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Real Estate in CR
https://forum.costaricaticas.com/viewtopic.php?f=20&t=26802		 Page 1 of 1
Author:  Patron [ Sun Jan 18, 2009 4:21 pm ]
Post subject:  Real Estate in CR
I am a builder/developer in Kentucky, USA. I build new houses, and I buy distressed properties, and re-hab them, then sell them for a profit or keep some as rental units. Do you guys think this is a possibility in CR? Do they have foreclosures in CR? If so, how do you find information about them?
Author:  Western [ Sun Jan 18, 2009 5:49 pm ]
Post subject:  Re: Real Estate in CR
Patron wrote:
... Do they have foreclosures in CR? If so, how do you find information about them?

I do know that they have foreclosures. I know that the govt has a program to sell these properties a very low prices with great financing. I am not certain about how to qualify for a purchase. I think that this program is intended for low income Ticos. An amiga had an opportunity to buy one of these homes early this year and was scrambling around to come up with the $4k down payment. That was never going to happen and it didn't. :roll:

I have no idea where these homes might be or if they are even worth the effort but it sounded to me like it could be a really good deal.
Author:  Irish Drifter [ Sun Jan 18, 2009 7:27 pm ]
Post subject: 
The CR government has a number of programs to help Ticos get their own home.I doubt that they would let a gringo investor purchase those homes if they go into foreclosure.

Private banks in CR such as Scotia and BAC San Jose issue home loans. I would assume some of them go into foreclosure but I do not know how they are handled.
Author:  PacoLoco [ Sun Jan 18, 2009 8:29 pm ]
Post subject: 
I looked into this, went through the whole process with some guys "in the know" and even went to a couple auctions. There are deals to be had but trust me it is NOTHING like doing it in the states (as you can imagine). If you plan to flip, well good luck selling it and rents are so cheap there might not be much of a ROI. I decided to stick with what I know and pass on all the unknowns and high risk involved with doing biz in CR. Nonetheless if I wanted to buy property in CR this is probably the way I'd go, being a bargain hunter myself. PM if you want details.
Author:  Pops [ Sat Jan 31, 2009 12:29 pm ]
Post subject: 
I did building and remodeling in the states, also. I live here now. I see a severe downturn on the horizon coming. Just as overbuilding occured in the states, my experience was the Atlanta area, it is taking place here. I just toured one residential area with two houses started and not completed that were being sold as is in foreclosure. There are at least 100 units for sale within 1/2 mile radius of my house. Most have been on the market for at least 6 months, many over a year. There are deals to be had here now on purchases but resale is another matter. I see many of the newly completed homes going vacant for at least two to three years because of the high inventory available. If you wish to buy and live in the house until it sells you can make it fly. I would not depend on rental, very risky here. Very hard to get a tenant out if they don't pay and no recourse. This is in the San Jose area. The developements on the coasts are a different matter. When the crunch hits them, and it already has, expect many to default on promised aminities and the value of them to plummit. Americans relocating here usually last about two years before heading back. Many will be desperate to unload their dream homes with their retirement income in ruins due to the stock market crash. Crazy time we are living in.
Author:  Pacifica55 [ Sat Jan 31, 2009 12:49 pm ]
Post subject: 
Hey, come on down! Everyone that I know who has attempted a business down here, especially with nothing but US experience in business, has pulled all their hair out in frustration.

No matter the occupation, it seems that whoever has the local corner on that business has had a hand in writing the regs so that no one else can "invade" their territory. If there are no regs in place that prohibit your enterprise, then existing rules will be twisted and misapplied until they affect you. Even after you have jumped through every conceivable hoop the whole deal can fall through and leave you starting over from square one.

With the housing market as it is in the US, anyone with the money to purchase should be able to turn a profit in the long run. Here, many construction outfits are going bust because they took up-front money as start-up from the eventual 'owners", then failed to secure financing to finish the projects. Outcome is lost money for investors and unfinished substandard construction.

Rotsa ruck! :shock:
Author:  Chi_trekker [ Sat Jan 31, 2009 4:39 pm ]
Post subject: 
There was an article today about woes in Real Estate in CR. IMHO I would stay the phuck out of that space for a while.

When I think of foreclosed homes in CR, I think of a modified chicken shack held together by cardboard, tape, and chicken wire. How are you going to remodel that? If you buy it, you might also be living with the grumpy family that got evicted.

I don't see much oppty... at least not now...
Author:  Zionisthead [ Sat Jan 31, 2009 8:38 pm ]
Post subject: 
every single person i have spoken to has regretted doing any business in costa rica stay away!!!!
Author:  Mucho Gusto [ Sun Feb 01, 2009 1:48 pm ]
Post subject: 
Zionisthead wrote:
every single person i have spoken to has regretted doing any business in costa rica stay away!!!!

.... then let me be one of the few who has no regrets. 5 years now, with multiple businesses in CR, and still going good! :!: Like anything else - ya gotta do your homework gentlemen. (and lots of it)!

Pura Vida,
MG :wink:
Author:  PacoLoco [ Sun Feb 01, 2009 2:52 pm ]
Post subject: 
Well when your in the mafia of course you'll succeed. :roll:

:lol:
Author:  Spanky [ Sun Feb 01, 2009 3:26 pm ]
Post subject: 
PacoLoco wrote:
Well when your in the mafia of course you'll succeed. :roll:

:lol:


I think it is his chest hair that intimidates everyone. :P
Author:  Mucho Gusto [ Mon Feb 02, 2009 10:25 am ]
Post subject: 
Phucking TROLLS !!!! :x :P :lol:
Author:  CaptainCohiba [ Mon Feb 02, 2009 12:29 pm ]
Post subject: 
F.cking hilarious :lol: :lol:

Partron, read my other post on CR real estate. The value is in your backyard in the USA. With land and houses in Florida, NV, & AZ the best values.

Good Luck!

PURA VIDA!
Author:  Redman69 [ Wed Feb 04, 2009 11:06 am ]
Post subject: 
I agree it is the chest hairs and Columbian's.

Now if he could learn to fish and date Tica's?

Glad to see you doing good however you do it.
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