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Highly speculative as an investment based on rental income, just to much competition from the many hotels on the beach and surrounding area. Except for Christmas and Easter most of these places are half empty also this project is a 5 minute walk to the beach. I also can not imagine anyone visiting Jaco on vacation and actually wanting to come back,I love all its conviences and a handfull of decent restaurants but thats where the love affair stops. There pricing seems good for a condo but I noticed the unit size includes outdoor space so keep that in mind. If you’re looking for a little place by the ocean sounds alright but baseing a purchase on projections that may or may not happen is just rolling the dice?
I’ve been searching for a condo throughout Central America and the Caribbean and at this point feel this is the best opportunity on the market. I’ve conversed at length with Trevor Chilton and believe he is sincere about making this project work as a rental property. From what I understand, Jaco is heavily populated with tourists and is far from the most pristine destination in Costa Rica. If I was looking to retire, I wouldn’t consider it a benefit to be across from the new mall, but in terms of luring tourists it seems right. I’ve read an independent articles that supported the notion that there may be a shortage of rooms in Jaco to support this growing industry.
There are a lot of rental properties in Jaco but many are older properties. If Jardines is marketed as promised, it could very easily become a preferred destination. The purchase price as compared to other new construction projects in the area represents a very good bargain. There isn’t much anywhere in the areas I’ve been looking for under $200,000. I can’t help but think even if the rental program goes bust, that it wouldn’t be possible to sell the condo in two years at a profit.
Costa Rica seems poised for tremendous growth in the coming years. The country has a stable government, it is safe, and they are planning significant infrastructure improvements. Is it a gamble? Most certainly it is. But affordable properties are diminishing rapidly everywhere. I feel like it’s a bigger gamble to do nothing. If I don’t try and grab something now, soon everything will be out of my price range.
If you are looking to maximize your return through rentals you will find very few properties out there that are placing such an emphasis on that angle as Jardines de Esuenos. Most properties offer rental pools as a side business. If you are interested, I can give you names of the runners up. There is a development in Mexico, one on the Pacific called Playa Grande and the other on the Sea of Cortez called Las Nubes San Filipe that have aggressive rental programs, along with a project in Belize called the Belize Legacy. Each has positives and negatives. I keep ending up back at Jardines in Costa Rica.
I didn’t see this project when I was in Jaco.
How big is it? Where is it exactly? Have they finished contsruction? Are they selling the homes now?
http://www.gardensofdreamscostarica.com
There is a lot of information on the web site.
Yeah! We’re on the web now, I don’t need to look at the site again because I was looking for the answers to my questions and couldn’t find them….
You posted the information and would you now please answer my questions?
It is a 160 unit project, comprised of one and two bedroom units.
It is in the town of Jaco Beach, with another resort between it and the ocean.
They have not yet started construction, but expect to break ground in April. Phase one completed by the end of 2006.
They are taking deposits with a healthy incentive to commit before Easter at pre-construction prices.
The web site is loaded with information including the answers to your questions. I found it took about an hour to click on and read every link but doing so will make you well informed about the people, area and project. If you are interested, it would be well worth your time. You can also email the developer and he will answer any further questions.
Gambutti it sounds like you have not even been to Jaco? Not only are you competing with all the other hotels in the area as well as at least 5 other condo projects, you are competing for business in your own development with 160 units! Long term this could be good but I can tell you from first hand experience as we have been traveling to this area for over 5 years and spend around six weeks there, there is no shortage of rooms and most of the times these hotels are half empty except for Christmas and Easter. Yes I agree if you want to live in Jaco or buy and hope it appreciates it all sounds pretty reasonable, but as an investment based on rental income?..by some nice “a” rated corporate bonds!
Thank you for your response and your advice. I respect your opinion based on your experience in the area. Allow me to clarify my position on this project, I’m not depending on the rental scenario for positive cash flow as the focus of the investment. I am sincerely intrested in your thoughts.
It appears to me, that $144,000 is a very competitive price for a new 2 bedroom condo in this area. The fact that an proactive rental program is available, can at least in a minimal way help to defer at a slight portion of the cost of the mortgage. The more rental, the longer I can carry the property. I have enough reserve capital to float it for two years with no rental at all. Does it seem like a bad idea to you considering the appreciation in real estate values in the area to have to resell in two years worse case?
Good to know that the rental program is available even though they have not actually built anything yet. I think it might be best for me to wait and see if they even start building it first.
They have already bought all of the land then have they and have the permits? Do you know?
How many other projects have they done in Costa Rica do you know?
Just out of curiosity I went to their website. If you look in the photo gallery, one of the pictures has a caption that reads ” Town Hall where we will get out permits from.” Shouldn’t it say where we DID get our permits from!!
I am NOT referring to Jardines de Sueños in this posting but another project that’s about to start in Jacó.
After programming today’s newsletter, I spent all day today in Jaco visiting the land that has already been bought by a very experienced development company I know well.
Lorenzo (the developer) took me there to show me the area. He is meeting with SETENA tomorrow to find out if they have the go ahead to start construction. They have however bought the land, they are the owners and they have paid for it.
They will offer 89, 91 and 93M2 (1,000 square feet) apartments, the 5-7th floors will have ocean views and prices start at US$115K and the penthouses go for US$209K
The project is 200M from the water – I know because I walked to the beach at about 11am this morning… Bloody hot day!
They are building 252 apartments and because they have already built nearly TEN THOUSAND apartments in Central and South America, they have a very good track record and an impeccable reputation – they have already sold 106 apartments… Mainly to people that have bought from them previously and, they have yet to put a spade in the ground!
I will be featuring this new project in the next few weeks because to be blunt, I REALLY believe in these people and they will be offering well built apartments at great prices in an area that is experiencing good growth!
My goal is to show you high-probability, low risk real estate investments and this is truly a “blue-chip” Costa Rica real estate investment!
Scott Oliver – Founder
WeLoveCostaRica.comThank you Scott. I would feel a lot more comfortable with your recommendation behind a project. Please provide details as soon as you are able.
I have heard rumors that similar to Mexico, Costa Rica may soon be open to more conventional mortgage options through US and other banks. Any truth to this that you know of?
My strategy is simple – High probability low risk
Like any investment, the more potential profit there is, the more speculative it is.
My goal is NOT to show you speculative real estate investments because:
A: The risks are too high and too many projects do NOT get built and…
B: To be blunt, 95% of our VIP Members are at an age where they should not be speculating on anything never mind real estate in a small Central American country called Costa Rica…It’s hard to start all over again at age 53 because that fantastic real estate investment you invested in never got built…
My goal is to show you “blue chip” real estate investments from real estate developers with proven experience in delivering a high quality product in Costa Rica.
So you may not make as much money with the real estate we recommend but, I can promise you, the risk of you losing money is very, very low indeed.
Scott Oliver – Founder
WeLoveCostaRica.com
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