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Does anyone know anything about the house being raffled in the San Ramon area? It’s being advertised in AM Costa Rica, page 3. Since reading Scott’s book How to Buy Costa Rica Real Estate Without Losing Your Camisa, all sorts of red flags pop into my head i.e. liens, how will the actual price of the property be determined for tax purposes, etc. The property looks very nice. Is this legitimate or does the old adage “If it looks too good to be true…” apply? For the price of a ticket, it could be worth a shot, unless the “winnings” come with way more than the real estate.
Here’s the link, maravilla:
http://www.stevequayle.com/News.alert/11_Global/111210.Costa_Rica_home/111210.Costa_Rica.home.html
The page raises at least as many questions as it answers. For one thing, one wonders just which jurisdiction’s laws govern this raffle. In most or all U.S. states, and in Costa Rica, you cannot just start a raffle. There’s bureaucracy involved, legal restrictions and requirements.
Then there’s the matter of the tax implications. If one spent $200 on a ticket to win a $400,000 house, I think the profit ($399,800!) would be entirely taxable, as are other gambling winnings, in the U.S. And it might also be taxable in Costa Rica. Do you have the cash to cover the tax levies?
Of course, just whose word do we have that this property really is worth $400,000 anyway? No mention of that.
And how do we know that the whole thing isn’t a scam? Who is the owner? Who are the accountants? Might the latter actually be a subsidiary of Sticem, Dogem and Desaper who are, I believe, also the accountants for Paragon Properties?
This might be the deal of a lifetime, and likely no one’s life will be materially changed if they wake up one morning $200 poorer, but before I skipped my next house payment, I’d want to know a whole lot more, pretty pictures and glowing descriptions aside.
[quote=”cheryl4313″]Does anyone know anything about the house being raffled in the San Ramon area? It’s being advertised in AM Costa Rica, page 3. [/quote]
That house has been for sale for a year or two. I recognize the “hammock” picture on the left and the area in the picture on the far right. I am NOT sure but I think it might have been on the puravida real estate website.
$400,000 No way, Jose.
It is advertised on ‘Craigs list’ with [url=http://costarica.en.craigslist.org/reo/2817049393.html]this link to the site[/url], then follow the [url=http://stevequayle.com/News.alert/11_Global/111210.Costa_Rica_home/111210.Costa_Rica.home.html]link here[/url] or at at the bottom of the advertisement.
I’am interested why several of you say NO way…on the $400,000 price. 3 acres, large house and seems professionally done in most American style. I’m just wondering? What are you basing the NO Way on? Price per
meter? House per meter? And Location??? Is not a bad location and view? JUST want some insight to how you
figure the NO WAY? OR is it a matter of cant afford it?
I have no interest in the house NOR know the US family
that is raffling it.
Thanks for your future in put.
ggquote=”barbaracjohnson”][quote=”cheryl4313″]Does anyone know anything about the house being raffled in the San Ramon area? It’s being advertised in AM Costa Rica, page 3. [/quote]
That house has been for sale for a year or two. I recognize the “hammock” picture on the left and the area in the picture on the far right. I am NOT sure but I think it might have been on the puravida real estate website.
$400,000 No way, Jose.
[/quote]
my house is nicer with better details and very close to the same size, and i have a killer view, but less land, and there is no way MY house is worth $400,000!! if it’s at least 4 years old then the building costs were still under or around $55 a sq ft. so i’d like to know how they arrived at the $400,000 price tag. jealous, or can’t afford it? not hardly.
i didn’t see the guest house. okay, that adds some value. but i know that area and you couldn’t pay me to live there what with the steep roads, etc. i still think $400 grand is too much.
[quote]That house has been for sale for a year or two. I recognize the “hammock” picture on the left and the area in the picture on the far right. I am NOT sure but I think it might have been on the puravida real estate website.
$400,000 No way, Jose.
[/quote]
CORRECTION– SORRY. The add on craigslist was $200 for the ticket NOT NOT NOT $200,000 for the value of the house.[quote=”costaricafinca”]But for the price of the raffle ticket,$200 sounds good to me!!![/quote]
Got the money for the taxes??
[quote=”DavidCMurray”]Here’s the link, maravilla:
http://www.stevequayle.com/News.alert/11_Global/111210.Costa_Rica_home/111210.Costa_Rica.home.html
The page raises at least as many questions as it answers. For one thing, one wonders just which jurisdiction’s laws govern this raffle. In most or all U.S. states, and in Costa Rica, you cannot just start a raffle. There’s bureaucracy involved, legal restrictions and requirements.
Then there’s the matter of the tax implications. If one spent $200 on a ticket to win a $400,000 house, I think the profit ($399,800!) would be entirely taxable, as are other gambling winnings, in the U.S. And it might also be taxable in Costa Rica. Do you have the cash to cover the tax levies?
Of course, just whose word do we have that this property really is worth $400,000 anyway? No mention of that.
And how do we know that the whole thing isn’t a scam? Who is the owner? Who are the accountants? Might the latter actually be a subsidiary of Sticem, Dogem and Desaper who are, I believe, also the accountants for Paragon Properties?
This might be the deal of a lifetime, and likely no one’s life will be materially changed if they wake up one morning $200 poorer, but before I skipped my next house payment, I’d want to know a whole lot more, pretty pictures and glowing descriptions aside.
[/quote]
Loved the accounting firm, David! Too funny. My instincts on this put me on the same wave length as what you suggest the tax implications could be on this one. Also, the person doing the raffle obviously thinks the place is worth $400k, but is it really? If the governments in both countries used the 2000 X $200 as a means of valuation, it could get rather pricey. Too many unanswered questions for me.Thanks to everyone who has responded to my question!
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