2003 Real Estate Prices.

ecarignan

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Jan 9, 2003
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When looking for a file last night, I found some notes and listings from when I first bought in the DR in february 2003. For those skeptic ones, see the prices below and how they compare to today's prices. Pretty much doubled and more in about 3 years.

-El Neptuno appartments 2 bedroom: $42-44K in 2003, now: listings at $149-159K

-Casa Linda Tamarindo small 2 bedroom villa: $60-64K, now: resales at $150K, new construction for $178K

-Casa Linda Yasmin or Hispaniola villa: Yasmin was $64K, Hispaniola $79K both in resales, now: nothing under $160K, new Yasmin: $179K, new Hispaniola: $197K

-Condos at Nanny Estates: $125K in 2003, now: only 1 listings for the past 2 years at $265K

-TradeWinds condos were given away for $30K, not sure how much they're worth now.

-Perla Marina land when I first built there in april 2005: $25/sqm, now nothing under $75/sqm, 1.5 yrs later.

Makes those of us that started investing in the DR in 2002-2003 regret that we didn't buy a lot more.

Anyways, as per pricing above, it has more than doubled in most desirable areas in about 3 yrs. For those investors still waiting, now is still the time to get into RE in the DR.
 

Mike Freeman

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Jun 21, 2006
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Good information, Thanks. The way the house prices are falling here in the FL Panhandle and the ones in the DR are going up, it will soon be a push as to where the best prices are! Looking forward to our visit in Dec.
 

MommC

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Mar 2, 2002
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Buying is easy........and expensive.
Now how about selling????
Has anyone sold anything that they bought in 2003 lately?
What was the spread??
 

Island Treats

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Sep 5, 2003
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SOSUALIVING.COM
El Neptuno 75K--sold for 155K:cheeky:
El Neptuno 70K-sold for 140K:cheeky:
El Neptuno C-6 -AVAILABLE FOR 160k...Rentable and rented now..worth an easy $180-199K within the coming year:classic:
This is a very established,well constructed and managed building.
Trusted me:glasses:
Prices are on the rise and this is where the smart money is going. DOMINICAN REPUBLIC North Coast.
 
B

batich

Guest
Personally I never heard about any RE market without UPs and painfull DOWNs (like currently in NY where I personally know many RE flippers and speculators who recently were driving S500s and LX470s, but now went belly-up being stuck with negatively appreciating property).

Hopefully in DR it is a unique exception and prices will always go Up and UP only.
 

Tamborista

hasta la tambora
Apr 4, 2005
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All I can tell you is your smoking some pretty strong stuff!
Have you checked where your neighbors are selling RENOVATED units?

Good Luck!

tambo
 

ecarignan

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Jan 9, 2003
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I think there are a lot of examples of selling at double what it was paid for 2-3 yrs ago. I have also sold a few properties at double of purchase price. It does happen as long as it's within a desirable area. Look at how prices have gone between El Neptuno (through the roof) and Trade Winds (some appreciation but not that much).
 
B

batich

Guest
Very smart people who invested in RE here 2-3 years ago!
Congrats!

But now it is good time to cash out IMHO. To sell. To get profit.

To buy at current prices...?? A person has to think very well. In Florida with all its advantages over DR (infrastructure, health care, personal safety, English language, cheaper cars, cheaper and better food etc) one can buy an appartment cheaper than El Neptuno.

I think we can talk about "BUBBLE" in DR RE now.
Or maybe not yet.

But many overseas investors already are crossing out DR from their lists of investment destinations.
 

duhtree

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Jun 2, 2003
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what about the carrying costs for those same properties? Maintainence fees at El Neptuno, for example. Also electricity, assessments. utilities are real purchase price components and should be considered as part of their price. John
 

MarleyJohn

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