Real estate Dominican Republic , Sosua

Nataliyc

New member
May 11, 2010
2
0
0
Dear All,
I am new to the forum. Recently, I have stumbled on the nice real estate projects in Sosua, DR. Home come all these nice houses are for sale and for such as decent price? Swimming pools, extra space, stylish spanish construction, and more.. it has to be a catch somewhere.

How is life in DR? For example, Sosua, is it livable? Grocery stores, local markets, water available 24/7? Electricity?
I am planning to use the house for vacation 2x/year.
Any advices appreciated. Please, let me know if I have posted on the wrong website, direct me , if needed.

Thanks,
Nataliy :)
 

jrhartley

Gold
Sep 10, 2008
8,190
580
0
64
we have all the things mentioned apart from 24 hour electricity- how much was the house you saw then we can tell you if it is realistic
 

J D Sauser

Silver
Nov 20, 2004
2,940
390
83
www.hispanosuizainvest.com
Many people have chosen Sosua and/or other parts of the DR as their home. Some have left others have found happiness and staid for decades.
It may not just be about Sosua or the country as much as it may be about each individual's orientations, preferences and capability to adapt and cope with the little "issues".

My suggestion is, that before you BUY you'd READ and RESEARCH and then first come to get to KNOW the country by renting for extended times within locations you consider BEFORE you commit any money to real estate here.
Traditionally, a lot has been, as is for sale. Don't worry, the "offers" won't run out any time soon, take it s l o w and c o o l .


... J-D.
 

Anastacio

Banned
Feb 22, 2010
2,965
235
0
Research the area well, then as above has said get a long term rental and try living there, they may have issues you don?t like and can?t see from vacation level living. There is something for everyone in the country, the contrast between different parts of the country are quite massive.
I have been a long term visitor to several areas of the country for up to a year at a time and I still wouldn?t commit to anywhere, even if I had the money. I have seen how a place can change over time or according to time of year, whatever the reason, seeing time pass before you living in it is very important, if money is important.
 

calverde

New member
Dec 22, 2009
58
8
0
yes there is a catch:
biggest catch is
1. nice home, but no security
next would be
2.needs LOTS of work, i.e. lack of back up, like generator
3.bad location (see #1 above)
 
Mar 1, 2009
941
144
0
You can have security, for a price!
In other words you gotta pay for it, gated community, security guards. Rent and visit for a span of time, make friends and develop relationships with people and build your network so you can do your thing as well. This is a great country, you can be safe and have a productive, fruitfull and fun life here moreso even than in your own country!

Go for it Nataliy
 
  • Like
Reactions: Black Dog

DRinvestor785

New member
Dec 13, 2009
33
2
0
Residencial Hispaniola

Check Residencial Hispaniola, 24/7 security and electricity, well maintained grounds, very affordable villas all with pools and they have a full rental administration service, which will allow you to rent for a while and check it out before buying. Good luck!!
 

botemon

Active member
Jun 28, 2008
223
31
28
Call me lucky!
If I were to purchase property in the DR again, I would select the area, and go hang out there for several months and get to know the locals. I think this is an important part about ?feeling good? about your surroundings in the DR. One week in the DR depending on where you are, may seem nice. In a few months it could be hell!
My story is a good one but I would not recommend it to anyone! My wife and I ?cruised? here two years ago for a hurricane season. After about a month and a half we sobered up and started ?poking our nose around? looking at what sort of property was out there. My wife said our retirement home HAD to be on the ocean. After only one week we found a ?Dominicanized? house on a beach for a reasonable price (150k), three days later we closed on it. We gave the owner ? down and he financed the balance for one year ?interest free?. We stuck about 50k into the place and made it our own. We found paradise! The longer we spent in the DR, the more nervous we got about what ?might happen? with our investment. We have a good ?English speaking / educated Dominican lawyer and everything was safe. A year later we paid the balance in cash and the clear title is in our name. It all worked out perfectly!
There are about 7 other homes on the beach where we live and they are all ?unoccupied? 90% of the time, though each home has a ?domestic worker? (guard) full time. So do we. I had a real problem putting bars on the windows, but me being into ?personal responsibility? I understand now. Our home is a fortress if anything did happen, but nothing ever does. You cannot call 911!
We live outside of a town with a population of about 2000. Maybe 200 Haitians. Everyone gets along fine and we are well known in the community. Everyone watches out for every one else. It?s perfect! We have two American friends that live about a mile away and there are French, Belgian, German and Canadians that live near too. There is a more populated ?gringo community? about 20 min away. We love this country and I think it?s all about the people around you. There is bad?.but for us, the good far out weighs it. One a side note, we spend about $1200 (US) a month to eat, drink, internet, phone etc and have a full time employee, and a one time property tax. You can?t do that many places! Just my thoughts?Thanks for listening!
Respectfully,
 

Gabriela

Bronze
Dec 4, 2003
629
54
28
No security of investment

Prices have dropped because of a shortage of buyers. If you don't plan on reselling your property, you're good.
 

Gabriela

Bronze
Dec 4, 2003
629
54
28
Sosua property values peaked long ago

Sosua property values started plunging many years ago, in the 1990s. Villas and condos may be cheap to build but they require expensive maintenance.
 

botemon

Active member
Jun 28, 2008
223
31
28
Yes and yes to both statements. I am looking at another adjoining lot right now and I am not selling. We are glad we are not in the states!
 

Afgan

New member
Mar 29, 2009
370
27
0
Sosua property values started plunging many years ago, in the 1990s. Villas and condos may be cheap to build but they require expensive maintenance.

I disagree.

Maintn is not expensive (having just three-four local workers with a normal good local salary of $200US- $300US a month.

It becomes expensive b`cause often developer keeps ownership for common amenities and has a contract for maintenace and rips-off condo owners.

The same thing happens if a "property management" company is used. They both pay themselves not Dominican but European/American salaries.

The huge probem here in Sosua is greed.

The solution will be in having a committee of actual condo owners only who will hire and compensate workers and pay bills. Without this huge overhead and profit margins.

Many developers told me that their profit from after sale "maintenance-management" is much higher than from building and selling units.
 

Afgan

New member
Mar 29, 2009
370
27
0
You will pay an inflated maintenance cost in many condos.


Yes, correct.

And the only reason why the Sosua real estate market did not drop yet to its natural level of $300-$400US/ sq.m was the high numbers of Russian people who were interested in coming here and buying properties in this country as Dominican Republic until recently was the only nation in the whole World that allowed Russian newcomers in without any criminal background check at all and without visas.
( http://www.dominicantoday.com/dr/to...bean-spots-Russians-prefer-Dominican-Republic)

However the picture is going to change soon as even Dominican Gov-t realized the dire consequences and as of April 1 requires clean criminal papers from all Russians looking for the residence. So, within next upcoming three-fours years the real estate prices in Sosua-Cabarete should become excellent for purchase/investing.

But for not being on the bottom in these three recent years our village must be grateful to Russian people only and to their money (without asking and thinking about its origin of course).
 

CFA123

Silver
May 29, 2004
3,512
413
83
... the Sosua real estate market...to its natural level of $300-$400US/ sq.m

$300-$400US/ sq.m?

So a new 200 square meter (2150 sq foot) house or condo in a good area... US$60-80,000? I'll take a few at that price. Where do I sign up?