buying vacation home in DR

jmsdiet

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Apr 7, 2002
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Have been learning lately that this is a beautiful part of the world and would like to investigate purchasing a villa there to spend the winter months of Chicago. Is there a large North American population on the Island and if so what part of the Island do they generally populate? Does the American dollar go far there? What about real estate prices? Can I purchase much of a house for say $250k that would be in a gated community and near the beach etc.? Do people rent out there homes when they are not there do you know?/ Really appreciate any help that any of you can give. Thanks.
 

Hillbilly

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Jan 1, 2002
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First off, that post should elicit just about every real estate roach out there.

Secondly, yes, that can buy you a very beautiful place.

Thirdly. This is something that you have to scope our for yourself.

the DR is a wonderful place, but it is expensive if you wish to maintain a lifestyle similar to what you do in Chicago. Importing things costs money. However, as I am sure you can find out for yourself, the beauty of this place is in the people and the joy of living.

yes, there are about 25,000 US citizans living here-many of which are Dominicans that have been naturalized, Cuban and Puertoricans. That still leaves a lot of Americans that speak English and tons of Dominicans speak English, too.

What on earth would you want a gated community for??/ That takes all the fun out of life!!

Come on down, meet the folks and see what is available.

HB
 

Marc

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Jan 1, 2002
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Come on down

You are going to need to check out the island for yourself. For it's relatively small size, it is enormously diverse. Even when you talk about living by the beach, there is a wide variety of environments to live in.

I am biased, but prefer the north coast for beaches and communities if you are going to live on the island. This includes the Samana area (which some claim to be the "east", but whatever...).

Inland, you have stunning views and great places to live also.

What you need to do is get some referrals of trusted real estate agents...there are a lot of swindlers down there. Then come down for a month or so to scope it out. Heck, come down for the winter if you can swing it...then you can not only find a house, but you can find out if you really want to do what you are planning!

Best of luck
marc
 

Marc

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Oh yeah

And as much as I love HB and his rad "GOLD" monacher...(nicely done), I disagree on the gated community comment. If you are here only for winters, you will not only need a gated community but you will need someone to look after the place when you are not around.

cheers
marc
 

jmsdiet

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Apr 7, 2002
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There is an area called Punta Cana that is supposed to be real nice. Also a development called I believe Sea Horse that is a gated community. Anyone know about these areas. Also a development called Palma Real Villas?
 

jmsdiet

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Apr 7, 2002
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Also with the exchange rate one would think you could live like a king on American dollars there is that not true???
 

Ken

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Jan 1, 2002
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If your budget for living expenses is commensurate with your budget for purchase of a home, you will certainly be able to live very comfortably.

A previous post mentioned Sea Horse Ranch in Sosua. In your price range, this is certainly one of the places you should check out.
 

BushBaby

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Jan 1, 2002
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It has been said many times before on this board "Don't try to buy before you have got an idea on where you want to live. Take your time searching, get to know the people you can trust & the millions you can't, before you get firm on an area".

Many people come down here to live, think they need a place of their own & then find they can't hack some of the frustrations of living here ( AND THERE ARE MANY!!) then make a loss on selling their house so as to get away when they become dissillusioned. Visit Jim Bellair's site for the North Coast or Karibik invest. There is also Jose Loinas at West Indies Real Estate. If you want their web sites, drop me an e-mail & I will send them to you (or spend a little time searching the archives where many Realtors are listed). I have a house for sale in the centre of Puerto Plata but this is not 'On The Beach' & quite honestly it is more suited these days for a business property rather than a house to live in!!

IF you decide you want to investigate the north shores more, drop me as line - I have been here 10 years & have made many of the mistakes you are going to make!! If I can reduce the COST of those the mistakes you will make & stop you making 3 or 4 totally, then you will have more money to put into the pleasures of living down here - My charges?? A couple or 3 packets of Pipe Tobacco, some chocolate cookies for "the Missus' (wife) & maybe some medicines that we can't get here. We will pay you for them, of course, you just have to be the courier for us!!

WE love it here & have NO desires to leave to go back to England!! Good luck - Grahame Bush.
 

MommC

On Vacation!
Mar 2, 2002
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South shore

If you're interested in the South shore check out Metro Golf & Country Club. http://www.metrocountryclub.com It is a secure community on a golf course and there are lots of Americans living there.
You really do need to come down and check out the different areas of the country and what would suit you best.
As for cost of living....I live down here much the same as I do in Canada and spend about $2000.US per month to do so. I have a condo - rather than a private villa -in a gated property with 16 units. Suits me just fine and I don't have to worry about it when we leave. There is a full time cerrano (guard)/groundskeeper, administrator,parking,pool and garden. We are approximately 900 ft from the beach and most of the residents are Canadian,Italian or Dominican. There are several units for sale at prices of $60,000.-$80,000 US$. Let me know if you're interested by replying to this post and I'll email you.
 

Escott

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Jan 14, 2002
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Re: South shore

MommC said:
If you're interested in the South shore check out Metro Golf & Country Club. http://www.metrocountryclub.com It is a secure community on a golf course and there are lots of Americans living there.
You really do need to come down and check out the different areas of the country and what would suit you best.
As for cost of living....I live down here much the same as I do in Canada and spend about $2000.US per month to do so. I have a condo - rather than a private villa -in a gated property with 16 units. Suits me just fine and I don't have to worry about it when we leave. There is a full time cerrano (guard)/groundskeeper, administrator,parking,pool and garden. We are approximately 900 ft from the beach and most of the residents are Canadian,Italian or Dominican. There are several units for sale at prices of $60,000.-$80,000 US$. Let me know if you're interested by replying to this post and I'll email you.
Wow, I couldn't spend 2000 US a month on vacation here paying for a hotel. Things are so cheap in my opinion.

I saw a 4000 sq. ft. Home with a beautiful ocean view with 6 bedrooms, pool, maids quarters, generator, satellite dish, decks and much more for 199,000 asking in the Sosua area. Property is gated and the price of servants is very inexpensive here.

I am not sure you want to buy a place here though. You can get upwards of 16%+ on certificates in a bank on that money and rent what you want. You can get over 20% with finance houses.

I was offered a 2 bedroom Condo at Coconut Palms for 29000 dollars which is just a little past SeaHorse but not in the same class. I was told I could rent the same sort of 2 bedroom for 325 a month. How can you think of buying with numbers like that?

Someone told me that buying real estate in the DR didn't pay and it has taken me almost 2 years to figure that out for myself because I don't listen:)

Everyone is different and has different thoughts on what they want. I would rent for a minimum of 6 months just to get a feeling for the area and check out other areas while doing this. I would NOT buy immediately under any circumstances.

Regards
 

MommC

On Vacation!
Mar 2, 2002
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Well Jazz.......

I did buy!!! In a condo that mirrors my style of living in Canada.
The person posting the question doesn't want to live like the average Dominican.....He wants to live like the average Canadian/American.
Which is what I do......I have a maid, I pay my power,water,phone,internet,and generator costs. I also pay "condo fees" to maintain the grounds,the pool, the garden, the gates and the parking lot. The gardner also brings me my "bottled water" and does odd jobs like washing my car and cleaning my golf clubs.
We eat filet, and chillo,and all the other foods that we enjoy at home. I eat in a rstaurant twice a week, go to the movies in SD, play billiards a couple x a week, entertain guests for dinner once or twice a week, go to Catalina and Saona once or twice a month and visit the local disco once a month. Ditto for the casino. I play golf twice a week also and have lunch and after golf drinks at the country club. Throw in a few golf lessons and some diving for hubby and that's how I spend my $2000.
Much the same as I spend at home where I also own my principal residence.
Now if you've been following the "Here;s the dilemma" thread you'll see that I can be cheap at times....but how I live day to day is NOT one of them!