Did the housing market went down a little in Sosua,if yes about by how much? Is the housing market follow closely the USA/Europe economy? What are the expectations and the projections for the next 3 years?
- Thread starter ben oregon
- Start date
housing market
A person needs money, needs to sell, puts his house on sale for $100 000, there is no interest for this price and he increases the price up to $110 000 ? Did I understand correct? Or I misunderstood something?
Very interesting.
Not sure there is any reasoning behind the price of homes here. It's not like it gets appraised by a bank or a real estate sales rep. I think sellers just come up with a price and if you buy it you buy it. If it doesn't sell then it sits on the market. Just my idea based on what I've seen.
central bank in europe had tried to controle and maintain inflation up to %2 but it's at %4 and climbing,the sickness of the USA economy is starting to affect the EU. If inflation increase even a little in the next 2 quaters, will be an indication of what's to come witch will affect the tourisme ,retirements,and investments in the DR.
Eltons post was correct but only if you don't need the money.
If you need money Real estate can be purchased for a fraction of the price.
An email was sent to several people from Century 21 about two months ago that stated the first $8k U.S would take a 1/4 or half acre lot in la molita.
It sold in less than 30 minutes.
I have property in another develping country and real estate is not moving so fast there anymore as well, yet the prices go up 10% per year .....unless you need the money!
This is also true, I know of someone who bought a property for $150k from an asking price of $225. He put $50k into it and it is listed at $400k.
No offers in the last year however!
$400K ! No wonder! I met a couple of optimists like this myself too.
I know two very nice houses with very nice landscaping in a very nice area in Sosua that are listed for about three years for $85K (new windows, toilet seats and light fixtures are needed) and $135K (nothing is needed) - not a single offer neither. Being unable to sell them a young German businessman/investor cannot return to his Germany and to his wife and daughter from Dominican Republic that he after five years here hates with all his soul and heart.
Please do not confuse him with ME and do not give ME negative remarks. I love DR and after US I am as much happy here as only can be happy a mortal male . Guys from NYC know what I am talking about.
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Contacting me about these houses is NOT allowed - I am not advertising. Go to your RE agent. These houses are listed along with dozens others with approximately same asking price.
Around the tourist regions almost everything has a 4-Sale sign on it... even some people
. Most are just flying a kite... which somewhat influences the price because every now and then an unsuspecting palomo falls for it and all it does is make the kite fliers raise the stakes even higher. All in all somewhat of a bubble market, then yes, onces money is needed... things rapidly go for a fraction of fictional prices.
Yes, where can you still get a property next to the beaches... but where else too do you see "luxury" real estate with dirt roads and other amenities issues?
So, somebody missed the boat in Spain...
.. Well today, many are those who would praise the Lord for having missed it as most who went on it when marketers where still predicting a further raise of prices against all odds, now find that what they really jumped on just a few years ago, was indeed a submarine.Property prices can be hipped up up to a certain degree, but every now and then "value" and fundamental comparativeness knocks on too many doors and there comes a correction.
Some spots will consolidate in value because the sand and beach front locations will eventually run out... other spots are still too wide open to predict a solid growth in value and yet again others will fall because of insufficient qualities.
Finally, we are left to wonder how the world economy will affect development on our little island... after all it is money from outside which mostly drives this market around here.
Just some thoughts... not exact science... J-D.
My advice on buying a house to retire is:
If 85% of the people from that area moved out ,will you stay anyway for the beauty of your surounding?
if your answer is yes, buy! No means rent!
If 85% of the people from that area moved out ,will you stay anyway for the beauty of your surounding?
if your answer is yes, buy! No means rent!
This is the best thread I've yet found that deals with the price of real estate in the DR (offered price vs sale price). I guess the sentiment is that most realty in the DR appears overpriced due to owners simply testing their bait on wide-eyed tourists.
I wonder. Do the prices of real estate tend to be more accurate in community developments (versus non-community sales)?
I'm used to the US market where one can assume a percentage of the price goes to the real estate agent (4-8%) and then from there you can safely offer 10-20% less the asking price (assuming no repairs or otherwise abnormal maintenance is needed).
Is there a way to acquire the sale prices of recently sold real estate in DR? This would seem to be the best indicator to me of what property is selling for in different areas.
I'm chiefly interested in the North Coast and Jarabacoa.
I wonder. Do the prices of real estate tend to be more accurate in community developments (versus non-community sales)?
I'm used to the US market where one can assume a percentage of the price goes to the real estate agent (4-8%) and then from there you can safely offer 10-20% less the asking price (assuming no repairs or otherwise abnormal maintenance is needed).
Is there a way to acquire the sale prices of recently sold real estate in DR? This would seem to be the best indicator to me of what property is selling for in different areas.
I'm chiefly interested in the North Coast and Jarabacoa.
Some communities like Casa de Campo, Punta Cana (the development) have believable "value" as there IS solid infrastructure and a longer history of value.
Real Estate asking prices are quite organized based on size, type and location (like in the real world, if you wish) in the big cities. There is more competition, more education and less blah, blah and gringuitos locos.
But even in small rural towns off most tourist influence you can see the same kite flying phenomenon you see on the touristy coasts. I just came back from a trip to Bani and region (SW off Santo Domingo)... certainly not a tourist infested region but one which has a high percentage of locals having family in the US (NYC mostly) and Real Estate prices are partially absolutely bananas. I saw a home, which would fetch about 100K US in Sousa offered for 5 Millions Pesos (USD 130K)... in the midst of nothing... and many other funny things (and one not so funny one).
... J-D.
Anywhere in DR : North , South or East ... Sosua , Cabarete or down here in Juan Dolio , but I hope at least half of the money given to Obras Publicas will go to the right direction to improve something ... LIST?N DIARIO . 7/21/2008
Obras P?blicas utilizar? 10,000 obreros en v?as
'' ANUNCIA UN PROGRAMA DE ASFALTADO PARA MANTENER CALLES Y CARRETERAS . SANTO DOMINGO. - La Secretar?a de Obras P?blicas anunci? la contrataci?n de diez mil obreros temporeros para el mantenimiento de calles, carreteras y caminos vecinales del pa?s, con el relanzamiento del Plan Nacional de Asfalto que ejecuta esa cartera.
La informaci?n la ofreci? el titular de esa cartera V?ctor D?az R?a al participar en el Desayuno de LIST?N DIARIO, quien dijo que desde hace un tiempo se prepara el plan dise?ado con la finalidad de que las v?as del pa?s reciban un tratamiento que permita el tr?nsito adecuado y sin trauma por los usuarios.
De igual mondo, el funcionario anunci? que ya Obras P?blicas inici? la evaluaci?n de m?s de 400 obras que tiene en ejecuci?n por un monto superior a los RD$50,000 millones para determinar cu?les est?n en una etapa de un 75% para darle terminaci?n en cumplimiento a lo que estableci? el presidente Leonel Fern?ndez en su discurso del pasado jueves.
Entre esas obras cit? carreteras, puentes, avenidas, circunvalaciones, edificios como el de la Fiscal?a del Distrito Nacional, hospitales, la reparaci?n y ampliaci?n de maternidades, obras deportivas y otras.
?Esa es una inversi?n de m?s de 50 mil millones de pesos, lo que pasa es que se van haciendo por turno y muchas de ellas ya tienen una gran inversi?n, adem?s hay muchas que tienen m?s de un 75% de realizaci?n?, sostuvo D?az R?a.
Resalt? que la l?nea que ha seguido ha sido la de terminar obras que estaban iniciadas d?ndole mayor ?nfasis a las m?s avanzadas,
En tanto, reconoci? que muchas otras obras ser?n paralizadas por falta de recursos y otras tendr?n que esperar ser iniciadas en el a?o 2009.
D?az R?a explic? que los beneficiarios de los trabajos que iniciar?n son obreros que siempre han estado en la cartera participando de ese tipo de programa de mantenimiento de carreteras, calles y caminos vecinales, por lo que no implica carga adicional para la n?mina p?blica.
Precis? que esas brigadas participar?n en bacheos, mantenimiento, correcci?n de derrumbes, desyerbes y otros que abarca el programa.
Cit? que implementar?n una modalidad utilizada en otros tiempos donde las brigadas ten?an asignadas ?reas y tramos espec?ficos, cuya responsabilidad es mantenerlos en buen estado.
?Ya nos reunimos con el tesorero nacional, el contralor de la Rep?blica y el director de Presupuesto, planeando el tema de los peones camineros que pondr? en funcionamiento la Secretar?a de Estado de Obras P?blicas?, sostuvo D?az R?a.
Expres? que es inter?s y preocupaci?n del presidente Fern?ndez que las v?as del pa?s se mantengan en buenas condiciones.
Apunt? el titular de Obras P?blicas que el programa estaba preparado con todo y los fondos a invertir, previo al discurso del presidente Leonel Fern?ndez del pasado jueves, en el que el jefe del Estado dispuso la congelaci?n de la n?mina p?blica durante el resto del presente a?o.
?Eso ya estaba hecho y se hab?an consensuado los fondos con la secretar?a de Finanzas, la Tesorer?a y las dem?s instituciones del ?rea y no es una n?mina nueva, sino un personal que ya ha estado en Obras p?blicas?, aclar? D?az R?a.
Indic? que ahora en el reinicio del programa de mantenimiento esos jornaleros ser?n utilizados de manera permanente para que todas las v?as, calles, carreteras, avenidas y autopistas est?n en ?ptimas condiciones.
D?az R?a precis? desde que lleg? a la cartera implement? el Plan ?Cero Hoyo? en la capital, el cual comenz? a funcionar muy bien, pero que posteriormente fue sustituido por el Gran Plan Nacional de Asfaltado que abarc? unos 1,500 kil?metros de avenidas, calles y carreteras.''
Originally Posted by J D Sauser
...
Yes, where can you still get a property next to the beaches... but where else too do you see "luxury" real estate with dirt roads and other amenities issues?... J-D.
Sorry I might have been somewhat unclear: By where else TOO do you see luxury real estate (paired) with dirt roads and other amenities (infrastructure, lack off) issues? I meant, where else in the world.
Thanks! ... J-D.