www.CostaRicaTicas.com

For us OLD guys: There's been and shall continue to be a GLUT of units for sale. As disgusting as it may sound, target the "retirement community" condo's where there is an age restriction for starters. Units in Sun City, AZ. have been being GIVEN AWAY (UNDER $30g for over three years now) for several years and even while prices are going up, it's chicken feed. Screw the idea of a condo in Costa Rica....focus on the USA. Florida has a zillion for sale as do ALL the other "retirement communities". There's a right way and a wrong way. Steven1 earlier posted data on the reserve funds and reserve studies relative to the AOAO you'll be buying into (that's what they're called in Hawaii: Association of Apartment Owners); they're called something different everywhere. These type condo's are all over the place because people drop dead every day and "family" just want the headache out of their hair. Steven1 understands, now, there are TONS of these units all throughout Florida....from FLL to Orlando and all over. Florida just ain't Steven1's thing. Perhaps it could be a 3rd or 4th unit.....but what does Steven1 need with all this space? The older Steven1 gets, the more he detests flying; waiting in lines; f u c king with dweebs at the airport starting with check in and going even past TSA; blah, blah, blah. Hell, Steven1 don't even like leaving the dwelling 99% of the time. Ain't nothing but conflict out there. Phat ass flat screen TV, DBS satellite coupled with an over the air antenna; DVR filled to the brim with what I want; tube stereo amp (Mcintosh to home brew Dynaco) with classic JBL's (screw the electrostatic macdaddy stuff like Martin Logan); cheap, transistor 5.1 or 7.1 amp for the tv, blah, blah, blah; inside the castle and MINE (including a bird of the night on occasion........securing college coeds is, Steven1 owns, becoming more complicated as the years add up.....but out of every 100 ya ask....1 is going to say yes....just too many rules and too much risk of some 25 year old hollerin' RAPE!!!!!!!! after the fact.......no thank you......)........whatever substance of choice at your beck and call....meaning a fridge for the ethanol set, blah, blah, blah........; Etc.....figure it out on your own....

Even though this article ( http://www.bottomlinepublications.com/c ... condos-now ) is from 2010, the reality of facts remain the same. Use your head. Heck, at $30g per unit, you can buy 2 or 3 all over the country if you've that kind of money. If you're in the more modest status and/or consider less to be more, focus on the one. Interest rates remain low. The monthly fees for the units in Sun City, AZ are around $140. Accept the fact you're OLD and another world opens for you. One doesn't have to "hang" with the Sun City Posse; nor does one have to hang with any neighbors. F U C K 'em. I like my privacy and that's what I've told them. "Stay away from my unit and we'll get along just fine. Understand I know these By-laws backwards and forwards and don't make me come to a meeting. You won't like it.....". Etc. Don't be a chump and buy into anything in Costa Rica. RENT and learn in CR. MAYBE you'll get lucky, but more than likely you'll wise up and recognize a trip down to SJO every so often is just fine. Trust me....you buy into something in CR, YOU ARE STUCK WITH IT and the ever so many headaches associated with same, beginning with security and moving on up the giant list. DO NOT DO IT!!! RENT....better yet......just take/make several trips a year.....have your blow outs.....do you're thing.....and get back to "your stuff" in the US of A. I once thought I was going to buy a primo, USA standards built (earthquake and hurricane "proof"; etc.) in the area of San Ramon. ONE trip educated me and how. The corrupt, failed USA exiles in the real estate industry in CR are the slime of slime. Too, once the word is out you're looking to buy.....EVERYBODY and their dog(s) are "real estate agents". DO NOT DO IT. RENT.....even better....find a facility/hotel you really like; form a business bond; negotiate a rate for you and your needs....and rely on that. If it works out after a couple of years, broaden your "hunt". However, if you don't reach the conclusion you're a chump to be buying anything in CR, you've shit for brains. *shrug*

Here is the copy and paste from the web link:

Big Bargains on Condos Now

How to separate the good deals from the bad

After a long slide, housing prices are slowly beginning to recover in some parts of the US. But at least one segment of the real estate market is still bursting with bargains -- condominiums.

How to choose the right condo at the right price...

WEIGH BENEFITS AND DRAWBACKS

Condominium units are perceived as (and sometimes are) riskier investments than houses. Yet shifting from a house to a condo can provide benefits, including relief from maintenance responsibilities, an instant community of fellow owners in the building or complex, and amenities, such as tennis courts, swimming pools and free shuttle vans to shopping and activities.

When you buy into a condo association, you hold title to your unit, but you share control of the common areas and services as well as financial responsibility for maintaining them. That means if a significant number of your neighbors fall behind in paying their monthly common charges or their units are foreclosed upon, you and other unit owners will wind up shouldering their common-area burden by paying higher common charges and/or special assessments. Before you buy a unit, have your lawyer review the association’s financial statements carefully.

Furthermore, decisions over services are not entirely in your hands. If the condo board votes to put in new elevators or replant the garden, you will be assessed your share of the cost whether or not you think the change is necessary. The association’s bylaws will spell out procedures for deciding on capital improvements to the property.

LOCATION, LOCATION

If you decide that a condo is right for you...

Choose a vital neighborhood. As the population ages, condo demand is being fueled by older couples who want to downsize or relocate. Thus it’s wise to pick a location near shopping, medical facilities, transportation and entertainment, which are important to this vast pool of future buyers.

Avoid areas full of cookie-cutter apartments that have been for sale more than six months. Markets where developers overbuilt during the 2006-2007 real estate bubble will take the longest to recover, and if you move into a new development, you may find yourself in financial limbo -- maybe even without neighbors -- for years.

Examples: Las Vegas, Miami and San Diego are glutted with condos, and prices are down by as much as 40% since 2007, compared with an average drop of less than 10% in certain areas, including Boston, New York, San Francisco and Toledo.

Caution: Never buy a condo just because the price is right. Look for an economically healthy area where employment is on the upswing. The growth not only will protect your investment, it will afford you a better quality of life.

Scrutinize the management. Don’t rely on sales pitches from the agent who manages the property and gets a commission for selling a unit. Talk to people who actually live there to find out whether the property is well-maintained... fees and common charges are stable... security is reliable... and the services offered are the ones you want. Residents usually are happy to answer questions if you start a conversation in the building’s lobby, or you can ask your real estate agent for phone numbers.

Helpful: Ask the unit’s current owners why they are selling and where they’re going. If they are in perfect health and moving to another condo close by, that’s a red flag.

Even better: If the condo association allows it, rent a unit in the complex before you buy so that you can evaluate the building and neighborhood firsthand. The experience will give you a clearer idea of what the unit you’re considering is worth.

Consider how the complex fits in with your lifestyle. People who have lived in a house of their own for many years and are used to privacy should consider the communal aspect of condo living. Even a beautiful apartment at an attractive price isn’t a bargain if your lifestyle doesn’t mesh with that of the people around you.

Example: So-called "active adult" condo communities for people age 55 and older have proliferated in the last several years to cater to baby boomers approaching or in retirement. Before you buy a unit in such a complex, think seriously about whether you really want to live full-time among members of a single demographic group.

Check the bylaws for rules on K*ds and pets. For example, many retiree complexes restrict the number of days per year that you may have young Ch*ldren visit you or bar K*ds from using the pool. Some allow residents to keep cats and birds but not dogs, and others permit dogs as long as you don’t bring them into common areas.

Be wary of brand-new construction. If a development has no track record, you can’t tell how well its finances and shared amenities will be managed. And new units in an established condominium may be built with different materials, posing unforeseen problems ranging from sudden leaks to excessive ambient noise. In addition, you will pay more for a new condo, often covering the seller’s closing costs on top of your own.

Best buy: A gently used condo, five years old or less, usually is a safer investment than a brand-new one.

NEGOTIATE

Exploit the glut. Don’t assume that you’re getting the best deal just because the overall market is depressed. Even in heavily overbuilt areas, you should try to hammer down the asking price by an additional 5% or more to make sure that you don’t wind up paying more than the condo is worth. There is probably another one just like it across the street.

Helpful: Use the Web site Zillow.com to learn the selling prices of comparable units in the neighborhood, and don’t hesitate to cite your research during your negotiations. Get a sense of how eager the seller is to sell by asking whether he/she has bought a new home and where.

Bid on several units. Pick three or four that you would love to live in, and make offers on them all -- and let sellers know that you are doing this. Sellers who know that they’re competing for your commitment are more likely to meet your price... and they even may throw in incentives, such as furnishings or a one-year membership to the golf club nearby. Besides bargaining power, having multiple options gives you flexibility. If one deal falls through, you don’t have to start from square one.

Strategy: In markets with an abundance of empty condos, look for units with distinctive features that will help them hold their value, such as corner apartments... those with views or terraces... and those away from high- traffic streets. Then play their sellers against one another to bring asking prices down. For example, you might say, "I like this apartment, but I saw a very similar one yesterday with a balcony off the bedroom and a Jacuzzi in the master bath."

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"Actual happiness always looks pretty squalid in comparison with the over-compensations for misery. And, of course, stability isn't nearly so spectacular as instability. And being contented has none of the glamour of a good fight against misfortune, none of the picturesqueness of a struggle with temptation, or a fatal overthrow by passion or doubt. Happiness is never grand."
- Aldous Huxley, Brave New World, Ch. 16

I would suggest asking for the minutes of the Board's meetings for last year. Ask if any special assessment's have been proposed, or even discussed. They should also be included in the minutes. You may buy into a unit that needs roofs, or structural items, and you could be looking at a substantial amount of money.

Make sure that any major items (AC) etc. can be upgraded. When I bought my condo the AC guy told me that the newer AC units were using larger copper pipes now, and it would be a major expense to go up two floors, through two other units, to change it out. Fortunately he had a new older style that he installed.

Be sure to read the CC&R's, it can be a real bitch to find out the restrictions after the sale. As Steven1 said, talk to as many people in the Association as you can.

Health & happiness to all...........

_________________
It's not the size of the wand that put the rabbit in the hat, it's the magic in it!!!

Thanks Santa Bro: The article was NOT as in depth as I had originally remembered it, so it's either not the one I meant to post or I spaced it out somewhere because most certainly one has to be familiar up close with the by laws; the reserve studies; the reserve funding; etc. That "stuff" is in an earlier post I made about purchasing in these "retirement" communities which seems to be a current pass time of mine. It is no so easy anymore to buy stuff with cash. Big ass headache. You still have to go through all the motions and everybody and their dog has their hands in your pocket with a fee here and a fee there. Still, the units in Sun City are bargains.

Florida is in the cross hairs now. Should I purchase a FLL unit, I'll have access to all those cheap ass fares them boys get to CR!

Edit purpose: Need to add the word NOT

_________________
"Actual happiness always looks pretty squalid in comparison with the over-compensations for misery. And, of course, stability isn't nearly so spectacular as instability. And being contented has none of the glamour of a good fight against misfortune, none of the picturesqueness of a struggle with temptation, or a fatal overthrow by passion or doubt. Happiness is never grand."
- Aldous Huxley, Brave New World, Ch. 16

Steven
Maybe you should go look at one first. Those 30K condos as pretty depressing places to live. Nothing but death and dying all around. A bunch of cranky old shits. No thanks!

Good advice and I've done just that. Like everywhere else, there IS a pecking order and condo cops abound. Perhaps you have not noticed, but rules typically don't apply to me (I learned that piece of reality from my Daddy). I told one twunt, the condo board president "I f u c k whores in Costa Rica. Don't bother me with your Sun City Posse. Don't come knocking on my door. Leave me the f u c k be and we'll get along just fine. Now go away and don't come back. Oh, by the way, Section 3 of the By Laws speak to the roof being a common element. The entire roof needs to be replaced. I have obtained three bids for that roof replacement and am having them sent to you." She says, "We're not funded for that this year....". To which I reply, "Looks like there's going to be a special assessment then because that roof is getting replaced." Etc. Twunt wasn't happy.

However, as I posted on this very message board, one has to understand the condo laws of the state where one is buying as well as the lease hold; fee simple; reserve studies; reserve funds; yada; yada; yada; yada and MOST are NOT required by law to do reserve studies or have reserve funds. That reality tends to change after I move in. It is my charming and mannish boy nature.

As for the death and dying.....we're all pretty much surrounded by that in some way, shape, or form. Some by wage slaves; others by unhappy marriages and "relationships"; many by f u c k up offspring who were taught to be lazy and have a huge sense of entitlement. It's all relative. A dead body being wheeled out next door because the person kicked the bucket? No big deal. As Frankie put it....."that's life....." (too, truth be told, my price point is closer to $50k turn key.). It's just a motel room, really; not one where I live forever and a day....couple of months at a time. The social scene is almost as amusing to watch as the one in San Jose, too!! No shit.

_________________
"Actual happiness always looks pretty squalid in comparison with the over-compensations for misery. And, of course, stability isn't nearly so spectacular as instability. And being contented has none of the glamour of a good fight against misfortune, none of the picturesqueness of a struggle with temptation, or a fatal overthrow by passion or doubt. Happiness is never grand."
- Aldous Huxley, Brave New World, Ch. 16

Very smart, good info

Make sure you have a lawyer represent you - ALWAYS ASK ABOUT UPCOMING SPECIAL ASSESSMENTS AS WELL AS IF THEY EVEN HAVE A "RESERVE FUND"

Make sure the lawyer raises every point he/she has seen come back to bite a buyer - don't go it alone - ever.

If you buy a unit then get hit for a 10k special assessment (it happens - it happened a year and a half ago in my mothers building - for painting, roofs and balcony's) you just <maybe> overpaid for the unit.

You can't ask too many questions, and some <many????> are not cut out for living under the rules of a homeowners association.

I lived in one for 4 years when we first moved to Miami and learned the following - an expensive lesson:

*I've never seen grown people act like such asshole Ch*ldren
*Some folks will never negociate, or concede a point to the other side - even if it bankrupts the entire organization
*Some are just stupid - and you can't deal with - or cure stupid (Kind of reminds me of a certain site..... )
*Think real long before embarking on a major project, like roofs - and don't believe anyone - lawyers, contractors, "experts" <so called> who state you can collect what you spend from someone else - the "Developer" his contractor, whoever
*The only one sure to make out is the associations attorney(s) - always, ever time

I'd happily go to my grave before I live in an HOA ever again.

I worked with Condo/HOA Associations for over 30 years from JAX to The Keys, no picnic!

The "special assessments" being talked about here are usually marketed by the Home Owners Association as HOA dues. As the property ages, these fees tend to rise significantly as upkeep demands increase. You should take into consideration the year in which the complex was built. Buy new if you can afford it, and I would not recommend holding on to the property for more than fifteen years.

Besides condos, consider manufactured home communities (NOT trailers). You outright own the house and rent the land under it. Grounds maintenance and cable are usually included in the rental price. My enclave has a great number of seasonal visitors (from the Upper Midwest and Canada) so during the summer, it's virtually empty--7 full-time residents out of 25-30 houses in my cul-de-sac, for example. I'm only recommending this as an alternative to explore and it's definitely not a place in which to ride out a hurricane. SW Florida is a good place to start--communities and houses with all different price-points are available, somewhat tucked in away from most hurricanes, and Tampa/St. Pete is 1-2 hours away, Miami/Orlando, about 3. I moved here for my own reasons but it stands on its own merits as a reasonable choice. There are condos here too, of course.

_________________
"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

If a condo "community" is properly run, the entire "special assessment" non-sense can be avoided. Hawaii saw to it that these "communities" were regulated and mandated that all lease hold properties be converted to fee simple properties. At the same time reserve studies were mandated as were reserve funds. That is, objective engineering type firms were required to be hired and do an analysis on all common elements (roofs, central a/c machines; pools, parking lots; elevators; etc.....anything that is a common element) and establish a reasonable life span for same and project same. Too, and at the same time, the condos were required to set aside a % of the maintenance fee and place same in a "reserve fund" to pay for these anticipated and fairly accurately predicted life spans. Associations were required to reach 100% funding for the "reserve fund" within "X" number of years.

Yes, all of the above raised the artificially kept low maintenance fee....sometimes quite a bit....but YES, after the reserve funds were at 100% fully funded, the monthly fees were reduced.

The dolts who typically get on the boards are pie in the sky hope types who project the lifetime of a swimming pool to be 250 years or the lifespan of a parking garage to be 275 years; or the life span of a central a/c system to be 200 years; blah, blah, blah. All that pie in the sky hope bull butter is what leads to shocking special assessments that can ruin a guy. Buying a condo is serious business. VERY few are correctly run and/or funded.

I do not believe Florida has any regulatory body relative to reserve studies and reserve funds. Lots of condos will provide a "reserve study", but that "study" was conducted by "....my good friend Bill who is in the construction business....." so sayeth condo cop board member Big Al and the numbers generated are all artificially. Buy the best and weep once when it comes to getting a reserve study and establishing a reserve fund. Better to have too much money in the reserve fund than not enough. Again, buying a condo is serious business because so many are so poorly, pie in the sky hope oriented in order to keep the maintenance fee artificially low.

_________________
"Actual happiness always looks pretty squalid in comparison with the over-compensations for misery. And, of course, stability isn't nearly so spectacular as instability. And being contented has none of the glamour of a good fight against misfortune, none of the picturesqueness of a struggle with temptation, or a fatal overthrow by passion or doubt. Happiness is never grand."
- Aldous Huxley, Brave New World, Ch. 16

Bro S1 has done us another great service with this report, as he did on car leasing--I'm saying this enthusiastically though I'm hardly his biggest fan. About reserve studies and reserve funds in Florida:
http://www.tyndallcpa.com/articles/rese ... iation.htm << this article is from a CPA who works in the condo/homeowner field. Considering the topic, it's an easy read and easy to derive from it the questions you need to ask. The idea of reserve studies and reserve funding is an excellent idea for any homeowner, whatever your situation--nobody likes huge unexpected bills that you might have to borrow to pay for--and in my case, because I don't own the underlying land, a mortgage is not an option and because of my BK, tough to get other loans too. All things to be considered...

_________________
"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

....and then there is this viewtopic.php?f=1&t=44810&hilit=condo&start=45 viewpoint on condo reserves. I believe poster Flabuck who doesn't want his monthly fee to go up is in line for a special assessment at some point in the road. Steven1 don't do special assessments.

_________________
"Actual happiness always looks pretty squalid in comparison with the over-compensations for misery. And, of course, stability isn't nearly so spectacular as instability. And being contented has none of the glamour of a good fight against misfortune, none of the picturesqueness of a struggle with temptation, or a fatal overthrow by passion or doubt. Happiness is never grand."
- Aldous Huxley, Brave New World, Ch. 16

Steven- I can appreciate your concern about my association and any potential assessments. I was at a board meeting a few weeks ago, our association has only three foreclosures in over 900 units, the amount of units behind in maintenance continues to fall. We have millions in reserve accounts right now and are operating just under budget for the year. Our association is not delaying repairs and is making upgrades where fiscally prudent, especially related to security and modernization. Being close to the water, our market never tanked and prices are continuing to rise at a reasonable pace.
Our property is approaching forty years in age, we have a contract in place to replace the elevators over the next few years as well as conduct a forty year audit of the structures.
I am remaining confident that we will not see an assessment in the near future unless we get hit hard by a hurricane.

That said no two associations operate the same, do your homework, ask questions before jumping in. I personally like being around a variety of people not a group of lizard skin, dried up bitter old people bitching about Medicare and Social Security and why this item isn't on the early bird menu.

Thank you, Flabuck, for understanding I was not attempting a "gotcha" move, but merely using your facility as an example. I rather think the type of property you're describing is FAR different from the hen scratching type places I am referring to, although the unit I had on Maui is now selling for over $325,000.00. When I first moved into that place the maintenance fee was $105 per month for a 3 floor 44 unit building. There was no reserve fund; there was maybe $39k total in the bank and it was a mess. After I moved in, maintenance fee went up to $205. I was not well liked by some....but they were day trippers..... They were "living the dream" on a dream. Happy to report the maintenance fee is now close to $500 (that's 24+ years later), the reserve fund is fully funded; there was never a special assessment; and I suspect there never will be. I regret selling so quickly on one hand, but on the other, I didn't want property that far away once I left Hawaii and moved further West....

Too, the board: I know just the types you mean. They hated having me on the board and I hated being on the board, let alone being in the same room with these "people". I would swagger into the board meetings with a bottle of LAPHROAIG and just breath on the "....expletive deleted...." guy next to me....he'd wave his hand as if to move the searing aroma of the spent scotch and then leave the meeting. I'd take his chair and pull the same maneuver with the person he had been sitting next to. It was a charming time and I was my charming self. If ever the word "haole" came into the conversation, my colorful racial descriptors taught to me by my Daddy in Chicago would come into play. Haole is a pejorative term. I'll be good god damned if someone is going to call me a foreigner in my own country. (Haole means foreign breath or wind in the Hawaii'an language and is what is used to refer to Caucasians. Yeah? Ok, I got terms for people of Japanese decent, Korean, Chinese, African, etc. You name it, I got a nice understandable word for it. Don't call me a haole.)

_________________
"Actual happiness always looks pretty squalid in comparison with the over-compensations for misery. And, of course, stability isn't nearly so spectacular as instability. And being contented has none of the glamour of a good fight against misfortune, none of the picturesqueness of a struggle with temptation, or a fatal overthrow by passion or doubt. Happiness is never grand."
- Aldous Huxley, Brave New World, Ch. 16

Excellent

_________________
"In a nation ruled by swine, all pigs are upwardly mobile, and the rest of us are phucked until we can put our acts together; not necessarily to win, but mainly to keep from losing completely"...Hunter S. Thompson (RIP)