Arenal Real Estate Market Thoughts

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As we move along here through the rainy season, I am thinking of many of you to the north, enjoying and/or possibly suffering a long summer season.

I will be heading to the U.S. this week for a family reunion and am looking forward not only to visiting with family and friends, but also to the incomparable flavors and scents of garden fresh corn, tomatoes, cukes, and the like.

Here in Costa Rica, the produce is starting to look a bit sad in the markets due to the rains. The lettuce is not only wilted, but the head sizes are downright wimpy. But at least we only pay around 75 cents a head (or less) for our local lettuce. The red bell peppers look kind of sorry, too.

And the selection of fruits and vegetables in the markets always dwindles this time of year. The good news is that I can almost always find broccoli, papaya, pineapple, and bananas, all of which I love.

We are watching the real estate markets in the U.S. and Canada with a great deal of interest, of course. It is not affecting us here in the Lake Arenal region as much as we had expected. Part of the reason for that, I think, is that the people who want vacation homes here are now able to get solid financing at reasonable rates in a fast and efficient manner. My favorite mortgage broker here is James Johnson at Costa Rica Mortgage.

James has always been quick to respond to each and every question from me or a client, be they potential or already in the process of pre-qualification. Having James on my team makes my job so much easier because my client arrives already knowing their budget limits, and I have already been able to narrow down the properties that we will view, making me actually look a bit professional…

Another interesting aspect to this market is that the locals (Costa Ricans) are not going through what so many people in the U.S. are going through. To them, the land around Lake Arenal is becoming more and more precious as there becomes less of it available. The Costa Rican people are very proud of their country, and rightly so. And they are especially proud of the amazing land surrounding Lake Arenal. So, as a result, we are seeing land prices increase.

And, finally, there is a third aspect to this real estate market which is quite different from the above, and it is directly related to the U.S. market downturn. As the dust finally settles, a lot of people who were speculating and planning to make big money in both the U.S. and Costa Rican real estate markets are finding that they cannot afford to hold on to many of the properties that they have amassed over the past few years. So we are having some fire sales. And that’s the way it goes.

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Written by VIP Laura Murray.

Written by VIP Member Laura Murray.

Arenal Real Estate Market Thoughts.

Article/Property ID Number 1875

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.