the right time to buy???

snooze

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Jan 15, 2004
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Hi,
I've just started to think about the idea of may be buying an apartment/villa in DR for a holiday home/rental/investment. I've had a look at some websites and prices seem to be good value (compared to UK anyway). My fiance is a mad keen windsurfer so would probably look in Cabarete.
Don't know much about the DR but was wondering if anybody had any ideas on whether now is a good time to buy? I'm not much of an economist so any help/pointers greatly appreciated!!

toodlepips
 

Sanson

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Apr 14, 2003
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It`s a great time to buy specially if you earn in Dollars or any hard Currency. With the economic crisis that is going on in the Dominican Rep., you might find several great oportunities of people that can`t afford to mantain their houses or pay the loans. Try to find properties with prices in Pesos.

Regarding the location, I think you should come here to see if you prefer the North, or the Romana - Bavaro Area, which in my opinion is better.
 

philly

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if you earn anything but pesos then i would say YES it is the right time to buy but just with any realestate purchase location location location

i have seen some good deals from apartments to solares to houses you just have to look but i wouldn't buy anything unless i was there in the DR

good luck
 

Camden Tom

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Dec 1, 2002
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It's still a buyers market, but.........

it's starting to change. My wife and I purchased a couple properties in Cabarete and recently made an offer on another one. We feel there is a real opportunity here. Americans are just discovering this area and seem to be moving quickly to buy while the buying is good. Good luck in your search, and also....MOVE CAUTIOUSLY. there are some excellent real estate people in the Sosua/Cabarete area. There are also some who will skin you alive.
 

Ken

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Jan 1, 2002
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Contrary to what sanson said, the fall of the peso is having little affect on prices of apartments/villas in the resort areas. Most, if not all, are priced in dollars.

It had been a buyers market for several years, but, as Camden Tom, indicated, things have changed quite a bit in recent days and properties, at least desirable properties, are appreciating. Within the past few months, a number of properties were sold by Germans and purchased by North Americans. I think just about everyone agrees this is for the better. And it is one of the reasons that prices are appreciating. It is surprising how many posters on this board have reported buying a house or apartment within the past 6-8 months.

I'll be sending you and email with some additional info.
 

Sanson

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Ken, I know that the best apt. and real estate are sold in Dollars. For example, If i want to buy an apartment in Anacaona Ave., I will have to pay in USD. However, with the economic crisis that is going on I have seen great deals in real estate in Santo Domingo (people that couldn`t afford no more the appartment because they had debts in USD, and have had to sold), companies and in arts. But I don`t really know how`s the real estate market in the North.

All you have to do is look for the opportunities (If you earn in USD). it might take more time, but they can be found.
 

Escott

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In Sosua/Cabarete area there is NOTHING priced in Pesos at all. If you buy something the attorneys will write it up in pesos for tax purposes but try and make an offer in Pesos and they won't even accept it. They are looking for windsurf so talking about Santiago or Santo Domingo is a non issue.

I have bought a half dozen properties in the Sosua/Cabarete area since March of last year. Prices have not only hardened but have been rising in a serious manner since then. Great deals/steals are few and far between while they were there by the handfull a year ago.

I think that there is a possibility to make some serious capital gains on real estate in the next 5 years in the DR. The cost of building here is very low today because of the dollar/peso relationship if you have dollars. Land is rising quickly and the availability of finding a decent lot is getting tough. This is starting to be fun and reminds me of the US in the 80's when I was watching prices climb climb climb.

You can still buy properties that are NOT convienent to anything for very little money. If you have to drive for 20 minutes through and over bad roads that are unpaved you can find cheap property. Anything that is reasonably close to the beaches are getting difficult to find and expensive.

Johne was here yesterday looking at lots and was floored by the prices he was quoted as he was expecting to see much lower prices. I let him cry on my shoulder yesterday:)

Scott
 
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DCfred

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Jun 19, 2003
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Just a stupid question... if everyone is buying and selling in dollars, how are these transactions taking place if there are no dollars to be found?
 

Camden Tom

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At the time of closing,

the funds are wired down from US accounts. Being that most of the sellers are from other countries, they take their proceeds back to their country of origin.
 

Escott

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If you are commenting on my post I only speak of the north coast because that is all I am familiar with.

I have a closing on Monday on a 2 family that has Kite beach in front of it. Made the deal about 5 months ago and think I could flip it today at a profit.

Apartments are now going for over 200k for new construction on 2 bedrooms. Never before.

Scott
 

suarezn

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Feb 3, 2002
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Escott said:


Apartments are now going for over 200k for new construction on 2 bedrooms. Never before.

Scott

Huh? 2 bedroom apartment for over 200k in Puerto Plata...or are you talking about Cap Cana?
Give me a freaking break...for ten million pesos I could build me a huge ass house pretty much anywhere in the country...Including beachfront. What a bunch of suckers...
 

Camden Tom

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Actually........

....there are condos under construction on the beach in Cabarete that I was told will start at over $300,000.
 

Robert

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suarezn said:
Huh? 2 bedroom apartment for over 200k in Puerto Plata...or are you talking about Cap Cana?
Give me a freaking break...for ten million pesos I could build me a huge ass house pretty much anywhere in the country...Including beachfront. What a bunch of suckers...

Please tell me in what location you could build a huge beach front house for under US$200k?

A house with basic services, electric, water, phone etc.
Huge, I assume you mean 3-500 sqm villa?

I'm waiting....
 

quaqualita

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Feb 4, 2002
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Robert said:
Please tell me in what location you could build a huge beach front house for under US$200k?

A house with basic services, electric, water, phone etc.
Huge, I assume you mean 3-500 sqm villa?

I'm waiting....


Well, I think 200 to 300K for a small 2 bedroom apartment is really a bit high, unless there comes something special with it.
I did a quick search in google. OK, maybe not a 500 sqm villa, but there are plenty offers for beachfront very nice 2 or 3 bedroom villas for much less:

villa, beach front, just outside Cabarete, 24hrs water/power/security
180,000.- US$

Sol de Plata Gardens, Ocean front and beach front pieces of land in first-class projects from 55.-US
Villas from 100,000 US $.
Small villas from 55,000 US $

Luxury ocean view villa in beachfront urbanization
US$ 190,000

WONDERFUL VERY EXCLUSIVE 2-BEDROOM VILLA
Very close to the ocean with tropical garden
price: US$ 185,000

Villa in beachfront urbanization
US$ 119.000

2B/2B BEACHFRONT RENTAL VILLA (1/2 of duplex) directly on Cabarete Beach. (Olas de Oro)
US$120,000


quaqualita
 

suarezn

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Robert: I have a design for a house I plan to build in Cotui. It is about 5000 square feet. The budget we came up with at current prices is about 5 million pesos. We're talking first rate materials here and it includes all labor and fees. I bet you I could find a nice beachfront lot for a lot less than 5 million pesos in many areas in the DR (Nagua, Samana, Cabrera, probably even in Puerto Plata). The problem is a lot of people pay an outrageous premium, because they want to live in a gated community.
If you don't need beachfront, then you can really find some nice houses with that kind of budget in places like Santo Domingo, Santiago, La Romana, etc...

Quaqualita: Consider that those prices you found are internet prices and are way overpriced. If you negotiate face to face you can get them a lot lower.

Just look at the remax site and see what you can get for about 8 million pesos. Tons of nice houses in very nice areas...Like I said a bunch of suckers paying inflated prices and with that driving up the price of real state...

My opinion.
 

Escott

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suarezn said:
Huh? 2 bedroom apartment for over 200k in Puerto Plata...or are you talking about Cap Cana?
Give me a freaking break...for ten million pesos I could build me a huge ass house pretty much anywhere in the country...Including beachfront. What a bunch of suckers...
Sosua not Puerto Plata first. Cap Cana, NO!

I am talking about a 150 meter 2 bedroom with a killer view. More than half are sold already.

There are a lot of people that do NOT want a house btw and want a condo. I swore that I would never buy a house again but here it is so cheap for a Jose and a Josb you don't have to worry about maintenence like in the US.

Show me a HUGE ass beach front house in Sosua for 200k and I will take one of them and my buddy Alanindr will buy one also. I will even give you head at high noon in front of La Roca as a thank you if you don't want my wife instead. Alan will probably make the same offer.

Fact is that it doesn't exist fwiw.

Scott
 

RHM

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Comment for CamdenTom...

your words:

It's still a buyers market, but.........
it's starting to change. My wife and I purchased a couple properties in Cabarete and recently made an offer on another one. We feel there is a real opportunity here. Americans are just discovering this area and seem to be moving quickly to buy while the buying is good. Good luck in your search, and also....MOVE CAUTIOUSLY. there are some excellent real estate people in the Sosua/Cabarete area. There are also some who will skin you alive.


My words:

I agree with everything except for the comment that Americans are discovering the DR and making moves. People have been saying that for 30 years. Guess what? They ain't coming. (not in droves.....but perhaps the trickle will continue)

Americans want English speaking vacation locations and I dare say.......a bit cleaner and safer. BEFORE everyone starts in on the cleanliness and safety issue please hear me: I live here and think it is as safe as any American location(mas o menos) but maybe not as clean. I'm a believer in the DR and its potential but perception is reality and Americans don't want to have to be "sold" on their destination. There are plenty of islands and beautiful beaches elsewhere.

My two cents from under the radar,

Scandall
 

Escott

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Re: Comment for CamdenTom...

Scandall said:
your words:

It's still a buyers market, but.........
it's starting to change. My wife and I purchased a couple properties in Cabarete and recently made an offer on another one. We feel there is a real opportunity here. Americans are just discovering this area and seem to be moving quickly to buy while the buying is good. Good luck in your search, and also....MOVE CAUTIOUSLY. there are some excellent real estate people in the Sosua/Cabarete area. There are also some who will skin you alive.


My words:

I agree with everything except for the comment that Americans are discovering the DR and making moves. People have been saying that for 30 years. Guess what? They ain't coming. (not in droves.....but perhaps the trickle will continue)

Americans want English speaking vacation locations and I dare say.......a bit cleaner and safer. BEFORE everyone starts in on the cleanliness and safety issue please hear me: I live here and think it is as safe as any American location(mas o menos) but maybe not as clean. I'm a believer in the DR and its potential but perception is reality and Americans don't want to have to be "sold" on their destination. There are plenty of islands and beautiful beaches elsewhere.

My two cents from under the radar,

Scandall
From a American sitting with another American (Alanindr), you don't know shit.

Thanks,
Escott
 

RHM

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Sep 23, 2002
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Escott........

Well said...........usually it takes people a lot longer to figure that out.

Enjoy the Presidente with Alan,

Scandall in SD
 

Escott

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quaqualita said:
Well, I think 200 to 300K for a small 2 bedroom apartment is really a bit high, unless there comes something special with it.
I did a quick search in google. OK, maybe not a 500 sqm villa, but there are plenty offers for beachfront very nice 2 or 3 bedroom villas for much less:

villa, beach front, just outside Cabarete, 24hrs water/power/security
180,000.- US$

Sol de Plata Gardens, Ocean front and beach front pieces of land in first-class projects from 55.-US
Villas from 100,000 US $.
Small villas from 55,000 US $

Luxury ocean view villa in beachfront urbanization
US$ 190,000

WONDERFUL VERY EXCLUSIVE 2-BEDROOM VILLA
Very close to the ocean with tropical garden
price: US$ 185,000
You seem nice but I have just one question to ask you. Were you born yesterday?

Very close to ocean? 2 bedroom seem like a "Big Ass Villa" to you?

Listen, Pond site means freakin swamp ok? Learn how to read real estate ads for Krists Sake!

Escott
Making new friends every freakin day!