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Are these prices real?
Yes they are i just got back from there. And the sad part is that they have not hit the bottom like we have in the States, though i dont thing that they will bottom out the way that we have. I have friends here that have lost 60% off the value of their homes, lets all hope that we don't see that in the DR but it's totally possible. Great for buyers very bad for sellers
Yes. Real. In Sosua currently there are lots of them. And no takers. Even these prices for our local market are too much. Considering the whole security/political stability/retail prices and infrastructure picture.
I feel sorry for those poor souls who overpaid and are getting broke now. But who forced them to pay this much?! Only themselves to blame.
For falling in love after a AI holiday with beautiful Sosua beach and making an emotional not-calculated decision...
you only lose money if you are selling it - the present value of your house doesnt matter if you are living in it- I never understand when people say their properly value has gone down if they arent trying to sell it-if you were happy with the price when you bought it you didnt overpay -I rest my case
The proper terminology for these units are "studios". Notice the pics, bedroom, living room, kitchen are all the same room, just different areas within the four walls. A one bedroom unit would have the bedroom as a separate room. There just isn't a lot of long term demand for studio units that i've ever seen. They are decent entry level property to put in a rental pool or live in while getting acquainted with the country.
curt@dr1.com has several listed.
curt@dr1.com has several listed.
Depending on where you want to live you can easily find a nice apartment or even a house for this price or just a bit more. For instance a friend of mine builds and sells apartments and he showed me this unit of 8 apartments that he was selling for about 1.5 million pesos each (about 42k USD). These are 3 bedroom apartments with kitchen, living and dining rooms, balcony, etc...in a decent area of Santo Domingo.
Unfortunately I don't know what that area is called - My friend took me there. It is maybe about 10 minutes or so from JFK avenue off a boulevard avenue that we normally take when we're going from Cotui to the airport in Sto. Dgo. It is past "El Nueve" but it is definitely not Herrera.
The area was not "high class", but it was pretty nice / quiet and all other houses / apartments around there looked pretty upper middle class.
When you look at Real property in a foreign country you are not very, but VERY familiar with, you can NOT effectively do by window shopping thru the Internet.
Real Estate folks will tell you "location, location, location", mostly not understanding that the three words are not a repeat of the same thing, but in the case of property in this country, the importance of all aspects of the word(s) "location" cannot be underscored strongly enough.
There are too many, the properties which are within terminally failed "developments" or neighborhoods in the process of "gethofication" or neighboring problem areas, as well as abandoned condo and apartment projects with poor or no really effective management left, literally going into ruins threatening to add to the landscape of empty carcasses around soon.
On top of this, crime, drugs and prostitution gearing up in the last years and especially months around towns like Sosua, paired with the still worsening economy in the countries where buyers used to come from is starting to show signs... namely more 4-Sale signs.
Currently there are more 4 Sale signs up than people around who can or care to read them and they keep popping up like mushrooms after a fall rain.
Short, prospect buyers would be well advised to take a "tour" of all the abandoned ruins scattered around the island on "prime" locations before they think that buying is "easy" in a country like this one.
Good deals ARE to be found, and I suspect more will come as the buying pressure experienced as a result of real estate bubbles in the early 2000's is definitely vanishing. But there is no need to hurry, meaning there IS TIME to exercise DUE DILIGENCE and ON SITE RESEARCH.
... J-D.
Real Estate folks will tell you "location, location, location", mostly not understanding that the three words are not a repeat of the same thing, but in the case of property in this country, the importance of all aspects of the word(s) "location" cannot be underscored strongly enough.
There are too many, the properties which are within terminally failed "developments" or neighborhoods in the process of "gethofication" or neighboring problem areas, as well as abandoned condo and apartment projects with poor or no really effective management left, literally going into ruins threatening to add to the landscape of empty carcasses around soon.
On top of this, crime, drugs and prostitution gearing up in the last years and especially months around towns like Sosua, paired with the still worsening economy in the countries where buyers used to come from is starting to show signs... namely more 4-Sale signs.
Currently there are more 4 Sale signs up than people around who can or care to read them and they keep popping up like mushrooms after a fall rain.
Short, prospect buyers would be well advised to take a "tour" of all the abandoned ruins scattered around the island on "prime" locations before they think that buying is "easy" in a country like this one.
Good deals ARE to be found, and I suspect more will come as the buying pressure experienced as a result of real estate bubbles in the early 2000's is definitely vanishing. But there is no need to hurry, meaning there IS TIME to exercise DUE DILIGENCE and ON SITE RESEARCH.
... J-D.
hey
when you figure out what area in Santo Domingo you are referring to please let us know! That sounds like a pretty good deal considering 3BR! How long ago was this?aranoid:
when you figure out what area in Santo Domingo you are referring to please let us know! That sounds like a pretty good deal considering 3BR! How long ago was this?
aranoid:when you figure out what area in Santo Domingo you are referring to please let us know! That sounds like a pretty good deal considering 3BR! How long ago was this?
Hey if you guys are interested I can get you the guy's number (just PM). This was less than a year ago and he was just finishing up the building. I don't know if the apartments have been all sold or there are any left, but I'm sure if they sold the ones in that building they either have some more or are planning to build more (This is what my friend and his brothers do for a living).
There is an old resort at the top of the hill going up the road next to the police station in Sosua past hispanola properties etc. and someone bought these and is renovating them and they are either one or two bedroom condos and are selling for $30K.
I go up there just to look down at the "Valley of the Palms"...WOW what a view
I go up there just to look down at the "Valley of the Palms"...WOW what a view
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No, you have to go ALL the WAY up that hill, it is probabally a mile or so up.
If you go straight after the museum you run into a little cul de sac with a warning sign " beware of Parrot" in Spanish and the parrrot is right there like the sign says right on top of the entry gate.
Not to side track the directions, when you see the Museum that looks like an Attempted Taj Mahallitto bear right and keep charging up that hill.
Once you are at the top, on the left is this complex but on the right and through a gate there are a few properties that have the view of the " Valley of the Palms"
It's a sight to behold but not to be told!
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Another case solved
Now @ least we know who is robbing the Bathroom Brahma, while Porkchop is playing Lewis & Clark.
Now @ least we know who is robbing the Bathroom Brahma, while Porkchop is playing Lewis & Clark.
You are 100% correct and thats why there was a vicious guard dog.
If they had not left the gate open, that Rotweiller / Doberman would not have chased me into that private complex.
I will never go back there again because of the cost to litigate dog bites!
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So what would be the best course of action for someone wanting to live in the DR now.....rent and wait for the prices to plummet like they have in the USA?
Why are all these DR properties starting to be for sale?
And the lack of sold prices makes everything very difficult as well!
Why are all these DR properties starting to be for sale?
And the lack of sold prices makes everything very difficult as well!
I could be wrong, but I don't see the Dominican market plummeting like it did in The US. Very different set of circumstances IMO. There aren't hoards of Dominicans with ridiculous mortgages that they can't pay as banks down there don't loan money that easily. You couldn't buy a house in The DR with 5% down and financed at 30 or even 40 years like you could in The US a couple of years back.
There are always many properties for sale in The DR, but don't take that to mean that people are willing to lower their prices much. In The DR it is expected that your property will take a long time to sell (many months, sometimes years).
There are always many properties for sale in The DR, but don't take that to mean that people are willing to lower their prices much. In The DR it is expected that your property will take a long time to sell (many months, sometimes years).