Pressure on the peso ?

[cobraboy]

I think Pichardo's probably right once you get away from the resort area markets where prices have been driven in the past by foreign purchases.

You, Expat13, are right when it comes to talking about the resort area real estate market.

I'm not sure it's just resort-area prices.

I have several Dominican real estate friends here in the Jarabacoa/La Vega area. Family members have developments targeted clearly toward the "internal" market.

Little is selling, but everything is for sale. And there is little downward pressure on prices in this area, whether for land, lots, middle-to-high end residential property, commercial property or vacation/cabana properties.

There are several new commercial developments, edificios, that are being/have been built that have low low low occupancy rates. Empty.

I know empty houses that have been on the market for 2+years by "motivated" sellers...without ever a drop in price.

Go figure...

Not only is the DR expempt from the world economic slowdown, it appears to be exempt from real estate supply-and-demand laws as well...

 

[badpiece33]

People are crazy in the DR. They will leave a property unsold for years losing money rather than making some profit and moving on!!!! People are crazy in DR.

 

[Expat13]

I'm not sure it's just resort-area prices.

I have several Dominican real estate friends here in the Jarabacoa/La Vega area. Family members have developments targeted clearly toward the "internal" market.

Little is selling, but everything is for sale. And there is little downward pressure on prices in this area, whether for land, lots, middle-to-high end residential property, commercial property or vacation/cabana properties.

There are several new commercial developments, edificios, that are being/have been built that have low low low occupancy rates. Empty.

I know empty houses that have been on the market for 2+years by "motivated" sellers...without ever a drop in price.

Go figure...

Not only is the DR expempt from the world economic slowdown, it appears to be exempt from real estate supply-and-demand laws as well...

Yes Cobraboy, exactly what i am trying to say...these real estate laws are basic fundamentals, not just in resort areas..
The definition of a motivated sellers differs in the DR-motivated DR sellers do what???reduce prices? no,-offer creative financing? no, increase prices because of lengthy time on the market, and lack of rental income? BINGO!!

As someone who once held a Real estate license in Canada specializing in investment properties-it amazes me the complete lack of knowledge, education, and overall regulation of what constitutes a Realtor in the DR. I do realize I am not speaking for all as there are some professionals who know the trade but this is the minority.
I believe if the profession was more regulated, the realtors would be doing the appraisals, and therefore educating their clients as to the reality of pricing.
There is nothing worse than having an aged listing- when the average buyer sees this, they want a creaming deal or they wont move-if its priced right it will get lots of viewings and therefore the posibility of a bidding war.