Sunday, November 6, 2011

Costa Rica has a New Development in Jaco

The project will be right in between these tall buildings

We recently visited Jaco Costa Rica to find out about a new Resort that is scheduled to break ground this January. Jaco is a lazy surfer town just about an hour from San Jose. It is an easy 2 1/2 hour flight from Miami Florida.

Costa Rica is environmentally conscious. Thirty percent of the land in Costa Rica is protected. This is a very good thing because it is rich in wildlife and lush tropical greenery. There are four live volcano's on Costa Rica. They attribute the volcano's to giving this country such rich soil which enables its jungles to thrive.

One of the volcano's has hot springs. These hot springs were thought to be the fountain of youth.

Traveling to Jaco the first thing we noticed were people riding bicycles with a surf board under one arm. There was a guy that rode his horse through town and on the beach. It is kind of old meets new here. The one radio channel has 70's music and somehow Bob Marley is pictured everywhere even though he is from Jamaica.

There is a Marina called Los Suenos which I refer to as the compound. This is where all the Gringos buy expensive houses or vacation at the Marriott and never experience the culture of Costa Rica. Very nice but what is the point in traveling abroad if your going to stay on a compound?

A really cool surfer beach is a short distance or an up hill bicycle ride called Hermosa. They have hosted some of the biggest surfer contests in the world here. Lots boutique cheap hotels and restaurants to enjoy.

The area where the new Crocs Casino Resort and Condominiums will be built is at the end of the beach surrounded by other high rise condominiums. The Crocs developer has plans to beautify the area. He has a really neat way a shaming the neighbors into keeping up with his improvements. This developer doesn't play small and cut corners. He has done everything right. It is a fee simple ownership with title insurance.

This Resort and Condo development is going to set the bar for all the other developments in Jaco. The developers Dag and Rory Hascall are bringing Rory's talents as a major Casino operator to Jaco. Rory spent years working for MGM. He was the guy that was on called to bring a casino to the level of operation that MGM is known for.

Rory does everything in a spectacular way. This Resort is going to be fabulous. He plans to have the largest pool in all of Costa Rica and a live Crocodile sanctuary check out the website to see what is in store.

If you are interested in purchasing a condo or want more information please don't hesitate to give me a call. 440-554-2260

Monday, October 10, 2011

Coming soon

We are exploring Costa Rica to see what some of the best and safest developments are out there for you. Please stay posted as we will have a full report ready by November 2011.

Retirement can be grand South of the Border in the many fabulous Latin communities. We are looking for the best options available for you. I will make sure you will have true ownership. So many of the International developments are nothing more than a really expensive timeshare. Don't leave your head at the border. If you want to purchase abroad use a professional who is a memeber a Real Estate Association such as National Association of Real Estate.

Presently I am a Member of National Association of Real Estate (NAR) and AMPI
Association of Mexicana Professional Inmobiliarios.

Sunday, January 9, 2011

2011 Puerto Vallarta Update

As we projected values are starting to fall in Puerto Vallarta. Last year was their year of denial. This was just like our 2006 year when Real Estate sales were very few. We believe that the market is two to three years behind the United States regarding the downturn in values. We also believe that their recovery will come back faster than in the United States.

We have several Real Estate contacts in the Puerto Vallarta area and all were feeling optimistic for this coming year. The next few months is their hot time of the season and this should be an interesting one. We have heard several reports that there are offers being made. Unfortunately we can't see the evidence of sales or have we seen market changes. All the properties that we are watching are still available. Some of the larger developments have had a few sales. Most are offering the vacant and unsold furnished suites as vacation properties on the internet. Good way to survive!

We are seeing more and more people putting their properties up for sale in Puerto Vallarta. The inventory has doubled since last year. The more motivated people, are starting to drop their prices.

Mexico Real Estate Sales are different than in the United States. It isn't under the same set of rules. They have a MLS but it isn't syndicated like we have it here. All the Brokers have to update their own sites. One broker might have a property listed for $199,000.00 US dollars and another will have the same property listed for $229,000.00 US dollars.

In Mexico you can't go on line to see what properties have sold for. This is why you need a good contact in Mexico because unless they are in the trenches, there is no other way to know what the true value of a property is.

Mexico is really big on bartering. It is second nature to them. Americans are uncomfortable with bartering. When you see an asking price of say $229,000.00 that property could easily sell for $140,000.00. There is nothing they like more than an American who left their brain at the border and buys real estate while on vacation!

We predict that there will be more sales this year in PV. The lack of real information may help them recover faster and might stop their prices from falling as fast.

The tourist business is way down from last year. The continued fear of violence is hurting the resorts. Many high end restaurants have already succumbed to the economic pressures. Businesses are shutting down and the survivors are adapting to the new environment. The demand is for less expensive goods and services.

It was amusing and sad to watch one particular restaurant day after day try to get business. This was in a good location and very clean. The other restaurants on either side were tacky or not as clean but they always had business! This was a classic example of language barrier because they were not getting across what they were selling! Was it breakfast lunch and dinner or ice cream or maybe health food. This is a tough business environment to break into and survive. Another business that is a favorite is a day spa where you can get a 75 minute massage and a pedicure for $35.00. Last year they were getting sloppy with quality service. Some of the other shops were getting their clientele including us. This year they are back out in front of all the other day spas giving the best service at the best price.

We were able to purchase some excellent boots and handmade shoes with various exotic snake and aquatic skins. These items were priced 90% below the going rates in the United States. High quality, excellent craftsmanship with great value.

All in all businesses are struggling to stay afloat which will inevitably hurt the value of real estate. This summer should be the back breaker for many businesses and real estate. I hope my favorites can survive. After this summer the deals should really start to be apparent.

Pictures are of Riveria Cuale Condominium from a suite on the 8th floor and the pool area that sits along the mountain river. The city street is in Sayulita.