Re: why?
lurker said:
im curious what leads you to believe its the bottom.
-the north shore gives a whole new meaning to DEAD
-dr credibility (viability) at a new low point
-a global economic recovery is a long ways off.
-usa will be consolidating for a decade.
I agree 100% with what you said. You have said that NOTHING is going for the North Coast, the Dominican Government has shit the bed and it doesn't look good.
That being said, I have to tell you that last month I bought a property which was a building lot in a gated community, with paved roads, street lights, underground utilities, 24 hour security, Tennis courts, clubhouse and a panaramic view of the ocean and just under 3/4ths of an acre across the road from Sea Horse Ranch which is the PREMIER developement in the DR for 15k from a guy that paid 36k for it many years before.
Now, I cant possibly lose as much as the last guy if it went down to no value. It won't go down to NO value in my opinion. What do you think? Since 9-11 the country has been hurting regardless of the government saying that there have been increases in Tourism. Frankly I don't buy it from my frequent trips to the North Coast and having the same take as you.
Could it get any worse in the DR? Does it presently have ANYTHING going for it? If you agree with me then THAT is the time to buy Real Estate. That is called buying at the bottom and hoping it goes up. Life is a gamble and you won't make any money if you AINT in the game.
Argue my points. I love discussion about RE investments.
Thanks,
Scott
PS> Just got home and emailed the attorney and the Seller to see if I closed to give the details.
PPS> EDITED to Add:
I don't think that there are many people if any that fly from NY to POP more than I do on this board. I dare anyone to argue the points I am going to make.
Most of the flights from JFK to POP are more than 70% Dominicans. The flights have decreased from 4-5 each way direct flights a day to ONLY 1 flight direct a day. These Dominicans although they may be American Citizens will NOT go to another Country other than the DR because of ties to the DR.
Americans DO NOT TRAVEL TO THE DR AS TOURISTS and forget the dominicans because they do NOT count in THIS arguement. Everyone I run into on the North Coast are either Cannucks or Europeans with just very few Americans.
If the Americans DISCOVER the damn country they will flock there because of LOW prices compared to Cancun Mexico because MEXICO sucks as a destination. How boring can it get in Mexico?
So, if US citizens other than those of Dominican Heritage start going there not only will tourism pick up but as a direct result so will real estate.
Waiting for arguements to my thoughts.