I was wondering if the U.S. market has has any effect
on the markets in the DR yet? Please advise!
on the markets in the DR yet? Please advise!
I was wondering if the U.S. market has has any effect
on the markets in the DR yet? Please advise!
i Was Wondering If The U.s. Market Has Has Any Effect
On The Markets In The Dr Yet? Please Advise!
The only effect that is noticeable is that of the construction materials going to the moon. As such the beat of hammers is in a lull (in some places).
The reverse happens; most already constructed homes go up in price as the tag to build a comparable one with the rising material prices makes them all more a sweet deal for the purchase.
Let me be blunt here and tell you that in the HISTORY of the DR, real estate is the only thing that goes up and stays up for good...
Empty lots, agricultural acreage lose value as the market exchange rates fluctuate from time to time. The gain back value again but ever more slowly against the backdrop of already constructed homes or lots with commercial edifications on them.
I know of friends that purchased once hot property for home construction, only to see the contractor fold the tent as the budget for the general works becomes too expensive to even try. The lots are titled as land for development, but no streets, sewage or anything remotely liken to a lot partitioning has taken place.
He can point the whereabouts of his titled land, but the lot sits in the middle of hundreds of the others lots still without any visible partition.
He can sell the lots if and only if, another contractor makes a bid to a good majority of lot owners and handles enough funds to make the villa a reality.
His lot is worth sh*t to say the least, still keeps the original value but has lost any equity gained since initial purchase and bid for project started.
That's the kind of real estate deal that is not as safe as buying a home in the DR. The only people that sell property at a loss in the market of the DR are foreigners that either want to move someplace else in the country or can't afford paradise anymore and need the money ASAP...
The RE market of the DR shares very little with the US one, mostly due to the cash vs. loans deals that are concurrent in each market.
In the DR there can't ever be a bubble to burst, simply because there isn't one to start with.
the OP asked if the market was deprecating which is distinctly different than depreciating,
definition of deprecate below. a deprecating real estate market is a fascinating question bordering on existential. not sure the above posts quite answer the question.
:laugh::laugh: I'm so glad someone else noticed. Course you're now going to have to explain existential...........
the OP asked if the market was deprecating which is distinctly different than depreciating,
definition of deprecate below. a deprecating real estate market is a fascinating question bordering on existential. not sure the above posts quite answer the question.
deprecate
One entry found.
deprecate
Main Entry: dep?re?cate
Pronunciation: \ˈde-pri-ˌkāt\
Function: transitive verb
Inflected Form(s): dep?re?cat?ed; dep?re?cat?ing
Etymology: Latin deprecatus, past participle of deprecari to avert by prayer, from de- + precari to pray ? more at pray
Date: 1628
1 aarchaic : to pray against (as an evil) b: to seek to avert <deprecate the wrath?of the Roman people ? Tobias Smollett>
2: to express disapproval of
3 a: play down : make little of <speaks five languages?but deprecates this facility ? Time> b: belittle, disparage <the most reluctantly admired and least easily deprecated of?novelists ? New Yorker>
? dep?re?cat?ing?ly \-ˌkā-tiŋ-lē\ adverb
? dep?re?ca?tion \ˌde-pri-ˈkā-shən\ noun
in the 80s nobody thought US RE was in the bubble and it burst. up until a few years back nobody thought US RE was in the bubble and in burst. very few people can understand that they are in the bubble until it bursts, not just RE but in all markets. is the oil market in the bubble right now and will the price retract to 100 US a barrel or below? will see. Fidelity or Citi Group or UBS will pay you millions if you can say for sure.
is the DR RE market in the bubble? i don't know, but it sure is not liquid. Perla Marina has "for sale" signs all over the place. Cabarete too. Costambar too. also take into consideration that RE agencies take as much as 10% cut on the price, so if you paid say 330K for a condo, as much as 30K might have went to the RE agency which sold it, so in fact that condo is worth 300K.
Can anyone get me some contact numbers,i'm currently searching for a condo to buy.We are considering Costambar or Sousa it's for rental .Any info will be helpful.