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  1. #1
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    Default what has changed, what I've learned, the good, the bad!

    Hello,

    My family I recently moved to the North Coast. I am a long time reader of DR1, yet this is my first post. Most of my pre move information was from DR1, and I thank all of you for your advice and counsel. It has made my move and settlement much easier. The reason I finally decided to post something, is because I am very curious about property prices. Now that I am here, I am looking at properties such as land, farms, villas that are listed for sale.

    What I have found is, land at US prices or higher. I am curious to know who the hell is buying this stuff. Are the owners and real estate agents hoping that Warren Buffet and Bill Gates are going to show up and buy all their property? This question pops up because during my search, I found a site that stated "we have over US $14 billion in our portfolio". And, it was a crappy website! I want to ask this person, do you have any idea just how much $1,000,000,000 is?

    So, my question is, are these million dollar, undeveloped farms really selling? Or, are they just listed at a ridiculous price in hopes that someone with too much money will happen upon them. Seems to me, nothing is selling! If I show up with a measly couple hundred thousand, do I have a chance?

    Thanks all!

  2. #2
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    Quote Originally Posted by drSix View Post
    Hello,

    My family I recently moved to the North Coast. I am a long time reader of DR1, yet this is my first post. Most of my pre move information was from DR1, and I thank all of you for your advice and counsel. It has made my move and settlement much easier. The reason I finally decided to post something, is because I am very curious about property prices. Now that I am here, I am looking at properties such as land, farms, villas that are listed for sale.

    What I have found is, land at US prices or higher. I am curious to know who the hell is buying this stuff. Are the owners and real estate agents hoping that Warren Buffet and Bill Gates are going to show up and buy all their property? This question pops up because during my search, I found a site that stated "we have over US $14 billion in our portfolio". And, it was a crappy website! I want to ask this person, do you have any idea just how much $1,000,000,000 is?

    So, my question is, are these million dollar, undeveloped farms really selling? Or, are they just listed at a ridiculous price in hopes that someone with too much money will happen upon them. Seems to me, nothing is selling! If I show up with a measly couple hundred thousand, do I have a chance?

    Thanks all!
    Property sellers everywhere have high expectations. What they ask is not what they get.

    There are a few well established realtors on the North Coast. Stick with them and pay no attention to the websites started by all those who come here expecting to get rich in real estate.

    Timing here is important, like it is many places. If you had been property shopping a year or two ago you would have gotten a better price than today. But prices still not up to their previous level, though they have been moving up.

    Do your search and make your offers. You will get something. Some sellers are far more motivated than others. A couple hundred thousand is not measly anywhere. It won't buy everything, but it will buy.

  3. #3
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    Yea, sadly a year or two ago was when I decided the DR was the island for me. I have been researching for a while and at the time, the DR seemed to be the cheaper of the Caribbean islands. Now that I am here, I am finding a totally different story. Moderate villas for $1800 a month, and a few acres of undeveloped land for $300,000. I guess I will wait until the bubble bursts!

  4. #4
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    Quote Originally Posted by drSix View Post
    I guess I will wait until the bubble bursts!
    The bubble burst phenomenon has far less impact in a cash real estate market. Since there are virtually no mortgages, owners are not in any hurry to sell at a time people are expecting a bargain. They sit and wait. The 2008 worldwide economic collapse really had very little impact regarding any wide scale devaluation in the Dominican real estate sector. A wide scale devaluation such as was seen in FL, USA and other locations will never occur here.

    Count yourself among hundreds or even thousands of others that through internet sources receive copious amounts on misinformation about the country.

    The DR is stunningly beautiful, a wonderful place to live but not cheap if you expect a reasonably high standard of living.

  5. Likes oakmba liked this post
  6. #5
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    You might do better if you search the classified ads rather than go through agents. From time to time there are people who have to sell in a hurry and are prepared to take a very low price just to get a property off their hands. You just have to be ready, standing by with the cash when the opportunity arises.

  7. #6
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    Quote Originally Posted by drSix View Post
    Yea, sadly a year or two ago was when I decided the DR was the island for me. I have been researching for a while and at the time, the DR seemed to be the cheaper of the Caribbean islands. Now that I am here, I am finding a totally different story. Moderate villas for $1800 a month, and a few acres of undeveloped land for $300,000. I guess I will wait until the bubble bursts!
    You can't shop for property on the internet. You say you are here, so get out and look. Go to Century 21 and tell them what you are able to spend and what you want. See Chip Bommarito in his agency on second floor of 3-story building more or less across from Playero and do the same. Ask to speak with Chip, not one of the agents. Let these people find properties for you to look at.

    You say you are looking for land and farms. You always have to be careful, but with that sort of land especially so because a lot of land/farms don't have a clean title. Maybe no title. And when you try to get title you find the land has been in the hands of the family for a long time and that there are a lot heirs that have a claim or think they have a claim on a piece of the action.

    You want to have a good attorney. I recommend the Guzman office in Sosua.

  8. #7
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    You are here renting. This is the perfect time to go out and check the areas you think you like and find out as much as you can before you commit. People here can ask what they want, some won't sell for less. Almost all have no bank loans so they can sit on the property until they get the deal they want. If you find that situation, just move on to the next location. You will eventually find something acceptable if you are patient and do your homework. Use whatever options you have available to find places. Agents, on line, word of mouth.

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  10. #8
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    When you are ready to buy here you offer a fraction of the price they want in cash and watch them take it.

  11. #9
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    Hypothetical: Grandpa paid cash for a Sosua villa when he retired. His health is failing and he hasn't been there in years. He goes to sell it, and it is appraised at $500,000. It sits on the market for years because there are a dozen houses just the same in the same area that are all overpriced. Grandpa is kind of a tight wad, and refuses to lower the price and let go of the dream. And, he paid cash, so what does he care. Grandpa kicks the bucket, and the house now belongs to Grandma. Grandma never liked the place anyways because its too hot, there is no place to get her hair done and everyone speaks Mexican. There was also this one time that Grandpa got lost and ended up in one of those 24 hour mens clubs, the ones with the fences all around (Don't tell the grandkids, but that is why Grandpa stayed at Aunt Mary's for a while). So, now Grandma just wants to get rid of the place, and I show up with $100k in cash... One can hope!

  12. #10
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    Quote Originally Posted by drSix View Post
    Hypothetical: Grandpa paid cash for a Sosua villa when he retired. His health is failing and he hasn't been there in years. He goes to sell it, and it is appraised at $500,000. It sits on the market for years because there are a dozen houses just the same in the same area that are all overpriced. Grandpa is kind of a tight wad, and refuses to lower the price and let go of the dream. And, he paid cash, so what does he care. Grandpa kicks the bucket, and the house now belongs to Grandma. Grandma never liked the place anyways because its too hot, there is no place to get her hair done and everyone speaks Mexican. There was also this one time that Grandpa got lost and ended up in one of those 24 hour mens clubs, the ones with the fences all around (Don't tell the grandkids, but that is why Grandpa stayed at Aunt Mary's for a while). So, now Grandma just wants to get rid of the place, and I show up with $100k in cash... One can hope!
    Hoping for a "fire sale" is one option. But, what is an appraisal? Remember this IS the DR. With no MLS, appraisals are hard to make.

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