Page 1 of 2 12 LastLast
Results 1 to 10 of 16

Thread: Rental glut?

  1. #1
    Bronze
    Join Date
    Mar 2003
    Posts
    856
    Post Thanks / Like

    Default Rental glut?

    I'm thinking of buying a luxury 2 bedroom condo in Sosua. One possibility is that I might rent it out until I have more time to spend there. It seems that there are many villas and condos on the rental market. In addition, the hotels in Sosua are very inexpensive. Assuming that the condo will be very desirable, is it unrealistic to factor rental income into my equation? - D

  2. #2
    Silver
    Join Date
    Jan 2002
    Posts
    3,791
    Post Thanks / Like

    Default

    If you have to ask these questions Danny, my advise is DON'T BUY YET!!!! Get to know the country more, learn your way around (who is trustworthy/who isn't), learn where you WANT to live & what are the pro's & con's of the neighbourhood you thinking of buying into!!

    There are many people moving out of the Sosua area right now (see other threads on this subject) WHY is that?? Will you be able to sell the condo you buy quickly if the area isn't what you want it to be?? I have a beautiful town house in Puerto Plata that has been on the market .... For FOUR YEARS!!!! Anyone thinking of setting up a business & wants to have a central office right opposite the Ambar Museum is welcome to come visit it .... "Very good price my boy!!!!!!"

    Seriously, think long & hard on buying without knowing all the pitfalls - some of us have been there & would advise you spend more time down here first!! - Grahame.

  3. #3
    Regular
    Join Date
    Jan 2003
    Posts
    261
    Post Thanks / Like

    Default

    Danny, if you ever need rental to afford the condo purchase, I would stay away from the purchase. I own a villa in the DR for my own use and the use of family and friends. You should consider the rental revenues as bonuses or to pay off those monthly fees. Do not calculate any rental in your addition.

    Good luck and again, rely on people that have gone through the process but it is a pleasure to buy real estate in the DR, very easy and nice real estate people to deal with.

  4. #4
    Regular
    Join Date
    Dec 2002
    Posts
    481
    Post Thanks / Like

    Default

    Danny - I agree with Eric and Grahame. (Eric and I are next door neighbors in DR). We both bought vacation homes for our own pleasure. When we rent it, it's just a bonus to help pay for maintenance fees.

    You're right about how inexpensive hotels are for rent. Some of them I've seen for low prices aren't that desirable (to me). Some are right in the middle of town, with constant noise. We once rented a condo outside of Sosua but near the highway. The noise from the motor scooters was constant and we always had difficulty getting to sleep at night.

    For first-time visitors who have some money to spend and want comfort and ambience, I would venture to say they would prefer the All-Inclusive luxury resorts.

    The purchase of real estate there is painless, but you have to do your homework for months prior to coming down. A good real estate agent is a must. I used Dean Brown from Century21. He's originally from North Carolina and goes above and beyond - to match real estate with your musts and wants. We talked to him for 2 months before our trip down to look at property.

    Good luck!

  5. #5
    Bronze
    Join Date
    Mar 2003
    Posts
    856
    Post Thanks / Like

    Default

    Thanks everyone, it seems unanimous. I am dealing with Dean Brown. He seems great, but of course his job is to sell. Any opinions on the best oceanfront or oceanview condos in Sosua? - D

  6. #6
    Regular
    Join Date
    Jan 2003
    Posts
    261
    Post Thanks / Like

    Default

    I visited a very nice one in Cabarete, right where the kitesurf beach ends and becomes more natural. It's very nice 3 storey building with 2 large condos per floor and pool in the back. Beautiful beach there and walking distance from Cabarete on the beach.

    Can't remember the price but I visited with Remax North Coast, I'm sure Dean has access to it. If you want to be on the beach, this one has it all.

  7. #7
    Regular
    Join Date
    Dec 2002
    Posts
    481
    Post Thanks / Like

    Default

    El Neptune Condos were very nice. They are right in Sosua and have ocean view. Ken of this forum owns a condo there. They are spacious; have a nice porch; nice landscaping; nice pool. I believe you can get a 2b/2b one for around $55K.

    Dean Brown is topnotch. He is honest and laid back. He isn't a hard seller. He won't pressure and won't steer you wrong. Trust us!!

  8. #8
    Regular
    Join Date
    May 2003
    Posts
    97
    Post Thanks / Like

    Default

    Danny,
    I agree with all the previous replies. I am an attorney in Canada and deal 80% in real estate. The golden rule applies everywhere including DR: Location.
    Just bought down there last July, painless but took a bit longer than expected because of negligence of european seller not having all his corporate documents in order. As mentiond in another thread, we are in Cabarete and just love the place. Visited a bit around but always came back to this one. Cannot beat the view of the ocean (which is also in higher demand for renting tourists). Because of the Kite boarding and windsurfing, seems to be always in demand VS Sosua. But our rule was to buy for ourselves and no count on the rental side of things. I am in the rental pool at the Nanny, which is geared more in the higher end bracket. The bonus for us is that rentals covers more than our expenses even using the place 2 months out of the year with full maids service. Hey great but would not count on it! Never know with the local economy.

  9. #9
    Bronze
    Join Date
    Jan 2002
    Posts
    639
    Post Thanks / Like

    Unhappy

    Why is it that people always want to by property in foreign countries? In my book that is "legal"
    stealing. First thing they do is keep the locals out by putting fences and gates around "their"
    properties. If you are not citizens then you are a guest of that country and guests stay in hotels or rented places.

    Am I totally off my rocker??

    x.

  10. #10
    Regular
    Join Date
    May 2003
    Posts
    97
    Post Thanks / Like

    Talking off your rocker

    Am I totally off my rocker??

    Sorry to say, but yes X-Man, you are completely off your rocker.
    No other comments necessary

Page 1 of 2 12 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •