Will Dominican real estate crash soon? Buy Now or wait?

Fritzler

New member
Jan 20, 2015
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Dominican expat market? You would think that with the recent attempt *today* by the US senate to get the new law passed for all Americans to be able to travel to Cuba it is only a matter of time that it will affect the Dominican expat market. With my property for sale now 6 years and no bites you say oh oh. Cuba has begun building ocean front properties and from what we are hearing at least half the price of here on the north coast. Then add in no crime into the equation and I feel like I am gonna get stuck with my property here forever. Crime as of late here on the north coast is just nuts. Brent missing, my girlfriend held up for 500 pesos, etc etc etc. and let's not forget the deaths on the roadways. I'm totally screwed right?

Senators seek to lift all travel restrictions to Cuba
 

pauleast

*** I love DR1 ***
Jan 29, 2012
2,837
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FYI. Dominican real estate has already crashed and has not bounced back. Properties in certain areas can be had for half of what they were on the market for 6 years ago in certain areas.
 

franco1111

Bronze
May 29, 2013
1,248
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Gringo
Travel to Cuba is one thing. Can people from other countries, U.S. I guess for you, buy real estate in Cuba?
 

Fritzler

New member
Jan 20, 2015
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1
They say they have begun building over a thousand new condos in the Varadero area for sale to expats. Looks like Fidel and our Obama are changing the rules of engagement. I would be first in line to get one as soon as I sell my property here. My girlfriend doesn't even need a visa to travel to Cuba. She is Dominican but also fed up with the crime here.
 

Rasputin

Member
Jan 27, 2015
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When travel restrictions to Cuba for regular Americans is relaxed, the country will still be Communist. The State owns all property including all domestic housing. The state owns all the cows, chickens and bananas to.
Citizens rent their homes and property from the government. Foreigners may apply for a long term lease as the resorts have. It is not likely the limited availability of houses and land will be opened up to individuals. Most of the world has been able to go to Cuba durng the US embargo and thus far they haven't been allowed to own property.
 

HUG

Silver
Feb 3, 2009
3,940
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Wow, open your eyes. Santo Domingo property is so so cheap right now. Dunno about NC, but its always been violent everywhere, you just need to have lived here long enough for it to take you to tipping point, and the odds to become too uncomfortable. Yes, DR is a sh1thole to live in these days, but property is so cheap, sometimes I even consider hanging around. Then morning comes, the sh1t begins, the news comes on TV, I hear frinkin Homeo Santos for the first time that day, and then I remember. Bollox, part time will do.
 

Celt202

Gold
May 22, 2004
9,099
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pioneros.jpg


They should start an "Old Farts Pioneers" brigade to attract age 60+ expats.
 

the gorgon

Platinum
Sep 16, 2010
33,997
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Wow, open your eyes. Santo Domingo property is so so cheap right now. Dunno about NC, but its always been violent everywhere, you just need to have lived here long enough for it to take you to tipping point, and the odds to become too uncomfortable. Yes, DR is a sh1thole to live in these days, but property is so cheap, sometimes I even consider hanging around. Then morning comes, the sh1t begins, the news comes on TV, I hear frinkin Homeo Santos for the first time that day, and then I remember. Bollox, part time will do.

well, there is one bright spot; i am sure your radio has an on-off switch, so you do not actually have to hear Romeo Santos.
 

beeza

Silver
Nov 2, 2006
3,479
731
113
Hey if you want cheap real estate in the Caribbean, why not move to Haiti?!!!

House hasn't sold for six years. There's one thing you can change........The price!
 

dv8

Gold
Sep 27, 2006
31,266
363
0
6 years selling the house? count your losses and get outta here. some people have unrealistic expectations regarding the price for their house. they might have paid too much to start with and then add items that did not really add any value to the property. there are limits on house improvements and sooner or later you get to the point where your additions will make no difference to sale price.
 

Camden Tom

Bronze
Dec 1, 2002
736
39
0
Dominican expat market? You would think that with the recent attempt *today* by the US senate to get the new law passed for all Americans to be able to travel to Cuba it is only a matter of time that it will affect the Dominican expat market. With my property for sale now 6 years and no bites you say oh oh. Cuba has begun building ocean front properties and from what we are hearing at least half the price of here on the north coast. Then add in no crime into the equation and I feel like I am gonna get stuck with my property here forever. Crime as of late here on the north coast is just nuts. Brent missing, my girlfriend held up for 500 pesos, etc etc etc. and let's not forget the deaths on the roadways. I'm totally screwed right?

Senators seek to lift all travel restrictions to Cuba
I've been a real estate broker/real estate investor my whole adult life. I've alway heard that real estate is about location, location, location. I say it is about price, price, price. If you have been trying to sell your property for 6 years...you are asking too much. If you were asking $1,000 for your house...it would probably sell in about 10 minutes. Somewhere between $1,000 and what you are currently asking, is the price that it will sell for. What you paid for it does not matter, it's what somebody is willing to pay you that counts. I and in Cabarete right now to attend my 14th closing tomorrow in the past dozen years. I practice what I preach.
 
Aug 21, 2007
3,043
1,970
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Camden Tom is right. I put my DR house up for sale about 5 years ago, in the midst of the crash. I only half-heartedly wanted to sell. My home was immaculate and beautifully decorated....not fancy, but very comfortable and welcoming. Within a few months, I got an offer that reimbursed my initial investment and all the improvements I put into the house.

If your place is not selling, there is a reason. Ask your realtor and others why.

While I am not quite ready to act on this bet, I would venture to say that I could put my condo where I currently live on the market and it, too, would sell within a couple of months for my cost plus inprovements.

Just my 2 bits.

Lindsey
 

dv8

Gold
Sep 27, 2006
31,266
363
0
What you paid for it does not matter, it's what somebody is willing to pay you that counts.

exactly. but some bought at an elevated price because they "fell in love" with the place. or added costly improvements that do not match the value of the property or surrounding neighbourhood. and now they stick to an imaginary price they set for the house.
 

sosuamatt

Bronze
Jul 29, 2013
912
13
38
Exactly if you have not sold in 6 years take a long look at your market and your property and then take a long look in the mirror and I think the problem will become obvious. Also "they say" that condos are being built et al. Who are "they"?.
 

chic

Silver
Nov 20, 2013
4,305
1
0
When travel restrictions to Cuba for regular Americans is relaxed, the country will still be Communist. The State owns all property including all domestic housing. The state owns all the cows, chickens and bananas to.
Citizens rent their homes and property from the government. Foreigners may apply for a long term lease as the resorts have. It is not likely the limited availability of houses and land will be opened up to individuals. Most of the world has been able to go to Cuba durng the US embargo and thus far they haven't been allowed to own property.

i think in cuba its more of an possession sale.... you buy it the people occupying leave lots of papers signed etc...
 

chic

Silver
Nov 20, 2013
4,305
1
0
Hey if you want cheap real estate in the Caribbean, why not move to Haiti?!!!

House hasn't sold for six years. There's one thing you can change........The price!

some (tourists) just end up leaving....house never sold no money house burgled etc lost 250k$us...not the end of the world.. it was a second home etc....