13 April 2009

Once a sleepy haunt for low-budget tourists, the Dominican Republic has awoken deep-pocketed investors and homeowners seeking an unspoiled tropical paradise.

Despite the troubled economy, there are areas of the world where the real estate market continues to thrive. The Dominican Republic (or the DR as it’s commonly known), just 90 minutes from Miami and three hours from New York, is one such spot. Aesthetically, it is a beautiful country, boasting lush mountain ranges and stunning beaches, as well as a variety of microclimates that range from warm and tropical to arid and temperate. Improvements to the infrastructure are ongoing, and land is cheap and easy to come by. The DR remains as Christopher Columbus described it upon discovery: “a beautiful island paradise with high forested mountains and large river valleys.”

The bottom line: The DR is no longer the budget vacation spot or sleepy Caribbean backwater it was long thought to be. Ritz-Carlton, Starwood, and Four Seasons have all signed on to build or manage luxury hotels and residences here in the next few years, while major real estate players (think Donald Trump) are spending hundreds of millions to create luxury developments from the ground up. One local realtor says he’s seen more new construction during the past few years than in the previous 18, while another estimates that more than 20 new condo projects are taking place along a 30-mile stretch of coast near Puerto Plata.

A colorful tapestry of Spanish, French, Haitian, and African influences woven by a rich and storied history, the DR offers an exciting and unique cultural experience that goes far beyond the typical sun, sand, and sea of neighboring destinations. From exotic cuisine to merengue, premium cigars to world-class baseball, the DR will likely surprise even the most seasoned traveler or home buyer.

And, of course, there are the golf courses and beaches that have put the destination on the map. Pete Dye, Jack Nicklaus, Arnold Palmer, Robert Trent Jones, Gary Player, Tom Fazio, and Nick Faldo have all left their imprint for golfers to enjoy, while no less than 1,000 miles of sand create the perfect complement to the greens in the form of beautiful beaches. The island is also known for its vibrant nightlife. Dancing is a way of life on the island and is viewed by Dominicans as an art; they take pride in sharing their native movements with others.

For its part, the east coast region contains the most popular and fastest-growing tourist area in the country, namely Punta Cana/Bavaro (known best for having some of the most picturesque beaches in the world). Fortunately for luxury home buyers, this region of the country is offering new opportunities. Take, for example, the new Roka Ki development which features the Faldo Legacy Course, the Westin Roco Ki Beach & Golf Resort, Heavenly Spa by Westin, and the Fairmont Residences, all with 3.2 miles of beachfront at your doorstep. Beachfront residences include thatched-palm roofs, infinity pools, tropical shower gardens, and much more, starting at $2.7 million while beachfront lots are available from $1.3 million.

Donald Trump has put his stamp on this tropical paradise with the new Trump Farallon at Cap Cana, one of several luxury resort communities currently being developed as part of the $1.5 billon Cap Cana master plan (68 lots starting at $3 million each). Over the next decade, this 30,000 acre site (located just 10 minutes from the Punta Cana International Airport) will feature more than 5,000 residences including villas, condos, and town houses, and no less than four luxury hotels. Other stand-out amenities at Cap Cana include a huge marina with 1,000 slips (many for mega-yachts), and five golf courses (including three designed by Jack Nicklaus). The first such course to open, Punta Espada, has already been selected by Golf Digest as one of the 100 best non- U.S. golf courses in the world. Cap Cana’s second golf course, Las Iguanas, is due to open shortly.

One of the more exclusive enclaves on the eastern edge of the DR is the Punta Cana Estates at Corales, located within the Punta Cana Resort and Club. Oscar De la Renta and Julio Iglesias (both of whom are involved in the development of the area), as well as Mikael Barishnikov own properties here and it’s not hard to see why. Only 140 homes are being built, some along the new Tom Fazio golf course, and each with a minimum of once acre of land with prices ranging from $1.8-$3.3 million.

Also in Punta Cana, the Punta Perla Caribbean Golf Marina and Spa is a new development that caters to the yachting and golfing crowd. The development features penthouse apartments in its private 400-berth marina or golf villas right on the fairways of the Colin Montgomerie signature course. Properties include bungalows, apartments, golf villas, and more as well as multi-million dollar beach-side mansions.

Just north of the Punta Cana region, lies the Samana Peninsula. It is here, tucked into lush hillsides overlooking the ocean, where you will find Terrazas de Coson, a new development by Swiss firm Valman, S.A. The first phase of development sold out in less than four weeks and now Phase Two has begun, with 52 villas for sale starting at $1.7 million. Benefits include a private beach and restaurant, membership to a private spa, as well as the option of putting your villa into the hotel inventory should you choose to rent it out. The development overlooks white beaches and turquoise waters and is minutes from the new Samana International airport as well as the nightlife of Las Terrenas.

South of the thriving tourist-filled area of Punta Cana is a completely different scene: the environmentally-forward Bayahibe. This area not only contains one of the most celebrated national parks, but has also received two awards for its conservation efforts in tourism. With golf courses designed by Pete Dye, Jack Nicklaus, and Nick Faldo, this region features some of the country’s most unique golfing experiences. Another popular east coast destination is La Romana. More than just a luxurious resort frequented by many celebrities, the city of La Romana is also historically important, especially for baseball fans, and worth a visit. One of the more popular developments here is the 7,000 acre Costasur Casa de Campo with golf and oceanfront villas ranging from $925,000 to $5.4 million. Initially owned by Paramount Studios, this development is home to many socialites from around the globe and features four golf courses and over 20 restaurants and bars.

The south central region anchored by Santo Domingo and its three million residents, is arguably the Caribbean’s most diverse and vibrant destination. As the oldest city in the New World, Santo Domingo features the first cathedral, first university, and first hospital of the Americas, yet it is a very modern city. There are sophisticated restaurants serving cuisine from around the world, high end boutiques and major fashion designers displaying their wares, plus a wealth of museums, galleries, and theaters.

If the Dominican Republic has one very well-kept secret, the western region of the country is it. This scenic region includes the area west of Santo Domingo, and it is still largely undiscovered. The farthest part of the region is only about a three-hour drive from Santo Domingo or Santiago airports.

Although the Dominican Republic provides a change of scenery at just about every turn, this region is the most diverse ecologically. Two salt water lakes, one being the largest in the Caribbean, provide a haven for massive populations of birds and reptiles. And while some sections of the area are mountain rainforest, other parts are pine forest and arid desert.

Local real estate and tourism attorney Letvia Arza Goderich, who has practiced law in the Dominican Republic for 20-plus years, says the island’s hospitality and real estate industries are undergoing the biggest boom in the Caribbean. “Once known for its sugar cane plantations, the Dominican Republic is reinventing itself,” says Goderich. “Most people know that Oscar de la Renta is from the Dominican, but they may not know Leonardo DiCaprio has recently looked at real estate in the region, and Robert DeNiro filmed several movies here. Investors are sinking more money into the area every year because they know they’ll see a return on their investment in just a few years.”

Local realtors say steady growth has actually been enjoyed in the Dominican Republic since the international airport opened at Puerto Plata in the 1970s, but it is only in recent years that the country has gained the interest of so many savvy buyers actively seeking a luxurious, but affordable, second home. If there is any doubt about the level of interest in this red-hot destination, consider this: Trump recently sold $368 million worth of real estate for his Cap Cana project.

Source: www.oceanhomemag.com

Popularity: 35% [?]

This summer, then-tourism minister Felix Jimenez announced a billion-dollar government infrastructure investment that includes a new cruise ship marina and road upgrades for his island nation. Then, last month, his successor, Francisco Javier García, announced that private investors have begun an additional $9 billion in developments.

The announcements included especially good news for visitors headed to the hot spot of Punta Cana, a peninsula on the easternmost coast of the Dominican Republic that has long been the home of all-inclusive resorts and, more recently, several large residential developments.

An international airport already serves the area, but the new infrastructure investment will add high-speed ferry service between Punta Cana and Samaná, another popular tourism peninsula on the northeast coast. It also will build a new highway that will reduce travel time to the capital of Santo Domingo from four hours to about an hour and a half. Both projects are scheduled for completion before 2012.

Punta Cana’s main attraction is more than 20 miles of powdery white beaches. About 30 beach resorts, casinos and second-home options occupy this stretch. Several of the larger residential developments, including Roco Ki and the Punta Cana Resort & Club, offer complimentary mini-vacations for prospective buyers.

Housing prices in the upscale developments generally begin in the $400,000-$600,000 range and go upward into the millions. For buyers willing to look outside those developments and forgo resort-style amenities, prices can be much lower. Three-bedroom houses start at $250,000. One-bedroom condos begin at under $120,000, and many one- and two-bedroom condos are in the $150,000-$200,000 range.

Affordability, however, is not the Dominican Republic’s sole appeal. For second-home buyers, the nation also offers a stable democratic government, ease of doing business in a region otherwise infamous for red tape, easy air access, a vibrant community of other foreign home buyers and a top-notch portfolio of golf courses with layouts by the likes of Tom Fazio, Jack Nicklaus, Pete Dye and Nick Faldo.

A look at three Punta Cana neighborhoods:

•Cap Cana. This huge development (capcana.com) spans 29,000 acres and includes nearly 3½ miles of beach. The master plan calls for 5,000 residences, as well as hotels, golf courses, shops and restaurants, some of which are already open. There are 26 residential communities now, ranging from six to 474 units. Home sites begin in the $400,000 range, bungalows start at $480,000, and single-family houses start at $895,000.

•Punta Cana Resort & Club. The latest phase of this upscale resort (puntacana.com), built on a stretch of beach and around a golf course, is The Estate, which encompasses three enclaves of single-family houses. Lots in the Arrecife and Hacienda enclaves start at $450,000, and the gated Corales enclave commands $1.8 million and up. The Estates are being co-developed by singer Julio Iglesias and designer Oscar de la Renta, both of whom have built homes in Corales.

•Roco Ki. This new development includes more than 3 miles of beaches and coastal cliffs, atop which sits a Nick Faldo golf course. For housing, choose from several residential communities and two resort hotels: the Westin and the Fairmont. The Fairmont, expected to be ready in 2010, will offer fractional ownership in a residence club. The Westin, scheduled for next spring, already is selling options that include high-rise condos, single-family houses and bungalows. Prices range from $475,000 for a condo to $2.75 million for a beachfront home.

Source: http://www.usatoday.com/travel/destinations/secondhomes/2008-10-30-punta-cana_N.htm

Popularity: 57% [?]

Downward Economy? Not for Residential Resort Costa Blanca by Group Metro
(Miami, FL)-  Last weekend, Costa Blanca - the billion-dollar project of renowned Dominican Republic developers Group Metro, held their launch event with two days of spectacular celebrations in Santo Domingo and Juan Dolio. The project was received by the Dominican Republic and international press with great enthusiasm and unquestionable success.

Costa Blanca, an impressive undertaking that will span across 300 acres of land and coastline in Juan Dolio, will encompass a mega-yacht marina, marina village with retail and commercial space, ten condominium towers, 52 private villas, a tennis village, clubhouses for both tennis and golf, a secured, private beach, and the first signature Greg Norman PGA golf course in the country. The highly-anticipated development will set new standards of luxury in the area, and will bring forth a modern spin on private, high-end communities. With top architects and designers at the helm, residents will find villas with open-air spacing to showcase their wrap-around pools, condos where each and every owner is afforded unobstructed water-front views, and an assurance that every aspect and step of the project is environmentally sound and positively affects the region.

The weekend began with a press conference at the historic Embajador Hotel in Santo Domingo with Greg Norman, legendary golf icon, Steven Ankrom, Vice-President of Sales for Costa Blanca and Doctor Luis Jose Asilis, CEO of Group Metro. Greg Norman, “The Great White Shark,” whose namesake and expertise is behind this ground-breaking course, greeted the press and spoke of his excitement and great faith in Costa Blanca. “Golf has shown tremendous growth in this part of the world and I am very glad to be a part of this absolutely magnificent project,” stated Mr. Norman before congratulating Dr. Asilis.  Mr. Norman also commented on the current state of the economy and how it related to Costa Blanca, “ In many ways, golf and golf course design are economic indicators; we’ve seen it slow in the United States , but not in the rest of the world. New projects must have amenities that capture the imagination of everyone, and that is exactly what is taking place here.” Executives of Costa Blanca who are thrilled and excited to create “the first luxury, high-end golf project on the ocean in Juan Dolio,” spoke of the numerous economic advantages and various job opportunities Costa Blanca will create for locals of the Dominican Republic. When asked about his vision for Costa Blanca, Mr. Norman answered, “First, you look at the ‘least-disturbance approach’, which works perfectly with this development. Our duty is to build the best golf course we can, in the best way, with the best value. It’s not very often that we get the opportunity to build directly on the ocean. From a golfing perspective, when we have the ability to put nine holes on the ocean, it is a very unique opportunity.”

After the press conference, Mr. Norman entered the grand ballroom, where the glittering launch gala was already underway with VIP’s and press excited to learn of the project’s details. Complete with a five-piece string quartet, Costa Blanca lounges, and a white décor theme to showcase the beach atmosphere and luxury of the project’s design, the grand event introduced 1000 of the Dominican Republic’s VIPs and tastemakers to Costa Blanca. Greg Norman made a presentation to the audience and re-visited his excitement over the “amazing transformation that will take place over the next eighteen months.”

The following day, the Founder’s Club - made up of 52 elite individuals who secured reservations as the very first buyers at Costa Blanca, gathered at the invitation-only Founder’s Club Reunion. These members had an early invitation to reserve a spectacular one-time package that included a private villa, two condominiums, a slip in the marina, golf membership for life, and private access to The Lighthouse Lounge and Clubhouse. The event took place onsite in beautiful outdoor tents and allowed the Founders to drink and relax while they surveyed the plots of land that would become the site for their private villas. In a unique and exciting format, Founders were able to choose the individual piece of land for their villa, as well as the condo units they desired, according to the order in which their reservation was received. With law firms onsite to advise and offer guidance, Costa Blanca closed almost $100 million dollars in sales on Saturday alone. Members of the Founder’s Club congratulated each other and toasted their new neighbors with champagne and cigars.

With the immense success of their opening weekend and almost $100 million dollars closed in sales, Costa Blanca has proven that the real-estate market is still thriving and that the Dominican Republic is one of today’s hottest investments.

Source: Grupo Metro

Popularity: 39% [?]

Sackman Enterprises, Inc. Announce Development Plans for Cabarete

Cabarete, the sun-soaked beach town in the Dominican Republic, has been on the radar of those in-the-know for years. Now, Sackman, Enterprises, Inc. is set to bring this jewel to a wider market.

Miami, August 15, 2008– Cabarete, the sun-soaked beach town in the Dominican Republic, has been on the radar of those in-the-know for years. Now, Sackman, Enterprises, Inc. is set to bring this jewel to a wider market. Conveniently located only 20 minutes from the Puerto Plata International Airport, Cabarete on the northern coast has become the ultimate destination for trend setters, adventure seekers, and those looking for a blissful escape from the everyday. With more than 40 years in the real estate market and an earned reputation of quality in business and development, there is no better or more prepared company to create the first spectacular development in the area than Sackman Enterprises, Inc.

Sackman Enterprises, Inc. began its business by focusing on the restoration of historic brownstones in Manhattan and has continued to thrive by rehabilitating historic buildings and incorporating traditional “Old World” features into new construction properties. Possessing a portfolio of over 80 developments spanning the globe, the company has created truly stunning and unique properties such as Somerset in Turks and Caicos (www.thesomerset.com) and The Lodge at Keyah Grande (www.keyahgrande.com). With an attention for detail and a high-regard and respect for the traditions, culture, and preservation of the area, Sackman Enterprises, Inc. is poised to bring The Fountains, a magnificent condominium, retail plaza, and resort community to Cabarete.
Sackman Enterprises, Inc. recently held a meeting in Manhattan to showcase some of the real estate developments in their impressive portfolio and discuss this grand project. In a showing of support and interest, the Minister of Tourism from the Dominican Republic and the Governor of the Province of Puerto Plata personally flew up to Manhattan to meet with top Sackman executives, Carter Sackman and Jamie Hefelfinger, as well as Sackman Development Partner, Trip Brooks. The esteemed attendees discussed the project and all of the positive impacts that it will have on the area.
The Fountains will be the realization of over sixteen months of planning and research and a future investment exceeding sixty million dollars (USD $60,000,000.00). Development Partner Trip Brooks states, “With the current administration including President Leonel Fernandez, Minister of Tourism Felix Jiménez, Provincial Governor Cesar de Los Santos, and the Sub Secretary of Tourism Bernardita de Fenke, the government has created a stable atmosphere and positive market in which to develop such a project. We have unwavering confidence in the country’s administration. Their show of support and the efforts they took to visit us in New York to ensure that the project and its developers are sound speaks volumes about their care and concern for the area. The Fountains will truly be a result of love for the area and an unmatched expertise in the development of real estate.”

Expected to break ground Mid-September 2008, The Fountains will feature one, two, and three bedroom units, all with indulgent spa bathrooms, 24-hour concierge service, and a modern chef’s kitchen. The Fountains will house a sprawling “Plaza Level” featuring retail shops, a cinema, open air kiosks, sitting areas, exciting water features, and a state of the art stage for outdoor concerts and other entertainment and social events. When fully constructed, the mixed use project will include an approximately 500 space sublevel parking facility, a Condo Hotel, featuring deluxe guest rooms and suites, lobby bar, rooftop terrace and bar, restaurant, a stunning infinity pool and numerous hot tubs with mountain and ocean views.

Source: www.bignews.biz

Popularity: 33% [?]