Real Estate......

Snuffy

Bronze
May 3, 2002
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sure has changed in a very short time. Last time I searched the internet prices were much higher than now. Seems like a lot of people are leaving the DR. What is the scoop???
 

Ken

Platinum
Jan 1, 2002
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Can't speak for rest of country, but I don't think people are fleeing from Sosua (where I live). Prices are down, but more realistic given the state of the world economy, etc.
 

BushBaby

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Jan 1, 2002
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I think due to the poor economy, three things apply to lower prices at the moment.

1. the sellers are after money NOW whereas before they were prepaired to wait several months. As a result, they are lowering the sales price to a minimum level.

2. there is so much more property up for sale now because business (especially on the north coast) is suffering greatly from a lack of confidence - who knows WHAT tax 'Hippo' will introduce next week/month to pay for all his borrowing??? So, back to 1. above, sell quick & get out while you can!!

3. Borrowing money is SO expensive at the moment, that any idiot wishing to set up a business (or buy a house) will be paying through the nose for the privaledge. Better to keep on renting & leave any of the LIQUID cash earning money from investments. Heck, the return could well be greater than the rental agreement anyway!!

My Victorian style house in the centre of Puerto Plata has been up for sale for THREE years now - IF the Cruise ships come to town I shall sell quickly but ........................?? I would much rather sell quickly now & take a reduction in my meagre profit than hang out for something that might never come!! - Grahame.
 

mondongo

Bronze
Jan 1, 2002
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I hope I'm wrong....but i think "you just ain't seen nothin' yet".. as the old song by whats-his-face says....

BTW....snuffy....how did you come up with that nick?
 

Jim Hinsch

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Jan 1, 2002
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Prices for prime residential lots in Boca Chica have nearly doubled in price just in the last few years, from around RD$350/m2 to around RD$700/m2. There is tons of construction going on and some pretty nice houses.

Just in the last year, a new plaza was built (La Isla Bonita), two new "mini-malls" (modern store groupings), a bank, a 5-star restaurant, and at least half a dozen condominium complexes, including one right on the beach next to the all-inclusive Don Juan Hotel that isn't quite finished but 4 storie tall so far.

That, plus new steet signs, electric and telephone poles made of concrete, and now they put in (are putting in) new street lights.

Several new restaurants have opened on the main strip, including a new Dominican buffet.

Yet it seems to me that tourism is down. That's the general consensus and how it feels. At the same time, there are a growing number of permanent residents and many in town seem to be prospering despite the downturn in tourism. Just wait until tourism picks back up. And when the Pan-Am games come to town next year, that town is going to rock.
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Where?

The plaza I know about- with the German restaurant and what else in it I don't know if it is occuped yet - what and where are the mini-malls you refer to?

I eagerly await the new condo in the old Ronnie's bar site which I think you mean, before I retire would be nice at the rate they are laying bricks, still with the Italian complexes considered or under way near the top of Mt. Trashmore/El Candil there is no doubt Boca Chica is hopping with activity.

There are really 2 new banks - the big Banco Reservas at the bottom of the old Mount Trashmore hill and the Baninter branch they opened on Duarte which is a bit small but is new.

Caution is the watchword at the new buffet near Cosmo and Zanzibar - we attepted twice to go in July and both times the food from the a.m./lunch was still there at 8 p.m., unheated steam tables, room temperature and with enough sauces and other ingredients to warn away anyone who has the slightest concern about the risk of food poisioning - we asked them to keep it hot but I think they were worried it would be dried out vs. the bigger concern of unrefrigerated food for 8 hours in the BC climate.

It was interesting to watch the installation of street lights with the erection ( Boca Chica pun, eh?) of all the poles on the streets and then subsequently figuring out there are no wires to any of them and then trenches being dug by hand from pole to pole to lay conduit and put in the wires.

Maybe 2 different contractors but lordy, a strange way to build it.

The new 5 star is getting good word of mouth ( the name escapes me at this juncture) - it is a bit pricey but no more so that Neptunos' I would think and they seem to have music and other entertainment. Nice and close to Hamaca for the AI people to wander out to without (unecessary) fear.
 
T

TiberiusMineola

Guest
Real Estate Values - Puerto Plata & Sosua

I agree with Bushbaby. The focus of tourism is now Punta Cana, at least for the American & Canadian charters. This winter? I expect more of the same. I think that Puerto Plata has seen its peak as "the" center of Dominican tourism. The golden goose has been killed! Consequently, real esate values in Puerto Plata are headed down & will continue to head down. Cruise ships? During my life time? Asking prices? Difficult to say. Sale prices? For sure, heading down. Actually, while bad for the Puerto Plata-Sosua economy, this is good news for permanent, foreign residents - in the long run. Fewer people, less traffic, with lower R E prices simply part of the overall equation. One man's opinion.
 

Jim Hinsch

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Jan 1, 2002
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Re: Where?

ricktoronto said:
what and where are the mini-malls you refer to?

The condos being built at the old site of Ronny's Bar is the one I refer to being built on the beach.

The two "mini-malls": One is next to the Western Union near Cosmos. There are about 10-12 businesses in that one, including a new internet cafe, a one-hour photo, and a couple Designer clothing stores. It fills the area between Duarte and the next street going towards the beach and one can enter from either street.

Here is a picture. Note the construction in the background, which seems to be going on all over Boca Chica (click for a larger view):
<a href="http://www.BocaChicaBeach.net/images/misc/boca_chica_gallery.jpg"><img border="2" src="http://www.BocaChicaBeach.net/images/misc/boca_chica_gallery_small.jpg" alt="boca_chica_gallery.jpg (78631 bytes)" width="192" height="100"></a>

This is one of the somwhat modern stores in the tiny section (click for larger view):
<a href="http://www.BocaChicaBeach.net/images/misc/souvineer_store.jpg"><img border="2" src="http://www.BocaChicaBeach.net/images/misc/souvineer_store_small.jpg" alt="souvineer_store.jpg (94265 bytes)" width="133" height="100"></a>

The other, which is not fully occupied yet, is along the eastern edge of the Laser Disco. I don't have a picture.

The new restaurant (5-star) can be seen here (El Tula). Click for more photos:
<a href="http://www.BocaChicaBeach.net/el_tula"><img border="2" src="http://www.BocaChicaBeach.net/images/restaurants/tula/tula_dining_small.jpg" alt="tula_dining.jpg (77594 bytes)" width="133" height="100"></a>
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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I know where you mean

But I had the impression that the minimalls (the one near laser is mediocre in terms of occupancy - of course so is Laser Disco) have been there longer than "the last year", no?

I have been using that nice Cambio nearest to Cosmos / Zanzibar since 2000 if I recall right since it is clean and A/C (like 4 degrees celsius) and they remember me and I don't need ID for traveller's cheques.

This is all really post-George reconstruction isn't it , e.g. after 1998-1999?

I eagerly await the new Ronnie site condos. Or old age pension, which ever is 1st.

How is the after the fact undeground wiring project going? I was there is July and will be there August 31 for 4 nights and maybe I can see a working streetlight assuming a) wiring is done and b) they have electricity.

Still it is a hell of a lot nicer than it was before the hurricane.
 

Snuffy

Bronze
May 3, 2002
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Anyone know about Constanza?

I have not been there but hear it is beautiful. Would be interested to hear feedback on this area and any info. on land prices or biz opportunity.

We live in Santiago now...but I was thinking I would like a place in the mountains for those really hot summer days.

What about the mountain area just south of Caberate? I believe it is south...I should say.......back of Caberate....moving away from the ocean.
 

Jim Hinsch

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Jan 1, 2002
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The plazas I referred to have been open less than one year. The Western Union was there, but not the stores that fill that plazaz. They still are all filled and open yet.

Post Hurricane? I guess you could say that about anything that has been built since the hurricane. Projects that take years to complete are typical in the DR. How long have they been working on that condo building at the site of Ronnies and look at how far they've only gotten. It took a long time to open up La Isla Bonita and they still haven't put in the movie theatres or restaurants yet. But I have a copy of the plan and there's a lot more coming. For now much of the space is just rented to guys that sell Haitian art.
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
With respect to Sosua, time will tell, but there are reasons for optimism sufficient to cause some people to buy now as an investment in anticipation of a turn around.

Talk in town is that when the President was here a few weeks ago that he authorized a major beach improvement project. It is supposed to start soon. And this new hotel complex that is being built in town overlooking the beach could have a major influence on Sosua. When I walked through the central park this morning I was pleased to see how clean and beautiful it was. This seems to be due to the fact that it is within the hotel's area of influence.

I had a chance to see some of the hotel complex the other day, and what I saw was impressive to say the least. There is nothing like it in Sosua. The pool area looked like the setting for a major movie. People enjoying a jacuzi on the balcony of their room in the luxury area of the complex will have a tremendous view of the bay, the pool and the beach.

Word is that only a portion of the complex will be AI, and that much of the complex will be focused on the upscale market.

A portion of the complex is open (and occupied) now and work is proceeding on the rest. If you are in Sosua you should most certainly look it over. If all goes as hoped, it will have a very positive effect on the town.
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