- Thread starter Talldrink
- Start date
Cap Cana
He is thinking of buying a 'bungalow' so they call it. I think it is entirely too expensive. It is something like $400,000+ DOLLARS! Is this a wise investment? Who has bought there? I know it is amazingly beautiful, but I just cannot see myself spending that much money for a one bedroom shack in DR. For that amount I can buy a villa somewhere else!
Am I totally off? Mind you, I go to DR all the time, but I'm not up to date with the market and specially the real state game... give me some thoughts.
Am I totally off? Mind you, I go to DR all the time, but I'm not up to date with the market and specially the real state game... give me some thoughts.
Well, the Caleton villas were sold between US$1-2.5 million if I'm not mistaken... 
aranoid: I would say comparing local prices, it's not too bad if it's located in on a nice lot and the construction is well done. Many lots are being sold alone for more than that...
aranoid: I would say comparing local prices, it's not too bad if it's located in on a nice lot and the construction is well done. Many lots are being sold alone for more than that...Last week I briefly read somewhere (I think Listin Diario) that CapCana or it's parent company is/ or applied for bankruptcy, if it is true than how will that affect it's sales?
I think the story might be true since the "Hazoury Family" or "Hazoury Group" are one of the biggest debtors in DR.
Capo
I think the story might be true since the "Hazoury Family" or "Hazoury Group" are one of the biggest debtors in DR.
Capo
Property prices are all over the place here. Hard to sometimes tell if it will be a good investment or not. How solid is Cap Cana? Time will tell.
As a promoter of major resort developments around the world once told me. "Sometimes you think your going to be eating at a Four Season's, but end up with a Big Mac and fries".
I have seen some newer apartment buildings in the capital sell out really quickly. These are buildings with a 1 bedroom (80-90 sqM) apartments starting at US$300,000.
Now that is a little crazy to me.
As a promoter of major resort developments around the world once told me. "Sometimes you think your going to be eating at a Four Season's, but end up with a Big Mac and fries".
I have seen some newer apartment buildings in the capital sell out really quickly. These are buildings with a 1 bedroom (80-90 sqM) apartments starting at US$300,000.
Now that is a little crazy to me.
!
just my 2 cents worth to express my outrage at being asked to pay 400k (OP)for a home and land. People! just think how much that is....! you can buy the ****tiest peice of land around in the DR and turn it into the TAJ MAHAL. Now i agree that not everyone wants to buy the ****tiest peice of land they can find but infact would prefer something nicer to reside upon!
I know for a fact you can buy some nice blocks for under 50k and (if you built a 375metre2 house at $400 a metre2 = 150k, then add the 50k=200k plus a little for architect fees ect) Ive been into a number of homes for sale for 120k (including land) in pop and they are NICE...i mean N-I-C-E!!!. Sure we can all have MAS'debate (sorry) about one person's house is another's mansion...my point is to ask people to show some restraint, and at the same time you wont force the market up too high by your willingness to pay outrageous prices!!!!
just my 2 cents
just my 2 cents worth to express my outrage at being asked to pay 400k (OP)for a home and land. People! just think how much that is....! you can buy the ****tiest peice of land around in the DR and turn it into the TAJ MAHAL. Now i agree that not everyone wants to buy the ****tiest peice of land they can find but infact would prefer something nicer to reside upon!
I know for a fact you can buy some nice blocks for under 50k and (if you built a 375metre2 house at $400 a metre2 = 150k, then add the 50k=200k plus a little for architect fees ect) Ive been into a number of homes for sale for 120k (including land) in pop and they are NICE...i mean N-I-C-E!!!. Sure we can all have MAS'debate (sorry) about one person's house is another's mansion...my point is to ask people to show some restraint, and at the same time you wont force the market up too high by your willingness to pay outrageous prices!!!!
just my 2 cents
Billy, maybe you don't see it, but just in case that is true, there is something called EXCLUSIVITY and SCARCITY.billyidol said:
Create the illusion of either of the two or both and you can squeeze money out of very deep pockets with much ease than otherwise thought.
The complete opposite would be the create the illusion of getting a "bargain" which will squeeze less dollars from less wealthy individuals, but collectively they will spen enough to make such venture worthwhile for the merchant.
Plus, when a person is buying a peace of property in Cap Cana, they are not just buying just any dirt plot or just any villa. They are also buying memberships to golf courses that will rival those of Casa de Campo (in other words, among the best in the world), tranquility and safety, enjoyment of an extraordinarily beautiful beach, and most important of all the chance to bump heads with other like minded individuals from other parts of the world which could lead to wonderful business alliances and/or ventures down the road of the time.
That is the real value of real estate in developments such as Cap Cana. Oh yes, and the chance to get a very good return on the investment if a person decides to sell in the future.
I almost chuckled when Talldrink referred to villas and condos being built in Cap Cana as "one room shacks". I mean, calling many of those structures shacks is equivalent to calling the National Palace in Santo Domingo a modest home.:surprised
Some of the more well known people who have bought in Cap Cana includes Jack Nicklaus himself (in fact, he is one of the masterminds behind this project - his main residence is in Greenwich, CT btw). Also Al Gore decided to invest, among other people.
-NALs
aegap said:
the future is promised to nobody! If you buy a house today nobody knows if they will make money on it!!!!!!!!.....not even you!...or me!
I agree though that quality improves the more you spend........My point is and is based on my experiences. A number of builders ive worked with and know say they try for 35% profit. Then after its sold to new buyers they may wish to re-sell... and they will want to make some dollars aswell. All im saying is theres a lot of nice land in the DR and at this point the land supply is yet to dry up, so im wondering why we are being asked to pay these huge prices. I believe its still a buyers market and i also believe that for 120-150k to build a house you will end up with a very beautiful home. $400k...what a joke!
Nals, maybe I was hasty by calling them 'shacks' but when I looked at the picture it was made from wood - which made me think of shacks
)I heard that BranGelina bought a place there too.
The person that was telling me about his interest in buying will not be able to take his boat out every other weekend or stay out there for 2 months in the summer to enjoy such ammenities. I'm talking about someone who is working here, does not own a home anywhere and is thinking of buying such a place.
I still think $400K is a bit much for what he showed me. Unless he will get into the business of renting it out to friends - but then again, that can become a hassle if that was his intention. I think this guy was showing off and is full of shyt...
Per DR1 Travel News
Jack Nicklaus course opening in July[FONT=Verdana, Arial]
Abraham Hazoury, president of Cap Cana's parent company Grupo Abrisa, has announced the pre-opening to the public in July of the Jack Nicklaus first signature golf course in the Dominican Republic, Punta Espada. The company had earlier announced Nicklaus would be coming for the formal opening in October.
Punta Espada will be the first of three golf courses announced by Jack Nicklaus himself during the formal launch of the project in Santo Domingo in November 2001.
Hazoury explained that work on the project infrastructure has been completed. He explained that [Cap Cana] has had sales of US$500 million so far, and in 2006 achieved sales of US$15 million a month.
The company reports that CB Richard Ellis Group Inc. assessed the worth of the project at more than US$1 billion.
Hazoury also reports that this summer Cap Cana's first boutique hotel will be in operation, Caleton Village and Spa. Up till now, Cap Cana only had a handful of beach villas available for VIP guests. Next on the opening program for this year is the Cap Cana Marina, promising to be the most modern and complete in the Caribbean with berths for yachts of up to 150 feet. Also due for completion later this year is the Hotel Altabella Sanctuary Collection Golf & Spa. "This proves that 2006 an eventful year for Cap Cana as a world class tourism project," stated Hazoury. [/FONT]
Jack Nicklaus course opening in July[FONT=Verdana, Arial]
Abraham Hazoury, president of Cap Cana's parent company Grupo Abrisa, has announced the pre-opening to the public in July of the Jack Nicklaus first signature golf course in the Dominican Republic, Punta Espada. The company had earlier announced Nicklaus would be coming for the formal opening in October.
Punta Espada will be the first of three golf courses announced by Jack Nicklaus himself during the formal launch of the project in Santo Domingo in November 2001.
Hazoury explained that work on the project infrastructure has been completed. He explained that [Cap Cana] has had sales of US$500 million so far, and in 2006 achieved sales of US$15 million a month.
The company reports that CB Richard Ellis Group Inc. assessed the worth of the project at more than US$1 billion.
Hazoury also reports that this summer Cap Cana's first boutique hotel will be in operation, Caleton Village and Spa. Up till now, Cap Cana only had a handful of beach villas available for VIP guests. Next on the opening program for this year is the Cap Cana Marina, promising to be the most modern and complete in the Caribbean with berths for yachts of up to 150 feet. Also due for completion later this year is the Hotel Altabella Sanctuary Collection Golf & Spa. "This proves that 2006 an eventful year for Cap Cana as a world class tourism project," stated Hazoury. [/FONT]
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Well, in that case these are ultra-luxury shacks or bohios with a few more square meters to spare.... :cheeky:Talldrink said:Nals, maybe I was hasty by calling them 'shacks' but when I looked at the picture it was made from wood - which made me think of shacks
I heard that BranGelina bought a place there too.
The person that was telling me about his interest in buying will not be able to take his boat out every other weekend or stay out there for 2 months in the summer to enjoy such ammenities. I'm talking about someone who is working here, does not own a home anywhere and is thinking of buying such a place.
I still think $400K is a bit much for what he showed me. Unless he will get into the business of renting it out to friends - but then again, that can become a hassle if that was his intention. I think this guy was showing off and is full of shyt...
BTW, from my understanding, Cap Cana will offer a program of renting the villas during the time the owners are not there. This program is optional. However, there could be good money to be made from renting a villa made of nice wood and thatch roof by a beach that most people would dream of having as a backyard feature....
Think of Cap Cana more as an investment than a place to buy a home. When a person thinks of buying a home, they buy something they like, something that makes them feel comfortable and happy. They usually buy something that reflects them, who they are, and what they aspire to be. Usually, when this is the case, price becomes very touchy more so than in other cases.
However, when people want to buy an investment, then dropping $400k for a piece of property on the eastern tip of Hispaniola is not a bad deal. Especially considering that during pre-enaguration sales of beach lots and marina condominiums were going for around $200k and up and today, many of those initial buyers have either sold or continue to own a piece of property that has been valued at more than double the price they initially paid.
This price appreciation is occuring now, before the project has even taken a definite shape. Once the project begins to take shape (ie. when the marina opens, when the resort opens, when the golf courses begin to open, etc) demand for Cap Cana real estate will skyrocket. Not just that, but since people will be able to visit and get a real feel for what the place will become as oppose to seeing something on a peace of paper and having to use the imagination for the rest, the desirability of Cap Cana will become something beyond belief.
So, let's take that piece of property selling for $400K today, a Cap Cana that is still under its phase 1 construction and not yet "visible" for most people who require tangible and visible proof rather than something drawn on a piece of paper prior to dropping some serious money. That $400K investment in today's Cap Cana could very easily become $800K, if not pass the Million dollar mark once the project takes shape!
There are not that many investment options out there that has the potential to give an investor double or even more ROI!
$400K is not a bad deal.... Watch next year, that $400k property will cost more, much more....
-NALs
Who's Investing in Cap Cana properties?
Dominicans (38%)
U.S residents (*33.6%)
Spaniards (11.56%)
Other Europeans (8.74%)
Latin Americans, including Haitians (6.68%)
Canadians (1.28%)
(*including Puerto Rican (7%)
source: The following cover page article in the Puerto Rico based Caribbean Business :
Dominicans (38%)
U.S residents (*33.6%)
Spaniards (11.56%)
Other Europeans (8.74%)
Latin Americans, including Haitians (6.68%)
Canadians (1.28%)
(*including Puerto Rican (7%)
source: The following cover page article in the Puerto Rico based Caribbean Business :
Caribbean Business said:
Enjoy Punta Espada before before the inevitable price hike amd exclusivity:
Jack Nicklaus course completed
[FONT=Verdana, Arial]Cap Cana has announced that all 18 holes of the Punta Espada course, part of the Cap Cana luxury tourism development, are now open and ready for play. The opening precedes the official inauguration that is set for 8 November with the participation of Jack Nicklaus, the golf legend, himself. The back nine holes opened for play in July. Punta Espada is the first of three Jack Nicklaus Signature Golf courses planned for Cap Cana. Punta Espada was built at an estimated cost of US$18 million. According to Sam Logan, director of operations, many are considering the course's signature hole as No. 13, a spectacular 249-yard par 3 that is expected to become one of the world's most photographed holes. It requires golfers to execute a challenging tee shot over the ocean into a picturesque green surrounded by the turquoise waters of the Caribbean. For a hole-by-hole description of the new course, see http://www.dr1.com/travelnews/archive/2006/puntaespada.shtml[/FONT]
more pics
Jack Nicklaus course completed
[FONT=Verdana, Arial]Cap Cana has announced that all 18 holes of the Punta Espada course, part of the Cap Cana luxury tourism development, are now open and ready for play. The opening precedes the official inauguration that is set for 8 November with the participation of Jack Nicklaus, the golf legend, himself. The back nine holes opened for play in July. Punta Espada is the first of three Jack Nicklaus Signature Golf courses planned for Cap Cana. Punta Espada was built at an estimated cost of US$18 million. According to Sam Logan, director of operations, many are considering the course's signature hole as No. 13, a spectacular 249-yard par 3 that is expected to become one of the world's most photographed holes. It requires golfers to execute a challenging tee shot over the ocean into a picturesque green surrounded by the turquoise waters of the Caribbean. For a hole-by-hole description of the new course, see http://www.dr1.com/travelnews/archive/2006/puntaespada.shtml[/FONT]
more pics