www.CostaRicaTicas.com

Why would you buy something pre construction or during construction in Costa Rica when there is a ton of finished units sitting empty or half built ? There is no guarantee whatsoever that the project will not go bankrupt.

There is one born every minute and two to take him.

_________________
* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.

The attorney is a company called Pacheco Coto

I am taking a trip to Manual this August for 5 or 6 days with the family. They are picking us up in SJ and driving us to MA with a walk of the property the next day. Then they are taking us to Dominical for a brief walk and lunch.

The development was written up in Smart Money, Newsweek and International Living.

I plan on getting a Spanish speaking/reading attorney in the US to review the contracts as well. Does anyone know if the US Embassy will provide reputable attorney's names?

Good point Icantstayaway.

Notice I am doing my research and checking this out before committing. That is why I am seeking out feedback from those who know more about this than I do. I appreciate all the feedback. Please keep it coming. CR caught more my interest and given the bubble in Panama it seems like there is more downside there.

Don't quite know what you mean by bubble in Panama. The economy in Panama is ALOT more diversified than CR and there is many times more direct foreign investment. Tax incentives are also a lot better in Panama.
I sold everything I had in CR and invested in Panama and could not have been happier with the results, between the Venezuelans and all the multi-national companies coming in, the real estate market is amazingly stable and survived the financial turmoil of the last few years better than practically anywhere else. If you buy in the El Cangrejo area (Near the Veneto) you will have very little problem renting at top price as it's a very popular area with tourists and business people.

Try CR-home.com

Rent for a couple of weeks, and test the commute, like in the states, but here it is more likely the community. Security is always first and then rent roll after that. Take a look at your ,lifestyle and where you want to be and how you like to roll; epsecially Easter and Christmas. These are two blocks of time that can usually get you the rent you're yearly nut...no pun intended.... Manuel Antonio usually has the best combination of these things as well as Herradura by Jaco. Always use a reputable title company.

This board has over 20,000 registered users. I'm guessing about 8000 of them visit at least once a month. Only 2 have posted here in favor of buying. That's 2 out of 8000.

What is your history with time in Costa Rica. Have you lived here before ? How long ? How many days have you spent in Costa Rica ? How many days a year do you plan to spend in Costa Rica ?

_________________
* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.

Icantstayaway

That is interesting although a couple of points:

20000 users - how many actually post at all - as in most things there are alot of readers but do not contribute.

Reading past comments it seems like you miss Atlanta but would still choose to live in CR than go back. Curious, it seems like a contradiction. Very strong opinions about not buying but still like it enough to choose to stay. Do you have the option to have a place in CR and one somewhere else? From my own perspective I get jaded staying in one place fulltime. That is why I would not move to CR by itself. I understand not many can do this so that is why I ask. That is reason I work 80 hrs a week for the last 18 years. Again personal choice.

I have been down for 2 trips. 7 days each. I have traveled extensively in Europe, the islands in the Caribbean, Belieze, Honduras and Mexico. If I had the luxury I would rent for a few months first but I am not in a time in my life where I have the flexibility to move down to test it out for an extensive time. I plan on visiting 3-4 times a year (21 to 28 days), family will use it 1 to 3 times a year and put it up for rent the rest. I will pick up usage each year. At the height I would be using it 4-6 months a year. I am very active so what attracted us was the active lifestyle - hiking, rafting, volvano tours etc...

If you could pick a place in the world you would live part of the year which would it be and why?

JS - any resort gated communities you would suggest to look at in Panama? Looking outside the city.

I know a handful of guys that have done well with CR real estate (or at least claim to), they are definitely in the minority.

If you're looking to be just outside the city with easy access, I'd strongly recommend Tocan: http://tucancountryclub.com/

If you're looking to be outside the city for concerns about traffic and noise etc., there is a building opening up in a few months that solves all those issues. It's on the bay (Balboa Ave) and is attached to a shopping mall, grocery store, multiplex theatre, medical center, casino, convention center. There will be a total of 13 restaurants, a nightclub and a whole bunch of other amenities. It will be a Hard Rock hotel, but you can buy a condo and live there. You never have to leave the building, across the street is the new Cinta Costera (a green area of parks, athletic facilities and an ampitheatre) http://www.youtube.com/watch?v=YI5_lm_QQng

If you're not concerned with being close to the city there are quite a few really great beach communities about an hour away. They are building an new international airport in Rio Hato which has a bunch of these developments.

As I mentioned in a previous post, this board may be great for getting info. on chicas and the gulch, it's not a reliable spot for info. on real estate investing, nor is it meant to be. If you want info. on investing go to an international investment board, there you'll see hundreds of people who have bought and are doing well with it.

It is vastly more complicated than buying in the U.S. and there are a lot of pitfalls but if you have the proper information, a good lawyer and do things intelligently there is no reason you can't make a good purchase and do well. Along with the pitfalls are some really great benefits. In Panama there is a 20 year tax abatement on many properties, home-owner's insurance is around $200 per year, maintenance is about $150 per month, repair people charge about 1/10th of what they do in the states. If you buy in the right area you can rent to tourists at U.S. rates ($200 per night) while your overhead is at third-world rates.

My point is that only 1 or 2 people here recommend that you buy and I know that one if not both sell or have sold real estate in CR/Panama so they have a motive to encourage buying.
You can stay here without buying.
Why does choosing to stay in a place need to include buying a property that takes years or decades to sell without a considerable loss ?
If you look at Lennydo's post again you may notice some of the reasons why. I have met him and bought some of his household items when he sold his condo.
You are considering buying in a country that you have only spent 14 days on the ground. That is quite incredible if not a little euphoric. I don't know why people want to jump right into buying without playing out the math. I guess the same reason why 50% of small business close 12 months after opening and the same reason why 80% of Gym membership holders bought a membership they only use 5 or less times a year.

Do your own homework. Go on Craigslist / Costa Rica and call all the ads for people selling all their household items and leaving Costa Rica. Ask them about their experience with owning property. I have done this and the stories are quite incredible. The most recent was a husband and wife that had 25+ years experience in Arizona real estate and were here for a few years. I chatted with the guy for about half an hour and he is not a dummy. He and his wife returned to Arizona where their living expenses are one half as much as they were in Santa Ana, CR. He rented here so all he had to do was sell his household items and head for the airport.

_________________
* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.

On the contrary. Here you get, well for the most part, unbiased, objective and honest opinions from your own piers.

I would suggest renting for a year or three in Panama before dumping your life savings in a great investment.

P.S. If someone suggest you purchase in a place you have never even visited before, I would turn and run like a scared cat at a dog show.

_________________
* These are the "Good Ole Days". Enjoy Them.

* RENT but, "Don't Buy a Home in Costa Rica" until you have lived here for THREE years.