Buying property in Cabarete/Sosua

jodeck

New member
Jul 30, 2003
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Hello,

Basically looking for other English people that have bought property in DR.

1. I want to buy an apartment to rent out, would I make
money from this?

2. Does anyone know any good estate agents?

3. What should I expect to pay for a one bed apartment?
 

mido

Bronze
May 18, 2002
1,522
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Did you ever visit the island? Have you seen all the tourist areas?
Rental prices vary a lot depending on the area.
 

jodeck

New member
Jul 30, 2003
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Yes I have been to the area, that why I asked Sosua/Cabarete rough prices!!??

Im hoping to go back again later this year

Yes I have spokent to Century 21 just wondered if there were any other agents in the area?

Jody
 

KenoshaChris

New member
Jan 4, 2002
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I have no idea of how many real estate transactions I've closed here in the States but I've dealt with the best and the worst of agents. Jim Belair at American Realty in Sosua did a very nice job for me.
 

ecarignan

New member
Jan 9, 2003
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www.commtech.ca
Real Estate agents that seem to have the popularity of this board are:

Dean from Century 21
Ronnie from Palm Hills (karibik-invest.com)
and Jim Belair from American Realty.

I bought a villa last december using Ronnie (would highly recommend), rented condos and visited a few houses with Jim Belair (would also recommend) and heard numerous praises regarding Dean Brown (would also recommend).

I am sure others are good but these guys speak english, come from North America, except Ronnie and are well connected within Cabarete/Sosua.

I bought in december and it is as easy as North America if all goes well. I don't think one can make money renting a condo, consider buying one if you plan on using it mostly and rent to cover the monthly costs. If you want to make money renting condos, buy in Colorado or other ski areas, not the DR.

Good luck,

ecarignan
 

Paul Thate

New member
Jan 11, 2002
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real estate agents.

jodeck said:
So who are the bad ones?

I could fill two pages., but since I dont care much for
lawsuits will not get into specifics.

Most of them earn a 10 percent commission on sales.
And I suspect they will tell you anything to earn that commission.

There is no control board checking ethics.

In north America before you may become an agent you
have to follow some courses and in general learn the profession.
Here there is no such thing, anybody can hang a sign on their door and they do.

Before you sign on the dotted line talk to other residents
about the building and the neighbourhood.

To make sure the agent has not conveniently forgotten to tell you needed and important information.

As an other example I know of three agents on the recommend list of everyone that accepted listings without inquiry if blueprints existed. Without these the house can't be sold.
That was never explained and is sloppy work. It might take up to 6 months to obtain those , which was also not explained.

Another example is ,Try listing your house in North America
at twice the market value of the house.
All the reputable agents there will refuse to list that house at that price. Here they will and do.
While the market is getting much better now and prices are increasing a 100 000 dollar house is not going to sell for 200 000
and will not even atract attractive counters.
While the sellers ofcourse likes the higher price the honnest reputable agent/ broker keeps his clients expectations realistic.

I can go on and on but won't bore you. Suffice to say buyer beware.
 

Escott

Gold
Jan 14, 2002
7,716
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www.escottinsosua.blogspot.com
One bedroom condos go from 29 to 35k US. I used Ina at Century 21 Juan Perdomo to buy a lot in Sosua but bought the Condo direct from the association which was just a lucky kind of thing.

Contact Eddy here since he runs Condos Dominicanos. Cool dude with a hell of a collection of Angels!~

I agree with parts of what Paul said. I would certainly advise using a Lawyer and have each and every time. There are plenty of people out to screw you here.

Another suggestion is to put the property in the name of a Dominican Corporation. Tax advantages now and in the future.

Scott
 
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Ken

Platinum
Jan 1, 2002
13,884
495
83
jodeck said:
So who are the bad ones?

What difference does it make?

rendul gave you a list of real estate websites, but I'd recommend ignoring that. It isn't the way to pick a realator in the DR. What you should do is work with the list, and it will be a short one, of realtors who are recommended.

I highly recommend Dean Brown and there are others on DR1 who do the same. He is honest and, believe it or not, more interested in the client being satisfied than in making a commission.

A couple of others have been recommended by other posters in this thread.

There is absolutely no need to go any further to find a realtor. Work with the list of those recommended here. In the DR there are almost no exclusive listings, so which ever you choose, you will likely see the same properties.

So what it boils down to is finding a realtor who is honest and straight forward and who will not, repeat not, do or say anything just to get your name on the dotted line.

As Paul says, there is no checking on realtors here. Your only protection is dealing with one who comes highly recommend. If you go through all the posts that have ever been made on dr1 regarding buying real estate, you will soon discover that the list of recommended realtors is very, very short.