Apartment Purchase Question

Talldrink

El Mujeron
Jan 7, 2004
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How is the Malecon area to live? I was told they are selling some of the apartments made for the Panamerican games and they are being very selective. I got this info AFTER I came back on Sunday, so I was not able to visit myself. I never lived near the area and just pass it to go to and from the airport, so I have no clue as to how it is around there.

Any input? Good investment? Whatcha think?
 

amparocorp

Bronze
Aug 11, 2002
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Talldrink said:
How is the Malecon area to live? I was told they are selling some of the apartments made for the Panamerican games and they are being very selective. I got this info AFTER I came back on Sunday, so I was not able to visit myself. I never lived near the area and just pass it to go to and from the airport, so I have no clue as to how it is around there.

Anyjjjjjjjjjjj input? Good investment? Whatcha think?
if you have dollars, not pesos, there are some wonderful deals to be had in Santo Domingo at present.........beautiful apartments......cheap...in comparison to what you would pay for the same place in Miami, Tampa, Houston, or San Juan........
the problem is that just a few years ago the Dominican economy was booming which led to a construction boom, then things turned sour and now we have an over-supply of new apartments which the average Dominican can no longer afford to purchase........an investment is something that is bought with the intent of sale in the future in order to reap profit.....in the short term (1 to 2 years) it may be very difficult to re-sell your apartment at a profit........there are tons of new apartments for sale and why would someone buy your used apartment when they can buy a new one next door or down the street for the same price.......
however, if you have dollars and are looking for a place to own, call home, live in, now is a perfect time, things won't get be getting cheaper.........
the malecon is at least a few miles long so i can't pin down where you had in mind but it is generally a good area.......keep in mind that you are in the center of a very large capital city of a latin country, not downtown Portland....this is city living...reminds me of living in Boston.....there are many thieves is this city and no place is immune. happy hunting.......michael lesawyer..EOM
 

Robert

Stay Frosty!
Jan 2, 1999
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Talldrink said:
How is the Malecon area to live? I was told they are selling some of the apartments made for the Panamerican games and they are being very selective. I got this info AFTER I came back on Sunday, so I was not able to visit myself. I never lived near the area and just pass it to go to and from the airport, so I have no clue as to how it is around there.

Any input? Good investment? Whatcha think?

The Malecon is considered to be from the port area (Colonial Zone) going west to 30 de Mayo. I'm assuming your talking about the road along the coast to the airport?

As for as I'm aware, most of the apartments in the Pan-American Village got handed out to various people by the government.Athletes, friends, PRD supporters etc.

It's not uncommon here for people to sell apartments that have been gifted to them so to speak, but don't actually own them. If you have been offered one of these apartments I would get a very good lawyer to take a long hard look at the title of the apartment.

Maybe when they say selective, the mean looking for gullible people? Buyer beware...
 

Talldrink

El Mujeron
Jan 7, 2004
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Thanks Guys, Robert: makes sense.

After much investigation it is mostly a scam from a bank. They will only let you buy it at the 'special' price if you finance through them, not cash upfront. So of course the interest rate is Bullistic! Anywho, I have no rush on buying anything until Im a little closer to making a decision and having some job prospects, that may take a while...
 

marliejaneca

Bronze
Oct 7, 2003
980
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Talldrink,
Are you actually thinking about moving back to the DR? Why now with everything that is going on there, or is it because of your recent loss that you want to be closer to family?
Just curious.
Marlie
 

Talldrink

El Mujeron
Jan 7, 2004
2,209
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No, none of the above Marlie. I think is a dream that I've had forever and I know one day I will do it, I just have too much going on in the US to actually uproot myself and my young kids (and my unwilling non-Dominican husband) to do that move right now. We have agreed that a vacation home will be nice (good enough for me!)

As far as the political turmoil going on now: Since I can remember there has always been something going on there. When Leonel got into power, there was a hiccup of Yolas en el mar. When Hipolito took over, EVERYBODY was talking crap about Leonel, now they ALL want him back. The Haitian government has been a mess forever.

I know that it is more than usual, but I think there are many doomsayers that post here. Many of these guys want to live an 'American or European' lifestyle in DR, and complain when everything is not 100%. If I move, Im not looking to live the life I live in America, trust me, I wont be the one complaning about the gas and light - that has been the hard truth since I was born. In fact, as a little girl in DR, I fetched water con galones and remember going days (not 6 hours) sin lu. So am I going to complain now that Tinacos are readily available and plantas and inversores are made to order? No, I dont think so.

My grandparents (they died 4 months apart - now that's true love right there) Their death will make a change in my entire family's fabric. Nobody wants to make sudden moves as far as that is concerned. We are waiting to see what will happen next.

Can you tell I wanted to type today? Thanks for asking Marlie...
 

tourjoy

New member
Mar 13, 2004
19
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A way to get around the scam?

Could you buy the apartment with the bank mortgage and then just pay it off? Refinance it? Is there a prepayment penalty?
sound like you will get a great price if title is OK.