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As I’m not familiar with the way business is done in CR, I wonder if it is likely that attorneys get a ‘kickback’ on real estate referrals. Our attorney is from a well-known, reputable firm. Also, has anyone dealt with MNPartners of Costa Rica, or Tropical Felgate? I have Googled them and not found anything to caution against using them. However, my attorney has indicated there could be some problems with one of these. If anyone has any suggestions of where else to look for complaints or potential problems, please let me know. Thanks
1. Referral fees are common yes…
Our recommended brokers are asked for referral fees by many US attorneys also including one earlier today where the US attorney is making a higher “commission’ than the broker on the transaction and I KNOW the broker worked very hard on this deal because she asked me to help her with some of the details.
2. “Cautioning” people NOT to do business with someone can unfortunately expose the person doing the ‘cautioning’ to legal problems for defamation and slander so it’s not easy to find negative opinions about people or companies.
3. I have never heard of Tropical Felgate but have seen MNPartners on the WWW because they do a lot of internet marketing and it’s difficult not to come across them. Having said that, we have not recommended them.
4. Ask your attorney exactly why he cautions against them and if there is nothing substantial there then AFTER you have done your own homework, visited the property and checked titles etc., etc., then you will hopefully be in a position to make a sensible decision.
Scott Oliver – Founder
WeLoveCostaRica.com
Author of ‘How To Buy Costa Rica Real Estate…’As a local realtor, I can see how you would want to make sure that your agent and attorney are not getting “kickbacks”. What I generally do is recomend a number of attorneys that I have worked with in the past that I feel do a good job. This way my clients can make a few calls and choose their own attorney, but don’t go about it blindly. We never get referal fees from attorneys: it is a conflict of interest.
Tropical Felgate may pop up often. I have talked with them a number of times. They do not have an office in Costa Rica that I know of. They are located in the U.K.
Wonderful isn’t it…. Tropical Feldgate offer a “full and comprehensive service for first time buyers of Real Estate in Costa Rica” and it would appear that they don’t even have a physical presence in Costa Rica…
Talented individuals…
With regards to the people in Costa Rica their website (which is in Russian and English) says that “… most of the people speak and understand English.” What rubbish!
Scott Oliver – Founder
WeLoveCostaRica.comMartin very nice article on the central pacific! I have a question for you regarding land I purchased in the Columbus Heights project. I bought before the market really went crazy and paid $30k for 5000M2 all flat with mountain views. They followed through and delivered a very nice finished product, my question is what is the market like now for a lot like this in a gated community, pavers on all streets and electric and water to each lot about 5 minutes to the beach? Really just curious….
Lotus,
I am glad ot here that you read the article as I belive that it adresses a major pitfall that some buyers here have fallen into. It sounds like you may have some equity in your land if you only paid $30K. Most lots with similar characteristics start in the $50K to $60K range or higher. Without seeing it, I can’t give you a real appraisal. Do you want to sell it or are you just guaging your investment?
No not looking to sell just curious we bought what we could afford at the time and because we love the area. We will be building a small guest house this november for starters. When we bought it was hard to find a lot in Playa Hermosa which is where we wanted to be, must be even harder now. Most were like 500 m2 for approx. 30-50k. The project looks amazing though and I guess we should feel a little lucky that a first time developer with a “slightly” tarnished past followed through. My gut as well as my research told me they would but of course one never knows….This is just a few km’s south of the village of Play Hermosa. Are you familiar with the project? There are a lot in the area now as well I think one called Xiu is selling lots starting at around $100k and Bob over at his Esterillo project wants 60K to start for approx. 400m2 but very close to the beach. Just mind blowing what is going on…
The lots in Bob’s project in Esterillos actually start at $75K. That is not to say they are worth that. This project started out refusing to sell just lots. They would only sell a house with the lot. One wonders why the change in policy now. I am visiting the Columbus Heights project today and I can perhaps give you a first hand evaluation of their progress if you haven’t personally been there in a while.
Hi Scott and everyone else on the board. I’ve been a lurker for a long time and to be honest could have been a contributor on some discussions, just haven’t joined in because I didn’t want to cross the line on promoting any thing.
My name is John Richards and I’m the account executive for a development company. I believe the Gary who started this thread is coming down to Costa Rica in December and is going to visit our projects as well as several others in the area.
I just wanted to let everyone know that anytime you are in the area (Coco, Ocotal, Hermosa, Artola, Los Angeles) that we want to welcome everyone to stop by our office in Coco and we are happy to show you not only our projects but we’ll show you the area and introduce you to other developers projects so you can see the exciting possibilities for investments in Guanacaste.
Of course Scott if you get up our way, we’d be happy to discuss and show you our projects as well.
By the way – Harlan – who was on the forum a few months ago did purchase a condo and I believe both Harlan’s have enjoyed their stays since they have purchased a piece of paradise.
I wish everyone would buy Scott’s book. It’s the bible and it has been a great help to all of my prospective and actual customers.
I found Costa Developers online and a sales rep sent me a package, complete with cd.
I saw the value so I decided to come to Costa Rica and see it in person. Costa Developers arranged a first-class hotel for me to stay, had me picked up at the airport. They then helped recover my lost luggage.
After a scenic drive and breakfast, we drove to Costa Montana Estates. Their
land was all pristine, unspoiled, virgin tropical forests full of life.
I agreed to buy three lots, all each under $65,000.00.
One year and two days later, each of those lots was assessed at over $250,000.00.
This because Costa Developers was ahead of schedule with roads, drainage, cable, electric and water hook up.
My house is under construction with 14 others and their construction site is a beehive of activity as Costa Developers knows how to plan and complete what they say they… on time, every time.
All my calls and emails are promptly responded to and every staff person I´ve come in contact with is friendly, outgoing, speaks good English and has been a professional
sincerely interested in their clients well-being.
For both a retirement retreat or investing for appreciation, Costa Developers is a four-star winner!I have heard very different and dramatically more negative stories about this company which rarely gets published but I guess since 15 people are building homes now, the land there is no longer “pristine, unspoiled, virgin tropical forests full of life.”
1. How big is each of your lots?
2. Are all three of your lots ocean view?
3. Who exactly assessed the lots at that price?Scott Oliver – Founder
WeLoveCostaRica.comFirst off when does meeting your construction schedule increase the assessed value of the property unless the project is finished or at least close. I have been to the costa montana project just this weekend and it is not finished or even close. As a matter of fact the contractors who I spoke with said the project is well behind schedule.
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