Hello everyone. I may be coming to the DR to visit a property in Juan Dolio. I would be trading this property for my bay front south Florida condo across the street from the beach. I use to live there and when I left I put the condo up for sale. At the time similar units were selling for twice what I had paid only a few years before. Now I think I would have to unload it at a loss. The maintenance has doubled as did my taxes although the taxes have come back down thanks to falling appraised values. I have read about the myriad projects in the works for the south coast of DR and I have the impression it may be facing the same problem of over development that is plaguing South Florida.
The house in Juan Dolio is a two bedroom two bath home 250 meters from the beach with a pool and four separate rooms that he describes as little studios each with a bath. The total living area is 230 square meters, and the solar (my new Dominican word) is around 800 square meters. It is not in a gated community. There are no HOA fees so if nothing else the trade would lower my carry costs.
I began doing some research and learned about plans to build a financial center right by JD: Independent Financial Centre of the Americas along with what looks to be a fortified expat town: La Reserve. I have my doubts about whether these projects will be completed even though an article from December 08 stated that the show will go on despite the global financial crisis. If this place comes to fruition I may actually be able to land some consulting work though I am not counting on work.
The owner has not been in the house for two years so I assume at the very least it will need cleaning and painting. Assuming the property is in decent shape would anyone venture to guess what it is worth? My guess is somewhere between $150.000 to $300,000. Could it be worth less than $150.000? I expect the market is at a standstill there as it is in South Florida.
Then there is the question of whether I would want to live there or at least spend half the year there. I am a hardened world traveler fluent in French and Spanish. I?m not materialistic and I?m sure I would love the natural beauty and delight in all the outdoor recreation. In Florida I miss the mountains which is why I spend a large part of the year in NC. But my travels have also taught me a lot about scams and crime. So I have no delusions of paradise. I also don?t expect much appreciation in value. I have been sitting on land I own in Central America because I was never able to invest the time or money to develop it before the crash. I watched it rise in value 3 to 4 times but now have no idea what it is worth or if I could ever sell it.
Let?s assume I like the DR when I visit. Does this trade make sense? Do you think there are plenty of other people who would swap their DR home for Florida? Thanks for any feedback you can give me.
The house in Juan Dolio is a two bedroom two bath home 250 meters from the beach with a pool and four separate rooms that he describes as little studios each with a bath. The total living area is 230 square meters, and the solar (my new Dominican word) is around 800 square meters. It is not in a gated community. There are no HOA fees so if nothing else the trade would lower my carry costs.
I began doing some research and learned about plans to build a financial center right by JD: Independent Financial Centre of the Americas along with what looks to be a fortified expat town: La Reserve. I have my doubts about whether these projects will be completed even though an article from December 08 stated that the show will go on despite the global financial crisis. If this place comes to fruition I may actually be able to land some consulting work though I am not counting on work.
The owner has not been in the house for two years so I assume at the very least it will need cleaning and painting. Assuming the property is in decent shape would anyone venture to guess what it is worth? My guess is somewhere between $150.000 to $300,000. Could it be worth less than $150.000? I expect the market is at a standstill there as it is in South Florida.
Then there is the question of whether I would want to live there or at least spend half the year there. I am a hardened world traveler fluent in French and Spanish. I?m not materialistic and I?m sure I would love the natural beauty and delight in all the outdoor recreation. In Florida I miss the mountains which is why I spend a large part of the year in NC. But my travels have also taught me a lot about scams and crime. So I have no delusions of paradise. I also don?t expect much appreciation in value. I have been sitting on land I own in Central America because I was never able to invest the time or money to develop it before the crash. I watched it rise in value 3 to 4 times but now have no idea what it is worth or if I could ever sell it.
Let?s assume I like the DR when I visit. Does this trade make sense? Do you think there are plenty of other people who would swap their DR home for Florida? Thanks for any feedback you can give me.
