If it really was a sellers market, there would be an abundance of buyers willing to pay market price...
You are not getting it.......there isn't such thing as market price in the DR.
If it really was a sellers market, there would be an abundance of buyers willing to pay market price...
You are not getting it.......there isn't such thing as market price in the DR.
You are not getting it.......there isn't such thing as market price in the DR.
I had some property for sale some time ago. It was on the market for almost 7 years before a guy showed up to buy it.
When we drew up the contract, he told me to put someone else's name as the buyer.
As it turns out, he was "selling" my land like it was his, for almost 4 times the price I was asking. I didn't know it until we drew up the contract.
Pretty ingenious.
I think most posters are missing the point as to why it's always a sellers market in the DR. Simply stated it's because there is no carrying cost of property. Do you think that if property taxes were assessed annually on the value of properties that these cheap carp sitting on these houses/businesses would be writing out annual checks to the municipalities? They'd dump them in a heartbeat for their true values, about 40% of the listed price. Just one more reason why the DR is a third world country. When you cannot discern the value of a property because there is not an active market then you cannot borrow on your equity of your property. Traditional mortgages are nonexistant, second mortgages - you've got to be kidding, home equity loans - unheard of. Property taxes going for public safety, road repairs, education - in your next lifetime maybe. With ample sucessful models of how developed countries operate you'd think they'd get a clue, but then again it's the DR.
I must have hit a nerve, and only a Dominican could possibly defend the disfunctional real estate market that exists in Santo Domingo as if it were just one of many equally effective ways to run a RE market. Take an area with which I am familiar - the Los Corales area in Santo Domingo Este. The houses in that neighborhood go for between 7-10 million pesos. Every fourth house has a for sale sign and half of those are in an advanced state of disrepair. The property taxes on these homes are peanuts which is why they have tire eating potholes and enough barbed wire to make a concentration camp proud throughout the entire neighborhood. Now let's say you own one of these beauties and go into Banco Popular and want to borrow against your 7 million peso house. If you can provide clear title (no easy task) you might be able to get 1.5 million pesos for the modest interest rate of 17%. How many Dominicans do you think are doing that on their empty houses? The baseball card market in the US is more of a market than the housing market in SD. The reason is that these absentee owners can sit on these properties for next to nothing indefinately. Additionally, if the homes actually had legitmate "assessed valuation" and a rundown property next door would negatively effect the value of a neighbor these neighborhoods would have covenents to prohibit these weed gardens. I don't know how it's done in Japan but I can guarantee you that at least it makes sense.
The DR is not a third world country, only in your brain that is...
!
Now theres a good one, only in his brain??? This sounds like a great POLL for Nals-then we can truly see what the consensus is... If its based only on Malls fancy new buildings and jeepetas, then......
and only a Dominican could possibly defend the disfunctional real estate market that exists in Santo Domingo as if it were just one of many equally effective ways to run a RE market.
indeed, all you need to live in santo domingo is a sharp knife, a string, few sticks and a survival book by bear grylls: how make a shelter in a tropical climate.