Researching on purchasing a place in DR.

uyehara

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May 24, 2004
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Just surfing the net and viewing pictures that seem too good to be true. The prices are very affordable - why? Always skeptical, something has to be wrong with the property.
I've visited DR once before, specifically Cotui. I've seen some very nice houses there, but across the street and/or the neighbors are not too pleasant. Mopeds traveling up and down the main street all hours of the day, etc. You cannot tell that from the posted pictures on the web.
Again, beautiful places! Outrageous prices! Yet, I'm wary of the surroundings which the pictures do not show.
There seems to be a huge concentration of advertised houses in Sosua and Cabarete, why?
Looking for experienced advice and comments.
 

Escott

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Jan 14, 2002
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www.escottinsosua.blogspot.com
I live in Sosua although I am in the states till the 17th. If you let me know a specific property I will visit it and give you my opinion. I am pretty familiar with real estate in Sosua and Cabarete.

Scott
 

Rocky

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Apr 4, 2002
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Shopping by internet

uyehara said:
Just surfing the net and viewing pictures that seem too good to be true. The prices are very affordable - why? Always skeptical, something has to be wrong with the property.

The DR is one of, if not the least expensive destination in the Caribbean. This does not mean that there is something wrong with the property.

uyehara said:
I've visited DR once before, specifically Cotui. I've seen some very nice houses there, but across the street and/or the neighbors are not too pleasant. Mopeds traveling up and down the main street all hours of the day, etc. You cannot tell that from the posted pictures on the web.
Again, beautiful places! Outrageous prices! Yet, I'm wary of the surroundings which the pictures do not show.

I agree 100% with you about bad neighbours. So shopping over the internet is out of the question. You have to know the area, come and take a "look-see" before buying. If it happens to be on the North coast, get in touch with Escott. He's our resident real estate Maven and is very generous about sharing information and his time.

uyehara said:
There seems to be a huge concentration of advertised houses in Sosua and Cabarete, why?
Looking for experienced advice and comments.

Because it's one of the best parts of the country and this is where all the construction is going on. Now that the real estate market is on the rise, websites are popping up like hot cross buns.
 

Ken

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Jan 1, 2002
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Rocky said:
Because it's one of the best parts of the country and this is where all the construction is going on. Now that the real estate market is on the rise, websites are popping up like hot cross buns.

Rocky is right. Prices are rising on the North Coast and new real estate websites and offices are opening. Keep waiting and the prices will soon have risen to the point you stop worrying about something wrong with the property because it seems too cheap.

Btw, should you buy real estate, I would stick with a realtor that has a good track record and likewise a trustworthy lawyer. There are a lot of both only interested in getting your money. Before dealing with either a realtor or lawyer it would be a good idea for you to post their name and location so that those of us who live here can tell you what we know about him.
 

GilbertArenas

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Mar 15, 2004
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I grew up in the DR..........

I currently live in a small 2 BR condo in Washington DC which goes for almost US$700,000. This is all too common on the East Coast of the US these days.

For that same price in the DR you can buy LITERALLY a GIGANTIC mansion. My brother in law in Santo Domingo just bought an EXTREMELY nice apartment by Mirador Park for only US$65,000. This same condo was going for US$90,000 just 1 year ago. People are fleeing the real estate market in the DR like madmen.

The combination of elections, the fastest inflation in the country's history and increased violence has contributed to all of this. That being said, if you are familiar with the country, speak spanish, and like the culture........move there NOW. You can own your own home, in a 24 hour generator facility for the price of a luxury car.

Sad to take advantage of a crumbling economy, but I am buying an apartment in Santo Domingo just for a getaway from the US.
 

frank alvarez

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Apr 13, 2004
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Definitely not over the internet

Coming from the First World so to speak it would be quite an adjustment to live in a small, off the beaten path town like Cotui.

I have been back for over 8 years and have resided in Santo Domingo, Santiago, La Vega, Bani and now the smallest community I have ever experienced, Villa Sombrero, Bani. I am moving back to Santo Domingo next month (because my job conditions permit it now) because I have come to realize that it is where one who has lived in the First World for so long can feel most comfortably.

Look for an area far away from the much poorer neighbors, hellish noise from scooters and motorcycles, etc., etc. It is what would make most sense and from there you can go to all the beaches, mountains, rivers you like but still live in a fairly cosmopolitan city for a fraction of the cost of a First World city.
 
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Rocky

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Words to live by...

frank alvarez said:
Coming from the First World so to speak it would be quite an adjustment to live in a small, off the beaten path town like Cotui.

I agree 100%


frank alvarez said:
Look for an area far away from the much poorer neighbors, hellish noise from scooters and motorcycles, etc., etc. It is what would make most sense and from there you can go to all the beaches, mountains, rivers you like but still live in a fairly cosmopolitan city for a fraction of the cost of a First World city.

I agree 200%
 

uyehara

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May 24, 2004
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Escott said:
I live in Sosua although I am in the states till the 17th. If you let me know a specific property I will visit it and give you my opinion. I am pretty familiar with real estate in Sosua and Cabarete.

Scott

I don't have a specific property in mind, just overwhelmed with the amount of beautiful available property. Still researching in both DR and Puerto Rico. Though it seems that I can get more in DR. Thanks for the offer.

frank alvarez said:
...off the beaten path town like Cotui.

I stayed in Cotui for over a week. Though I do not plan to purchase a house there, my time was pleasant. My experiences in Cotui makes me smile. Receiving candy as change and three words... "Papi "La Moneda"!
 

uyehara

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May 24, 2004
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Ken said:
...I would stick with a realtor that has a good track record and likewise a trustworthy lawyer. There are a lot of both only interested in getting your money. Before dealing with either a realtor or lawyer it would be a good idea for you to post their name and location so that those of us who live here can tell you what we know about him.

Very good points Ken. Thank you. I also read other threads of going through a reputable realtor. I just may do that. Gives me piece of mind. Once I decide on a realtor, I will take you up on the offer and post some information for all of your opinions.
 

uyehara

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May 24, 2004
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All good opinions - thank you...

A bit more information, if I were to purchase property in DR, the transaction would be completed before this year ends (hopefully). Not to limit myself, I am also researching w/in Puerto Rico.
I am young and not planning to retire any time soon (30+ years) - unless I hit the jackpot (holding my breath for that one)! I reside in the States and have a concern... if I were to purchase property, it would be used primarily as a vacation spot. Security and proper maintenance would be a concern. I'm sure there are security services available that would provide proper upkeep - but can they be trusted? Thoughts?
 

Camden Tom

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Dec 1, 2002
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Many people buy in either condo projects or gated neighborhoods. Most of them will provide management, maintainence, and security. Some are even set up to rent out your unit to tourists to generate a little income for you. BTW, the Cabarete/Sosua area is just great. The real estate market has really been gaining strength around there in the last couple years. Good luck.
 

suarezn

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Feb 3, 2002
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uyehara said:
I stayed in Cotui for over a week. Though I do not plan to purchase a house there, my time was pleasant. My experiences in Cotui makes me smile. Receiving candy as change and three words... "Papi "La Moneda"!

Hey Uyehara, I'm glad you liked my town (Cotui). I just bought a house there which I will expand in the near future. regarding motorcycle, noise, etc...one thing I would say is every town in the DR has a lot of this in the main roads, but every town also has quiet neighborhoods too. Cotui, for instance has quite a few nice and quiet neighborhoods with house prices that would seem unreal here. I do agree with the statement that if you want big city life then Cotui may not be for you. Cotui works for me because I'm from there and I know a lot of people around there.
 

Ken

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Jan 1, 2002
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uyehara said:
if I were to purchase property, it would be used primarily as a vacation spot. Security and proper maintenance would be a concern. I'm sure there are security services available that would provide proper upkeep - but can they be trusted? Thoughts?

There are a lot of Americans who now own property in the Sosua/Cabarete area. Most that I know have purchased a condo or in a gated community, as Camden Tom indicated, and get their security service that way. Camden Tom isn't in a gated community, but has made friends with people living nearby who watch his property for him. I believe he has also employed one of them as a general handyman/watchmen. That is another possibility. If you get the right person, then your property won't be bothered. There are also reliable people who manage property for absent owners. If you locate in the greater Sosua areas, I can put you in touch with a Canadian expat that I recommend.