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/