That seems to be the way in most aspects of living in the DR.
- Thread starter johne
- Start date
They are trying to sell a house only because they took a picture, put it on line, and trying a "flip".
FWIW, In a regulated market it's not ALL about the adage of "buyer beware". (Yes that's true here in this country). In a regulated market if a buyer refers back to the full disclosures that the seller attested to at the closing, there is a legal way to obtain relief.
The real estate "game" in the DR is a minefield. For someone who was used to real estate in the US ( I was a licensed agent and bought and restored 5 houses)... If you are actually LOOKING for a house/apartment - to rent or buy -it is important to know that ANY broker is only going to show you the places where S/He knows the owner and can be somewhat assured of being paid a commission. There is no sort of "multiple listing service" as there is in the USA.
The tourist areas - Las Terrenas - which I knew best, for example -- was essentially BUILT for simply Selling. As was Juan Dolio. And many of the Torres in Santo Domingo --- There is a lot of "black" money invested in real estate....you will see many places that are just empty.
Best thing is to find an area that you like,. walk the streets, talk to folks..
And - well - as I was told.. Be sure to visit both in the daytime and nighttime and sunshine and rain - before you visit..
lest the neighborhood turn into a disco/drug drop when the lights come on.. or NO lights in the 'hood come on at all,.. And the roof leaks like a colander.
Caveat Emptor --
The tourist areas - Las Terrenas - which I knew best, for example -- was essentially BUILT for simply Selling. As was Juan Dolio. And many of the Torres in Santo Domingo --- There is a lot of "black" money invested in real estate....you will see many places that are just empty.
Best thing is to find an area that you like,. walk the streets, talk to folks..
And - well - as I was told.. Be sure to visit both in the daytime and nighttime and sunshine and rain - before you visit..
lest the neighborhood turn into a disco/drug drop when the lights come on.. or NO lights in the 'hood come on at all,.. And the roof leaks like a colander.
Caveat Emptor --
Where are you looking? It might be best to connect with DR1 members who are in that region and have them help you. I have found this Board to be a very helpful and reliable bunch of friendly foreigners. (And Dominicans!! Who have always helped us "gringos" avoid a lot of scams and pitfalls)
As others pointed out, no MLS means you frequently have to list with "every agent" in the area to make a sale.
And "everyone" is an agent since anyone can be an agent at any time.
That is a quick summary of the above as to why there are so many listings of the same property.
And "everyone" is an agent since anyone can be an agent at any time.
That is a quick summary of the above as to why there are so many listings of the same property.
Correct and with that format there are swarmes of people out there promoting a house they know nothing about. AND without a license or a governing body like a real estate board or MLS) they can say anything they like and not be subject to laws of disclosure.
Many thanks MA. I have already done that in PM and my discoveries so far suggest I keep my business as always in the states. I have a better than 25 year track record flipping in multi states and there is no reason to poison the pot.
Yup -- far easier in the DR to buy than sell... I would only buy if I was absolutely sure I was going to stay... I stayed for 14 years but always rented.. Was relieved that I could just leave when I wanted. Best to leave the titles in the hands of Dominicans.Many thanks MA. I have already done that in PM and my discoveries so far suggest I keep my business as always in the states. I have a better than 25 year track record flipping in multi states and there is no reason to poison the pot.
This prompted me to check the $$ in LT -- which have most certainly gone up!!
www.lasterrenasrealestate.com
And they are still building..
Not perhaps appreciating that the place was built on swamp fill in.....
But - for those who are perhaps buying their 4th or 5th house? And no need to worry about making $$ off it...
LT is gorgeous... (You might not like the foreign residents so much - but the Dominicans there are lovely!)
www.lasterrenasrealestate.com
Homepage
Villas on the beach, beachfront land, apartments, hotels and bed & breakfast for sale in Las Terrenas at Samana in the Dominican Republic. Real estate here is booming.
www.lasterrenasrealestate.com
And they are still building..
Not perhaps appreciating that the place was built on swamp fill in.....
But - for those who are perhaps buying their 4th or 5th house? And no need to worry about making $$ off it...
LT is gorgeous... (You might not like the foreign residents so much - but the Dominicans there are lovely!)
Homepage
Villas on the beach, beachfront land, apartments, hotels and bed & breakfast for sale in Las Terrenas at Samana in the Dominican Republic. Real estate here is booming.
www.lasterrenasrealestate.com
Wow! Are there no middle-class homes in Las Terrenas for sale??This prompted me to check the $$ in LT -- which have most certainly gone up!!
Homepage
Villas on the beach, beachfront land, apartments, hotels and bed & breakfast for sale in Las Terrenas at Samana in the Dominican Republic. Real estate here is booming.
And they are still building..
Not perhaps appreciating that the place was built on swamp fill in.....
But - for those who are perhaps buying their 4th or 5th house? And no need to worry about making $$ off it...
LT is gorgeous... (You might not like the foreign residents so much - but the Dominicans there are lovely!)
Homepage
Villas on the beach, beachfront land, apartments, hotels and bed & breakfast for sale in Las Terrenas at Samana in the Dominican Republic. Real estate here is booming.
Most of those prices are middle class prices in my home country. I looked recently at my former home in the US and it was $1 Million USD for 1,763 square feet of house on a 60 foot by 80 foot piece of land. That is in a blue collar area. We forget about inflation, increased building costs, etc..
Here in Cabarete, the houses priced at $200,000 USD and below are being purchased off the Internet.
We visited Las Terrenas once, no reason to go back.
You would have to go to the Village to find out. The building frenzy there has been ongoing for many years. There might be some condos.. but I doubt that there is much under 100k still around. LT has become a sorta "World Class" destination. Most Dominicans can not even afford to go there for a weekend, despite the direct bus from the Capitol. http://www.ipsnews.net/2008/12/dominican-republic-carving-up-paradise/
There are better restaurants in LT - with more variety-- than in SD....
AMAZING restaurants...
And the beaches are all quite divine...flat beautiful water enclosed inside a protected reef - Except for Coson which is more of a surfing beach.
Lots of languages.. lovely small hotels with kitchens..
I found it charming and delightful for the two years I lived there...
of course... under the surface???
Fantastic Drama
there are some -- and probably more Dominican houses for sale if you walk the town... but..
well..
where there are rich - there are robbers
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More variety than SD?? Hard to believe IMO.
I lived in the DR for 16 years.... 2 yrs full time in LT -- then 14 yrs in StoDom
Never found more than one or two restaurants in Sto Dom that I thought worth the $$
Perhaps for steak but I never went out for that,
LT has French, Italian, German -- so - IMHO - MUCH better in LT than Sto Dom
Zona Colonial (parts of this) is quite worth spending some pesos. Great diversity of nice restaurants/bars, and above all, safe to stay.
Quite impressive how this part of the city has changed for the better in recent years.