, and you would have possibly found an area that you like, and possibly a deal that you like. When purchasing, always get an attorney referral from a friend, and check out 2-3 before you choose one. I do not think waiting a year will really change the cost of real estate on the island, and in some cases I think the prices will actually reverse as they have escalated too high to fast. Plus, some Dominican Families have placed to high a price on their land. Never, look at what people are asking, as that is no indicator of the value.
From: United States
Remember that home and land prices went up so high, and so fast in the U.S., and now they are dropping, with some areas predicted not to see growth for 5 years. The DR in some cases is very expensive for what you get, so make sure you do your home work. Also, in choosing an area you really have got to get out and drive the island, as some areas are very nice, very beautiful, but so boring you will feel like killing your self. Just because a beach is great, do I really want to lay on it by myself all the time, and if so, for how long before I will starve for people, and beautiful women.
Written by: Escott, 9 Jan 2008 5:28 PM
From: Dominican Republic, Sosua/Cabrera
People have no idea Dominicans have such low moral values and are so corrupt. The police and Judges are corrupt so why shouldn't the people be? You don't have this in Canada so they come here not knowing but this is endemic in the entire country.
It is also no different in the Capital or Boca Chica or Juan Dolio. There are plenty of Dominicans looking to eat the lunch of the tourist. Hell you can't even drive in the streets of Santo Domingo or Santiago without being hassled at every freakin intersection. That doesn't happen in Sosua.
I never been or felt threatened walking the streets in Sosua dressed nicely with money in my pocket and have done so before I even lived here. I would feel threatened walking alone on a dark street in Boca Chica alone as well as many places in Santo Domingo.
I think that a person who just moves here and doesn't speak Spanish is well served landing in Sosua/Cabarete.
We also don't have rats the size of German Shepherds here like in SD.
Written by: Escott, 9 Jan 2008 5:30 PM
From: Dominican Republic, Sosua/Cabrera
Call me when you are next coming here and I will show you what you don't know. Free advice and you never know, you may agree with me one day.
As far as the Grime you refer to it is also in the entire country. It is a third world country without a doubt and lightyears behind the rest of the world in environmental issues and will always be.
That is the reason you can't drink the water here in most places. For what it's worth the water on my property is drinking water and verified by a lab.
From: Dominican Republic
Sounds great Escott. It looks that you, at least, have found your little corner of heaven. Don't misconstrue my comments. I believe that we have to acknowledge a problem before we can begin to fix it and that we all have a role to play in fixing what is broken in this country.
Written by: Escott, 9 Jan 2008 5:55 PM
From: Dominican Republic, Sosua/Cabrera
As far as the prices here although they have risen they are still the lowest prices in the Caribbean and half the price of Costa Rica which has half the infrastructure.
I believe that real estate prices in the Dominican Republic have a long ways to go before they are equal to the competition and that is what drives Island prices for foreigners/retirees and investors.
I started buying here about 7 years ago and I think I lucked into the bottom of the market. No one picks the top and the bottoms consistantly because it isn't possible on a constant basis. When I think it bottoms I start buying. I start selling when I think it is topping. I don'tdusually get the lowest price nor the highest price and usually leave money on the table but I don't get caught having to sell in down markets.
Real estate wise this country is doing well because of Vacation Real Estate buyers. They are driving the market and will in the future. Look to Europe for future growth as their money gains.
Written by: Escott, 9 Jan 2008 5:58 PM
From: Dominican Republic, Sosua/Cabrera
Juan thanks for your comments and I would still love to show you around when you next come north. I like to share knowledge and experience and it would be my pleasure. Please take me up on the offer and lets see if I can change your mind and get you out of the city:)
I agree completely with your last statement!
Mr DRCAFTAATTORNEY I disagree in total with your last statement.
From: Dominican Republic
Escott, I'll take you up on it. Thanks for the offer.
Written by: DaniDr, 9 Jan 2008 6:29 PM
From: Dominican Republic, Santo Domingo
@Escott: That is very kind of you. If i wasn't living in Santo Domingo I'd hop in to that offer. I lived in Sosúa (First Sea Horse Ranch, then La Mulata, then in el Batey), and although I know the area quite well there's always secrets you can only find through other people.
Written by: Jander, 9 Jan 2008 7:24 PM
From: Dominican Republic
I have been very lucky here I bought an apartment in Naco, for 100K lived in it for 3 years and rented it out for 1300.00 a month for 4 years. Since then the value hasn't increased but I made my money back.
Bought a house in a good area under 200k 5 years ago sold last month for 360k.
200k went to banco central at 13% interest pays out monthly. about $2400.00 a month.
Back in my apartment no rent!
Lights 100.00 a month condo fees 120.00 a month cable 60.00, Internet /Phone 120.00.
Everyone needs to be careful and don't use a middle man...
And DRCAFTATTORNEy is righ the beach is boring...
Written by: Escott, 9 Jan 2008 7:52 PM
From: Dominican Republic, Sosua/Cabrera
Dani if you ever get back to the north coast look me up. I would love to meet you. I enjoy your messages, understanding and humor.
Jander I also have had great luck here. I sold a restaurant I bought but decided to not open for double my money in 7 months. I sold a piece of property to a partner I had 65k into for 150k in a year and a half. I am currently renting long term a condo I paid 58k for 1300 a month plus utilities and that is long term, get as much as 24oo a month short term.
I also very rarely go to the beach but live 1.5 blocks away from it. I enjoy the pool more and less sand all over me. I want to be NEAR the beach though just in case:)
From: Dominican Republic
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but yes it seems hard to rent it out
Also the money to be made here in real estate is NOT in the rentals but in capital gains by a long shot.
I just made a deal on a condo to sell it for 168k I paid 58k for 5 years ago and made money with it every year. Did much better than that on raw land sales.
Overbuilding is only happening in certain markets and not all. Sosua/Cabarete have been growing exponentially.
Although the more important tourist areas get more rentals the other areas have still appreciated in value. I would say that Punta Cana leads the nation in desireability but I don't desire it for myself as I find it as boring as the cornfields in Kansas. The government promoted and invested loads of money there to make it what it is. I like the combination of Mountains and Beach as well as not feeling in danger of hurricanes here on the north coast.
Are you a member of DR1?
I made the mistake of staying in Baharona one time on a Sunday night. Man was that place LOUD. I think I remember passing by a International Airport in Baharona? I heard the beach was a little rough but didn't go.
I basically feel that the entire country is real nice but the North Coast doesn't get Hurricanes so that was a major factor for me.
Puerto Plata Airport is 8 minutes from my home in traffic so that is a plus and now more and more airlines are flying in there. More Direct flights from Europe than any other airport and now Jet Blue is flying in from NY.
Thanks in advance
Michelyne
I must admit Barahona is not touristy, you may be more comfortable in somewhat "transplanted" citizen enclave. There are many in the Northcoast.
IAre you moving alone or with family?
Thanks for all your comments
Michelyne
I'm not familiar with Samana but Barahona does have that small town feeling and there are a number of large scale projects being dicussed for the area. Which can give you a great opportunity to enter into a business with less capital.
A good friend and almost brother in law is a VP for a Canadian Airline/Tour Operator in charge of development. He says that tons of rooms in Samana go empty and are offered to him for very little money but they can't sell that area in Canada. They tried and the planes go empty.
Someone said that the prices in Puerto Plata/Sosua/Cabarete are high already but I would like to mention that the prices in Sosua/Cabarete are lower than the prices in Puerto Plata, Santiago of course the Capital and La Vega. I just bought a lot in the most high end Gated Community in Sosua for under 12 US dollars per m2 and am negotiating on another lot in this community for a friend at about the same price.
I recommend Las Terranas for you because this area is full of French and Italians. I do recommend that you look only in Gated Communities for both safety and welfare. I also think gated communities are better investments. If you want a less touristy place check Cabrera!
The reason my friend said Samana/Las Terranas is hard for them to sell is because it gets a lot of rain and more than Puerto Plata area. He said that is why the hotels are empty. When you live there is doesn't matter but to vacation for a week and get 3-5 days of rain is a big negative. I like the rain, my plants grow:)
PS I bet the price per m2 in Baharona is at least equal to Sosua, tell me if I am wrong. The community I purchased in which is the Top of the Line here is also big lots. Mine is about 15,000 m2. I did sell a 5500 m2 lot in another community lower down in the food chain for 61 m2 which was the most expensive lot to sell there ever.
I hope you don't think I am promoting Sosua for Michele. I advised her that Las Terrenas was a good place if you like French and Italians and I said if you want mellow middleclass Dominican Town I recommend Cabrera.
Also in your comments regarding Sosua I don't agree with them as a resident of Sosua. Perhaps as a tourist with blinders and who checks their brains at the airport when they arrive that may hold water but not for anyone else. With just half a brain they aren't subject to the negatives you pointed out. Many Dominicans PRAY on TOURISTS I agree. I would love to show you a SOSUA you have NO CLUE ABOUT. Get in touch if you come North.
Mr DRCAFTAATTORNEY,
I mentioned the community which is Haciendas El Choco which in my humble opinion is the numero uno gated community in all of Sosua and I would challange anyone to disagree with that.
Feel free to send me an email if you want to exchange phone numbers for more info.
You speak to tourists who get hustled by low class Dominicans constantly. I agree. I agree that these same tourists check their brains at the airport when they come here. I would be happy to show you places in Sosua without noise, polution and insecurity
As far as that goose you refer to it is alive and doing great. I am not a Sosua type of guy and will be moving to Cabrera but Sosua is without a doubt the best place for an outsider to land in the entire country. It has a vibrant expat community that offers help to newbies so they can get over=around problems.
The only people that sell property that they don't own are DOMINICANS. Using a good attorney will alleviate that problem and also only giving your deposits to your attorneys to hold in escrow is wise advice I always give people.
Dominicans are about the most immoral people in the world and they will take the gold out of your teeth if you smile and you will still have the stupid smile on your face after!
It is also no different in the Capital or Boca Chica or Juan Dolio. There are plenty of Dominicans looking to eat the lunch of the tourist. Hell you can't even drive in the streets of Santo Domingo or Santiago without being hassled at every freakin intersection. That doesn't happen in Sosua.
I never been or felt threatened walking the streets in Sosua dressed nicely with money in my pocket and have done so before I even lived here. I would feel threatened walking alone on a dark street in Boca Chica alone as well as many places in Santo Domingo.
I think that a person who just moves here and doesn't speak Spanish is well served landing in Sosua/Cabarete.
We also don't have rats the size of German Shepherds here like in SD.
As far as the Grime you refer to it is also in the entire country. It is a third world country without a doubt and lightyears behind the rest of the world in environmental issues and will always be.
That is the reason you can't drink the water here in most places. For what it's worth the water on my property is drinking water and verified by a lab.
I believe that real estate prices in the Dominican Republic have a long ways to go before they are equal to the competition and that is what drives Island prices for foreigners/retirees and investors.
I started buying here about 7 years ago and I think I lucked into the bottom of the market. No one picks the top and the bottoms consistantly because it isn't possible on a constant basis. When I think it bottoms I start buying. I start selling when I think it is topping. I don'tdusually get the lowest price nor the highest price and usually leave money on the table but I don't get caught having to sell in down markets.
Real estate wise this country is doing well because of Vacation Real Estate buyers. They are driving the market and will in the future. Look to Europe for future growth as their money gains.
I agree completely with your last statement!
Mr DRCAFTAATTORNEY I disagree in total with your last statement.
Bought a house in a good area under 200k 5 years ago sold last month for 360k.
200k went to banco central at 13% interest pays out monthly. about $2400.00 a month.
Back in my apartment no rent!
Lights 100.00 a month condo fees 120.00 a month cable 60.00, Internet /Phone 120.00.
Everyone needs to be careful and don't use a middle man...
And DRCAFTATTORNEy is righ the beach is boring...
Jander I also have had great luck here. I sold a restaurant I bought but decided to not open for double my money in 7 months. I sold a piece of property to a partner I had 65k into for 150k in a year and a half. I am currently renting long term a condo I paid 58k for 1300 a month plus utilities and that is long term, get as much as 24oo a month short term.
I also very rarely go to the beach but live 1.5 blocks away from it. I enjoy the pool more and less sand all over me. I want to be NEAR the beach though just in case:)
Sad.