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I am in total agreement with you Scott. There’s no question that these prices are strong for CR as compared to what our actual building and labor costs are here. However there are many wealthy folks from all over the world that are accustomed to different standards of living than the average ex-pat in CR. And these folks the Henderson’s are marketing to must feel good about spending a larger sum to maintain the lifestyle they have been accustomed to. That is the beauty of freedom and an open economy. There is a little something for all of us. Some businesses choose to cater to the high-end spenders. Go to Multi Plaza mall and look at the prices of clothing in the tiendas. Upscale clothing allows some people to feel better about themselves. That’s what marketing is all about. Convincing the general public that they need a product or service and making them feel good about their purchase. The Henderson’s are sharp business people and excellent at marketing high-end products. Apparently they feel they have a market for that facility up in Heredia or else they would not have risked the investment. I wouldn’t sleep well at night involved in this type of venture but I respect experienced developers who are willing to put it all on the line for a concept they believe in.
I believe I read that you don’t own the property for that $250k…but if you move out it is refundable. I will check out the article again.
Here it is am I miss understanding it?
This community caters to the financially well off seniors. The entrance fee is $250,000 per household, and the monthly fee is $1,650 for one and $500 for the second occupant. The entrance fee does not buy your villa, but according to the contract is partially refundable depending upon the circumstance.
Edited on Jul 15, 2007 07:05
Thanks for the information Lotus.
I’ve seen places in Fla that do pretty much the same thing. You buy in and a monthly fee takes you to ever increasing levels of care until you reach the basement where the permanent hospital is. 20 years ago it cost $60k to be there but the facility was huge and average life expectancies made it work for the owners.
I’m not sure I’d want to live in a place where the motivation to “churn” patients would be so lucrative.
Jelly
Scott, My inlaway paid $250,000 for a retirement duplex )got one half….in a military type project. They paid something like $1,500 to $2000.00 monthly maintance fee and did not Own the half of the building they ¨bought¨actually right_
to live there until death.. Depending on How much you put down, you got back either one half or three quarters of your payment when you moved out or died. Yeaa for the U.S Government and its´helping the U.S. Retired Military Community. And this did not include Any medical help. For that you went to a military facility. The duplexes were Very low end but new. Cheapest appliances, bathrooms of plastic and cheap cheap cheap. UGH…
Terry From Texas….but Now here in Costa Rica-.The way I read Jo Stuart’s article and the Puravida Life Care web site, the 250k is just for the privilege of doing business with Puravida. You aren’t even buying property. I’ll be curious to see how this enterprise pans out.
editer
On Sunday I had the opportunity to visit Jo Stuart at the assisted living facility in Belen and she gave me a tour of the residences as well as the Spanish Club that’s right next door. The folks who live in the residences have use of all the amenities of the club and it is very impressive. I have swum at Ojo de Agua and the Cariari Country Club and I can assure you that the Spanish Club is much cleaner and more modern. The residences which are operated by the Spanish cultural association are available to all persons sixty-five and older and one monthly fee includes everything. All Meals, utilities, telephone, internet connection, on-site nursing, physical therapy and private transportation to run errands. Jo’s one bedroom apartment for $1000 per month was ample for a single person and some couples share this size of unit which is larger than those available for $800 per month. She even has a nice sized covered porch accessible through a screen door from her kitchen. There is no deposit or up front fee’s required to live in the unfurnished residences so they are reasonably priced. I was very impressed with the well constructed apartments and the covered living areas where the residents and their guests can sit and relax. I saw a large social room with tables and games, a comfortable dining room and physical therapy room with exercise equipment and wood floors for aerobics and other forms of exercise. The residence is Spanish style architecture with tile roofs and ceramic tiled walkways surrounded by beautiful gardens. Jo walks 500 meters down the hill into the center of Belen to catch the bus to San Jose and is free to come and go whenever she pleases. While I was visiting I saw quite a few folks in wheel chairs with private nursing assistants to help them get along. Jo said that the private assistants are not included in the monthly fee and some of them live in the apartments with the seniors who need full time help. All in all it was a great experience to visit Jo and tour this excellent facility. By the way the Spanish Club, (Club Campestre Espanol) accepts new members who are willing to pay an initial $3000 to purchase stock in the facility and then pay 18,000 colones per month.
Photos of the assisted living facility as well as the Spanish Club can be seen at http://ticotomasino.spaces.live.com/
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