I spent a solid week during November 2004 looking at Real Estate around Sosua / Cabarete. I did another solid week this past November looking at the same situation again.
I found that hardly anything I was told in 2004 turned into reality within the time frames that I was told would happen. This included a project by Century 21 as well as private builders.
Talking to many insiders within the Real Estate business the finger seemed to be pointed squarely at Century 21 as far as driving up the prices and trying to control the market.
I never saw the sales (quantity) that I think are required to justify the increase in prices.
The claims being made and the prices being asked are easy to make as there is not a system to challenge them like MLS and Industry Associations etc as there are in first world countries.
I believe it?s a buyers market, not a sellers market as they will have you believe. Half the North Coast for God?s sake is up for sale. Things are not unfolding in paradise as they should be I don?t think.
Pick some price off the top of your head. Relate it as being comparable or even cheaper to something in some other exotic part of the world. It sounds great, but doesn?t work. It?s still the D.R and all its quirks, no matter how you cut it.
My first example to support my findings is Corral Village. A Century 21 project up the road a short way towards the International School just outside Sosua.
It consisted of 10 or so existing houses that were to be upgraded considerably and two new homes within a fenced community. I was told last November that it was partly sold and would be finished and landscaped etc by Feb. or March this year. Recently I found one home is being lived in and no landscaping has been done on the rest and looking inside them they are still not finished with cupboards or closets etc.
This was a complex that interested me a lot until I saw the lack of progress. One could have bought into there and then had the nightmare of it dragging on for years before it was finished. Sadly even a possibility is that it will never be finished to the standards that one is told it would be done to.
Lesson learnt here is that I now would / will only buy into something that is already finished and I can see and touch what I am buying.
My second example is a Condo Complex being built in Cabarete. Two 3 story blocks, 14 units each. Ground floor of first building was done last year. This year the first building is not finished yet, the second building is still under construction. Only 14 of the 28 units have been sold so far. Maybe now convert the balance to time share. Lots has been written regarding time share on these boards.
Many other examples of speculation properties that are just not selling as the hype of a year ago would have had you believe that they would have.
The lack of sales on new properties certainly indicates to me that it?s a ?buyers market?.
To me I would never want to live in a nice home with several dilapidated abandoned home?s within eye sight.
Yes there is a couple of nice complexes that are fairly good value and are run and organized like a North American or European subdivision would be. The rest that are not should not be able to ride the same price range on there backs, as it appears they are trying to do.
To summarize, I saw to many empty properties waiting to be sold and so many speculation properties not selling that I conclude it is a buyers market. One can put whatever price they want on them but it is actual sales that determine the true market value. I saw no justification at all for some of the 30% to 50% increases that are being asked. All level?s of property value?s are represented when it comes to being abandoned and left as eye sores.
A photo I took of Sosua (link below) shows in the middle of it the aborted Casino that does so much harm to the reputation of the North Coast. I purposely cropped out the abandoned building on the left of the Sosua Bay Hotel. I took that picture while standing beside an abandoned large home on the top of the hill above Charamicos where the best views of Sosua Bay are seen from. Right behind it are new Condo?s being built for the view.
You can?t make a silk purse from a sow?s ear. The D.R. factor.
Now, if one could afford Sea Horse Ranch one wouldn?t have to worry about any of the above would they. But outside Sea Horse Ranch is another world completely, isn?t it.
Kiwi Bruce
http://dr1.com/media/cgi-bin/media....Member_Photos&image=sosuabayview.jpg&img=&tt=
.
I found that hardly anything I was told in 2004 turned into reality within the time frames that I was told would happen. This included a project by Century 21 as well as private builders.
Talking to many insiders within the Real Estate business the finger seemed to be pointed squarely at Century 21 as far as driving up the prices and trying to control the market.
I never saw the sales (quantity) that I think are required to justify the increase in prices.
The claims being made and the prices being asked are easy to make as there is not a system to challenge them like MLS and Industry Associations etc as there are in first world countries.
I believe it?s a buyers market, not a sellers market as they will have you believe. Half the North Coast for God?s sake is up for sale. Things are not unfolding in paradise as they should be I don?t think.
Pick some price off the top of your head. Relate it as being comparable or even cheaper to something in some other exotic part of the world. It sounds great, but doesn?t work. It?s still the D.R and all its quirks, no matter how you cut it.
My first example to support my findings is Corral Village. A Century 21 project up the road a short way towards the International School just outside Sosua.
It consisted of 10 or so existing houses that were to be upgraded considerably and two new homes within a fenced community. I was told last November that it was partly sold and would be finished and landscaped etc by Feb. or March this year. Recently I found one home is being lived in and no landscaping has been done on the rest and looking inside them they are still not finished with cupboards or closets etc.
This was a complex that interested me a lot until I saw the lack of progress. One could have bought into there and then had the nightmare of it dragging on for years before it was finished. Sadly even a possibility is that it will never be finished to the standards that one is told it would be done to.
Lesson learnt here is that I now would / will only buy into something that is already finished and I can see and touch what I am buying.
My second example is a Condo Complex being built in Cabarete. Two 3 story blocks, 14 units each. Ground floor of first building was done last year. This year the first building is not finished yet, the second building is still under construction. Only 14 of the 28 units have been sold so far. Maybe now convert the balance to time share. Lots has been written regarding time share on these boards.
Many other examples of speculation properties that are just not selling as the hype of a year ago would have had you believe that they would have.
The lack of sales on new properties certainly indicates to me that it?s a ?buyers market?.
To me I would never want to live in a nice home with several dilapidated abandoned home?s within eye sight.
Yes there is a couple of nice complexes that are fairly good value and are run and organized like a North American or European subdivision would be. The rest that are not should not be able to ride the same price range on there backs, as it appears they are trying to do.
To summarize, I saw to many empty properties waiting to be sold and so many speculation properties not selling that I conclude it is a buyers market. One can put whatever price they want on them but it is actual sales that determine the true market value. I saw no justification at all for some of the 30% to 50% increases that are being asked. All level?s of property value?s are represented when it comes to being abandoned and left as eye sores.
A photo I took of Sosua (link below) shows in the middle of it the aborted Casino that does so much harm to the reputation of the North Coast. I purposely cropped out the abandoned building on the left of the Sosua Bay Hotel. I took that picture while standing beside an abandoned large home on the top of the hill above Charamicos where the best views of Sosua Bay are seen from. Right behind it are new Condo?s being built for the view.
You can?t make a silk purse from a sow?s ear. The D.R. factor.
Now, if one could afford Sea Horse Ranch one wouldn?t have to worry about any of the above would they. But outside Sea Horse Ranch is another world completely, isn?t it.
Kiwi Bruce
http://dr1.com/media/cgi-bin/media....Member_Photos&image=sosuabayview.jpg&img=&tt=
.
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