- Thread starter Fritzler
- Start date
Will Dominican real estate crash soon? Buy Now or wait?
This should revive you...
[video=youtube;2cehkSxOLNA]http://www.youtube.com/watch?v=2cehkSxOLNA[/video]
well, i don't think i have enough years left to ever learn to appreciate bachata. when i hear a bachata song that motivates me to ask what the name is, then i know they have won me over. i have been to innumerable DJ booths in my time, asking the DJ to scribble down the names of songs for me. that includes stuff by Omega, Raulin Rosendo, Mozart, Lapiz, and others, so it is not that i dislike Dominican music. i just find that bachata is too monotonous for my tastes. it sounds like everybody sings the same song, and just changes the name.
this my recent favourite:
[video=youtube;dHULK1M-P08]https://www.youtube.com/watch?v=dHULK1M-P08&oref=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3Dd HULK1M-P08&has_verified=1[/video]
video and audio NSFW
because these are 1000's of variations of one theme: song about love and song about unhappy love.
se me olvido q te amaba la la la
se me olvido q te amaba la la la
Back on topic,
It's been said here that the DR market is a different animal than the one in NA largely because few properties are bought using a mortgage. As a result, most are held free and clear, and owners therefore feel much less pressure to move them than if they had a monthly note to make.
As Monty said, there's often a difference between the realistic value of a property, and the seller's price. Sometimes the premium represents how much they overpaid. Other times it's the "dream tax," in which they've increased the price to reflect their aspirations of living in "paradise."
In that way, DR is similar to CR. You know, sort of how some folk insist on paying through the nose to live right on the water, when the far-better (and less expensive) properties are 10 minutes away in the hills where it's cooler, there's a cross-breeze, and you get less rusting.
It's been said here that the DR market is a different animal than the one in NA largely because few properties are bought using a mortgage. As a result, most are held free and clear, and owners therefore feel much less pressure to move them than if they had a monthly note to make.
As Monty said, there's often a difference between the realistic value of a property, and the seller's price. Sometimes the premium represents how much they overpaid. Other times it's the "dream tax," in which they've increased the price to reflect their aspirations of living in "paradise."
In that way, DR is similar to CR. You know, sort of how some folk insist on paying through the nose to live right on the water, when the far-better (and less expensive) properties are 10 minutes away in the hills where it's cooler, there's a cross-breeze, and you get less rusting.
sometimes i see gringos buy a house/land in a poorer barrio/campo so they can be closer to the family of their chosen sankie. they add all the westerners need to feel comfy and then they are stunned no one wants to buy their expensive house in a middle of the poor area.
buying a property in d.r. is a waiting game....almost like fishing....you put your line in the waters w/bait(money) jiggle it and wait....you can then offer up and offer down.... tell them u are looking elsewhere....etc... if it is empty it is better for the buyer...
DRob, El Cajero, JDJones,
After reading this thread nobody seems to be making the comparison of the price asked to the build cost. Usually in a market where the cost of replacement is equal to the market price you have a bottom!
It is close to approaching that on the north coast. That is for a quality built home.
A good thread to look at is : http://dr1.com/forums/living/63016-homebuilding-dr-inexpensive-dominican-way.html
but this only gives the "INEXPENSIVE " way ie CHEAP. That is not up to European or USA Standards.
It is quite possible to get a fixer upper home in a Barrio . But as someone has said it is not like USA or Canada. You get what you pay for!
JD - it is interesting about your assessor. How did his prices compare to the owners asking prices?
It would be useful to know as well as the approximate time frame of the assessments.
Thanks in advance as that would add a great deal to this thread.
Olly and the Team
After reading this thread nobody seems to be making the comparison of the price asked to the build cost. Usually in a market where the cost of replacement is equal to the market price you have a bottom!
It is close to approaching that on the north coast. That is for a quality built home.
A good thread to look at is : http://dr1.com/forums/living/63016-homebuilding-dr-inexpensive-dominican-way.html
but this only gives the "INEXPENSIVE " way ie CHEAP. That is not up to European or USA Standards.
It is quite possible to get a fixer upper home in a Barrio . But as someone has said it is not like USA or Canada. You get what you pay for!
JD - it is interesting about your assessor. How did his prices compare to the owners asking prices?
It would be useful to know as well as the approximate time frame of the assessments.
Thanks in advance as that would add a great deal to this thread.
Olly and the Team
Did you almost say . . . ."I'm sorry Olly"? lol
I wonder if Hardy is part of the "team"?
Not sure exactly what you are calling a barrio fixer-upper but in Jarabacoa a basic concrete and wood shack with tin roof with three bedrooms is between 400000 and 900000 pesos.
So easy to buy...so difficult to sell. The only bad investment I ever made was a beach house in another tropical island paradise that was pretty much taken over by the drug lords. There ought to be a cost indicator comparing buying vs renting by region or country. One gets so much more value via rental than purchase in this country.. why buy? Sorry real estate owners.