Buying a Second Property

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KenoshaChris

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It is, as is anything in the world. That's why we bought. What's the problem? If its so cheap, can't you afford it? Or in the alternative, did you pay too much?? Cheap shots are easy and you just took one. Our money is where our mouths are. Put yours where your's is.
 
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BushBaby

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Jan 1, 2002
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Hey Escott .... as you have got all this money going spare at the moment, why don't you buy HillBilly & I a golf course each???

Congrats on the second purchase. Make me an offer on my Town House any time you want!!! - Grahame.
 
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Danny W

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Mar 1, 2003
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Escott - After reading so many gloom and doom posts about the economy and the state of the DR in general, it's great to see someone bullish. With next to no experience to back it up, I share your enthusiasm. Heeding everyone's warnings, I intend to be careful, but I am hoping to join the ranks down there someday soon. - D
 
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Chris

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Oct 21, 2002
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KenoshaChris said:
Cheap shots are easy and you just took one. Our money is where our mouths are. Put yours where your's is.
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KenoshaChris, Jazzcom is a friend - my comment was a jesting comment to a friend. Come to think of it, if Jazzcom did buy Sosua, it sure would be a different place. :cool:

I think I did congratulate you on your purchase and Jazzy knows that I'm interested in what he is doing and purchasing - and why. I have a high regard for his abilities around real-estate and will most definitely consult him with any of our property dealings.

My money is where my mouth is. I live here fulltime, do business here fulltime and love it here. Our community of friends here is also small - so we value them greatly. And a jesting comment on the board is simply par for the course. No-one takes this seriously - if they did, they might just lose out on the golf courses that Jazzcom is going to buy for them ;)
 
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Escott

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Jan 14, 2002
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Danny W said:
Escott - After reading so many gloom and doom posts about the economy and the state of the DR in general, it's great to see someone bullish. With next to no experience to back it up, I share your enthusiasm. Heeding everyone's warnings, I intend to be careful, but I am hoping to join the ranks down there someday soon. - D
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Danny, I may not have it right but...

If you can buy something under market, which you find out what market is by making low offers and getting rejected often (big deal) you have some sort of a level of safety in the RE on the North Coast. The people I am buying from have taken the big hit when you look at what they paid and what I am purchasing at and there has to be a bottom at some point.

The Lot I bought a month or so ago was only one of five offers in the same subdivision. The rest got rejected and I ended up with one. Well now I put an offer on another and we just wait and see what happens. Rejection is NOT insulting to me and I don't need any property.

If this truly is the bottom of the cycle which I am betting on, I may just make some money. If not I have a 2 Bedroom Condo with the best location in Sosua because it is "QUIET" and (short) walking distance to everything including the beach so it is highly marketable for vacation rentals when I am not there and I also would have a building lot with a beautiful Ocean view in a nice looking community that I can go to and have cookouts with all my friends:) I can live with either scenerio at the moment but I am betting on the bottom of the cycle. How much worse can tourism get and as tourism goes so goes the Real Estate Market in the DR. As I aquire more properties I will then start to think about things if they don't pick up. I think I will be at an advantage in selling since I believe I am buying under market.

Regards,
Scott

BTW: I have a track record in the US for 20 years. Timing is everything and that is what I am betting on.
 
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lurker

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Apr 24, 2003
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why?

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.
 
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Danny W

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Mar 1, 2003
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OK Jazz - You've got me on pins and needles. What did you buy, and for how much!!!!!!!!!! - D
 
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Ken

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Jan 1, 2002
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lurker, I have no idea whether it is the bottom or not, but in recent months there seems to have been a big increase in the number of North Americans looking for property in the Sosua/Cabarete area. Going for the North Shore, it seems to me, are the ease of getting here from North America, the fact that it is a foreign country but not too far from home, the climate and beaches are especially attractive for residents of the nothern states and provinces, and the fact that property on or near the water on the North Shore is presently much less expensive than elsewhere. For a comparable home/condo in Florida or one of the other Caribbean islands, you would pay substantially more. The fact that there has been an increase in interest among North Americans seems to confirm that a turn around has begun, since an increase in potential buyers leads to an increase in property prices. We'll see, but for now, as a property owner on the North Shore, I'm happy I got mine when I did.
 
Hlywud

Hlywud

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Ken

I agree, when purchasing you never offer the asking price, offer the lowest value you feel might get accepted, to shame in being refused. Lurker obviously knows nothing about the DR. I had a property in Fla. and was real glad to get rid of it.
W.C fields said "there is a sucker born everyday" I found one.
Still looking in the DR.
 
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Escott

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Jan 14, 2002
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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.
Click to expand...

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.
 
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johnsr

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Apr 13, 2002
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Scott, Not an argument, just an observation. On each of our trips to the DR, first three to Juan Dolio and the rest to the North Cost, we have noticed more Americans each trip. On our first trip I don't remember any Americans, on our last trip, last month many Americans and it seemed a less Canadians and Europeans. Not a reputable pool, just a casual observation!
John
:cool:
 
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Chris

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Oct 21, 2002
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Re: Re: why?

jazzcom said:
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.
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Damn! I hate it when I agree with you Jazzcom! I can argue but one of your points - This is the big IF. IF the Americans discover .... What will make this IF happen? This is the only thing that could mess with your strategy. And this is the question that does not really have an answer. Also, Papa Castro cannot live for ever and Cuba is closer than the DR. So, I sometimes think it is a question of timing as to which Island recovers first?
 
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Danny W

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Mar 1, 2003
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There is no doubt that when Castro goes and Cuba opens up it will be the big news and big focus of attention. But there will be so much instability and risk that at least for me it's not an option. I think Jazz has it right. He seems to be buying as an investment, but also because he loves the area. There are many better investment opportunities than real estate on the north coast - the stock market for instance - but if you're smart, it seems like you can enjoy your property and make some $$ as well. Personally, I'm looking to buy a place for retirement, not to re-sell, but if I have to get out, I don't want to be stuck. If I lose a few bucks, it won't be the end of the world. - D
 
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Escott

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johnsr said:
Scott, Not an argument, just an observation. On each of our trips to the DR, first three to Juan Dolio and the rest to the North Cost, we have noticed more Americans each trip. On our first trip I don't remember any Americans, on our last trip, last month many Americans and it seemed a less Canadians and Europeans. Not a reputable pool, just a casual observation!
John
:cool:
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John, I fly from NY and with only ONE direct flight from the Dominican Capitol of the NON DR in the world. Everytime which is often I fly from JFK to POP. I am a minority on the plane always. Only on a flight of Dominicans do you get a round of applause when you land and just about everyone crosses themselves. Again, I don't count these people in my thoughts because even if CUBA was to open the Dominicans living in NYC area would still go to the DR. You can always tell the Americans from the Doms.

I was there as late as April so my info isn't old. It may also be possible that Canadian and European travel is down also so they don't stand out as much also. Thanks for your imput.
 
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Paul Thate

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Jan 11, 2002
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real estate purchase

jazzcom said:
since I believe I am buying under market.
Argue my points. I love discussion about RE investments.

Regards,
Scott

You might have bought at the bottom thats a point of view.
But you did not buy below market.
With your purchase you established the market.
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