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PostPosted: Wed Aug 16, 2006 6:41 pm 
Same here, just my opinion. I think RE in CR is great, but I'd only be too afraid to invest now because there is too much hype around RE not only in CR but a lot of other places.

I agree with MG, the English language advertising is for suckers who won't take the time to get dirty. People who want to invest from 3000 miles away are fools (YMMV). Too many of these people bow to the "get it now" before the price increases so while in a hurry, they are likely going to get an invest that is enormously overpriced.

One scheme to watch out for in any country is when developers divide land into lots on paper and then sell the lots for 80K with 25K down. They'll tell you that you'll get title when it is paid in full, but in the mean time, since you don't have title, you can't build a thing, it isn't a legal lot, and worse, they can sell "your" lot to 200 others without you knowing it (because you don't have title). They market to people who are planning a retirement 10 years into the future - they don't want anyone to pay anything other than 25K. Imagine selling "your" and other lots 200 times and then the schemers disappear off the face of the earth. They usually fold up and leave town while blaming the crash on the local and national government.

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PostPosted: Wed Aug 16, 2006 6:42 pm 
Not a Newbie I just don't post much!

Joined: Fri Sep 02, 2005 5:29 pm
Posts: 89
Location: Miami
Real Estate in Jaco, is like a gringo walking around SJ with a rolex on and cash hanging out of his pocket at night.
You will get robbed.

Jaco, hot, dirty, no reason to go.


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PostPosted: Wed Aug 16, 2006 8:37 pm 
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Barry Cohen wrote:
Real Estate in Jaco, is like a gringo walking around SJ with a rolex on and cash hanging out of his pocket at night.
You will get robbed.

Jaco, hot, dirty, no reason to go.

Here we go again Tman! So much for "Your mileage may vary"!

Barry C,
Since I don't see any YMMV's or Emoticons here, I presume that this information is factual. .......and these facts are based on what ???

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PostPosted: Wed Aug 16, 2006 8:54 pm 
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Gentlemen...I humbly beseech that those of you who have not shopped property in Jaco or personally known someone getting "robbed" as you guys are describing, to calm down and contribute a little more content to this discussion. It is not a personal thing...I dont own or do real estate there anymore...but these one liner comments are just way off base.

D2864...while the developer hoax you describe has happened various places in the world...it is NOT the standard fare...in Costa Rica, Panama or most other jurisdictions. In both Costa Rica and Panama (the markets I know about) no one can LEGALLY sell a lot or development without having the master plan on file with specific lot locations...and a lot of due diligence filed on the project. Therefore, any multiple selling of lots would be clearly illegal...and ANY honest attorney would be able to check on any project filed in the national registro.

As Mucho Gusto said in an earlier post...it is about carefully selecting your investment after much comparison shopping and having quality LOCAL advice.

FYI...if you watch market waves and understand the boomer market, you can easily build a case that the wave will extend in this region more and cheaper for a long time to come more than the USA's supposedly "secure" investments. Lets just not spout if we dont know or have evidence to back up our claims. This board has a respectible track record of not tolerating FLAMES of any kind.

Thanks


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PostPosted: Wed Aug 16, 2006 9:24 pm 
Tman, the scheme is alive in CR, but I'm not sure that it is still alive. I know this scheme exist so just putting it out there for those considering CR and elsewhere outside the USA. As cheap as lawyers are in CR when compared to property, I think I'd have 2 lawyers and then compare results/findings. I'm just not very trusting when I'm giving up tens of thousands of dollars.

Flames, I thought flames were something related to basically saying Phuck YOU MOTHER Phucker to another member in public rather than in private? I honestly didn't think a public comment about a town or the RE market was classified as a flame. I'm confused.

RE in CR considering the cost of living (local salaries), it is easy to figure that if you play your cards right (need a Tico frontman), you can get a good deal, but I'd still avoid the hot markets. I'd never buy a condo under any circumstances - they are nice but I don't like that a condo is a condo is a condo so when it comes time to selling, competing with all the other condos in the same development is a nightmare (better not be in a hurry to sell). I'd never buy a 500,000 dollar house in CR either, but instead build my 500,000 dollar home with local wages in mind for more like 200,000 dollars. I saw a home for 635,000 dollars in CR recently and thought, what a joke.

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PostPosted: Thu Aug 17, 2006 11:20 am 
I can do CR without a wingman!

Joined: Thu Feb 19, 2004 12:15 am
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Location: San Jose, Costa Rica
Interesting thread here, to say the least....

I've been living in Costa Rica for almost 4 years straight now, with a house in Las Vegas, and in California. I've lived in California(Silicon Valley) for more than 20 years, and I've been active in the Las Vegas market now for more than 5 years. Neither of these markets compare to the market here in Costa Rica !

Liquidity - Gringos and Europeans that purchase land or homes in Costa Rica normally pay in CASH. Who wants to sit on a 15-year mortgage that requires 33% up front and 10% interest rates ?

No Maintenance Costs - There are no monthly maintenance costs on homes in Costa Rica. Almost none of the locals pay either taxes or insurance on their properties. There is no motivation to sell, or drop the prices.

Dirty Business - Don't ever assume that any deal in CR is legit. Always expect that someone is trying to rip you off. You think 2 lawyers are enough ? get 3. And make sure that they are located in different parts of the country, and don't know about eachother. The couple hundred dollars you spend on the extra lawyer could save you thousands or more in the long run.

I'm not looking at the beach, my work is near San Jose, so I've followed the market in the Santa Ana, Escazu, Heredia, and Alajuela markets more thoroughly. I am looking for larger land purchases, so it's been more difficult than a condo or small home. But dealing with Ticos in a bigger deal is no different from a smaller deal...

When people tell you to get a Tico as a front man, don't hesitate. The prices of properties can double or triple when someone thinks a gringo is buying. I have literally experienced this hundreds of times personally. If someone is "seriously" interested in real estate here, I am using the representatives of a couple banks to find property for me, and I know many investors here locally that are expats that have been buying, selling, and constructing for years in CR.

As far as the local market in CR, the Central Valley is soon to be on the decline. The inventory is enormous, a perfect example is Cariari, where 80% or more of the homes are for sale and have been on the market for 2 to 5 years. This is a perfect example of people not dropping prices because there are no monthly maintenance costs.

By now most of you have heard that the Sport Books in Costa Rica are soon to be gone as well. These companies employ up to 20,000 people here in Costa Rica, and are usually some of the highest paying positions available. Already more than 2,000 people are out of a job, and with the new laws and pressure from the US, the rest are soon to follow. The first thing to go when you lose your job ? homes and cars....

Good luck with Jaco...

http://www.emeraldforestproperties.com/
http://www.estaterealty.com/
http://www.bienesyraicescostarica.com/
http://www.supereconomicos.com/
http://www.clasificados.co.cr/


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PostPosted: Thu Aug 17, 2006 11:33 am 
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Ticobob,
Thanks for your post. Now THIS is the kind of 1st hand info that needs to be put out there, and I thank you for your insightful comments.
Mucho Gusto :wink:

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PostPosted: Fri Aug 18, 2006 2:36 pm 
I can do CR without a wingman!
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Joined: Fri Jul 21, 2006 2:53 pm
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I am not being negative, I am just hearing alot of info about this. i have friends that work for this company and they are very hush, when usually they are very outspoken. i am just trying to make sense of the situation. Thats it. I make my home in CR. i do not want CR like every other american (I mean stateside guys who think they know it all like " Real Estate in Jaco, is like a gringo walking around SJ with a rolex on and cash hanging out of his pocket at night. You will get robbed. " That just ignorant.


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PostPosted: Fri Aug 18, 2006 4:39 pm 
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Location: Downtown San Jose, Costa Rica, the BELLY of the BEAST
Barry Cohen wrote:
Real Estate in Jaco, is like a gringo walking around SJ with a rolex on and cash hanging out of his pocket at night.
You will get robbed.

Jaco, hot, dirty, no reason to go.


I don't think it is CERTAIN that you'll get robbed, but I think that you'll pay more in Jaco than almost anywhere else you might choose.

As far as being hot... does anybody disupte that? Dirty... well I always found my legs covered with grit about every hour, a combination of constant perspiration and dust. If Jaco wasn't close to San Jose, it wouldn't be as popular as any of the other beach towns on the Pacific side. IMHO and YMMV.

There is an obsession on the part of real estate buyers about 'the beach' and 'beachfront.' Jaco is the closes beach (ignoring Puntarenas). Perhaps it's not too late to turn a profit. The dot com bubble lasted long past where valuation was rational. We shall see, shan't we?

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PostPosted: Fri Aug 18, 2006 5:19 pm 
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I think there is still a lot of investment potential for Jaco. And the surrounding areas. You can get so much more for your money than these overpriced condos with a little knowledge. You can't even imagine what 250k will build as opposed to buying an existing home. Yes, there can be headaches in the building process. Key to have the right architect, builder, etc. We were looking at some properties the other day with some clients out in the countryside towards Esterillos. Still decent deals to be found in the area. Lots in Jaco are becoming scarce. Just waiting to see if some of the pasture land will be divided into lots soon.


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PostPosted: Fri Aug 18, 2006 6:15 pm 
I can do CR without a wingman!
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Is it just me or the enormous potential Jaco has over the Guanacaste area is accessiblilty. For the prices you pay over there, you can buy twice as much in Jaco and it is a better planned city. its 30 minutes to Quepos. I spent a weekend in Guanacaste and drove from beach to beach. To me it sucked!!


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PostPosted: Tue Oct 17, 2006 2:42 pm 
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Joined: Thu Jul 27, 2006 3:28 pm
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Probably better to rent than buy at this point in time, especially if you desire liquidity in the near future.
Too many macro and micro problems right now: Higher interest rates, Sportbooks all closing, many jobs leaving the country, increased crime rates.
Better to rent and wait over the next one to two years to uncover a gem after much research. Real-estate is a sticky market its not going up or down a whole lot in the next year. Anyplace within a mile of the exits of the new hiway to Jaco will be the best Real estate to buy over the next two years.
However if you are going to hold the property for over ten years go ahead and buy now, but if you need liquidity dont do it.


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PostPosted: Wed Oct 18, 2006 12:27 pm 
I can do CR without a wingman!

Joined: Thu Feb 19, 2004 12:15 am
Posts: 167
Location: San Jose, Costa Rica
I watch the Central Valley housing market very closely, and things have been changing lately. There have been numerous articles in the local papers about the sportsbooks closings, and the employees failing to meet their monthly dues.

Prices are on the decline in the general San Jose area, both to buy and rent. I just moved into a new place in Santa Ana, about 1k from my old place for less than half the cost of the previous house, and it's larger and still only a couple years old.

I highly suggest anyone truly interested in investing or living in CR to rent a place 1st, get dirty looking for the right buy, and get 3 or more lawyers for the due diligence.

I always have a few lawyers looking at a handful of properties, since most seem to be either scams or illegal sales. But then again, I'm a cheap bastard, and I won't pay California prices in a 3rd world country.


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PostPosted: Wed Oct 18, 2006 8:24 pm 
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Joined: Fri Oct 03, 2003 6:42 am
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Location: East Coast
Guys

Real Estate in general has had its run for the last 5 years more or less.
Same in CR as in the U.S.

However, I still think the Baby Boomers will ultimately have a huge effect on retirement living in CR as well as the U.S.

Choose your investments wisely. Nothing is guaranteed.

King Costa


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PostPosted: Sun Oct 22, 2006 11:27 am 
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Joined: Tue Nov 09, 2004 11:07 am
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The next time one of you passes through Jaco, let me show you what 300k CAN buy. Don't worry, I'm not trying to sell anything, just to make the point of what you can do if you do your homework. I can show you a few friends places. One is less than 300k and it is a mansion in comparison to a condo...


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