- Thread starter bluenose
- Start date
Buying/Selling a Condo
He's not blowing smoke about that Balcones del Atlantico.
The first project was sold out before they broke ground......... no real estate agents involved - all private, preconstruction sales..... all Dominicanos.
Research the ownership a bit--- impressive. Both the developer and the individual owners.
It's truly a great project..... $$$$$, but great.
Not for the weak of pocket..... no $60/foot stuff here.
The first project was sold out before they broke ground......... no real estate agents involved - all private, preconstruction sales..... all Dominicanos.
Research the ownership a bit--- impressive. Both the developer and the individual owners.
It's truly a great project..... $$$$$, but great.
Not for the weak of pocket..... no $60/foot stuff here.
Hi Guys,
I'm fairly new to the real estate game here and looking to buy now too. I too have seen the 'pay for the plan' type products marketed, but the 'discount' seemed to me to be 'too good to be true'. Namely, it's only a discount if the 'rack rate' of the product is actually what they're claiming the sticker price to be, but nobody else is paying the sticker price, so how can it actually be the real price?
Reminds me of the old lesson, that the price of something is not the value of something. The value is what the last transaction went for... so naturally they're giving you a 'discount' not because they like you, but because it's the value you right now, and they obviously need your money to finance the rest of the project, so your deposit isn't entirely going to be going into your project, there will be some things skimmed...
There was a comment above about the developments in Santo Domingo Norte - can someone please advise on that? Is that area full of lemon houses? because there seem to be a LOT Of these types of projects near jacob magluta etc in 'nuevo residenciales'...
Good luck on your purchase!
I'm fairly new to the real estate game here and looking to buy now too. I too have seen the 'pay for the plan' type products marketed, but the 'discount' seemed to me to be 'too good to be true'. Namely, it's only a discount if the 'rack rate' of the product is actually what they're claiming the sticker price to be, but nobody else is paying the sticker price, so how can it actually be the real price?
Reminds me of the old lesson, that the price of something is not the value of something. The value is what the last transaction went for... so naturally they're giving you a 'discount' not because they like you, but because it's the value you right now, and they obviously need your money to finance the rest of the project, so your deposit isn't entirely going to be going into your project, there will be some things skimmed...
There was a comment above about the developments in Santo Domingo Norte - can someone please advise on that? Is that area full of lemon houses? because there seem to be a LOT Of these types of projects near jacob magluta etc in 'nuevo residenciales'...
Good luck on your purchase!
Most of the posters including CC are rogues. WW has supported what I say - there are great success stories in the DR!
The cost of living in the DR is very very low and there are great values in property!
pi2
Blunose... to your questions.
I'm familiar with Daniel, and my friend / agent does business with him on an ongoing basis. He IS one of the couple of reliable developers in P.C. with a good reputation. I came close to buying in his previous project Palm Suites. I've stayed in rentals in his older project Santa Maria delMar. If I were to buy from any other builder than from who I bought with, it would most likely be him. All that being said, would I buy pre-construction (again)??? Probably not. I say that because when I bought, one of my absolute rules was to buy only move-in ready units. BUT... the best laid plans of mice and men... as it happened, in each of the projects I was looking at, I wasn't particularly in love with any of the specific units that were available. While shopping, the unit I bought had just come back on the market, because the buyers switched to a different unit (ground floor), because the woman of the couple became unable to walk up the steps to what is now my top floor unit. It is one of the two best, (in my opinion), units in the complex, so I trusted my gut, and rolled the dice. I was lucky. I'm sure all those poor souls who bought in Cap Cana also trusted their guts.
Anyway... one note about Daniel... I have heard he has a habit of changing prices on a whim, OR at least with little/no warning, so if you end up doing business, make sure you have a GOOD lawyer, (you should anyway), AND have an iron clad purchase agreement.
Estrella looks like it will be a nice project... BUT... another warning... even though Daniel has a great reputation, one never knows what will happen. Even though I LOVE my builder... who also has a great reputation ... my unit was completed a year after the original projected time, and even allowing for some changes in the project plan, it was still 6 months after we expected it to be. My project was the third in P.C. by my developer, who also has a number of projects in Santo Domingo.
I will say, if you by a resale unit, you'll likely get a better deal, plus most likely appliances and maybe furniture. (Make sure you bargain hard for a good price on that stuff... don't pay even close to new prices.
sorry if this is little disjointed, but I'm doing three things at once... LOL
Good luck.
I'm familiar with Daniel, and my friend / agent does business with him on an ongoing basis. He IS one of the couple of reliable developers in P.C. with a good reputation. I came close to buying in his previous project Palm Suites. I've stayed in rentals in his older project Santa Maria delMar. If I were to buy from any other builder than from who I bought with, it would most likely be him. All that being said, would I buy pre-construction (again)??? Probably not. I say that because when I bought, one of my absolute rules was to buy only move-in ready units. BUT... the best laid plans of mice and men... as it happened, in each of the projects I was looking at, I wasn't particularly in love with any of the specific units that were available. While shopping, the unit I bought had just come back on the market, because the buyers switched to a different unit (ground floor), because the woman of the couple became unable to walk up the steps to what is now my top floor unit. It is one of the two best, (in my opinion), units in the complex, so I trusted my gut, and rolled the dice. I was lucky. I'm sure all those poor souls who bought in Cap Cana also trusted their guts.
Anyway... one note about Daniel... I have heard he has a habit of changing prices on a whim, OR at least with little/no warning, so if you end up doing business, make sure you have a GOOD lawyer, (you should anyway), AND have an iron clad purchase agreement.
Estrella looks like it will be a nice project... BUT... another warning... even though Daniel has a great reputation, one never knows what will happen. Even though I LOVE my builder... who also has a great reputation ... my unit was completed a year after the original projected time, and even allowing for some changes in the project plan, it was still 6 months after we expected it to be. My project was the third in P.C. by my developer, who also has a number of projects in Santo Domingo.
I will say, if you by a resale unit, you'll likely get a better deal, plus most likely appliances and maybe furniture. (Make sure you bargain hard for a good price on that stuff... don't pay even close to new prices.
sorry if this is little disjointed, but I'm doing three things at once... LOL
Good luck.
OPPPPssss.. forgot to mention one BIG point. I would NOT recommend buying with the intention of a short turn around. IF you want to buy, go in with the long haul in mind. Those deciding to sell or HAVING to sell in a short time, (couple / few years), will be taking a net loss. In my opinion you're not going to realize any kind of gain until the P.C. market matures.
Another consideration is location - location - location.
If it's on the beach, is the water polluted and the tide safe? Do you hear motoconchos 24 hours a day? What construction adjoins the property or will possibly in the future?
If it's on the beach, is the water polluted and the tide safe? Do you hear motoconchos 24 hours a day? What construction adjoins the property or will possibly in the future?
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Yes, condos offer great value now in view of steeply rising prices and other retirement / second home locations demanding large deposits for a visa. Even Malaysia once cheap is demanding a good cash deposit for a 12 month visa.
Yes, caution is necessary, some developments are ill advised, and possibly the three premier locations at the present in the DR are Samana, Cap Cana etc. and Bayahibe area.
pi2
possibly i misunderstood your post.....have read the sentence again, but it is confusing. not sure if you are suggesting Cap Cana is recommended as a "premier location" or if it is "ill advised".
.....as I think, sky, indicated previously.......cap cana is an easy way to 'lose' money. agreed?
Within every area there will be ill advised developments among those of premier quality. It is the same with real estate anywhere in the World. At present CC is possibly No. 1 for the spread of investment opportunities but this is not to say there are not very attractive properties at the other two locations. When you choose a property there are two main things to thinks about : does it suit your needs now and does it have attractive features should you wish to sell in the future. CC scores on the latter with Golf, superior international airport, tourism infrastructure, critical mass of superior developments.
But not every property is well advised, no beach view, little transport links, poor management etc. or a combination of negative factors can mark down a property.
Sorry if my last reply was a little cryptic.
But I think better properties have been achieving 10% or more for their owners.
pi2.
pi2
But not every property is well advised, no beach view, little transport links, poor management etc. or a combination of negative factors can mark down a property.
Sorry if my last reply was a little cryptic.
But I think better properties have been achieving 10% or more for their owners.
pi2.
pi2
Pi, Thanks for the "like", but I have to disagree on your assumptions. Cap Cana is a dog. I've been reading a lot of accounts of people who lost tons of cash in that "money pit". A lot of the development is abandoned, with the carcasses of unfinished luxury properties rotting away.
As I mentioned the prices for Estrella are going up... BUT... If you were to try to sell a property soon after buying it, you would take a loss. I'm certain that if I were to try to sell my condo... just completed in October, I'd loose my shirt. (not a pretty sight... LOL).
As I mentioned the prices for Estrella are going up... BUT... If you were to try to sell a property soon after buying it, you would take a loss. I'm certain that if I were to try to sell my condo... just completed in October, I'd loose my shirt. (not a pretty sight... LOL).