US$18,000 is this possible?

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POP Bad Boy

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Jun 27, 2004
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Hopefully..............

..........they have a "stop limit" on the reductions.............

.........cause if the US economy, Real Estate market and bank lending has any bearing on property here, it's heading south.

4 of us just bought condos in Orlando, FL that sold for
$236K-300K 3 years ago for varying amounts from 39K to
55K.........and there are HUNDREDS of them around........and they are beautiful.....true gated / guarded communities.........
 
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pkaide1

Bronze
Aug 10, 2005
539
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POP Bad Boy said:
..........they have a "stop limit" on the reductions.............

.........cause if the US economy, Real Estate market and bank lending has any bearing on property here, it's heading south.

4 of us just bought condos in Orlando, FL that sold for
$236K-300K 3 years ago for varying amounts from 39K to
55K.........and there are HUNDREDS of them around........and they are beautiful.....true gated / guarded communities.........
Click to expand...

To me is insane to understand why some people pay the amount of money that they pay for real state in DR. It does not make any sense. It makes more sense to buy property in country where they have a good infrastructure such as good public school, Finish Street, drinkable water and full time electricity.

I think that rum and heat have interfered with some people reasoning when it comes to real state prices in DR.
 
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AlaninDR

Mr. Chunky Skin
Dec 17, 2002
702
135
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pkaide1 said:
To me is insane to understand why some people pay the amount of money that they pay for real state in DR. It does not make any sense. It makes more sense to buy property in country where they have a good infrastructure such as good public school, Finish Street, drinkable water and full time electricity.

I think that rum and heat have interfered with some people reasoning when it comes to real state prices in DR.
Click to expand...

I suppose you would think of me as insane then. My choice was to trade the so called comforts (good schools which without kids mean nothing to me, good streets would be a plus but my truck is well suited for most anything, drinkable tap water means nothing since I buy bottled water, dependable electric also means nothing because better condos and homes have inverters and/or back up generators) for something much more important to me, namely, good weather, freedom and not be taxed to death.

I'm from Texas originally (too wet, too dry, too cold, too hot). The annual property tax on a value of 120k would be well over $2500. The annual property tax on this value in DR is zero because it's under the 5 million peso minimum to be taxed.

Besides, if I moved away from the north coast, I would miss the annual emails warning me of hurricane season even though we've never been exposed to one. I'll make a note to warn my friends in the US about hurricane season approaching this year. Other friends in the US should be aware that tornado season is just around the corner. My friends in Canada are still too busy shoveling snow.
 
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Celt202

Gold
May 22, 2004
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AlaninDR said:
I suppose you would think of me as insane then. My choice was to trade the so called comforts (good schools which without kids mean nothing to me, good streets would be a plus but my truck is well suited for most anything, drinkable tap water means nothing since I buy bottled water, dependable electric also means nothing because better condos and homes have inverters and/or back up generators) for something much more important to me, namely, good weather, freedom and not be taxed to death....
My friends in Canada are still too busy shoveling snow.
Click to expand...

Another idiot here.....

I sold a condo in Boston in the sunmmer of 2006, paid off the mortgage, bought a condo here with a water view, furnished it and put what was left over in a savings account. The condo cost me 12% of what I sold the Boston condo for.

I paid a one time tax on the title transfer. I think it was 3%. Since the condo's value is less than 5 million pesos there is NO ongoing real estate tax.

My heating bill...wait a minute...let me open my PC's calculator.....

OK my heating bill for 2008 was $0 US. At an average exchange rate of, let's say 35/1 that works out to $0 RD.

In Boston in the home I grew up in we had 7 different types of shovels for snow removal and one serious iron bar for cracking ice.

Here I have my sandals so I can walk to the colmado to buy a beer.

Gas is more expensive here so I drive when I really need to. I keep fixing my 17 year old Honda Civic because parts and labor are cheap. When it dies I'll sell it for parts....or fix what died.

For me the advantages outweigh the disadvantages and I own my own home free and clear.
 
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b.batista

New member
Feb 21, 2008
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Celt202 said:
Another idiot here......
Click to expand...
Call it uninformed. He does not know that tropical life and property is supposed to be more expensive than the United states because it is better, warmer and more relaxed and there is a price to be paid. Dominican Republic is the exception to the rule where it is even cheaper than North America but some people will find anything to complain about.
 
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pkaide1

Bronze
Aug 10, 2005
539
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AlaninDR said:
I suppose you would think of me as insane then. My choice was to trade the so called comforts (good schools which without kids mean nothing to me, good streets would be a plus but my truck is well suited for most anything, drinkable tap water means nothing since I buy bottled water, dependable electric also means nothing because better condos and homes have inverters and/or back up generators) for something much more important to me, namely, good weather, freedom and not be taxed to death.

I'm from Texas originally (too wet, too dry, too cold, too hot). The annual property tax on a value of 120k would be well over $2500. The annual property tax on this value in DR is zero because it's under the 5 million peso minimum to be taxed.

Besides, if I moved away from the north coast, I would miss the annual emails warning me of hurricane season even though we've never been exposed to one. I'll make a note to warn my friends in the US about hurricane season approaching this year. Other friends in the US should be aware that tornado season is just around the corner. My friends in Canada are still too busy shoveling snow.
Click to expand...

Not at all, I do not think that you are insane. I would be insane if I buy a house at this moment with the housing bubble that is going on over there.
I have two houses in DR, One in Jarabacoa and another one in La Romana. I bought them more than ten years ago and it was reasonable to buy, but now are you kidding me.
 
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AlaninDR

Mr. Chunky Skin
Dec 17, 2002
702
135
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pkaide1 said:
Not at all, I do not think that you are insane. I would be insane if I buy a house at this moment with the housing bubble that is going on over there.
I have two houses in DR, One in Jarabacoa and another one in La Romana. I bought them more than ten years ago and it was reasonable to buy, but now are you kidding me.
Click to expand...

That's what I love about living here, I get good news daily. Today's news is that i'm not insane.

If you bought ten years ago, that would be in 1999. The housing market here became depressed in the period of 2002 through about 2004. If we are in a bubble, wouldn't it make sense to maximize profits/returns by selling your property now instead of going through another depressed market?

I certainly wished I had bought more in that early 2000's period but I bought all that I could at the time with my limited resources. I have no need of buying at the bottom or selling at the top. I just want a deal i'm comfortable with. Were I currently in the market for another condo, I would be looking very hard at this one especially factoring in this new deal of 5% cash back whatever that means.
 
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pkaide1

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Aug 10, 2005
539
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AlaninDR said:
That's what I love about living here, I get good news daily. Today's news is that i'm not insane.

If you bought ten years ago, that would be in 1999. The housing market here became depressed in the period of 2002 through about 2004. If we are in a bubble, wouldn't it make sense to maximize profits/returns by selling your property now instead of going through another depressed market?

I certainly wished I had bought more in that early 2000's period but I bought all that I could at the time with my limited resources. I have no need of buying at the bottom or selling at the top. I just want a deal i'm comfortable with. Were I currently in the market for another condo, I would be looking very hard at this one especially factoring in this new deal of 5% cash back whatever that means.
Click to expand...

There is not way I am selling. Those are for my children. If they want to sell after I die, it will be their problem.
 
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Curt Erickson

DR1 Real Estate
Sep 11, 2007
27
10
0
AlaninDR said:
That's what I love about living here, I get good news daily. Today's news is that i'm not insane.

If you bought ten years ago, that would be in 1999. The housing market here became depressed in the period of 2002 through about 2004. If we are in a bubble, wouldn't it make sense to maximize profits/returns by selling your property now instead of going through another depressed market?

I certainly wished I had bought more in that early 2000's period but I bought all that I could at the time with my limited resources. I have no need of buying at the bottom or selling at the top. I just want a deal i'm comfortable with. Were I currently in the market for another condo, I would be looking very hard at this one especially factoring in this new deal of 5% cash back whatever that means.
Click to expand...

Just to touch base... the 5% Cash Back is a buying incentive we are offering on a handful of properties...

In short, once the sale is complete... we (dr1 real estate) will give up to 5% cash back (of our commission) to the buyer. In the sale of the "Reverse Auction" property we are paying 5% back.

Reverse Real Estate Auction - Dominican Republic
 
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catcherintherye

Silver
Mar 2, 2008
2,902
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"I have no need of buying at the bottom or selling at the top. I just want a deal I'm comfortable with."
Alanindr

That's the way I look at it. If I considered everything I did in business terms, I wouldn't enjoy much of what I have.

In business terms, I bought when the market was high, so one could conclude I made a foolish move. However, I bought what I wanted it, and at a time when I could arrange it.

I'm very happy with what I got, and feel very fortunate I bought it when I did, despite the fall in market values, whatever that means. Since I have no desire to sell anytime soon, I don't expect to have any loss or gain.

I look at my home as my place to live, not as a business deal that I won or lost.

I could have tried to time the market perfectly, but I wouldn't have had the pleasure of enjoying my home for the past two years.
 
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liam1

Bronze
Jun 9, 2004
843
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Robert, looks like you are spamming on your own site. Knowing where that condo is, how the road leading to the condo is and so on, that condo is far far from "a steal". Maybe in about a year and a half. :)
 
Robert

Robert

Stay Frosty!
Jan 2, 1999
20,574
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dr1.com
liam1 said:
Robert, looks like you are spamming on your own site. Knowing where that condo is, how the road leading to the condo is and so on, that condo is far far from "a steal". Maybe in about a year and a half. :)
Click to expand...

Spamming on my own site?

In case you hadn't noticed, we have our own real estate brokerage, other products etc. That's not called spamming, that's called cross promotion.

Have you seen the condo, inside, upgrades etc? I know it's a drive from Santiago, but you might want to "actually" take a look before commenting.

I heard that the one next door went for US$150k+ a few weeks ago. I'm sure the new owner will be kicking himself if he ever reads DR1, he could have saved US$30k+ and got a better condo :)
 
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b.batista

New member
Feb 21, 2008
229
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Interesting how people who can not buy a product are so fast to tell you how lousy that product is. I know that condo and have seen inside and it is superb. I do know that the condos like the one in this auction have been selling in that complex for well over $100,000 and there are very few to be had. One of them a couple of doors down in that complex is asking 1/4 million.
 
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curtandsandi

New member
Nov 26, 2006
27
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www.curtandsandi.net
Food for thought… If you look around at the Real Estate websites, you will find other 2 bedroom / 2 bathroom units in the same community for sale anywhere from $119,000.00 to over $200,000.00. As a matter of fact, didn’t someone say something about the unit below the “auction property” selling very recently for $154,000.00? I don’t see anyone criticizing the sellers of those properties. Here you have a motivated seller (not someone saying “I want to list it high, because I don’t really care if it sells”, and a motivated agent/broker who happen to think that some of something is better than none of nothing – and you have people talking crap. Didn’t your mother ever teach you that if you don’t have anything nice to say, don’t say anything at all? I wonder if the real reason is that these “naysayers” are trying to turn other people off, so that the property is still around when “their number” comes up.

Sandi
 
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liam1

Bronze
Jun 9, 2004
843
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I only recently moved to Santiago and i know where the condo is. OK, not spamming, "cross-promotion". I wonder if the condos in worst condition are selling for $150K how come this one is on the market for so long. Anyway, good luck to the seller.
 
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nohotnocold

New member
Aug 7, 2006
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I own a single bedroom condo at Tradewinds and generally keep abreast of asking prices there. The 2 most recent 2 bedroom sales were for $129,000 and $145,000. I have looked at the one on auction but I have need of only one bedroom. Both of the recent condos that sold were on the 2nd level. The one that sold for $129,000 included a bare minimum of furnishings and needed paint and tile work which isn't that expensive here. The one that sold for $145,000 was finished very nice but included no furnishings at all.
The condo on auction is furnished nicely and is complete with appliances. It being on the 4th level is also a plus unless you can't do stairs. The view is nice and there's always a breeze.
I looked with the thought of converting it to 2 one bedroom apts for the rental market which I am still considering.
 
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