What Is The Best Venue For Selling An Apartment In Santo Domingo?

jimmythegreek

Bronze
Dec 4, 2008
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The problem with the real estate agents is the 5% commission eats into your sale price causing losses.

I tried the newspaper, but not even one phone call.

Any suggestions that have worked for others? Thanks.
 

windeguy

Platinum
Jul 10, 2004
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It is easy to buy and so hard to sell. With so many condos built to launder money in that city, the lack of interest is not surprising. Your comment that paying only a 5% commission is indicative of that problem if you lose money by only getting 95% of your sale price.

Agents here are also not very useful, at least on the north coast, but may be the only way you ever get any interest at all.

Even if there were web sites like Zillow or Trulia for the DR, you would probably not get much interest. Perhaps somebody knows of some free listing sites for the DR?

Good luck.
 

jimmythegreek

Bronze
Dec 4, 2008
1,066
4
0
It is easy to buy and so hard to sell. With so many condos built to launder money in that city, the lack of interest is not surprising. Your comment that paying only a 5% commission is indicative of that problem if you lose money by only getting 95% of your sale price.

Agents here are also not very useful, at least on the north coast, but may be the only way you ever get any interest at all.

Even if there were web sites like Zillow or Trulia for the DR, you would probably not get much interest. Perhaps somebody knows of some free listing sites for the DR?

Good luck.

No doubt-It's an extremely difficult situation here to sell a property unless you are willing to take a significant loss. Even then, surprisingly it is still difficult. Even selling Toyota and Honda jeepetas is difficult now. Tells us something about the real economic condition here.
 

cbmitch9

Bronze
Nov 3, 2010
845
8
18
On one stretch of road in Bani, there are so many McMansions for sale, I stopped counting. It seems as if each day a new one is up for sale..But hey, according to el presidente, the DR economy is doing fantastic and he's pulled lots of people out of poverty.
 

melphis

Living my Dream
Apr 18, 2013
3,489
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The only thing more useless than a Dominican relator is a Dominican lawyer. If you have run out of patience here take the loss and move on. It's not worth giving up your sanity for a few dollars.
Try posting ads on line in cites where a lot of tourists come from. Remember there are 7 billion people on the planet. Your job is to find one that will buy your apartment.
 
Jan 7, 2016
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5% realtor commission is not all that high...in the U.S. now, it is running 7-8%, plus the seller ends-up paying most of the "closing costs". Admittedly, property here does not appreciate, but usually depreciates in value. Good advice to take your "losses" and move-on to greener pastures if that suits you.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,747
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5% realtor commission is not all that high...in the U.S. now, it is running 7-8%, plus the seller ends-up paying most of the "closing costs". Admittedly, property here does not appreciate, but usually depreciates in value. Good advice to take your "losses" and move-on to greener pastures if that suits you.


Where is it 7-8% in the USA, I must be in the wrong state, NYC is 6%, split buying/selling agent, real high end is as low as 5%. In SDQ there are a few good agents, and MANY fakers.
 

jimmythegreek

Bronze
Dec 4, 2008
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5% realtor commission is not all that high...in the U.S. now, it is running 7-8%, plus the seller ends-up paying most of the "closing costs". Admittedly, property here does not appreciate, but usually depreciates in value. Good advice to take your "losses" and move-on to greener pastures if that suits you.

Even 1% is high, when you are selling at or below your principle price paid.
 

jimmythegreek

Bronze
Dec 4, 2008
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Where is it 7-8% in the USA, I must be in the wrong state, NYC is 6%, split buying/selling agent, real high end is as low as 5%. In SDQ there are a few good agents, and MANY fakers.

Property appreciates here in Pesos, however does not appreciate in USDs and in many cases depreciates in USDs.
 

windeguy

Platinum
Jul 10, 2004
42,211
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Where is it 7-8% in the USA, I must be in the wrong state, NYC is 6%, split buying/selling agent, real high end is as low as 5%. In SDQ there are a few good agents, and MANY fakers.

California, for example. NY is definitely the wrong place, definitely. :laugh:

As for the DR, you buy a condo, you own a condo until you almost give it away.

Houses are pretty much the same thing. Really hard to sell for anything but a loss.

Having lived where I have for 14 years and getting rent from the apartments we built, we have lived essentially "rent free".
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
Post it on corotos and emarket. I think you can also post on supercasas. Put up a sign as well.

Myself I had my house with two realtors but sold it without them, by someone who passed by and asked. 
 

Cdn_Gringo

Gold
Apr 29, 2014
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Every morning when I look at myself in the mirror, I scowl at all things that I did wrong when I moved here. In the end, the smile returns, when I think what good fortune it was deciding not to purchase Real Estate here.

As time goes on, I am more and more convinced that I will not stay here for 10 years. I am now good with the idea that when the time comes, sell everything for pesos on the dollar and start over at the next destination.

I feel for those that need to get top prices for their property. The current reality seems to be that most will probably have to settle for less and if anyone is in a hurry to sell, perhaps much less. It's only worth what you can sell it for on the day a buyer is standing in front of you. I'm watching the properties around me dropping in price in the order of 25,000.00 USD every few months with none having been sold. Some are on their 3rd and 4th price reduction.
 

jimmythegreek

Bronze
Dec 4, 2008
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Every morning when I look at myself in the mirror, I scowl at all things that I did wrong when I moved here. In the end, the smile returns, when I think what good fortune it was deciding not to purchase Real Estate here.

As time goes on, I am more and more convinced that I will not stay here for 10 years. I am now good with the idea that when the time comes, sell everything for pesos on the dollar and start over at the next destination.

I feel for those that need to get top prices for their property. The current reality seems to be that most will probably have to settle for less and if anyone is in a hurry to sell, perhaps much less. It's only worth what you can sell it for on the day a buyer is standing in front of you. I'm watching the properties around me dropping in price in the order of 25,000.00 USD every few months with none having been sold. Some are on their 3rd and 4th price reduction.

I could just rent the apartment and look at it for income, but there are much better opportunities here to develop income for the money that is tied up in this thing.
 

jimmythegreek

Bronze
Dec 4, 2008
1,066
4
0
California, for example. NY is definitely the wrong place, definitely. :laugh:

As for the DR, you buy a condo, you own a condo until you almost give it away.

Houses are pretty much the same thing. Really hard to sell for anything but a loss.

Having lived where I have for 14 years and getting rent from the apartments we built, we have lived essentially "rent free".

That's the only way to make money here in RE is to develop a building with econo apartments and preferably in a barrio.
 

Cdn_Gringo

Gold
Apr 29, 2014
8,671
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Renting here...

Just wait until someone who can't afford propane lights a cooking fire on the balcony (on the balcony if you're lucky). :)

Good luck JtG.
 

windeguy

Platinum
Jul 10, 2004
42,211
5,966
113
Every morning when I look at myself in the mirror, I scowl at all things that I did wrong when I moved here. In the end, the smile returns, when I think what good fortune it was deciding not to purchase Real Estate here.

As time goes on, I am more and more convinced that I will not stay here for 10 years. I am now good with the idea that when the time comes, sell everything for pesos on the dollar and start over at the next destination.

I feel for those that need to get top prices for their property. The current reality seems to be that most will probably have to settle for less and if anyone is in a hurry to sell, perhaps much less. It's only worth what you can sell it for on the day a buyer is standing in front of you. I'm watching the properties around me dropping in price in the order of 25,000.00 USD every few months with none having been sold. Some are on their 3rd and 4th price reduction.

An excellent reason why anyone who thinks they want to buy here should rent for at least 6 months before they do so. The house next door to me was purchased by someone so he and his fiance could spend time on the north coast. She saw it and did not like it. They probably spent two nights in it total over the year it has been for sale. In retrospect, I should have purchased that property when I bought mine and rented it out. At this point, the price he paid along with the improvements he did makes that impractical for someone to purchase as a pure rental. It is almost certain that it won't sell at the price he wants that will cover his costs.