Condos and houses prices

ando1991

Active member
Dec 5, 2016
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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...

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ctrob

Silver
Nov 9, 2006
5,591
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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.
 

LTSteve

Gold
Jul 9, 2010
5,449
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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.

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.
 

Timotero

Bronze
Feb 25, 2011
689
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.............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.  
 

ctrob

Silver
Nov 9, 2006
5,591
781
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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?
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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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............
 

21yearsinDR

New member
May 29, 2013
115
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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.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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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 
 

LTSteve

Gold
Jul 9, 2010
5,449
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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.
 

pkaide1

Bronze
Aug 10, 2005
539
40
48
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...

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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.
 

wrecksum

Bronze
Sep 27, 2010
2,063
96
48
You don't say which price range you are looking at.If you have cash and are ready to move fast,in the under 100 grand market you can make direct offers at less than half the asking price in the agent's book.

Either it works or it doesn't, but if it's a genuine offer it will nearly always work..Always worth a try.Just watch out for hidden costs like tricky titles,crooked lawyers,excessive condo fees,high priced power or water and bills outstanding.
Just get advice first.Worked for me..

Twice so far.
 

zoomzx11

Gold
Jan 21, 2006
8,367
842
113
No one knows what is fair market value here. Sellers inflate what they got for the property. There is no MLS. it's catch as catch can. Easy to buy if you have full price in cash. Selling is usually a long term process. I bought at a fair price, did a lot of remodeling which is easy with concrete and had the pleasure of living in a nice house. Selling? Who knows? There are much better places in the world to invest in for profit real estate. Like anywhere in the real world. People come down here with the dream of living in paradise plus making a tidy real estate profit. Does not happen often.
 

ando1991

Active member
Dec 5, 2016
113
47
28
Thank you all for the input.
I am leaning toward Cabarete. I will start with small investment(condo) in right location, close to beach.
I doubt if I flip that quick, but believe in the future, the property will not lose value. It will at least bring rental income.



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southern

I love Hillary!
Dec 13, 2016
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"will not lose value " OK , I like your optimistic outlook. Check out the sales history of the Playa Ventosa condos in Cab.
 

retiree

Bronze
Jan 18, 2008
978
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A rented condo may pay your condo expenses but don't think it's a sure thing that it will provide you with rental income.
 

SKY

Gold
Apr 11, 2004
13,470
3,604
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Rental laws in the DR are a lot different than in your home country. They greatly favor the renter. If you get the wrong people in, you will have a lot of aggravation getting them out. Consult any DR lawyer that does real estate first.
 

rogerramjet1

New member
Sep 10, 2015
433
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Honestly speaking....this is my advice
if i had to do it all again after buying real estate here.
1/ use Guzmans
2/ trust nobody
3/ Do not do business with any national period. PERIOD
4/ Do not expect any national to hold up his end of the bargain /contract
5/ Invest what you can afford to lose.
6/ Do not believe you will win in court, if you are scammed. YOU WONT. Don't trust your lawyer unless its Guzmans
7/ Do not do business here
8/ rent here, and keep your money safe in your country of origin.
9/ Never believe you can flip homes here, you cant
10/ Do not let a national move into your house under any circumstances
11/ Do plan to keep the house until your death
12/ Do plan to actively use your home or rent it... because you sure as hell wont sell it.
13/ Do deslinde it and fence it ...fencing here actually means something.


My 2 cents
In short...Dont f!@king bother. This country is far far to dangerous to engage in business safely.
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
Honestly speaking....this is my advice
if i had to do it all again after buying real estate here.
1/ use Guzmans
2/ trust nobody
3/ Do not do business with any national period. PERIOD
4/ Do not expect any national to hold up his end of the bargain /contract
5/ Invest what you can afford to lose.
6/ Do not believe you will win in court, if you are scammed. YOU WONT. Don't trust your lawyer unless its Guzmans
7/ Do not do business here
8/ rent here, and keep your money safe in your country of origin.
9/ Never believe you can flip homes here, you cant
10/ Do not let a national move into your house under any circumstances
11/ Do plan to keep the house until your death
12/ Do plan to actively use your home or rent it... because you sure as hell wont sell it.
13/ Do deslinde it and fence it ...fencing here actually means something.


My 2 cents
In short...Dont f!@king bother. This country is far far to dangerous to engage in business safely.

In this country it's buyer beware, especially if you are a "gringo". If you are buying real estate and not dealing with reputable people than it's on you.
 

ando1991

Active member
Dec 5, 2016
113
47
28
When one says Guzmans, I am assuming Guzman Ariza.
These lawyers are always recommended.

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