Lions , Tigers, Contratos oh My - NOT FOR THE FAINT OF HEART

LionKing64

New member
Jun 3, 2020
24
18
3
Michigan
Don't invest more than you're willing to lose.
Thanks for the advice. I'm definitely taking heed. My lesson learned is get the contract up-front, expect it to be bad than just walk away. I think for most people property ownership is overrated just rent seems to me the sentiment. I have family ties here so if this doesn't work I think I'll just get a solar and build something will a large wall around it jajajaja.
 
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Russell

Well-known member
Jun 17, 2017
1,056
336
83
Even if the contract is ok, beware that the unit is being built to code...and there are codes here!
My friends and me invested into a 5plex Townhouse unit ...Four years in court and all we got was an order by Court to pay the deceased Developers Survey Bills. The units are abandoned and totally a dangerous hazard to anyone within its walls. Now I see the Developers family trying to sell the units as is again!
The Developers were not Dominicans... North Americans.
SO it is really a crap shoot.
I own a home here and plan to sell and rent a nice place in another zone.
 
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Pikobello

Active member
Nov 12, 2020
113
112
43
Santo Domingo
I have family ties here so if this doesn't work I think I'll just get a solar and build something will a large wall around it jajajaja.

That's not an bad idea. You can save a lot of money when build by yourself. The most important thing to do this is to get the right solar with all his papers in the right locacion. You can build your house like you want and for your needs. All real estate for sale here are overpriced, especially in tourist areas. I never bought a house o apartment, I build them by myself and spend much less money to do it. And when you have dom. family in your back it will get much easier.
 

NanSanPedro

Nickel with tin plating
Apr 12, 2019
4,394
3,692
113
That's not an bad idea. You can save a lot of money when build by yourself. The most important thing to do this is to get the right solar with all his papers in the right locacion. You can build your house like you want and for your needs. All real estate for sale here are overpriced, especially in tourist areas. I never bought a house o apartment, I build them by myself and spend much less money to do it. And when you have dom. family in your back it will get much easier.

Without getting too detailed for privacy reasons, would you let us know the ballpark amount you spent, sq meters, rooms, etc. If you don't want to, completely understand.

Thanks.
 
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Pikobello

Active member
Nov 12, 2020
113
112
43
Santo Domingo
Well it's not so difficult to calculate the construction price without going in details. For standard construction you calculate 20000 pesos per square meter, so a 100 sq meter house cost you about 2 million pesos. The costs rise up with the finishing of the house, so when you want luxury tiles, kitchen, bathroom and so on, you can spend a lot more money.The building permits and mostly the salary of the architect are not included in this price.
 

JD Jones

Moderator - Covid 19 in DR & North Coast
Jan 7, 2016
6,598
4,021
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Well it's not so difficult to calculate the construction price without going in details. For standard construction you calculate 20000 pesos per square meter, so a 100 sq meter house cost you about 2 million pesos. The costs rise up with the finishing of the house, so when you want luxury tiles, kitchen, bathroom and so on, you can spend a lot more money.The building permits and mostly the salary of the architect are not included in this price.
And you can build a nicely appointed house for 2 million pesos. I've seen many for sale with walk-in closets, nice fixtures, wood doors, etc. for slightly more than 2m.
 

Yourmaninvegas

Well-known member
Feb 16, 2016
2,177
1,511
113
-
I would never recommend to anyone to buy preconstruction down here. Too many horror stories.
I would not recommend it to anyone either. That being said. Look at my name. No stranger to risk.
I bought pre-construction and it paid off big time.
That being said, I am not happy with the builder or the quality of construction.
2.5 years from signing of the contract to move in.
I am completely happy with my location, design and price.
 
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LionKing64

New member
Jun 3, 2020
24
18
3
Michigan
**** Update ***

So... Since my initial post many things have transpired in regard's to this project. The single most important one has been they have failed to START! So with that being said may people that have paid their hard earned cash on this project are attempting to get their money back from the fiduciary that has since dropped the company because they have failed to delivery the proper permits and other paperwork. Below was the straw that broke the camels back. That was sent to the vendors and not to any of the clients. The company has since stopped answering e-mails and the phone.


Buenas Señor (es):



Promitentes compradores o Adquirientes del proyecto Punta Cana XXXXXXX



Fiduciaria Universal, S.A., actuando en su calidad de vocera y administradora del Fideicomiso Irrevocable de Preventas y Desarrollo Inmobiliario para el desarrollo Inmobiliario para el proyecto de viviendas de Bajo Costo XXXXXXXXXXXXX, se permite a bien informales, que al haberse cumplido la fecha límite establecida contractualmente para acreditar por parte del Fideicomitente Promotor, XXXXXXXXXX., no se recibió por parte de esta sociedad la documentación requerida.



En virtud de los indicado, en nuestra calidad de Fiduciaria Administradora, nos permitimos informar que los recursos aportados por usted (es) única y exclusivamente en la cuenta del Fideicomiso, por concepto de compra de unidad (es), se encuentran a su disposición, para los fines anteriores detallamos la documentación a remitir para proceder con la devolución de los fondos según correspondan.



  • Formulario de desvinculación debidamente completado (Anexo)
  • Documentos de identidad
  • Comprobantes de deposito


Favor remitir sus requerimientos a través del @Solicitudes Fiduciaria manteniéndonos en copia.



Cualquier información adicional con gusto será suministrada.



Saludos,

The TAKE Away -

The company that started the project did not have the permits to build when they sold units. So absolutely nothing was build except a stone wall around the property. I'm sure at some point someone will re-start this project and start selling units for more money but i'd never use trust this company again.

I'm still out a considerable amount of money and i'm still working to get it back but over all it was an expensive lesson.

I guess I now have bachelors in Dominican Real Estate.

Word to the wise, Buy land and build yourself or if you can't move in tomorrow, don't buy it.


- LK
 

MariaRubia

Well-known member
Jun 25, 2019
1,094
1,311
113
I am a real estate lady, I have worked on a lot of design and renovation projects and a couple of new builds. And I just want to say that building something yourself in this country, or a project involving a lot of construction, really is not for the faint-hearted. Seriously stressful, nothing happens on time, nobody works to their quote, nobody ever has all the materials you need. There are so many properties here for sale, just find one that you like that someone has already built and made nice, make a cheeky offer and then decorate it to your own taste. But don't get involved in build-your-own or buying off-plan, those are doomed.

Someone also told me that the only way to do business in DR is to smile sweetly and hold a big stick. In this case, a powerful lawyer is the big stick. Mine is from one of the top families, he knows everyone who is anyone personally - related to most of them - and someone like that is going to make sure you don't get shafted. And I know for a fact that he would have stopped me from losing money on this type of thing.
 

Grampa

Banned
Nov 15, 2021
87
46
18
Kansas
It's not for everyone but if you also know the right people in construction, a great, reliable and recommended maestro, it's not that bad. My experience and of course yours may vary. I'm related to one and he's not let me down or scammed a peso.

You have to be capable of oversite, be patient, have the big stick connection and be prepared for setbacks but that's not necessarily different than in North America and I bet in Europe too. There are many of the same pitfalls for buying preconstruction out of the DR.

If you can find an affordable house you like then by all means buy it but if like me you prefer to build there are lots of benefits. Cost, control, getting what you want and not having to adapt.

I'm always looking for interesting property and if it happens to have buildings in any shape that's a potential benefit and bargaining chip.

Or you can go buy in a gringo enclave, gated community and live in isolation. Not MY cup of tea but it may just be yours. No judgement here.
 
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MariaRubia

Well-known member
Jun 25, 2019
1,094
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It's not for everyone but if you also know the right people in construction, a great, reliable and recommended maestro, it's not that bad. My experience and of course yours may vary. I'm related to one and he's not let me down or scammed a peso.

You have to be capable of oversite, be patient, have the big stick connection and be prepared for setbacks but that's not necessarily different than in North America and I bet in Europe too. There are many of the same pitfalls for buying preconstruction out of the DR.

If you can find an affordable house you like then by all means buy it but if like me you prefer to build there are lots of benefits. Cost, control, getting what you want and not having to adapt.

I'm always looking for interesting property and if it happens to have buildings in any shape that's a potential benefit and bargaining chip.

Or you can go buy in a gringo enclave, gated community and live in isolation. Not MY cup of tea but it may just be yours. No judgement here.

Agree with everything you are saying. I think you either need to be Dominican, or have Dominican roots, of have quite a few years here to be able to pull this off. You say for example you are related to a great, reliable and recommended maestro. If someone steps off the plane and doesn't have contacts and connections here, then it is going to be very hard.
 
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dalethefarmer

Member
Jan 27, 2014
89
16
18
It's not for everyone but if you also know the right people in construction, a great, reliable and recommended maestro, it's not that bad. My experience and of course yours may vary. I'm related to one and he's not let me down or scammed a peso.

You have to be capable of oversite, be patient, have the big stick connection and be prepared for setbacks but that's not necessarily different than in North America and I bet in Europe too. There are many of the same pitfalls for buying preconstruction out of the DR.

If you can find an affordable house you like then by all means buy it but if like me you prefer to build there are lots of benefits. Cost, control, getting what you want and not having to adapt.

I'm always looking for interesting property and if it happens to have buildings in any shape that's a potential benefit and bargaining chip.

Or you can go buy in a gringo enclave, gated community and live in isolation. Not MY cup of tea but it may just be yours. No judgement here.
Is this maestro someone you're willing to recommend to me? Want to build something in the east side of the country and still collecting contacts.
 

JD Jones

Moderator - Covid 19 in DR & North Coast
Jan 7, 2016
6,598
4,021
113
Is this maestro someone you're willing to recommend to me? Want to build something in the east side of the country and still collecting contacts.
Gramps has left the building, Dalethefarmer.

A Maestro is like a site supervisor and is the hands-on guy who directs the day to day stuff.

You can also find a "constructor" which is a step above a Maestro and is usually an engineer of some type (Usually Civil)

A good constructor can quote a job from start to finish and get paid by production goals. They should be able to tell you material costs and what their expected profit will be, and also give you receipts of what is bought.

The last one I used was CODELPA, which is an excellent construction company. You can find them on Facebook or at


One of the best in the business.
 
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drstock

Silver
Oct 29, 2010
3,607
1,185
113
Cabarete
I'm sure at some point someone will re-start this project and start selling units for more money but i'd never use trust this company again.
I wouldn't guarantee that anyone else will re-start the project. At the entrance of the estate where I live in Cabarete is a huge development of many apartments, which had stopped construction when I arrived here eleven years ago. It looks so nearly finished with glass in the windows etc. But not a thing has changed up to now. The people who invested pre-construction are still in dispute as far as I know, but it seems very unlikely they will ever see a peso back. Meanwhile, all the money and work that went into its original construction would appear to have been wasted, and it seems nobody can finish it off.