North coast condo sale

[Jwb]

Greetings., I was browsing Debbies DR web site today and I came across a page that have condos for sale in sosua. One unit is being offered for under $20K USD.

Although it is not a large unit, I am still curious to know, is this a case of "If it's too good to be true........." or is this info true and accurate. I have in the past flirted with the idea of purchasing a plot and build on it little by little, but I;ve been warned by some of the ex-pats that I would probably have to baby sit the entire project from start to finish.

The idea of having my own place and not having to confront my loving :devious: suegra every year is appealing.







http://www.americanrealtydr.com/Condos.html


NOW AVAILABLE:
Studio Units........$19,900.
One Bedroom.....$33,900.
Two Bedrooms...$39,900.
...No Financing..cash only...

 

[Ken]

Is possible, market has been depressed lately. But no way to know from the ad what you would get for your money.

If you think you are interested in buying, then come down and take a good luck at what is available in your price range.

It may or may not be a good deal, depending on what you find when you see it.

Among other things, you will want to know what the maintenance fees are and what they include, whether or not you can depend on 24 hour electricity, and no interruption of water service.

Location also important, since this can determine whether or not you will need a car.

 

[Larry]

Jwb

About a year or so ago I was looking around to get an idea of condo prices.As I look at the same websites today..They have the same units for sale at the same prices as last year.No one bought 'em.They are not exactly selling like hotcakes so take your time and be SURE before you make any commitments.Dont worry...they will still be there.
ILoveDR

 

[Escott]

There was also another thread about condos and prices at the Tradewinds in Sosua. Check that out.

 

[Hlywud]

I have to agree with Ken, you might better head to POP and check things out, market could be slow and you may find a much better deal than those shown on the internet. Also you will be able find out all the details and what kind of cost may be hidden and not ever mentioned on the net.
"Caveat emptor"

 

[jdiaz]

That's a good point IloveDR. I've noticed on some units the financing is very favorable to the buyer. Not necessarily the price though. And it doesn't seem as if the units are moving at all.
I've been mulling the idea over as a possible investment and from much appreciated feedback from the members here at DR1, jazzcom, HB, pthate etc. The best thing to do is to go down there and check it out yourself.
I'll be there in a few days. will report when I get back to NYC.

 

[Jwb]

Hey jazz, I just read your reply to another poster asking the same question ( I guess I should have researched first ), you made some compelling arguments.


The reason for my interest to purchase as opposed to renting, is that when we finally relocate to the D.R (5years or so) I would probably be living on a fixed income from my rented home in the states, if my condo or house in the DR is paid for, that would be one less thing to worry about.

 

[jdiaz]

Aside from AmericanRealtydr.com, do any of you know anyother reputable realestate firms with listings in Puerto Plata?

 

[Ken]

Aside from AmericanRealtydr.com, do any of you know anyother reputable realestate firms with listings in Puerto Plata?

Yes. Contact Dean Brown, an American expat, at islandcruisers@hotmail.com. He works for Perdomo realty in Sosua, which is the Century 21 representative on the north coast.
I can recommend Dean without reservations.

 

[Snuffy]

Does anyone here know of any expats that live up in the mountains on the road between Puerta Plata and Santiago? I am curious to know what their experience is living in that area, how the electricity is, and any other problems encountered.

I would also be interested in knowing any others who would be interested in living in the highlands versus living on the water. For me, it is just to hot to live down there...especially when you lose electricity. But then I don't live down there...so what do I know. Still Learning.

 

[Ken]

You should start a new thread, Snuffy

Snuffy, this is way off the subject of this thread. Board etiquette is that you start a new thread with a new question, rather than hijacking someone else's thread.

 

[jdiaz]

Thanks Ken

 

[Snuffy]

Yes...you are so right. Pardon my misstep. At first I thought it was related...'real estate and looking for places to live'...but now that I have taken a closer look...I see my error.

I get lazy sometimes.

 

[james]

Regards to the Condos under $20k (Studios) they are located at Condos Dominicanos which is managed by Eddy (Eddys Sports Bar) American Realty is a agent which sells units there with Eddys approval. I am sure a few board members know this location which is a block away from the Sports Bar and City Hall.

 

[Paul Thate]

A little while ago there was a sale going on in orrilla las olas
a little outside Cabarete there were 3 condos for sale
two studios at 5 000 and the 1 bedroom for 10 000 US $

It took the owner well over two months to get it all completed.
Difficulty at those prices should tell you something.


As those units were or are in excelent shape.and the complex
is on the best beach on the northcoast.

I think at the moment the advantage is with the buyer.
you should be able to get pretty much any terms you like.

 

[Jwb]

condo sale

My question is why is there this sudden rush to sell?

If condos on the beaches are being liquidated as they are, does that also apply to land, homes, etc.......

my suspicions are:

1-The 9-11 tragedy and its impact on tourism.

2-USA's experiencing a recession, thus creating a fear on the dollar market.

3- There are better investments other than real estate.

4- There is another country ( for Example Cuba), that will be offering similar advantages.

I hope I dont come accross as a paranoid, but this transition maybe a life long commitment.


Thanks to all who reply.

 

[james]

Regards to Orilla "condos" I beleive those 2 buildings were operated as an apart hotel and maybe there was difficulty convincing the prospective clients that it would be successfully operated as a condo and that everybody would end up paying their fees etc and that it would not end up being a hotel operation again. It looked a little shabby and many different owners had trouble getting together and figuring out a plan to sell the place. Some wanted to sell all together as a hotel and others as separate units. Those desperate I guess elected to sell seperate regardless what the others wanted to do.

 

[Mike Freeman]

Real estate markets

I'm New to this forum

I will be visiting the Puerto Plata and Samana areas in Dec. This will be our first trip to DR and we hope to view some condos/projects for future purchase.

That being said. I wanted to comment on the real estate market in my area NW Florida, because there seem to be some similarities.

2 years ago it was a sellers market here. Avg time a house was on the market was 1 week! Sellers were getting offers, sometimes higher than their asking price, the same day a sign appeared in their yard. Real estate companies residential inventories were empty.

Now, all that has changed. In the past year, houses are on the market for months at a time. Prices are being reduced weekly and it?s becoming a buyers market again. I think it?s a leveling of the market as opposed to the ridiculous sellers market of 2 years ago.

Anyway I will be reading more than writing and hopefully learning about the DR!

 

[Chris]

Mike, you're responding to a post of 2002 ... the situation I think has changed here, but we will let the real estate gurus answer you.

 

[Independent Man]

Mike,
I have been following the northcoast market for almost 3 years and plan on retiring there in a few years.

The real estate market in the DR is nothing like in the states. The real estate sales business is totally unregulated. No MLS. Comparable sales drive prices in the states - not in the DR. Prices can rise without apparent market justification. Actual sales prices can be 30-40% less than published asking prices.

Big property value issues to consider are security and 24 hour electric. There are, in my opinion, only two secure villa communities on the northcoast, Sea Horse Ranch and El Choco. Condos projects are another matter since they may be easier to secure. Many communities have gates and guards, but are not secure in any real sense.

For example, I was planning to buy a lot in a very upscale "gated" community on the northcoast and was disappointed to see - on inspection - that each villa within the development had to rely on it's own private guards. They obviously couldn't rely on the guarded gate security.

As far as Samana, it is beautiful. Unfortunately, the new airport (El Catey) is not really convenient to most of Samana. As of yet, I haven't seen much solid, well financed condo/villa development in Samana. Lots of dreams and artist renderings. But, its time will surely come. You will get tons of valuable information from this site. Good luck.