- Thread starter eperc002
- Start date
How to determine value of a property?
Get this: Back in 2001 when I bought the farm in Puerto Plata, I paid 4 really short brothers something like $400 to dig a 40' well.. by hand! Pick and shovel all the way.
I had to wait until they were available due to the amount of pending jobs they had.
After they hit water, they kept a pump going to keep the level down so the could keep digging.
Once they finished digging, they laid blocks in a circle all the way back up to the surface.
If I hadn't seen them do it myself, I would never have believed it.
I wonder if Escott still has his rig?
That is impressive. Did they take any safety measures? 40 feet is a long ways down with open sidewalls.
How big in diameter?
They actually climbed up and down with notches they dug in the sides. They also had a ladder hanging just in case but I never saw them use it.
The hole itself was about 4 1/2 feet wide. Just enough for them to swing a pick ax with a shortened handle.
I don't remember their names, but out where I lived everybody knew who they were. Pretty impressive when you remember they're from Santiago.
Hi everyone, I'm thinking about buying in Punta Cana, I have a buy-to-let plan but I came across with this thread in this site and now I'm thinking maybe it's not a good time for buying a property in DR. Also I'm not sure if the villa I added above is way more overpriced or not. I thought maybe you could help. Thanks!
Last edited by a moderator:
Yeah, we've got a Devil Possessed Rooster in our neighborhood. Sometimes late at night, after a few brugals, I hunt it with the machete.
I would not trust all the International RE Agencies in RD as well. I live in a so called Gated Community in Luperon Hills, near Luperon. Recently I noted the Common land and recreational area of our sub-division for sale. Even the five townhouses were for sale for $250,000.ooUSD. One is condemned ,one unfinished and three others sold with Deslinde deeds. The pool and common property zone were also offered as a potential business investment for $250,000.oo. We approached the RA and told them the offer was illegal and the land already owned. Now it is offered again without pictures.
Luperon zone around the town is a hot bed of property ownership contention and recently there were several protests where some protesters were shot by Police .... Buyer beware... money can do marvelous things in this country.
Sell Deslinde titles only.... prices will inncrease to include your commission and inflate once an offer is made.
No sour grapes here, just facts to ponder.
Russell
Human nature and man's dependence on money pretty much ensures that greed and avarice will endure. In the absence of enforced regulations, codes of conduct and direct consequences for professional excesses, the real estate market in this country is a minefield.
The saying I heard not long after arriving in this country and that sticks with me to this day:
"A local will take you for a 1000 pesos, a foreigner will take you for a 1000 dollars"
Whether you are buying a table, chair or a house, the purchaser in this country is solely responsible for determining the best possible price or choosing to walk away and look elsewhere. No one here other than you is interested in or focused on the lowest possible price. You cannot rely on the advice of someone whose own personal interests are in direct competition with your own when they are not governed by a code of professional conduct that protects their clients and allows for some sort of redress if that client is taken advantage of.
This is the same for many professions in this country. Builders, lawyers, plumbers, electricians, police, doctors, judges and of course let's not forget the politicians. All operate within a nebulous environment with limited or nonexistent accountability for their failings.
The saying I heard not long after arriving in this country and that sticks with me to this day:
"A local will take you for a 1000 pesos, a foreigner will take you for a 1000 dollars"
Whether you are buying a table, chair or a house, the purchaser in this country is solely responsible for determining the best possible price or choosing to walk away and look elsewhere. No one here other than you is interested in or focused on the lowest possible price. You cannot rely on the advice of someone whose own personal interests are in direct competition with your own when they are not governed by a code of professional conduct that protects their clients and allows for some sort of redress if that client is taken advantage of.
This is the same for many professions in this country. Builders, lawyers, plumbers, electricians, police, doctors, judges and of course let's not forget the politicians. All operate within a nebulous environment with limited or nonexistent accountability for their failings.
In the DR, value of property is "What are you willing to give for it" and moreover, "What the owner is willing to sell it for".
Those numbers are very fluid depending on personal situations of the parties involved.
Those are the best comps you will find.
Always have a trusted local do your original leg-work on the property. A gringo will always get 2x or 3x the true price.
Just my experience over the years.
Those numbers are very fluid depending on personal situations of the parties involved.
Those are the best comps you will find.
Always have a trusted local do your original leg-work on the property. A gringo will always get 2x or 3x the true price.
Just my experience over the years.
In my experience, you find a place a drive around talking to people. Do this frequently.
I just bought 1600 m2 on the rio Ozama with 44m of river frontage for 450k. When I first inquired about the lot, I was told they owner would never sell. lol
Usually people sell land very cheap when they have economic troubles and most usually will at some time or another. Be patient.
I just bought 1600 m2 on the rio Ozama with 44m of river frontage for 450k. When I first inquired about the lot, I was told they owner would never sell. lol
Usually people sell land very cheap when they have economic troubles and most usually will at some time or another. Be patient.
