Real Estate Confusion

nanmer

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Hello, I am new to this forum but have read several posts. In some posts it says it is easy to buy in the DR but impossible to sell. I have been scanning the real estate listings and it seems there are many sold and the properties that I have book marked have disappeared. Are they sold, off the market or is this a real estate trick?

I am interested in investing in the DR, buying a holiday home and maybe eventually retiring and living in it. I know eventually everything goes up but for the next 5 years would the return be worth the risk?

Nanmer
 

Rocky

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nanmer said:
Hello, I am new to this forum but have read several posts. In some posts it says it is easy to buy in the DR but impossible to sell. I have been scanning the real estate listings and it seems there are many sold and the properties that I have book marked have disappeared. Are they sold, off the market or is this a real estate trick?

I am interested in investing in the DR, buying a holiday home and maybe eventually retiring and living in it. I know eventually everything goes up but for the next 5 years would the return be worth the risk?

Nanmer
It depends entirely on how wise a purchase it was, how good a deal it was, what you did with it during the 5 years before you retire, etc.
Those people saying properties are impossible to sell, must be refering to overpriced deals, or properties that nobody wants, like swampland in Florida.
 

JRR

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not impossible to sell!

Like everywhere else in the world the three rules of real estate apply here too....

LOCATION, LOCATION , LOCATION!

Depending on the area you are looking at. As I do financing here, I work with the real estate agents and developers all over the island. I know of properties in Cabarete for instance that increased in value from 140,000 to 165,000 today....that's in 7 months. Places like Punta Cana, Bavaro, Cabarete are doing very well. They are still selling, the market has not changes. Roko ki...also growing!

Places like Sosua have real estate agents every 25 feet it seems, and that follows through in most of the other towns. They must be selling something!

Are you planning on retiring to this peice of property? Do you know enough about the areas you are looking? Gated community? Condo? Villa? Will you b e renting it out? What price range?

Just keep in mind those three rules, and you should do just fine.

JRR
 
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nanmer

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Thanks for the great feedback! I am just starting my research. We plan on learning everything we can an perhaps purchase next year.

In Canada many people make a great living by "house flipping". They buy properties that are distressed, renovate them and sell them for a profit. Is this something to be considered?

Nan
 

Rocky

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nanmer said:
In Canada many people make a great living by "house flipping". They buy properties that are distressed, renovate them and sell them for a profit. Is this something to be considered?

Nan
You need to have a special type of patience to do that here, then you have to speak the lingo well, then you have to know where to buy the things you need.
This sounds a lot simpler than it really is.
In Canada, you want to buy 6 things, so you go to one store or mall to buy them.
Here you want six things, go to six places, and only find one of the things you wanted, and have wasted your whole day doing so.
 

JRR

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Rocky is right....

There is no Home Depot down here to just go and get the supplies you need. Also unless you are ready to spend your days watching your laborers a nd directing them, in their "lingo", it can be extremely frustrating!

JRR
 

Hillbilly

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Let's lasso this horse first!

1) Where are you looking to live or buy?
2) Do you want to purchase a building and renovate?
3) Do you want to build from scratch?
4) Do you want to buy and live and then sell?

A lot depends on what your plans are.

For instance there are places in Cap Cana that offer apartments for sale, or a beautiful lot. Roco Ki is a hot property.

A truly georgeous place is Sea Horse Ranch, a gated community on the North Shore, well run, and expensive..

Define your goals a bit more and we can chime in a lot more!!

HB :D:D:D
 

nanmer

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Great questions HB, made me really think. I have purchased around 4 houses in Canada. Each one was a mess. We were able to do all the work ourselves ( hubby is a plumber and all around handy guy, I am a landscaper and all around helper LOL). We ended up selling the houses for much more than we paid and were able to buy more expensive houses each time. Our most current home is in an upper end area and worth a fair bit. We were thinking of using the equity in our home to purchase something in the DR and do a similar type of thing. Is this as possible in the DR as it is in Canada?

At first we intend to spend 2 months in the summer (Hubby is now a teacher doing plumbing on the side) and later retire in the DR, as the Caribbean has our hearts. Renting is of interest, when we are not there. A villa is probably what we are interested in. Since we intend to rent until we retire, a gated community in a tourist area (north shore?) is something to be considered. We will find our dream villa once retired.
 

STEVE G.

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Try South Coast - Caribbean Sea

Try South Coast ... Like Juan Dolio. There are a lot of developments in the area. From gated communities like Metro Country Club or Guavaberry Golf & Country Club, or new Beach Front condos like Hemingway Club , Costa Del Sol I and II , Las Olas or Marbella . Or you can buy a nice lot in Villas Del Mar area and build on your own. http://dr1.com/realestate/Juan_Dolio.shtml , http://dr1.com/realestate/developments/las_olas/index.html , http://dr1.com/directories/realestate/las_olas.shtml , http://www.dr1.com/directories/realestate/costadelsol.shtml
 

nanmer

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Thanks Steve.

Just curious to know what the difference between the north and south? Are there reasonable priced properties in the south? There is far more feedback available regarding the north. I am working hard on my Spanish, but am far from being able to have a conversation, do they speak English in the south as much as the north?. Is there more potential to rent the property? Is it true what they say about hurricanes not touching the north and hitting the south? I am keeping notes to aid in my decision. I figure that by next summer I will know a lot to help me with my choice. I have been reading everything I can get my hands on, but the problem is such varying opinions on the same subject. A certain area is awesome for some, and others say avoid it like the plague!

Nan
 

Rocky

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Opinions

Opinions vary greatly, as do people's concept of an ideal place to live.
Some like cities, some like country, some like in between.
I can give you some details, if it helps.
The North coast has more beaches, more towns with large expat communities, and the North coast is not immune to hurricanes, insomuch as the Sosua/Cabarete/Puerto Plata areas have not been hit in well over a decade.
La Samana is on the North coast, but it can get hit at hurricane force.
There is a lot of English spoken in Sosua & Cabarete.
Those are just details.
You would have to visit the country a bit, to know where you would be most comfortable.