Costa Rica Real Estate ‘Horror’ Story

A ladyfriend who is a professional property manager here told me a recent Costa Rica real estate ‘horror story.’

A few years ago a wealthy foreigner (extranjero) bought some land in Escazu and built a 750 square metre (8,070 square feet) luxury home with a swimming pool. In one of the most expensive regions of Costa Rica, but not in a secure, gated community. I’m guessing this would have cost over one million dollars.

To begin with the land prices in this area of Escazu are around US$100 to US$200 per square meter (1 square meter = 10.76 square feet). You can find land for around US$60 per square meter if you go much higher up in hills around Escazu, but it can get chilly up there – Maybe even as cold as 50 degrees Fahrenheit!

However, that million dollar home is worth a lot less today… The value of the land has not suffered but his pride, his new home and his bank account have certainly suffered some serious damage.

For some inexplicable reason, this person did not follow the basic recommendations for owning a stand alone luxury home located in the street and not in a gated community in Costa Rica or, for that matter, he did not do what any sensible person should have done anywhere in the world to protect his real estate assets.

What did he do wrong?

• He left a brand new, luxury home completely unoccupied for months on end.
• There was no security guard.
• There was no live-in maid or any other staff on the property.
• He did not install a security system on the property.

This is not to say that every home in Costa Rica needs a security guard… They do not! I have never had a live-in maid or a security system in the 10+ Costa Rican homes that I have lived in however, none of them were new, million dollar luxury homes.

How did he suffer?

A big percentage of his home was simply carried away… Stolen! Even the floor tiles around the swimming pool and the windows were taken and now it’s sits there with the wind blowing dust throughout his new home…

Now some people might blame this on Costa Rica. Not me! I do not blame Costa Rica one tiny little bit…

We don’t know who is responsible. An educated guess would be that it was probably members of the construction crew. We don’t know for sure and probably never will but, when you own a luxury car, do you leave it on the street outside of your home with the doors and windows open?

No! You park it in your garage, the car’s security system is blinking away and the garage also has a security system to protect you and your car…

Costa Rica is a gorgeous place yes! But if you leave something valuable out in the open and unsecured, sooner or later someone will carry it away.

[custom_script adID=97]

Written by Scott Oliver, author of 1. Costa Rica Real Estate Scams & How To Avoid Them, 2. How To Buy Costa Rica Real Estate Without Losing Your Camisa, 3. Costa Rica’s Guide To Making Money Offshore and the Director/Producer of the Costa Rica Living & Retirement – Secrets To Happiness DVDs.

Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.