Palm Suites Punta Cana

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bluenose

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Dec 31, 2007
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Looking for input from anyone who has purchased a condo in Palm Suites/Bavaro/Punta Cana.
I have done some research and am possibly contemplating a purchase.
It is a beautiful complex with more upgraded construction materials than I have seen in other complexes.
The price for a 1 bdrm 2nd floor is going for $120,000. which I feel is probably ball game area, considering their 1 bdrm units are larger than some 2 bdrm units elsewhere.
Any input is greatly appreciated.
This is not a "jump in" situation, I have been travelling to the area for the past 10 years and have done rentals in a lot of buildings so I am familar with some things here at least.
 
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tjmurray

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Aug 11, 2006
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I was living there for 6 months until Feb 2011 and currently manage an apartment there as well. I think it is an excellent complex with good security, upkeep, great pool and great location. I will move back after I finish a 6 month contract in London till August 2011.

Not sure if you already have an agent but I have a close friend who could help you in your purchase if you are seriously interested.
 
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Mike_n_Val

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Dec 24, 2010
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I live close to this building and everyone I know who lives there or has rented there loves it, aside from the noise at night. If you haven't already seen it though I would highly recommend taking a look at Rosa Hermosa it's a little further back and a little more expensive but it's brand new and the people I know there don't hear the music and partying at the resorts as much as you would at Palm Suites. All the units in Rosa Hermosa are 2 bdrms and I think they start around 145,000. Good luck and happy hunting!
 
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Contango

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Dec 27, 2010
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bluenose said:
Looking for input from anyone who has purchased a condo in Palm Suites/Bavaro/Punta Cana.
I have done some research and am possibly contemplating a purchase.
It is a beautiful complex with more upgraded construction materials than I have seen in other complexes.
The price for a 1 bdrm 2nd floor is going for $120,000. which I feel is probably ball game area, considering their 1 bdrm units are larger than some 2 bdrm units elsewhere.
Any input is greatly appreciated.
This is not a "jump in" situation, I have been travelling to the area for the past 10 years and have done rentals in a lot of buildings so I am familar with some things here at least.
Click to expand...

Who is the actual builder? Is it Barney? The guy who built Ocean club apartments...
 
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bluenose

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Dec 31, 2007
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It is Daniel Guerrero (do not if spelled correctly). Same builder as Santa Maria del Mar I & II, Coco-Mar, Villas Palmera, and now constructing Mar de Estrella right beside Palm Suites.
 
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bluenose

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Dec 31, 2007
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Thank you all so far for your response.

I know I have not even bought yet but I am thinking of how good a resale may be down the road.

I see a lot around here that cannot sell, but I guess that depends on price, location, size, etc.

However, they do say it is a buyers and sellers market.

I am in no way just buying it to flip it and make a profit, however if the time comes to sell it I would just like to get at least the amount I paid for it and a little more, but I guess that depends on the real estate market. There are no guarantees.
 
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Contango

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Dec 27, 2010
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bluenose said:
It is Daniel Guerrero (do not if spelled correctly). Same builder as Santa Maria del Mar I & II, Coco-Mar, Villas Palmera, and now constructing Mar de Estrella right beside Palm Suites.
Click to expand...

What I still dont get is how they can ask "Pre Recession" prices in the DR, considering for $120k, you could buy a short sale in Florida and get a house 1 km from the beach, 2,500 square feet.

If you are serious about buying there, Id offer him 86K, tell him you'll pay cash, if he says no, walk, and watch them come back at 105k. Whatever you do deal with the builder directly so you dont get hosed by an unlicensed RE agent, considering there aren't any. That 6k is better in your pocket.
Id also find out how much re-bar they used in the blocks, etc, For electrical make sure its copper and not aluminum, get every detail in writing, and make the deal subject to "Christoph Seigers" approval, who in my opinion is the best lawyer in the area.. However like previous poster mentioned, lots of noise at night, and DONT expect you will make money when selling.
 
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Contango

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Dec 27, 2010
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bluenose said:
It is Daniel Guerrero (do not if spelled correctly). Same builder as Santa Maria del Mar I & II, Coco-Mar, Villas Palmera, and now constructing Mar de Estrella right beside Palm Suites.
Click to expand...

He also built a number of Villas in PRV, if its the same guy he has a brother who is an engineer.. Not a bad builder, but slightly shady, like they all are down there...
 
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bluenose

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Dec 31, 2007
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Thank you so much Contango. Your last posts are very good information.

I agree with you on the prices. They are all still way up there and do not seem to budge a bit on them.

As I sometimes think of this situation - the building is 3 years old - there are approx. 8 condos left for sale by the builder. I would think that maybe they would lower the price or take a reasonable offer just to unload them. I know they cannot "give" them away but a reasonable offer could be negotiated.

Should I proceed I will take your advise and make an "offer" and never pay the price he provided me with....

Of course everyone in the business, developers, real estate agents, tell you that you will increase the value during a sale - but in am skeptical of that - VERY MUCH SO - and fear I may not even break even during a resale....

Thanks again.....
 
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Contango

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Dec 27, 2010
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bluenose said:
Thank you so much Contango. Your last posts are very good information.

I agree with you on the prices. They are all still way up there and do not seem to budge a bit on them.
Thanks again.....
Click to expand...

I think one of the reasons the properties just sit there, as many on DR1 have told me, is most RE in the DR is built from Drug Money laundering.. So I guess they are just happy to wait until some sucker comes buy and pays " Dominican retail"?
 
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CaptnGlenn

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Mar 29, 2010
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I looked very closely at Palm Suites, and initially it was my favorite complex. I ended up buying at the new, still under construction, project Corte Sea which is just up the road a couple of "blocks". Corte Sea is being built by the same developer as the two Arenas de Bavaro condos, and is right next to them. The Corte Sea floor plans, fixtures and design elements are very nice, a half a notch better than Palm Suites, and IMHO the best bang for your buck in the Cortecito neighborhood. They have upgraded the designs from the original specs, and the developers have an office right by the complex.

My primary reason for not buying in Palm Suites was the selection of units left. If there had been a unit left in one of the more desirable locations, facing the pool area, I probably would have bought it. I wasn't thrilled with the apartments available, they were facing the parking lot, not the pool. One of the available units was next door to someone who had some kind of big chicken wire bird cage or chicken coop or something on their terrace, along with a lot of other junk, not what I was looking for in a neighbor. Also, when we looked at another unit, there was someone actually living, or more like "camping out"/squatting in one of the bedrooms... no, not an owner, I think it was a friend of the watchman, or something. I'm sure it was a temporary situation, but gave me a lot to think about. The quality of the condos are very nice, but the over all layout of the project isn't very good... every apartment should face the pool or the gardens, not a parking lot.

Rosa Hermosa is also a very nice project and now completed, but IIRC the starting prices there are more like 160 or 170K US and up, but check on that. There are still some units in Santa Maria del mar also... but although I like those complexes, especially the grounds with their lush tropical foliage, the "Fit and Finish" of those condos isn't quite as nice as the newer projects. They ARE very spacious though.

Prices overall in Cortecito have come down over the last year, but by VERY little and only on some units. There might be a great deal out there somewhere, but it would be a resale by an owner, probably not much reduction from the developers. We found a little wiggle room on the listed sales price and some other concessions, but don't expect a "fire sale".
 
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jrjrth

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Mar 24, 2011
782
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bluenose said:
Looking for input from anyone who has purchased a condo in Palm Suites/Bavaro/Punta Cana.
I have done some research and am possibly contemplating a purchase.
It is a beautiful complex with more upgraded construction materials than I have seen in other complexes.
The price for a 1 bdrm 2nd floor is going for $120,000. which I feel is probably ball game area, considering their 1 bdrm units are larger than some 2 bdrm units elsewhere.
Any input is greatly appreciated.
This is not a "jump in" situation, I have been travelling to the area for the past 10 years and have done rentals in a lot of buildings so I am familar with some things here at least.
Click to expand...

I recently purchased a 2 bedroom in the Palm Suites, we paid alot less of the advertised price of $160K US, it is my understanding that he only has (5) 1 bedroom units left one of which I believe faces the pool on the second floor. I feel if you offer $100K you will get it. The units are very large as compared to others that we looked at other locations by almost twice the size and the prices are good. Private ownership sales seem to still be on the high side as advertised on listings as compared to new units, and they do not have any type of finance options if you so need them. ~Good Luck and Happy hunting~ What realtor are you using??
 
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CaptnGlenn

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Mar 29, 2010
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If you can get the second floor 1br for 100K US AND if it's NOT one of the units that face the parking lot or the side walls of the building at the end of the pool, then I'd say JUMP on it. That would be a great deal. I doubt if you'd get developer financing at that price though. If you're in the market for a one bedroom unit, those in Palm Suites are very nice, and large... 1022 sq.ft / 95 sq m
 
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bluenose

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Dec 31, 2007
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Thank you CaptnGlenn & jrjrth for your replies.

I am actually looking at one that is not around the pool. It is B3 - as you come in the parking lot it is to the left, the first building, 2nd floor. (Not the 2 bedroom buildings). I like the privacy of it, and it being away from the main pool area. I know - I may be weird....(haha)... So I take it the ones near the pool are more expensive or sought after??
 
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CaptnGlenn

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Mar 29, 2010
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I think that's the general opinion. If you're happier in the spot with more privacy, that's cool too. The original prices were the same whether by the pool or not, based strictly on number of bedrooms and what floor, BUT I think you might have a bit of a negotiating position if you pick one that is not fronting the pool. Best of luck with your purchase, maybe we'll bump into each other sometime.
 
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Contango

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Dec 27, 2010
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CaptnGlenn said:
I looked very closely at Palm Suites, and initially it was my favorite complex. I ended up buying at the new, still under construction, project Corte Sea which is just up the road a couple of "blocks". Corte Sea is being built by the same developer as the two Arenas de Bavaro condos, and is right next to them. The Corte Sea floor plans, fixtures and design elements are very nice, a half a notch better than Palm Suites, and IMHO the best bang for your buck in the Cortecito neighborhood. They have upgraded the designs from the original specs, and the developers have an office right by the complex.

My primary reason for not buying in Palm Suites was the selection of units left. If there had been a unit left in one of the more desirable locations, facing the pool area, I probably would have bought it. I wasn't thrilled with the apartments available, they were facing the parking lot, not the pool. One of the available units was next door to someone who had some kind of big chicken wire bird cage or chicken coop or something on their terrace, along with a lot of other junk, not what I was looking for in a neighbor. Also, when we looked at another unit, there was someone actually living, or more like "camping out"/squatting in one of the bedrooms... no, not an owner, I think it was a friend of the watchman, or something. I'm sure it was a temporary situation, but gave me a lot to think about. The quality of the condos are very nice, but the over all layout of the project isn't very good... every apartment should face the pool or the gardens, not a parking lot.

Rosa Hermosa is also a very nice project and now completed, but IIRC the starting prices there are more like 160 or 170K US and up, but check on that. There are still some units in Santa Maria del mar also... but although I like those complexes, especially the grounds with their lush tropical foliage, the "Fit and Finish" of those condos isn't quite as nice as the newer projects. They ARE very spacious though.

Prices overall in Cortecito have come down over the last year, but by VERY little and only on some units. There might be a great deal out there somewhere, but it would be a resale by an owner, probably not much reduction from the developers. We found a little wiggle room on the listed sales price and some other concessions, but don't expect a "fire sale".
Click to expand...

That development looks kind of nice, I like those dark traventine floors, most places have lighter tile.. (Corte Sea)
 
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CaptnGlenn

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Mar 29, 2010
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Yes, the developer is doing a very nice job on these. They took the basic design of the Arenas de Bavaro projects made them a little bigger, and incorporated some of the ideas/suggestions from their buyers. I have to give them credit, they do have an open mind for good ideas. They've also added coral stone tile accent to one of the walls, a nice modern looking stainless range hood instead of the usual microwave set up, not to mention the option of the very nice walk in shower... (my idea which I have to take credit for... long story behind that one. lol) damn... now my shoulder hurts from reaching back to pat myself on the back. LOL

They have also added an additional building to the original plan. This extra building has a couple of larger and even more luxurious units... very nice apartments.
 
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Contango

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Just found even a potential nicer project Estrella Del Mar, new construction broke ground January...
 
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tequila

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He is the same builder that did Palm Suites, Cocomar, Santa Maria and others
Sr. Daniel Guerrero.

You mentioned in this or a previous thread that possible "drug money" is involved.....can you please explain your statement. Those people that are considering buying or have purchased property would maybe want you to elaborate

thank you.
 
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Contango

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Dec 27, 2010
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No drug money involved in those projects I know of..
Read my post again, it was general comment, for the DR.
Some posters on these boards have mentioned that some projects are financed through Drug Money, I never mentioned the specific projects listed above..
 
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