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

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jimmythegreek

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Dec 4, 2008
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windeguy said:
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.
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For the most part, doing any improvements on a property here is like flushing money down the toilet. No one here is going to pay more with improvements. It's viewed as a freebie.
 
R

rfp

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Jul 5, 2010
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jimmythegreek said:
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.
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I would agree, I have kept our place and have had no issues renting it out to decent folks over the years. The return on the value of the property is actually pretty good in Santo Domingo. Nobody who can afford 35-70k pesos a month for an apartment is going to burn charcoal on your balcony :)

The rent on that apartment in SD could cover the cost to rent a similar apartment elsewhere on the island and still leave you with 20 thousand pesos to help with a week or two of living expenses
 
S

Seamonkey

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Oct 6, 2009
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If you can find a real estate company that works at 5% commission, go for it. Most work at 10%. I have never heard of anything lower in the DR....on the north coast anyway.
 
M

Mauricio

Gold
Nov 18, 2002
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jimmythegreek said:
For the most part, doing any improvements on a property here is like flushing money down the toilet. No one here is going to pay more with improvements. It's viewed as a freebie.
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It depends. My house was 1 of 10 in a closed proyect. My neighbor was selling, house is in good condition but not modernized. Mine was in good condition but I changed bathrooms, windows, among other things. Mine was sold reasonably fast (4 months), the other one is still for sale. 

On the other hand, my brother in law has an apartment that cost him probably 8,000,000 and he invested at least 10,000,000. He might be able to get 12-14,000,000 if he would sell, but never the money he invested. Not that he cares or is selling. 
 
cobraboy

cobraboy

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Jul 24, 2004
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jimmythegreek said:
Kind of equals out to about even-I've run the numbers-only thing about renting is more flexibility, but the risk of 10% annual increases per the contracts here.
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Our landlord has not raised the rent in 4 years. He knows he has a solid tenant and does not want to chance his property being vacant for 3-4 months like before.

Certainly it makes a difference where you live.
 
M

Mauricio

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Nov 18, 2002
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Seamonkey said:
If you can find a real estate company that works at 5% commission, go for it. Most work at 10%. I have never heard of anything lower in the DR....on the north coast anyway.
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SD 5% is normal. Sometimes you can negotiate it down to close a deal.
 
D

drisforme

Active member
May 28, 2016
206
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Tashi Siu's Dad said:
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.
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I am currently selling my house on Long Island in NY with a reputable real estate agency.They take 4% of commission.They do advertise in news papers, setup open house,.... 4% is quite common.

I bought a lot in Cabarete and the commission was 10% .
So, 5% for Santo Domingo seems pretty good ! Need to know what are they going to do to sell your apartment ...
 
JD Jones

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
Jan 7, 2016
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jimmythegreek said:
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.
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Add 5% to your asking price and that's what the realtor gets.

I have used Miguel Grau in the past ( cig.bienesraices@gmail.com ) when I sold one of my houses.

He is a very active realtor and I think you'll be pleasantly surprised with his service.

Not a native, but knows the market and how it works very well.
 
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