- Thread starter johne
- Start date
Prices on condos dropping like a boulder into a lake
You hit home on this one. I have never ever rented in my life. I am and have been a developer, flipper, landlord for the past 25 years in the toughest markets in the NYC metro area and the Deep South. But NOW THE FIRST TIME I HAVE RENTED! Happy as a pig . . .You are spot on.
The tread is about exactly what the subject title is: Prices dropping...etc. Where does it say South Coast windy??
Uhm, the forum in which it is posted is the South Coast forum. "just sayin".
I guess people just don't read good.
Don't think prices will implode Island wide. Juan Dolió is way over built so yeah expect pain there. Maybe Cesar the Abuser's money isn't being laundered there like before. Maybe drug dealers are burying there cash?
But if DR continues to be on lock down, say through all of 2021 and coming in and out of DR is restricted, airlines cut to random flights and tourism continues to die like row crops in a drought then you might see abandoned properties on sale in panic mode. Ever heard the term jingle - keys? Tough to do when you paid cash.
Why anyone would buy a condo with unchecked monthly fees is a mystery. What happens when 50% of units no longer pay maintenance fees ? Hint hide your wallets the Administration is looking for it.
But if DR continues to be on lock down, say through all of 2021 and coming in and out of DR is restricted, airlines cut to random flights and tourism continues to die like row crops in a drought then you might see abandoned properties on sale in panic mode. Ever heard the term jingle - keys? Tough to do when you paid cash.
Why anyone would buy a condo with unchecked monthly fees is a mystery. What happens when 50% of units no longer pay maintenance fees ? Hint hide your wallets the Administration is looking for it.
With the exception of some niche markets, that will be coming to an end. There is a huge housing glut coming. 20 million Baby Boomer homes by 2030. And Millenials still have cold feet re owning a home. Millenials could change course a little, but right now it doesn't appear so.
If you said that to somebody who owns one, they'd look at you like you have a 3rd eye in your forehead. There's not that many of these. Maybe 15 or 20 that go up to $1.2. I've been in a couple, they're worth every penny. More pennys then I've got though.
You could be left with the maintenance fees being split up among a smaller and smaller number of people if a good number of owners bail. This pandemic could end tourism in the DR for a very long time and values plummet not to go up for ages.
I have not known many that made real money in real estate in the Dominican Republic other than the original Jewish folks who owned all the the land around Sosua.
RE in the DR is the wild west with housing values difficult to determine.
Being American I bought my house thinking it would go up in value like what is normal in the US.
Now I know better and have no hopes of the house appreciating although the wife keeps pouring money into improvements.
Renovation makes her happy and I understand she has to keep up with the Garcia's (Jones's).
My view is that if you have a property here it is best to just enjoy it and not engage in dreams of cash.
Investment in real estate in first world countries with regulated markets is safer and more predictable.
Anything can and probably will happen here. There are no rules.
Best of luck to the speculators and I hope you make a lot of money and I am wrong about rising values.
I rent. You mis-understood. Sorry, probably my error in that previous posts it was stated I'm a renter for the first time in my life.
You're confusing the condo market here with that in the US and what happened with the real estate crash in 2008. In the US, owners that "bailed" were walking away from mortgages. Any owners here that "bail", will be selling to someone else, so there won't be a smaller and smaller number of owners to pay the maintenance.
So far, I haven't heard of any owners in my condo that want to fire sale their condos. It's been a buyers market here for a long time. The Chinese virus is just another short term blip like the housing crisis of 2008 was. I don't see prices dropping that much.
I usually agree here with you, but I get a sense many are desperate to sell up in Cab. The sites are full of good opportunity right now. The surf scam condos are not getting the reservation. The owners want out. Kiting just isn't worth the mess right now.
Two. One is in the complex which is metro. The other is Guavaberry which is 6 minutes away
The North Coast has been on a steady decline for a number of years and property is notoriously hard to sell in Dom Rep. I think there are probably some bargains to be had, particularly for anyone brave enough to buy a business such as a bar, restaurant, small hotel. A friend of mine who is a realtor said that there are what he described as sharks snapping up properties in the Colonial Zone in Santo Domingo for 50% of their former price.
That makes sense. As far as the Colonial Zone. . .Every buy (when talking investment) needs to have a hedge position. The thing that is unique and a "extra" dimension built into it. CZ is in a world capital. CZ is known throughout the world as a pivotal area for business in latin America. Thats the "extra" that runs with the property. Other buys having to do with Cab, Sousa, etc are just a meh."So, you can fly a kite here ". Hmmm. "Pass".