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Thread: Condos and houses prices

  1. #1
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    Default Condos and houses prices

    Do you think the prices of condos or houses are at a low or high?
    Do you believe there would be a profit in future if one purchases now? For example in Sosua or Cabarete...

    Just curious...

    Sent from my SM-G900V using Tapatalk

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    Low. Some re-sales are still set high but can be had for much less (sometimes). Builders of new construction (gated communities) have not raised prices much in quite awhile.

    There are deals to be had if you look hard enough.

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    Quote Originally Posted by ctrob View Post
    Low. Some re-sales are still set high but can be had for much less (sometimes). Builders of new construction (gated communities) have not raised prices much in quite awhile.

    There are deals to be had if you look hard enough.
    If you purchase real estate in the DR and want to sell it off short term(within 5 years) don't expect to make much of a profit and you could end up losing money. The key is location. Find a property that needs a little sweat equity, located in an area that might attract ex-pats who are looking for vacation property. What the property is worth is really based on what other comparable properties have sold for in the same area. It is not based on the listing price. The market will set the price, not what people think they can sell the property for. Find an owner that is motivated to sell and start to negotiate. Good luck.

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    Quote Originally Posted by LTSteve View Post
    .............What the property is worth is really based on what other comparable properties have sold for in the same area...........Good luck.


    And IMHO, that right there is the big problem with buying RE here....very difficult to actually get "comparables". Plus there does not appear to be any type of central MLS (multiple listing service). Oftentimes you will see the same property listed with different brokers for DIFFERENT list prices. Crazy!

    The standard advice seems to be "rent here awhile before you buy". (And that's good advice for all sorts of reasons).

    Good luck with whatever you decide.  

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    Quote Originally Posted by Timotero View Post
    And IMHO, that right there is the big problem with buying RE here....very difficult to actually get "comparables". Plus there does not appear to be any type of central MLS (multiple listing service). Oftentimes you will see the same property listed with different brokers for DIFFERENT list prices. Crazy!

    The standard advice seems to be "rent here awhile before you buy". (And that's good advice for all sorts of reasons).

    Good luck with whatever you decide.  


    And that's why a new invester has to really take it on themselves to do their homework. Drive around, talk to many people, negotiate on a few houses, visit many, etc. It takes a lot of legwork. As to renting first, maybe the op already is?

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    Looking at a bigger picture -

    a major reason in my decision was the RD has more 'upside' than many other islands.
    Less developed

    It's not so small that you'll get bored quickly.
    It's more self sufficient than many others (less imports)

    Having said that, second home/island investments are less liquid than many other investments.

    We can all agree on that............

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    We own several properties here and we have realized that selling without loosing money is impossible - or you have to be very lucky. We thought that this country was a good place to invest - 20 years ago however. If you look around there are soooo many new constructions and no market for so much - at least not at the North coast. Foreigners may buy small condos for around 50.000 us - more expensive properties are for sale for ever and ever. So if you buy something don't ever see it as a solid future investment ..
    Times might change, however I have realized that things do not change that easily here. Be careful to check the papers if you buy property and if the property had several owners over the last years your lawyer should check the papers far back in time. Many properties are not "clean" and do actually belong to somebody else although the papers at the first sight might look right. This is a big problem in Costambar.

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    We just had $1.25M sell here.... after 8 yrs or so.... not at a loss

    Suppose it's location, location, location , all over again 

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    Quote Originally Posted by Timotero View Post
    And IMHO, that right there is the big problem with buying RE here....very difficult to actually get "comparables". Plus there does not appear to be any type of central MLS (multiple listing service). Oftentimes you will see the same property listed with different brokers for DIFFERENT list prices. Crazy!

    The standard advice seems to be "rent here awhile before you buy". (And that's good advice for all sorts of reasons).

    Good luck with whatever you decide.  
    The real estate industry in the DR is UNREGULATED. There are no standards or ethics guidlines. There is no MLS. Real estate agents are not licensed. Buyer beware.

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    Quote Originally Posted by ando1991 View Post
    Do you think the prices of condos or houses are at a low or high?
    Do you believe there would be a profit in future if one purchases now? For example in Sosua or Cabarete...

    Just curious...

    Sent from my SM-G900V using Tapatalk
    Do not buy. Back in the eighty it used to make sense. Houses were very cheap compare to today prices. On my personal opinion, it does not make any sense why should I be paying US prices for property in DR when I not getting the same benefit as in the US (Road, Electricity, Good school system, Less crime, and plenty more entertainment)

    They want to charge you property taxes without providing any benefits. Rent and visit, let somebody else to deal with the hassle.

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