I have for a time considered to by a Condo in Sosua. The thing I wonder about is the advertised prices. Is the prices that is advertised on posters, and on the internet, the pcice I must expect to pay, or is those prices just an opening for negotiations ? Will I forexample make a fool of myself if i bid half the adverticed price ? This is maybe a difficult question, and will vary a lot, but i hope someone with exerience can give me an idea.
- Thread starter Tor
- Start date
Condo prices (Sosua)
Sellers are doing better these days than they have in the recent past. I know in the condo complex where I live, there has been a significant increase in prices.
Do you spend enough time here so that you can take your time, get to know what is available, and convey the idea you have time to look and wait. Or are you thinking about purchasing something while here on a one or two week visit.
A realtor I recommend you contact is Dean Brown at wandabrown@codetel.net.do He is an American expat and a very straight shooter. Get his input on your questions; he won't snow you.
Do you spend enough time here so that you can take your time, get to know what is available, and convey the idea you have time to look and wait. Or are you thinking about purchasing something while here on a one or two week visit.
A realtor I recommend you contact is Dean Brown at wandabrown@codetel.net.do He is an American expat and a very straight shooter. Get his input on your questions; he won't snow you.
No I have been here several times, I have now stayed here for 2 months, going back home for christmas a couple of weeks, but coming back in the beginning of january, and will stay until april. The thing i wanted with my question was to find out about how many % of the advertised prices i should excpect to pay.
I think there still should be a buyers market here, since it seems like almost the whole town is for sale.
I think there still should be a buyers market here, since it seems like almost the whole town is for sale.
Well I think that the buyers market has taken the train out of town. Day late and more than a dollar short I am afraid.
As Ken said the prices have not only gone up but just about doubled in our complex since I bought there during the summer time. There were also 6-8 apartments for sale and there are NONE that I know of now.
Scott
As Ken said the prices have not only gone up but just about doubled in our complex since I bought there during the summer time. There were also 6-8 apartments for sale and there are NONE that I know of now.
Scott
Tor, I don't think anybody can tell you the % you will need to pay. But you will pay closer to the asking price than a year ago. A lot of Germans have sold to Americans, and prices have been rising.
One of my sons told me that the DR is the hot item in the US this year in the winter travel sections of the newspapers. Things are definitely picking up and prices are rising.
Start your search and make your offers. It won't take you long to get a sense of what makes sense. But I would say waiting to see if prices come down is not advisable at this time.
One of my sons told me that the DR is the hot item in the US this year in the winter travel sections of the newspapers. Things are definitely picking up and prices are rising.
Start your search and make your offers. It won't take you long to get a sense of what makes sense. But I would say waiting to see if prices come down is not advisable at this time.
I think that is true for the large houses around Sosua, especially if they are not in a gated community, you can make some very low bids. Working for a local agent recently, I have noticed a severe drought in the apartment ranges between $40k - $50k. Some of the vendors on smaller properties (houses) have even gone to the extent of rejecting the asking price!!!
Never heard of them, Tor. Seriously consider the person I recommended. He is with Perdomo and Century 21. I can recommend him because I know he is honest and trustworthy. One thing I've learned in my 17 years of living in the DR is that a lot of people come here with dreams of getting rich quick. For that reason, I only recommend people that I know and trust and who have a good track record.
Tor, I agree with Ken, Dean from Century 21 is a serious realtor and so are Ronnie from Palm Hills Realty, as well as Jim Belair from American Realty DR. Those seem to have the vote of confidence of DR1rs. Not to say that others are not as good but these guys are top notch, why look elsewhere.
As for prices, there seems to be a lot less bargains in what attracts americans (large mansions, condos, gated villas, beachfront). You may still find large houses in non gated and away from the beach or outside the popular tourists areas at a steep bargain but the longer you wait to make a move, the more you'll pay. Market seems to be going up and that's good for everyone. I think the reason the market is going up is certainly not the l economy but rather a change in buyers from germans/european to north americans. Again, that's only my personal observations, nothing based on real numbers.
Good luck in finding real estate.
As for prices, there seems to be a lot less bargains in what attracts americans (large mansions, condos, gated villas, beachfront). You may still find large houses in non gated and away from the beach or outside the popular tourists areas at a steep bargain but the longer you wait to make a move, the more you'll pay. Market seems to be going up and that's good for everyone. I think the reason the market is going up is certainly not the l economy but rather a change in buyers from germans/european to north americans. Again, that's only my personal observations, nothing based on real numbers.
Good luck in finding real estate.
I have worked with them in the past and plan on working with them in the Future! Nice fellow that does a good job for me. He listens to what I tell him and finds me what I am looking for.Tor said:
I also know Dean at Century 21 and like him although I never had a chance to work with him. I started with Ina at Century 21 and have been quite satisfied with her performance and made 2 purchases through her. I am one of the most loyal people in the world till I get screwed and then clear the deck because if my day is ruined so will the day of others. I take no prisoners in business.
There are other good brokers that I have not had the chance to work with yet that were mentioned such as Jim Belair but hopefully I will get that chance as I have heard nothing but GOOD about him.
Dont get pigeon holed into one broker. If more than one broker shows you the same property just politely tell them someone else showed it to you.
Best of luck in your search and let us know how you make out.
Regards,
Scott
same question
I am a little dissapointed that no one was able to at least attempt an answer to his question as I had the same question myself but in Cabarete. I will be looking in the 25 to 70 k range and one in particular is 68 in central Cabarete. I am wondering what I should offer for this? Low ball or close to asking price?
I am a little dissapointed that no one was able to at least attempt an answer to his question as I had the same question myself but in Cabarete. I will be looking in the 25 to 70 k range and one in particular is 68 in central Cabarete. I am wondering what I should offer for this? Low ball or close to asking price?
Winnipegger, the question was answered--unless you didn't understand the gist of what you read. It is a sellers market, not a buyers market, unless you are looking for a big house that is not in a gated community, etc. If it is a sellers market, then why wouldl you want to antagonize the seller by making some low ball offer.
If you want a more specific answer, make a serious offer, one that makes sense in relation to the asking price. If you are working with a good realtor, he should be able to help you with this based on his knowledge of comparable properties.
If you want a more specific answer, make a serious offer, one that makes sense in relation to the asking price. If you are working with a good realtor, he should be able to help you with this based on his knowledge of comparable properties.
I guess I didnt understand
I guess I didnt get the gist exactly then? You said the sellers are doing better than days gone by. However since I dont know how bad the market was I cant really tell that it is a buyers market? All I know is that I have been checking out the properties online and it seems that the same ones have been listed for months and months now? Most sellers markets that really doesnt happen I wouldnt think unless they were really overpriced? And if they are then why would I offer them what they are asking. The bottom line is I dont know much about the realty market there and I dont know a Realtor that I could trust to advise me truthfully what I should be offering. I had read on another board that you should offer about half of what they are asking. I thought that that would be to low but as I said I dont know the market there. So my question then to the board is if the apartment has been on the market for many many months in Cabarete and they are asking 68 thousand what should I offer? Just looking for opinions thanks
I guess I didnt get the gist exactly then? You said the sellers are doing better than days gone by. However since I dont know how bad the market was I cant really tell that it is a buyers market? All I know is that I have been checking out the properties online and it seems that the same ones have been listed for months and months now? Most sellers markets that really doesnt happen I wouldnt think unless they were really overpriced? And if they are then why would I offer them what they are asking. The bottom line is I dont know much about the realty market there and I dont know a Realtor that I could trust to advise me truthfully what I should be offering. I had read on another board that you should offer about half of what they are asking. I thought that that would be to low but as I said I dont know the market there. So my question then to the board is if the apartment has been on the market for many many months in Cabarete and they are asking 68 thousand what should I offer? Just looking for opinions thanks
See the above posts. I recommended a realtor that I guarantee you can trust to advise you on what to offer. Several others posters mentioned a couple of names of people they think you can trust. You are much better off with the help of a honest, competent realtor; don't try to do it on your own. A guy like Scott can because he has been dealing in real estate for years. But at your level of understanding regarding dealing in this market, you will help yourself by getting a good realtor to assist you.
Guess my approach is a bit different. It makes no difference to me what the asking price is, all that matters is what is it worth to me. My offers have generally been close to the maximum I would pay or the asking price, which ever is less. Buyers, sellers and uninterested third parties have differing opinions as to a properties value. Coming together is the negotiation. Appraisals, especially in DR have no value to me.
The opinions I express are my own, the money I spend is my own.
The opinions I express are my own, the money I spend is my own.
Thanks again for the responses. The reason that I asked about that spesific real estate firm is ofcourse that they have a condo for sale that I'm interested in.
I'm in doubt of investing now, because I have been advised to wait untill the President election. There is some rumours that it can be great difficulties for foreign property owners. Does anybody know something about this ?
I'm in doubt of investing now, because I have been advised to wait untill the President election. There is some rumours that it can be great difficulties for foreign property owners. Does anybody know something about this ?
There are always rumors in the DR. I see no reason to wait. I have been here since 1986 and experienced a number of presidential elections. The one thing that every presidential candidate knows is that this country can't afford to make trouble for foreign investors. Whatever troubles this country is now experiencing would be miniscule if foreign investors should flee and new investors be scared away.
One more question. If I buy a condo I have been advised to start a company, and buy it trough the company, because if i get a girlfriend here and she moves in and stays for half a year, she can claim half the condo's value if it's bought in my name only. Is this true ?
For various reasons, it is advisable to form a company. You own the company that owns the condo.
It may be the condo you are buy is already owned by a company. In that case, you can buy that company if the condo is its only asset. Otherwise, the present owner can form your company (with you paying the bills), then sell the company to you with the condo as its asset.
Since you are planning to buy a condo in the greater Sosua area, the legal firm of Fabio Guzman would be a very good choice. http://www.drlawyer.com/index.htm Or Guido Perdomo http://www.juanperdomo.com/eng/index.htm
It may be the condo you are buy is already owned by a company. In that case, you can buy that company if the condo is its only asset. Otherwise, the present owner can form your company (with you paying the bills), then sell the company to you with the condo as its asset.
Since you are planning to buy a condo in the greater Sosua area, the legal firm of Fabio Guzman would be a very good choice. http://www.drlawyer.com/index.htm Or Guido Perdomo http://www.juanperdomo.com/eng/index.htm