Prices on condos dropping like a boulder into a lake

[johne]

As a basis for my comments on this price drop: Before I rented my apartment I searched many areas included developments like Metro Club. I decided what I wanted and it didn't include buying. So I was forwarded a listing today for a condo at Metro in JD. It is a duplex with approx 3200 sqf. Private pool and all the features of a secure gated community. Golf of course. Priced at $165,000 which if I had to guess something like that was double the price last year.
I'm still not interested because what I have is what I wanted and I'm very happy.
I'm going to look at next week as part as my continuing learning experience. If I was sure of an end to covid this is something I would consider for investment income.

 

[Mm530]

This is great. I am in USA would love a good deal in the DR. this is the moment ove been waiting for. Please let us know any updates 🙂

 

[johne]

This is great. I am in USA would love a good deal in the DR. this is the moment ove been waiting for. Please let us know any updates 🙂

OK but understand I am only following this as part of a bigger picture of the DR. I am not in the market as the covid issue must be resolved. Then only as a speculator not for my personal us. They are different you know. Ill try my best.

 

[DonDimi]

in my humble opinion , give or take the real deals "fire sale signs" will start showing up 3 years from now. you need the panic to set in and we are not there yet ...... in the meantime best investment of a life time would be to buy physical Silver / Gold or BTC

have a super fantastic day folks.

saludos DonDimi

 

[Big]

in my humble opinion , give or take the real deals "fire sale signs" will start showing up 3 years from now. you need the panic to set in and we are not there yet ...... in the meantime best investment of a life time would be to buy physical Silver / Gold or BTC

have a super fantastic day folks.

saludos DonDimi

I agree on the real estate aspect, prices are going to free fall here sooner than later .

 

[jd426]

I agree on the real estate aspect, prices are going to free fall here sooner than later .

Wasnt it just a short time ago, that someone else told us that $800K( usd) Shorefront Condos are a good " investment" ?
lol
yeagh, I cant wait , to scoop one of them up for $150K..... have your check books ready .. its coming

 

[johne]

in my humble opinion , give or take the real deals "fire sale signs" will start showing up 3 years from now. you need the panic to set in and we are not there yet ...... in the meantime best investment of a life time would be to buy physical Silver / Gold or BTC

have a super fantastic day folks.

saludos DonDimi

OY VEY. Like covid 19 there is no way one can stop OT on DR1. It's like a disease. Some just don't get it.

 

[melphis]

I don't think condo and real estate price in the DR will be as doom and gloom as some people predict. When I bought here the 2008 recession was going on and from what I saw then, prices did indeed drop a bit but they didn't bottom out.
Twelve years later and we now have another global crisis but if you look at real estate markets around the world the opposite is happening. There is some markets that are lower but if you take the time to look into it they where falling long before Covid hit and in all probability will continue to fall.
The one thing that isn't being made anymore is ocean front property. There always was and always will be a market for it and naturally it will fluctuate from time to time.

 

[kanson]

As a basis for my comments on this price drop: Before I rented my apartment I searched many areas included developments like Metro Club. I decided what I wanted and it didn't include buying. So I was forwarded a listing today for a condo at Metro in JD. It is a duplex with approx 3200 sqf. Private pool and all the features of a secure gated community. Golf of course. Priced at $165,000 which if I had to guess something like that was double the price last year.
I'm still not interested because what I have is what I wanted and I'm very happy.
I'm going to look at next week as part as my continuing learning experience. If I was sure of an end to covid this is something I would consider for investment income.

Mike, thanks for that info. I would be interested in some updates.
Gracias.

 

[aarhus]

I don't think condo and real estate price in the DR will be as doom and gloom as some people predict. When I bought here the 2008 recession was going on and from what I saw then, prices did indeed drop a bit but they didn't bottom out.
Twelve years later and we now have another global crisis but if you look at real estate markets around the world the opposite is happening. There is some markets that are lower but if you take the time to look into it they where falling long before Covid hit and in all probability will continue to fall.
The one thing that isn't being made anymore is ocean front property. There always was and always will be a market for it and naturally it will fluctuate from time to time.

I agree its more stable than you would think. Maybe dropping 25% but not like said on this thread.

 

[Big]

Wasnt it just a short time ago, that someone else told us that $800K( usd) Shorefront Condos are a good " investment" ?
lol
yeagh, I cant wait , to scoop one of them up for $150K..... have your check books ready .. its coming

indeed, the markets here have never recovered from the 2008 crash. Deals can be had now but wait another year and prices will be realistic. Beach front condos in Cab have come down and will come down more next year. 800K U.S. lol, Maybe for 5 condos

 

[johne]

indeed, the markets here have never recovered from the 2008 crash. Deals can be had now but wait another year and prices will be realistic. Beach front condos in Cab have come down and will come down more next year. 800K U.S. lol, Maybe for 5 condos

Why will they come down more? Interested.

 

[El Rey de Mangu]

indeed, the markets here have never recovered from the 2008 crash. Deals can be had now but wait another year and prices will be realistic. Beach front condos in Cab have come down and will come down more next year. 800K U.S. lol, Maybe for 5 condos

On the everything sites it seems like folks are selling up left and right.

 

[Big]

Why will they come down more? Interested.

many factors. Many have discovered that there is no tax advantage (nothing new) to purchasing a second home here (U.S citizens), many have also discovered that it is much less expensive to rent than to buy even if you are going to live here long term, thus freeing up cash for investing,travel, medical etc. Further the people in the upper income brackets that can purchase the higher end condos, houses etc are more cautious and are buying into and fueling the US boom. However if one was to decide that they were going to live and die here (very very few) they can be sold much easier. Someone indicated a 25% percent drop like that was not too bad, WOW! well I say add another 20 % to that and I will start window shopping

 

[jd426]

Before I would ever INVEST to buy a Condo in the DR, i would rather buy a FINCA , and let them literally steal all the Crops each year. I would be better off ..
LAND cant be destroyed by Storms or weather , ( theoretically) ... a Condo , anything can happen .
Some of these " Investors" are about to have their Arses handed to them . get ready for the Pain.

 

[Big]

Before I would ever INVEST to buy a Condo in the DR, i would rather buy a FINCA , and let them literally steal all the Crops each year. I would be better off ..
LAND cant be destroyed by Storms or weather , ( theoretically) ... a Condo , anything can happen .
Some of these " Investors" are about to have their Arses handed to them . get ready .for the Pain.

Many already have.

 

[ctrob]

I work with these people every day and I can tell you nobody is panicking. And we're in August already. Yes Owners, developers and buyers are not happy because of the virus, developers are losing money, construction schedules are out the window, nobody is renting, but no one is even close to panic selling. Sure, there will be some good deals coming up just like with any crisis.

I sold a condo to an older French lady 2 years ago, her 70 y.o. friend just bought one last week in the same building - sight unseen. Then wrote another check for 50k to have a decorator buy furniture. I have a canadian couple that as soon as Canada eases the travel restrictions, are headed to down to buy. And none of them will live here full time. No panic. N Americans and Europeans are not going to stop coming to the Caribbean. The virus will pass, and things will ease back to normal.

Don't forget it doesn't cost that much to sit on property in the DR.

 

[ramesses]

I have been noticing a uptick on property for sale on Facebook and such. Good time to buy as prices seem to be dropping.

 

[bob saunders]

I work with these people every day and I can tell you nobody is panicking. And we're in August already. Yes Owners, developers and buyers are not happy because of the virus, developers are losing money, construction schedules are out the window, nobody is renting, but no one is even close to panic selling. Sure, there will be some good deals coming up just like with any crisis.

I sold a condo to an older French lady 2 years ago, her 70 y.o. friend just bought one last week in the same building - sight unseen. Then wrote another check for 50k to have a decorator buy furniture. I have a canadian couple that as soon as Canada eases the travel restrictions, are headed to down to buy. And none of them will live here full time. No panic. N Americans and Europeans are not going to stop coming to the Caribbean. The virus will pass, and things will ease back to normal.

Don't forget it doesn't cost that much to sit on property in the DR.

Interesting topic, As we were driving into Santiago today there is a big construction project just south of the old toll booths that burnt down, and a lot of new construction in Santiago, including a new National that just opened. My wife made the comment that it seems like there is more money in circulation than 6 months ago.

 

[Big]

There is a big real estate boom in the U.S as interest rates are rock bottom, it's a seller's market. Here, for at least the last 5 years it's a buyers market. Anyone buying a 800 thousand dollar condo now on the N.Coast is a fraud victim