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There is certainly enough to be concerned about these days in the world of real estate and finances. Real estate is essentially the foundation of an economy, local or global. It is obvious that in Costa Rica, we are closely tied to the world economy and especially in terms of the world’s credit markets. If you’re one of the many people or businesses who have been seeking financing from a Costa Rican bank in the past six months, you know all too well what I am talking about.
However, according to the local bank managers that I’ve spoken with, they say they will begin lending in January of 2009. We shall see. And on a side note, I would like to forewarn anyone seeking a mortgaged credit through a private lending company. Not all private lending is predatory. But there are some unscrupulous outfits around, and it is easy to be taken advantage of in Costa Rica, especialliy when fine print is involved (and super-especially if the fine print is in Spanish and you are relying on a translation!).
Anyhow, beyond the “credit crunch” Costa Rica’s real estate market is still, in my consideration, quite robust. If you are one of the lucky ones out there with liquidity, now is truly the best time to buy in Costa Rica. ‘Why?’ you ask… Simply put, there are some fantastic deals around.
We all know that prices in Costa Rica have been, in some markets, inflated. But now as I browse through my agents’ new listings, I’m very pleased and impressed to find a plethora of properties in desireable locations with charming characteristics for under $200,000. While I myself have enjoyed focusing on the luxury market, it seems that everyone else has had the same idea for the past few years… touching on last week’s subject, everywhere you looked, “luxury condos” are being sold, that perhaps were not really luxury, just priced that way.
Anyway, in today’s market, we are seeing some great priced homes that are truly affordable and competitive to the awesome characteristics that you can find in other resort-area locations such as in Florida, California and the Carribbean. The original real estate boom in our area occurred as one could purchase a beautiful home for under $200,000 in a charming neighborhood. Many buyers from the South and Western US came and took advantage of the properties on the market that “would cost a fortune back in California” (a phrase I formerly heard quite often).
After a brief large-scale lapse of judgement on behalf of many homesellers and developers, we have returned to “common sensicality” and can offer you truly quality properties for great prices. I am a value shopper myself… Although I do love nice things, I don’t have enough money to be able to not spend it wisely. And in this day and age of financial trouble, many of us are in that same position.
Anyhow, some of my favorite best buy properties this season are:
Tres Regalos Oceanfront Luxury Condominiums in Jaco (this property truly earned its adjective) with three bedroom units starting at $315,000
Single family home on a lovely lot with a pool in gated community 10 minute walk to the beach listed at $225,000
Two homes just five minute walk to the beach in Jaco, each with a pool in a lovely residential neighborhood listed at $385,000
Surfer House a 10 minute drive to the beach on a spacious 1/4 acre wooded lot in a country setting, listed at $150,000.
And many more homes available to remodel and rent out for investment can be found at:
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