Costa Rica Blog
Covid19 closed Costa Rica to the world for much of 2020. They finally opened their airport to all international destinations as of November 1, 2020. The lack of tourism had a significant impact on some people, especially those with rental properties or investment properties they'd planned on selling last year. Here is a list of special deals we've come across that we don't often see. Remember back in 2007 and 2008 when some properties in Florida were sold for less than the cost to build them. That's almost the case right now in Costa Rica but mostly for investment parcels and hotels, which have suffered the most. investment parcel listings can be found here
- Show me the deals! Bargains can be had from a variety of sources; solvent developers who need infusions of cash to turn around lackluster sales, motivated expats who now need to sell as a result of changing economic situations, investors on the secondary market who need to adjust their exit strategy. All of these conditions have created buying opportunities we have not seen in years. The situation will likely change quickly however as vaccines are rolled out and the disruption in travel eases away.
On Sale: The developer I have sold for over the past 15 years has recently offered a reduction in building cost of nearly 10% as well as offering some 2 and 3 bedroom “house and pool” packages priced from $200k to $215k. These packages don’t include the home site but they’re being offered at substantial discount prices right now. Costa Rica has traditionally been a good market for strong rental income opportunities and with property management companies already in place, the opportunity to buy at wholesale prices has never been better.
- Cash is King action plan:
- I have a motivated seller on the secondary market who has a community lot in a well-established
gated development just a few miles from the beach offering a “ready to build” lot, complete with water and electric pandemic priced at just $16,000. Similar lots have sold for $40,000 or more. Don’t expect financing at these low prices but if you justskip your double mocha latte at Starbucks for a few years, you can afford some of these.
- I have a .75 acre ocean view parcel “on sale” at $105,000 that was previously listed at $145,000. This home site is fully improved and sits on a nice high ridge with a great ocean and mountain view. The lot is toward the end of a cul-de-sac and next door to a very profitable high end rental property.
- I also have a resale lot in well established development that has been reduced by nearly 50% and is now being offered at $35,000. The lot is fully improved and ready to build on. Owner financing is available with 40% down.
- I have a listing for a nice 2 bedroom, 2 bath fully furnished with a pool in the village of Ojochal that's bargain priced at $299,000 but the owner said bring all offers. Pictures and details are available on request.
- I've got an ocean front condo in Jaco, fully furnished and on offer for $235,000, two bedroom, two bath with nice ocean facing balcony just a few steps from the beach and fully furnished. There's a great common area pool and rental management is available.
- I've got a listing for a 3 plex right in the village of Ojochal listed for quick sale at $140,000, three rental units, live in one and rent the other two. This "tico style" property is currently rented, just step in and make your money or improve the property as you like. Great walking location right in Ojochal.
- How do you take advantage of these bargains? I can custom design a bargain shopping or investment
property tour just for you. Keep in mind that I’ve offered group and individual property tours for the past 15 years and have inside knowledge on most markets in Costa Rica and Panama (other than the Caribbean side). With our fleet of luxury SUV’s, English speaking drivers and 3 tour vans we can accommodate individuals as well as groups. We are super Covid cautious and practice safe tour techniques. I can also take anyone on “virtual” property tours via zoom or with you on your laptop and me on mine, navigating using Bing or Google satellite maps. I can show you the deals as well as where the tourist amenities are, things like hospitals, restaurants, supermarkets, beaches etc. We even have a few sellers offering owner financing.
These “Sale Prices” won’t likely last for long so if you are serious about owning in Costa Rica, diversifying your real estate holdings, owning a rental property or just owning raw land, contact me right away to hear more about these bargain offerings. I can send you an updated short list of current offerings that will be sure to peak your interest. The list keeps changing as these properties are snapped up but and keep in mind that in most cases these deals are “cash only” but often a small deposit can hold a deal until you can get down to visit, but taking a property off the market does sometimes require a small non refundable deposit. Opportunities like these don’t happen every day
so why not take some of those stock market winnings and diversify into international property. You’ll be glad you did!.
Venezuela brief history. Hugo Chavez was elected president in April 1999. He served the longest consecutive term of any president in Venezuela history but also used state power to change the constitution to eliminate term limits. He claimed this was best for the socialist reforms he implemented. Upon his death in March of 2013, Vice President Nicolas Maduro assumed the presidency. In a special election held that April 2013, Maduro was officially elected. Maduro was a bus driver and union leader and advanced under Chavez to be elected to the National Assembly in 2000.Read More
Costa Rica is noted for ecotourism and a great place to see exotic birds, sloths, monkeys and amazing rain forests. The government has gone to great lengths to protect the environment in Costa Rica. Ensuring that real estate development is done with regards to the environment has helped to preserve the beauty and nature that everyone wants to come and see. This piece is about the steps necessary to undertake development. I've posted it to show the depth of work that it takes to do good development and why there are so few that have stayed in business. We are proud of our 27 year history and glad there are protections in place to preserve this great country. Many developers who thought it was easy have since gone out of business when bank financing was not sufficient to keep them in business long enough to get through this bureacracy to complete the developments they'd started. The fact that we are debt free and don't rely on borrowed money is a great part of our success. The time and expense to complete all of these steps is onerous. This piece helps understand how expensive it is to do fully permitted development, meeting all the environmental and municipal standards that are in place to insure that developers are not harming the environment nor building shoddy developments that will burden the municipality down the road. See more about our developments and property tours at www.PacificLots.comRead More
Want to Own Property in Playa Del Carmen that will make you money when you are not using it?
Fortunately Costa Rica does not get hurricanes but here's a funny look at Hurricane preparedness that we received from a friend about our Key West House Read More
Excellent development parcel - appraised for $2.6 mil
This 700 acre parcel sold for $2.5 million dollars less than 15 years ago to a US based development group. The development team took on the project right as the real estate downturn hit the world market. The lender recently got the property out of foreclosure from that development team and is now offering it at an amazing value. Look on ebay right now and you will see other parcels priced at a million dollars for less than 100 acres. This is 700 acres mostly cleared, usable and just minutes off the coastal highway. This should be in someone's investment portfolio just sitting on raw land or in a real estate trust. In the early 2000's this parcel sold to a development team with the intent to do a residential development on the parcel. The municipatlity gave a "Uso de Suelo" permit to grant the full development of the parcel into a high end development called Quepos Heights. Quepos by the way is the MOST VISITED TOWN in the entire country of Costa Rica.
Here is a chance to purchase this land at significatntly less than half of the current recently appraised value. I specialize in land sales in Costa Rica and have sold millions of dollars in land each year the past 10 years, I have a website with over 130 pages of information and have run multiple property tours per month in Costa Rica for the past 10 plus years. We get between 100 and 500 people per day on our website and hundreds of people on tour with us each year. I would suggest I have sold more property than anyone else in the entire country and I know this market better than anyone.
I will attest that this is one of the best values I have ever seen in Costa Rica. This parcel is located within 10 miles of Manuel Antonio national park. The parcel would make an ideal eco development offering larger parcels (5 acres for example at $50,000 for the entire 5 acres). At this pricing structure you could get over $5 million for the parcel while keeping a third for yourself and only selling 100 parcels. Or you could do smaller parcels in full residential development (en condominium) and get multi millions in returns. This land is appraised just as farmland for over 2 million dollars. There are multiple ridges with expansive ocean views and it would be easy to sub divide this parcel into 10 or more smaller parcels. There's a decent sized river right on the parcel as well as a nice waterfall and swimming hole. You could make a campground out of part of this parcel, develop part, run cattle on part and farm part and still have lots of land left over, it is 700 acres.... The entire parcel is available for sale, the lender would like to get $1,000,000 but in the interest of a quick sale, is open to offers. The lender has had their money tied up in this parcel for a long time and now they are offering it at blow out pricing. Look anywhere in Costa Rica and try to find land this cheap per acre.... Add that this parcel is in Quepos (again, in case you weren't paying attention, Quepos is the MOST visited town in the entire country) and the parcel has nice ocean views, mountain views, water and waterfalls.... AND the lender is willing to offer financing with a significant down payment, ask for details.
find us on Google under Pacific Lots of Costa Rica. if you want to join a property tour in Costa Rica to see this parcel and are interested in a retirement home, vacation property or rental property or just to hold raw land, we offer 4 day all inclusive property tours at just $299 per person. Don't be afraid to make an offer or call on this property.
700 or 285 hectare farm located ten minutes from the Palma Tica plantation of manicured palm oil trees adjacent to the town of Paquita, ten minutes north of Quepos along the coastal highway. Quepos is the capital of Aguirre canton in Puntarenas Province, Costa Rica.
· Finca Del Presidente is 25 minutes from the town of Quepos and the beautiful hillside town of Manual Antonio. Some of the best surfing, beaches, restaurants and hotels in Costa Rica are located in these two towns just 25 minutes from the farm. Manual Antonio National Park is the # 1 tourist destination in all of Costa Rica.
· Finca Del Presidente has over two kilometers, (one and a half miles) of organic, mountain fresh rivers and streams, which originate in the mountains. This creates access to abundant pure, fresh water.
· There are two spectacular waterfalls on the farm, one over ten meters or 35 feet in height.
· Finca Del Presidente has one of the best natural swimming holes within twenty miles according to the locals. The large waterfall on the farm has created (by the force of the falls over thousands of years), a beautiful natural swimming hole which is 25 meters wide,(75 feet) by 40 meters long, (120 feet) and 5 meters, (15 feet) deep.
· There are over 4 kilometers, (two and one half miles) of existing roads on the farm allowing for immediate use and ease of access throughout the property.
· There are over 2 kilometers, (one and one quarter miles) of ridge line ocean views with roads for immediate residential or commercial development. The approved zoning plan for the farm, (Use de Suelo) allows for both residential and commercial development.
· Finca Del Presidente has over 200 acres, (80 hectares) of flat or gently sloping land previously utilized as a major fruit orchid and working cattle operation.
· Existing electrical access to the municipal electric grid is currently in place for the nearby neighbors on the public road to the ranch.
· There is abundant fresh water directly accessible on the farm from several springs, a large pond and over two kilometers of rivers and mountain springs.
· Finca del Presidente has clean title held in a Costa Rican limited liability company, (SRL).
Here's a few highly discounted properties we've been offered in Costa Rica, either bank owned, foreclosed upon or by distressed sellers who need to get out right away. It's not that often that we come across really discounted property in Costa Rica. SOLD
People often ask me why I recommend living in Costa Rica, or any foreign country for that matter. There are a lot of Americans living in Costa Rica, both working there for multinational companies as well as a large retirement contingent. Living in a foreign country, whether in Costa Rica or elsewhere offers some serious advantages that many people don't even know about.