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  1. #1
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    Default Asking price vs Purchased price

    Hey all,

    I am fairly new here, more of a lurker than poster as I do not live there yet. I had posted in my initial greeting that I wanted to live on the south coast as the wife's family is down there. As my situation has changed and it will be just me moving now. I find the North Coast is where I want to be. I have spent a lot of time in Puerto Plata and Cabarete, and being a Florida beach bum, they suit me. Anywho, I was in PP last month looking at homes with Edward Rivas of Goldenkey realty. Anybody have info about them good or bad would be appreciated. My experience so far has been great. I will be there next month looking at more.

    I know the market there is all over the place with the same house being listed at different prices on many different sites. And thanks to this site, I am well aware on due diligence before purchasing. What I would like to know from the folks here, if they do not mind is, would some of you be willing to disclose the asking price of their property vs what they actually paid? Just trying to get a ballpark on how much inflated the home prices are. My price range is up to 500k so I want to get best bang for buck. Plus I do not want to waste my time looking at homes over that price in hopes of negotiating down. Thanks in advance for any help,

  2. #2
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    I know Edward Rivas of Golden Key and can vouch for his integrity and thoroughness. If he tells you something you can rest assured he isn't trying to mislead you.

    However, you also have to remember that any agent (Ed or any other) can only represent what they have been told. Unfortunately there are as many crooked sellers of properties as their are bad agents. Ed and many others know this and attempt to independently verify things but it is good to hear you also know you need to do due diligence.

    Sales price vs asking price can be a slimy snake. Why? Because a seller may price the land at $50/m2 when adjacent land is only worth $30/m2. S/he may ultimately sell it at $30/m2 but they never want to admit it so they continue to say they got their asking price. I guess the motto here is "never take one data point and assume it to be the truth" and you'll be better off.

  3. #3
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    the answer to the spread between asking and selling price really depends on the owner and how badly they want to sell.

    in one instance i know of owners asking 230,000 for an apartment and turning down 220,000. they had originally bought it at around 150,000.

    in another instance, owner asking 350,000 furnished. offer made at 250,000 unfurnished was countered by owner at 270,000 furnished.

    both in cabarete area within last 8 months.


    when i bought my place, the owner and i were 20,000 apart and neither would budge. we forced the realtor to drop his commission in order to make the deal. ended up with about 1.75% commission but the deal was done. never forget the realtor has room to contribute to your savings as a buyer.

  4. #4
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    Our experience with Edward was also positive.

    BelgianK

  5. #5
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    Thanks all for the great info. I figured Edward was a good guy. he has been bending over backward to line me up houses to look at next month. I guess just like any market, shoot low, you can always go up. Just wanted a little insider info on how low to shoot. Look forward to interacting more as I get closer to moving to the paiz tranquila.

  6. #6
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    As pointed out, the sell to asking price is different for every seller. You have to decide what the place is worth to you and how to walk away if you don't get that price after you do your due diligence here. And please do not buy before you rent for at least six months. It isn't like Florida here ..

  7. #7
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    Totally agree. Will be an all cash offer so that should give me a bit more bargaining power. I am getting a good idea of what I can get for the money. I have spent about 3 months total in the North Coast. I know it is nothing like Florida other than the weather and beaches. That is why I want to live there, I absolutely love what I call "controlled chaos" in the DR. Nothing happens the way you want or expect, but eventually it does. I am a go with the flow kind of guy and that country calls me. I have been a business owner for years in the States and have greatly tired of the bureaucratic BS. in my beloved country. Things get done there without miles of red tape. Might be a couple shades of gray, but I am totally cool with it.

    Quote Originally Posted by windeguy View Post
    As pointed out, the sell to asking price is different for every seller. You have to decide what the place is worth to you and how to walk away if you don't get that price after you do your due diligence here. And please do not buy before you rent for at least six months. It isn't like Florida here ..

  8. #8
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    The only way you know you are paying the right price is when they say no and don't contact you. Then go back and offer a bit more.

  9. #9
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    The biggest "Bang-For-The-Buck on the North shore can be had a t Black Beard's Adult Resort in Costambar!!!
    Now to get serious with you "66!".
    I am surprised that no one has told you to "Hold Your Horses" when it comes to buying any real estate here in the DR.
    So I WILL,"Hold Your Horses!" Please.
    There is absolutely any good reason you should be even thinking about buying now.
    Sounds like maybe a break up with your "Dominicana"??
    An even better reason to take a deep breath,sit down,and have a very cold "Presidente!
    Now,anyone who has bought here, will certainly tell you to R-E-N-T long before you buy!
    Always remember,"A Decision Made In Haste,Can Be Regretted At Leisure"!!!!!!!!!!!!
    It would feel great to purchase a $500,000 dollar house anywhere,especially on the beach here.
    BUT, you MUST live anyplace for 6 months to a year,before you buy a home where you want to live.
    What looks fantastic at first blush,may not look so good after living there for a few months.
    Talk to DR1ers who live on the NC.
    Those that have bought,and those who haven't.
    You can rent the house of your dreams here.AND still have $500,000 still sitting in a safe bank in the USA.
    For $2,000 US a month,you can rent a Villa in Puerto Plata!
    Please wait.Post more of your question here,and everyone who lives here,not those who have spent 2 weeks at an All Inclusive resort and think they KNOW the DR,will tell you the same thing,rent BEFORE you buy,or just rent!
    If you buy,I can assure you,you will have the biggest case of "Buyer's Remorse" on record!
    Cris Colon

  10. #10
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    Quote Originally Posted by bioguy66 View Post
    Totally agree. Will be an all cash offer so that should give me a bit more bargaining power. I am getting a good idea of what I can get for the money. I have spent about 3 months total in the North Coast. I know it is nothing like Florida other than the weather and beaches. That is why I want to live there, I absolutely love what I call "controlled chaos" in the DR. Nothing happens the way you want or expect, but eventually it does. I am a go with the flow kind of guy and that country calls me. I have been a business owner for years in the States and have greatly tired of the bureaucratic BS. in my beloved country. Things get done there without miles of red tape. Might be a couple shades of gray, but I am totally cool with it.
    “controlled chaos” is only fun until it becomes “uncontrolled chaos”. And these things in the DR don’t always “eventually turn out as you expect”. They turn out as they turn out. And then it is up to you figure out if you can live with it or not. And the answer to this one is a lot less complicated if you are a renter rather than an owner. My rules for the road are I will never buy anything (anywhere outside of the US) that I am not totally prepared to walk away from.

    For $500k you could rent ANYTHING on the north coast for the rest of your life (if you continue to find chaos fun for that long…unfortunately you will find more than a few veterans on the north coast…and here on DR1….that don’t find it all that much fun anymore…and are trying to figure out how to unwind from their entanglements).

    Regardless, I wish you the best of luck, and hope you find what you are looking for.

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