Thinking of Investing in Property in Costambar

[Reidy620]

Hiya all, I hope I've posted this in the right forum; if not please feel free to tell me off aranoid:. My wife & I are regular holidaymakers in the DR and were married at the Iberostar Costa Dorada in 2004. We are looking to buy a property and our eyes have fallen on Costambar because
:- 1) The prices seem reasonable & 2) It is very close to the beach.

However, doing a bit of surfing there seems to be a mixed response to Costambar & I thought I would join the forum & get other people's views.

We would want to holiday a couple of times a year, each for a fortnight and, hopefully, rent out the apartment as much as possible whilst we are not using it.

What do you folks think about Costambar and is it worth investing or should we be looking to other areas? How well do the apartments rent out?

Any comments would be appreciated.

Cheers

Ian & Ellie Reid

 

[A.Hidalgo]

I guess the road leading to it does not bother you folks?:surprised

 

[Reidy620]

We haven't viewed the property yet, will be doing that when we holiday at ICD in June. Just trying to get a "feel" for the area and its potential as an investment/holiday & eventual retirement property.

Is the access road that bad? And if it is, who has the responsibility for the upkeep?

All comments welcome,

Cheers
Ian & Ellie

 

[drloca]

The road is awful to say the least. Have rented there previously and we had large volumes of rain that trip.
It is definately challenging, especially if you dont have a 4WD.

Good luck and happy house-hunting.

 

[Reidy620]

Thanks, will keep monitoring the responses & (hopefully) get an idea what things are like.

 

[The Virginian]

No, No and No. We went there today to go to their library. Ozzie next door said he hadn't been there in over a year and joined us. Apparently he almost bought a house there a few years ago and today said he was soooo glad he hadn't. The road to the complex from the main road is very bad and thats on a good day. When it rains you can't see the road. Once the water goes away the mosquitoes are TERRIBLE. This is from a guy who only visits the library and does not live there. But I think that place is past its time. Search on DR1 for it, lots of information. Also, check on the fees you might have to pay to live there and measure what you get. Good luck.

 

[The Virginian]

OH who keeps the road up? Not sure but suspect who ever lives there will pay their share when they decide to fix it properly as was the case in Sosua recently. By the way, I've heard they have made attempts to fix that road but never finish it properly and it simply falls apart again because it wasn't fix right.

 

[Lambada]

I live in Puerto Plata & I visit Costambar every week. Yes the road is bad, more so when it rains but it isn't wonderful even when it has been dry for ages. However, you can access by using the University road & avoiding the bad road altogether. In answer to your question about responsibility for road upkeep - I'm fairly certain that the Ayuntamiento has that dubious honour.........and does precious little about it. See this thread
http://www.dr1.com/forums/north-coast/65599-costambar-entry-road-residents-you-have-spokesperson.html

There was talk about the new port development people making themselves responsible for the road - not sure where that one is at currently.

If you were planning on moving to live there, I'd say you'd find a community with many nice expats & Dominicans & a new APC which seems to be taking its responsibilities seriously. Costambar generally has a more rundown feel to it than Cofresi which has more of a 'brand spanking new' feel. Some of the Costambar residents sold & moved to Cofresi. As for frequency of renting out........can't really advise there, but I do know I see lots of signs both with property available to buy or rent so you'd be in competition with other owners.

Hope this helps to give you a bit of a 'feel' of the area but I think you also need to hear from Costambar residents themselves and you might want to ask them about security issues. The other threads you could look for are POP Bad Boys posts about the telephone/internet cable being stolen (from outside Costambar)............

 

[amparocorp]

whatever you buy make sure it is the best or one of the most desirable in any complex/development. make sure it is the penthouse, or one of the penthouses, or directly on the beach, there must be something that makes the unit special. nobody wants unit 104 in building K that has a view of the parking lot. if it is a high rise, say 20 stories, all units between floors 2 and the penthouse are of equal value and re-sale depends on what units go for in "that" building, unit 636 is not necessarily worth more than unit 1214 just because you spent extra on marble floors. be aware that with the high pace of building development going on in the DR it will be hard to find a buyer for a 5 year old unit when for the same money, sometimes less, a shiny new one can be bought just down the street. don't believe any salesperson that says they will rent it out for you many weeks per year, the penthouse will get rented, the unit on the beach will get rented, the unit only a short 5 minute walk to the beach will sit empty. however, come on down, there are many beautiful properties and some are excellent investments, be prepared to spend a little more and buy the bentley not the toyota, it will be worth it in the long or short run.

 

[Lambada]

Not too much of a problem with 20 storey properties in Costambar .

 

[BostonMary]

I'd like to say that Costambar sometimes gets a bad rap. The road into Costambar is being rebuilt with funds from the property owners and a matching amount from a developer of a project on the golf course. There will be a new gate from Cafemba and the old gate will stay open. The new gate will be operational to those who pay the fee. Also, I have 2 condos in Costambar, one rented long term and one I considerine. I go twice a year for 2 weeks at a time and I have no problem renting. As a matter of fact I'm very picking on who I rent and will only rent mine monthly to people who are recommended and only in high season. I think you need to be careful what you buy. We are on a landscpaed street one block from the beach with a pool. In out building we have buyers, but no sellers. So don't beleive all you hear about Costambar. We ahve been going about 20 years. I have one caveat about the DR in general. I don't consider it an investment I just bought what I wanted.

 

[yogibear]

i like costambar its very quiet and you can have the hole beach to your self sometimes i stayed in the miramar apartments very nice place overlooking the ocean

 

[ffritz]

We live in Costambar, having moved here in August last year.

The road:
Since we've been here the road has varied from acceptably smooth to borderline unpassable. We bought a 4x4 which makes life easier. If you're only holidaying here there are plenty of places to rent a car & roads are always smoother in somebody elses' car ;-).
As regards maintenance of the road, every time it's been graded private money has paid for it. Sometimes we have collections, sometimes business owners adopt the Nike attitude & "just do it".

Rentals:
In the high season this year Costambar was practically fully-booked from what I can tell. I don't know about the rest of the year, but the nicer the property the more chance of renting it.

Living here:
Ignore all the doom & gloom about the road! If you're only coming for 2 weeks at a time you have everything you need in Costambar. Shops, restaurants, bars, cafes, pharmacy, library, this is really what makes Costambar unique on the north coast.

Costs:
1-bed fixer-uppers start at about US$25k, i personally wouldn't pay more than US$80k for a condo here with 2 beds - then it would have to be top of the line & fully furnished with a car! My neighbout paid US$75k for a 4-bed/3 bath newly remodelled 1,700 sq ft condo.
APC fees are RD$700 a month for a 1-bed & RD$900 for a 2-bed I think. We came here with every intention of paying everything due by way of fees etc., but in the 8 months we've been here APC have managed to alienate us to the extent that we, like half of the property owners here, do not contribute to their "welfare fund". I'll say no more on this subject for fear of being chastised by the moderators.

 

[Reidy620]

Wow!! Thanks everybody for your informative replies. Hope I haven't stirred up too much of a hornets nest about the road:surprised. We will keep monitoring any posts as we get nearer to our holidays & look forward to having a look round with our fingers crossed for the right place.
Once again thanks.
Ian & Ellie
Blackburn.
UK

 

[Lambada]

I drove 'the road' :cheeky: this morning after several hours of quite heavy rain in the early hours. The bump and grind is still in effect due to potholes (ladies, wear a sports bra!) but for those familiar with the road, the 'pond' area was not in evidence. The 'pond' used to stretch right across the road after heavy rain (which is presumably what The Virginian meant by not being able to see the road) but that was not the case this morning. Still lots of for sale/for rent signs inside Costambar though.

Reidy620, just to explain something from Boston Mary's post since if you're not familiar with the area you might not have understood. The road she is talking about, Cafemba, is the same as the University road I mentioned above & is a different road from the 'bad' road. Normally in weather like this morning that would have been the way I would have accessed Costambar, but I intrepidly sallied forth on the 'bad' road in order to be able to report back here.

. We came here with every intention of paying everything due by way of fees etc., but in the 8 months we've been here APC have managed to alienate us to the extent that we, like half of the property owners here, do not contribute to their "welfare fund". I'll say no more on this subject for fear of being chastised by the moderators.

I know the APC history for the last 16 years or so so I know the background. But I was under the impression that a new APC was voted in a couple of months back & that they were OK & working well. Is this not so? Just wanting to check because I had posted to this effect earlier in the thread.

 

[Ringo]

I am a little confused; but that's normal for me.

Does Costambar is have an association, for all inside the "gate" and that monthly fees depend on the size of your house/condo/apartment? Or are you talking about a specific condo complex?

Appears that the road has not changed since our first vacation to the D.R. in Costambar 12 Years ago... and has not changed. lol. Living elsewhere in the D.R.

Thank you, Ringo

 

[POP Bad Boy]

APC dues.........

......vary by the type of property............

There are different prices for lots / small houses / large houses/ apartments etc................

 

[The Virginian]

Lambada How do you get to "The road she is talking about, Cafemba, is the same as the University road I mentioned above & is a different road from the 'bad' road."

thanks Phil

 

[Reidy620]

OK Folks, can I assume (naively) that Costambar is a wee bit like the "original "Playa Dorada", little complexes grouped together round the beach & expanding outwards from it? Referring to Ringo's post, I am also more than little bit unsure about the "residents association" (at least that's what it would be called on EastEnders!) do all contribute or is it per "complex"? Oh, so much to learn, so little time!!
Never knew that an online forum was so informative: how much we think we know :ermm:

 

[Ringo]

"......vary by the type of property............

There are different prices for lots / small houses / large houses/ apartments etc................"

As I remember: Costambar was made up of a couple of AIs, a few hotels, a couple of apt/condos, a "walled" community or two and several homes and business' all owned by individuals all on the other side of a "gate". Take a left before the gate gets you to the same place. As I remember.

I can understand that an association would be desireable, but how to get all/some/few to work together and how/who determines what each person/property would pay and not be able to enforce. IE: I own a property for 12 years and will not/can not pay. What does the association do?

How many years has there been an association? Road in same condition as 12 years ago.

Sorry, I don't understand. Ringo