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Thread: How to determine value of a property?

  1. #1
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    Default How to determine value of a property?

    Hello,

    I have been traveling a lot to DR, and I will like to purchase a property with financing options. (I will be getting my dominican citizingship in the next couple month - parents are dominicans).

    I'm a real estate broker in the U.S and have flip some properties, here you can determine the value of a property by looking at the comparables properties that have sold in close proximity in the last 3 month. Here in the states property sale records are public and are available on the internet.

    How can this method be applied in the DR? Are those record public somehow? How do appraiser really determine the value of a property in DR? I don't want to hire an appraiser for every property I look at (and I like to look at a lot & make multiple offers)

    I'm used to making offers here in the U.S without even seeing the property in person sometimes.


    Help will be appreciated, thanks!

  2. #2
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    This was discussed on another thread(maybe you can search it), but it is impossible to do comps here like you can in the US.

    Some of the bigger brokers can help some, but it's hard to know which ones to trust. With enough time and effort you'll have a good idea, but it's not easy like it is in the US.

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    Main reason why I ask, is because I just came back from DR, and I was walking around my grandmother neighborhood in santo domingo with her, and she started pointing at house that have previously sold in the past and she was telling me they sold for 4-5,000,000 pesos. I went to cotoros.com and search similar properties in her neighborhood and the average asking price for similar homes are between 10-12 Million pesos. Found it strange that there's such a different between what she told me and the asking prices

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    Main reason why I ask is because I just came back from DR, and I was walking around my grandmother's neighborhood in santo domingo with her, and she started pointing at house that have previously sold in the past and she was telling me they sold for 4-5,000,000 pesos. I went to cotoros.com and search similar properties in her neighborhood and the average asking price for similar homes are between 10-12 Million pesos. Found it strange that there's such a difference between what she told me and the asking prices

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    Quote Originally Posted by eperc002 View Post
    Main reason why I ask is because I just came back from DR, and I was walking around my grandmother's neighborhood in santo domingo with her, and she started pointing at house that have previously sold in the past and she was telling me they sold for 4-5,000,000 pesos. I went to cotoros.com and search similar properties in her neighborhood and the average asking price for similar homes are between 10-12 Million pesos. Found it strange that there's such a difference between what she told me and the asking prices
    I just went to cotoros.com and it was for sale. In any event, proceed with caution and research the thread that already covered this. As with anywhere, the actual, i.e. final, sale price does not always appear in the listing; hence the comparable analysis. For example, I know of a U.S. property record that claims that the seller sold it for $1. Now, we both know that it was more than that.

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    Quote Originally Posted by eperc002 View Post
    Hello,

    I have been traveling a lot to DR, and I will like to purchase a property with financing options. (I will be getting my dominican citizingship in the next couple month - parents are dominicans).

    I'm a real estate broker in the U.S and have flip some properties, here you can determine the value of a property by looking at the comparables properties that have sold in close proximity in the last 3 month. Here in the states property sale records are public and are available on the internet.

    There is nothing like that here.

    How can this method be applied in the DR? Are those record public somehow? How do appraiser really determine the value of a property in DR? I don't want to hire an appraiser for every property I look at (and I like to look at a lot & make multiple offers)

    It cannot be done here easily at all. There should be a record of sales, but I understand you need to be a lawyer to have access. I have never heard of an appraiser here. But keep in mind that everyone can be a realtor since no license is necessary.

    I'm used to making offers here in the U.S without even seeing the property in person sometimes.

    Because of the above, I am sure you can see that is foolhardy to do here.


    Help will be appreciated, thanks!
    The bottom line is that things sell for what people can get for them with little knowledge of comps coming into play. That makes it much easier to buy (not knowing if you made a deal or not) than to sell here. Far harder to sell than in the US. Good luck, but you really have to be here and learn as much as you can about a given area to even come close to knowing what a property might be worth. Makes one wonder why a "comps" system is not considered. It would help the realtors immensely.

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    Quote Originally Posted by windeguy View Post
    The bottom line is that things sell for what people can get for them with little knowledge of comps coming into play. That makes it much easier to buy (not knowing if you made a deal or not) than to sell here. Far harder to sell than in the US. Good luck, but you really have to be here and learn as much as you can about a given area to even come close to knowing what a property might be worth. Makes one wonder why a "comps" system is not considered. It would help the realtors immensely.
    We just bought a lot ( 1038 metres) for 1,700,000 pesos. Flat, on two roads, quiet, good well, surveyed, proper title and a house for sale across the road for 12,000,000. There is no way in hell that house will sell for that pice. Nice yard that is not maintained, same for the house, not even fresh paint or water stains removed. I have bought and sold numerous houses in Canada, and several here. It is really hard to access value or selling price here. One can find selling price and asking price without difficulty. Usually there are numerous unauthorized sellers.

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    Quote Originally Posted by bob saunders View Post
    We just bought a lot ( 1038 metres) for 1,700,000 pesos. Flat, on two roads, quiet, good well, surveyed, proper title
    That is almost exactly what we are looking for. What area?
    Cabin Attendant,
    Augusto Pinochet Helicopter Tours

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    Quote Originally Posted by eperc002 View Post
    Hello,

    I have been traveling a lot to DR, and I will like to purchase a property with financing options. (I will be getting my dominican citizingship in the next couple month - parents are dominicans).

    I'm a real estate broker in the U.S and have flip some properties, here you can determine the value of a property by looking at the comparables properties that have sold in close proximity in the last 3 month. Here in the states property sale records are public and are available on the internet.

    How can this method be applied in the DR? Are those record public somehow? How do appraiser really determine the value of a property in DR? I don't want to hire an appraiser for every property I look at (and I like to look at a lot & make multiple offers)

    I'm used to making offers here in the U.S without even seeing the property in person sometimes.


    Help will be appreciated, thanks!
    The only thing you can really do in the DR is to look at what is being listed on realtor websites in the DR and compare those to what you are looking at. Obviously you have to take into account, location, location, location.
    I would proceed slowly in the DR. Buyer beware. As you know this industry is unregulated. I would low ball any offers. You can always come up in price. The market will ultimately set the price for you.

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    The selling strategy of some here is:

    1- Put it on the market for X pesos.

    2- If it doesn't sell after Y period of time raise the price.

    3- See 2

    4- See 2

    A good preparation for living in the DR is to read Lewis Carrol's Alice's Adventures in Wonderland and Through the Looking Glass.

    This ain't Grand Prairie.

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