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When blows out the "Condominium-bubble" in the area of Cabarete ?
It might flicker a little more if the crime level keeps up (e.g.Camino del Sol /Islabon etc this past week). But I digress. Wanted to share an interesting article in UK Daily Telegraph about property 'bubble' in Spain to see if there were lessons we could extrapolate:
The pain in Spain is mainly on the wane | Sunday Telegraph | Telegraph
Bubble trouble
I believe that Cabarete can still continue to attract a mix of North American young moneyed adventure types who want to brag about owning something here--plus North American retirees who want their money to go further.
What appears to be missing, and I am counting on the power of the marketplace to create it, is the level of services that a retired couple wants. Medical services, recreation and cultural opportunities, and organized ways for these semi-multi-cultural people to do volunteer work in their adopted communities--this is what has to evolve to provide fuller lives for retirees.
Yes, the main street of Cabarete is a dodge-em game and certainly not friendly to people with reduced mobility brought about by aging. But I am convinced that a critical mass of condo owners who will be staying for a long period of time will spawn the creation of the services they will need. Even if it means pedocabs to ferry these folks to stores, etc.
If entrepreneurs can open bars with North American themes because there are enough tourists who want this, then someone will create quality of life services that are needed. It is likely though that there will be fewer restaurants over time as some smart business types begin to offer the older snowbirds pre-packaged meals that they can micro-wave in their luxury condos rather than go out.
Of course, in a perfect world, Dominicans will see this same market opportunity and create these services.
It is simply impossible to ignore the proximity of the DR to the USA and Canada and its relative value. I don't think that's going to change, nor will the flood of boomers seeking warmth disappear.
I believe that Cabarete can still continue to attract a mix of North American young moneyed adventure types who want to brag about owning something here--plus North American retirees who want their money to go further.
What appears to be missing, and I am counting on the power of the marketplace to create it, is the level of services that a retired couple wants. Medical services, recreation and cultural opportunities, and organized ways for these semi-multi-cultural people to do volunteer work in their adopted communities--this is what has to evolve to provide fuller lives for retirees.
Yes, the main street of Cabarete is a dodge-em game and certainly not friendly to people with reduced mobility brought about by aging. But I am convinced that a critical mass of condo owners who will be staying for a long period of time will spawn the creation of the services they will need. Even if it means pedocabs to ferry these folks to stores, etc.
If entrepreneurs can open bars with North American themes because there are enough tourists who want this, then someone will create quality of life services that are needed. It is likely though that there will be fewer restaurants over time as some smart business types begin to offer the older snowbirds pre-packaged meals that they can micro-wave in their luxury condos rather than go out.
Of course, in a perfect world, Dominicans will see this same market opportunity and create these services.
It is simply impossible to ignore the proximity of the DR to the USA and Canada and its relative value. I don't think that's going to change, nor will the flood of boomers seeking warmth disappear.
Now I've heard it all.......................:laugh: :laugh:
Course these 'older snowbirds' couldn't possibly want to go out & mix with the locals...............? Remain active by cooking their own meals? Or, if unable to, offer employment to a local chef in their own homes (read 'maid').
Is this 'pre-packaged convenience' what they do in places like Florida? In which case, can they please please go there instead?
And why would anyone need volunteer work organized for them? You spot a need here, you do something about it. There is plenty of need, so it's easy. Whatever happened to self reliance?
Just hesitate a moment before wishing to impose/insert retiree communities based on another country's model. Think of the implications. And think of the message it sends. Please.
They could just Fed-ex Jenny Craig meals in and lose so much weught, there would be Senors Kite boarding . Turbo charged electric wheel chairs is an option so you do not get run over by the traffic.......Now I've heard it all.......................:laugh: :laugh:
Course these 'older snowbirds' couldn't possibly want to go out & mix with the locals...............? Remain active by cooking their own meals? Or, if unable to, offer employment to a local chef in their own homes (read 'maid').
Is this 'pre-packaged convenience' what they do in places like Florida? In which case, can they please please go there instead?
And why would anyone need volunteer work organized for them? You spot a need here, you do something about it. There is plenty of need, so it's easy. Whatever happened to self reliance?
Just hesitate a moment before wishing to impose/insert retiree communities based on another country's model. Think of the implications. And think of the message it sends. Please.
Wait a minute, Electric golf carts are an idea, the have mercedes and cadillac, minis available......for those in the fast lane !!
Abe, do you really wish that on the town of Cabarete?
Hopefully we don't see McDonald's golden arches (or too many fallen arches) around here any time soon. I don't think this will ever be a destination that's geared to an aging population with anything approaching major medical facilities, senior recreational facilities (shuffleboard & canasta tables??), or cultural activities (bingo halls and reruns of The Golden Girls at the community center?). Heaven forbid it comes to anything like that. Have you visited Miami Beach or Boca Raton!? Yech! What a way to truly ruin the ambiance of the town.
Everything is too densely built as it is with the new construction overwhelming from the beach side and buildings two and three stories tall constructed right to the edge of the street. Very unattractive and overwhelming for a one road town that's now perhaps 2km in length and as far as most of the expat/tourist community is concerned no more than 300' deep. Beach access (or view) while driving by is now nearly impossible.
Also, never going to widen this street without tearing down a lot of existing business.
Oops, won't be room left for anything then due to the lagoon! It's going to remain a 2 1/2 lane town with hopefully a bypass one day. Hope that comes soon and people start building communities closer to the mountains.
"Screw community planning & let's grab the almighty dollar(peso) while we can!" So sayeth the builders, realtors, and speculators.
:ermm:
FYI... looking at a 1 month old listing of units for sale in Ocean Dream. 20 studios (out of about 80? total) and 12 apartments (out of about 72?). That's just one realtor's listings.
Don't get me wrong, I really like Cabarete - but I hope this growth curtails itself soon.
Hopefully we don't see McDonald's golden arches (or too many fallen arches) around here any time soon. I don't think this will ever be a destination that's geared to an aging population with anything approaching major medical facilities, senior recreational facilities (shuffleboard & canasta tables??), or cultural activities (bingo halls and reruns of The Golden Girls at the community center?). Heaven forbid it comes to anything like that. Have you visited Miami Beach or Boca Raton!? Yech! What a way to truly ruin the ambiance of the town.
Everything is too densely built as it is with the new construction overwhelming from the beach side and buildings two and three stories tall constructed right to the edge of the street. Very unattractive and overwhelming for a one road town that's now perhaps 2km in length and as far as most of the expat/tourist community is concerned no more than 300' deep. Beach access (or view) while driving by is now nearly impossible.
Also, never going to widen this street without tearing down a lot of existing business.
Oops, won't be room left for anything then due to the lagoon! It's going to remain a 2 1/2 lane town with hopefully a bypass one day. Hope that comes soon and people start building communities closer to the mountains.
"Screw community planning & let's grab the almighty dollar(peso) while we can!" So sayeth the builders, realtors, and speculators.
:ermm:
FYI... looking at a 1 month old listing of units for sale in Ocean Dream. 20 studios (out of about 80? total) and 12 apartments (out of about 72?). That's just one realtor's listings.
Don't get me wrong, I really like Cabarete - but I hope this growth curtails itself soon.
Sorry, just had to post again.
Why in the world would you want to impose this on Cabarete? What makes this town? Youth, sports-oriented activities, and a non-North American ambiance (and quite arguably a non-Dominican one, as well).
Go to Century Village in Ft Lauderdale, please. People are dying to get in there (and they tend to leave the premises the same way).
my dominican wife and i have been looking at properties in the dominican republic for sometime so is this a good time to buy or a bad time at the moment you can get 2$ for one pound it looks good to me but you guys live there and i guess you will know more than me
Not "wishing it" on Cabarete
I am not wishing it--just taking a look at the direction already being taken by the community. Given the price of real estate, there are not enough young tech boom milliionaires who want to come to Cabarete to fill those condos. They will be filled by older retirees who won't stay because the town, as it is now, doesn't make their lives easy enough.
In a perfect world, Cabarete would still be a fishing town, but the die is cast. Now the key is how to not turn it into a ghost town by over building and not providing the services that the population that will buy those condos will need.
Case in point--the New York Catskill mountains. One of the world's biggest vacation destinations in the 1950's and early 60's. But since the resorts didn't adapt to the changing tastes of those that came there in droves, the region became a pathetic ghost town. The huge resorts crumbled, despite being in a natural setting that is spectacular.
Cabarete faces a similar future unless it creates services and activities that match the visitor profile. As for organizing volunteer activities, for example, it is simply not true that willing newcomers can efficiently find ways to contribute. A clearing house would help.
I am not wishing it--just taking a look at the direction already being taken by the community. Given the price of real estate, there are not enough young tech boom milliionaires who want to come to Cabarete to fill those condos. They will be filled by older retirees who won't stay because the town, as it is now, doesn't make their lives easy enough.
In a perfect world, Cabarete would still be a fishing town, but the die is cast. Now the key is how to not turn it into a ghost town by over building and not providing the services that the population that will buy those condos will need.
Case in point--the New York Catskill mountains. One of the world's biggest vacation destinations in the 1950's and early 60's. But since the resorts didn't adapt to the changing tastes of those that came there in droves, the region became a pathetic ghost town. The huge resorts crumbled, despite being in a natural setting that is spectacular.
Cabarete faces a similar future unless it creates services and activities that match the visitor profile. As for organizing volunteer activities, for example, it is simply not true that willing newcomers can efficiently find ways to contribute. A clearing house would help.
That's where I think you're missing it, Abe.
You're mixing a condo buyer profile with the visitor profile to Cabarete very differently than I do.
Those who buy & live here will be a small minority. If they're older, so be it... not a big community.
Cabarete's tourist draw is a younger & sports-oriented crowd. That'll always drive the business here. Those who plan to buy & live here in retirement are few & far between, I believe. They're buying as an investment that they'll use a few weeks a year, try to rent when not occupying, and sell for a profit as they do reach their golden years (and retire to Century Village).
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the rental revenue myth
I don't think that the rental revenues in these high end condos will be sufficient to cover the costs incurred by an occasional visitor/mostly "landlord". That is the problem with second homes everywhere on earth, alas.
Thus, one of two things will happen. Either the owners will wind up living there for longer periods in their retirement and run into the lack of services, etc. that I have cited, or the market will witness a very big glut of resales and the resultant downturn.
Either way the downturn will come sooner or later. One way to prevent that is to recognize that those who have the money to actually enjoy retirement life in Cabarete will need to be catered to. Witness Central America's boom in retirement homes--it is driven by more adventuresome boomers. But those countries as well as the expat developers have created communities that are more "aging-boomer friendly."
The image of Florida's old age communities is not a valid portrayal of the retirees coming down the pike. Adapt or die works with communities and living species both.
I don't think that the rental revenues in these high end condos will be sufficient to cover the costs incurred by an occasional visitor/mostly "landlord". That is the problem with second homes everywhere on earth, alas.
Thus, one of two things will happen. Either the owners will wind up living there for longer periods in their retirement and run into the lack of services, etc. that I have cited, or the market will witness a very big glut of resales and the resultant downturn.
Either way the downturn will come sooner or later. One way to prevent that is to recognize that those who have the money to actually enjoy retirement life in Cabarete will need to be catered to. Witness Central America's boom in retirement homes--it is driven by more adventuresome boomers. But those countries as well as the expat developers have created communities that are more "aging-boomer friendly."
The image of Florida's old age communities is not a valid portrayal of the retirees coming down the pike. Adapt or die works with communities and living species both.
Its looks so, but they are at least 5 years to late.
NAHB housing market index for the states felt down yesterday to a 16 years low. The states RE-crises will not be without influence of the DR-RE-market.
I agree , combine that with DOW Jones reaching new highs, without earnings.
Price to earnings ratios....?
With a new President comes fears and expectations that are not normally condusive to rational descion making.
Mike
Absolutely, all markets run in cycles and that is why you need to have a diversified portfolio, of real estate, stocks , bonds, and commodities as well as emerging markets
Might I add that only a portion of your Real Estate holdings should be in an emerging market, and the Dr is just that
Mike you are joking, the earnings are on a record level and the Price to earnings ratios for 2008 is around 16.
Housing purchases In the U.S reached a new high, however the Median home price is down by 11% from the previous year.
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B
batich
Guest
A VERY strange statement (above). To say the least.
With due respect.
NAR is of a different opinion.
And the medium house US price is $220G while in Sosua/Cabarete a RE agent immediatelly slaps you with a $300-$400G asking price even for the most basic unit. In a country with an average normal salary of $400- $700US even for teachers or medical doctors.
Home prices fall for 9th straight month - Yahoo! News
With all due respect it is not strange at all but perhaps worded incorrectly as statistics are a tad misleading
The articale I read was that for the month of April there was a record number of houses sold for that month , however at a lower price which is 11% lower than last year for the same of April.
The Median
The Median is the 'middle value' in your list. When the totals of the list are odd, the median is the middle entry in the list after sorting the list into increasing order. When the totals of the list are even, the median is equal to the sum of the two middle (after sorting the list into increasing order) numbers divided by two. Thus, remember to line up your values, the middle number is the median! Be sure to remember the odd and even rule.
That is the definition of Median