The US economic and housing woes have had an impact on the market, which makes now a great time to buy. This is also the rainy season, so motivated sellers do not have a lot of buyers. Non-prime properties are selling for 30% below peaks of last year. Prime big ocean-view properties are still in demand, but some sellers wanting to sell right now are willing to negotiate for up to 15% below listed price.
Look out for "developer specials", as the economic downturn has resulted in some developers not having the cash flow they originally projected. Have your buyer broker help you determine if the development is well enough funded to complete on their promises.
The southern Pacific zone of Costa Rica has many projects under construction with beautiful ocean-view lot + house or condo packages becoming popular.
A few of the developments I have seen down in the areas just north of the Osa Penninsula have lots ranging from $65K-350K, and new construction being offered at $85-$95/sf. A good broker will help you come up with your assumptions for a financial property analysis that will help you determine if you might make money on cash flow or appreciation. Because property taxes are so low, a buy and hold strategy may work well for those hoping to retire in 3-5 years.
You may wish to keep in mind that there are currently no capital gains tax from Costa Rica but that US worldwide capital gains taxes may still apply at the time you wish to sell if you are a purchasing US citizen.
New developments oftentimes offer short-term financing, and some more traditional types of loans are starting to appear on the lending scene.
Please visit http://Costa-Rica-Land-For-Sale.com for personal accounts of the buying experience in Costa Rica, as well as information on tropical tree investments,
You may also visit http://www.SmartHomeSearch for information on buyer agents and brokers who can serve you in many parts of the world Feel free to call direct for a personal consultation: 303-670-0246. --Kathleen
Approximate Location Boundaries: Southwestern Section Of Costa Rica
Location Characteristics: Includes the Osa Peninsula, an area that is 90% protected as a national park. Also includes the towns of Drake, Palmare Norte, Golfito Buenos Aires, Uvita. The town of Dominical is located near the regional division between Southern Pacific and Central Pacific.
You will find many ocean-view properties and undeveloped land or land that is just beginning to be developed. Due to smaller population and many national parks in this area, there is feeling of jungle and wilderness here more than in other parts of Costa Rica.
About Kathleen Chiras:
I believe the most important gift a prospective home purchaser can give themselves is to invest a little up front time to interview recommended buyer agents. I love empowering the people who contact us with the tools necessary to make a Smart Home Search. Call me directly today at 800-383-7188 or email me at Services@SmartHomeSearch.org for a free consultation and set of interview questions. Find out exactly "how agents get paid". Putting yourself in charge of your home buying experience will be the most satisfying thing you'll ever do!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
