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Yes I think we better wait a while for the “buyers-market”, coming soon in this theater named COSTA RICA.
Read the article: https://www.welovecostarica.com/members/1742.cfm which looks like a cry for help to the realtor(s).
Also read: https://www.welovecostarica.com/members/forum/openthread.cfm?forum=1&ThreadID=2061 (Perfect Storm).
If you can and have the nerves and guts: WAIT !!!
The ‘Perfect Storm’ article is at [ https://www.welovecostarica.com/public/1543.cfm ]
Clearly there are different opinions out there but we would love to hear yours…
Please let us know when you think this “buyers-market” will come to Costa Rica and what your definition is of this “buyers-market.”
And why do you refer to Costa Rica as a “theater?”
Scott Oliver – Founder
WeLoveCostaRica.comCould Costa Rican real estate values drop faster than the U.S. dollar will in the coming months? Will the north american boomer population, the largest age grouping, decide there are better real estate bargains at home than overseas? Will europeans and south americans decide the same? What is the value of Costa Rican real estate relative to the values of real estate in the countries that have until now supplied most of the buyers? Will the living conditions in those countries improve or deteriorate relative to the conditions in Costa Rica.
There are so many variables and unknowns that figuring out where the CR real estate market is going is nearly impossible. Nobody knows. People speculate. The same applies to stock equity investment. If you are going to play in this field, you are speculating like everyone else. I can find opinions galore. The only ones I value are useless to me because they are the ones who say “I just do not know”.None of us have a crystal ball but the facts that we can all agree on are these:
1. Largest purchaser of CR real estate are Americans.
2. American liquidity has been vastly diminished over the past 8 months.This would (and has), at minimum, raise a yellow flag for me.
Yes Scott may have just sold a penthouse property for over $1MM to a New York investment banker, but individual does not represent the average American. The average American may start to look for lower priced, well located, retirement properties at home where all services are first world, currency need not be converted and English is the first language. The cash buyer of high end assets will likely not feel much of this current crunch.
My $0.02 is (and really, that’s all its worth), if you are going to buy in CR, buy “A” Class, quality assets. With the values of American soil dropping like lead balloons, American markets (i.e. AZ, FLA, CA, etc) are being eyed by international and national investors and boomers. In fact, I represent a private equity group from Canada. We have raised $100MM+ to catch some of those balloons. However, if the Fed continues to cut rates the US economy may never recover. Tread lightly.
While I agree with much of what you say, let’s please make sure that we get our facts straight grifz77
1. Scott Oliver may write about real estate but Scott Oliver does not sell real estate, this 5,000 square foot luxury apartment was bought by one of our VIP Members and Mayra Claveria was the Realtor.
2. The apartment was not bought by a “New York investment banker” – I did NOT say that. What I did say was that the buyer was “a very sophisticated and successful real estate investor from New York.”
Scott Oliver – Foounder
WeLoveCostaRica.comI just received an e mail from a friend that sells property in the Parrita area and they have been selling to a majority of Canadiens and Costa Ricans.
As the US spirals further I would expect to see the number of Canadians buying in CR diminish as well. The only province that can whether that storm is Alberta.
Scott, just a question. Do you think Tamarindo is close to a buyers market? There is so much product there and the number of buyers has not increased at the same rate as the number of properties available.
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