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Thats a lot of change. I think it comes out to about $16 a meter and read that it has a lot of beach frontage. Lets hope he doesn’t develop it or if he does, goes the low density route.
I also know of a 200 million dollar deal that occured in the southern zone. There is some big bucks at play here. If they can continue improving the infrastrucure it might just price the ticos out of their homeland.
It reminds me of what happend when the Japanese bought up everything in California and Hawaii when the Yen went through the roof in the 80’s.
Is this good news? Or apocalyptic for Costa Rica – what do you think?
Although this is serious money the really big institutional players (HSBC and other global banks) are in Panama… The institutional investors are not at work in Costa Rica to the same degree.
Scott Oliver – Founder
WeLoveCostaRica.comHSBC is acquiring Banco Banex, isn’t it? I was told the changeover would take place in May. Anyone hear if this has happened?
Yup! And CitiBank is acquiring Banco Cuscatlan …
It’ll be just like ‘home.’
Scott Oliver
WeLoveCostaRica.comI think it is good as he will probably develop an eco-friendly, low density and ultra luxury development. I don’t think in Costa Rica we will see what is happening in Panamy City as we have MINAE and SETENA to stop any massive large scale developments. Mel Gibson is devoted to the preservation of the environment so expect something well done. The only negative issue is going to be the increase in celebrities in the area, the speculative increase in prices around South Guanacaste and yes, the ticos will slowly be pushed further into the Central Valley as housing prices are becoming ridiculously stupid.
Seems US Americans may be getting a feel of what the Ticos are going through since China’s recent decision to start utilizing some of it’s massive USD reserves. An example is it’s recent $USD 3 Billion stake in prominent US private equity firm, Blackstone Group. It has China watchers wondering which American companies are next on Beijing’s shopping list! A common joke heard all over the US as of late is about why the hoards of Chinese are visting the US lately “as if they were here picking out their spots since they pretty much already own the country!” Parents in NYC and other cities have been sending their children to Mandarin lessons for yrs now, the writing has been on the wall. Also it is no secret that many parts of China are overcrowded and there still exists a stifling restriction of human rights and censorship of which all of the sudden there is very little being said. Seems those drunken on the massive investment rewards being made have forgotten that it’s still very much a human rights violatorand does things like infringing massively on coprights through pirating, costing the world massive amts of potential revenue. This week again we were reminded of the massive hacking problem that comes out of China (reeked havoc in CR last week). The recent news reports (which China claims is all political propaganda) about pet food poisonings and the recent cough medicine poisonings in Panama that killed many people along with the current reports of poisoned toothpaste with radiator fluid in CR, Panama and the US probably will have little effect on the investment frenzy despite US warnings of a China bubble which China claims is further political propaganda. One thing for sure, the numbers don’t lie and the frenzy continues, communist or not. Let it be known that I am not supporting nor knocking investment in China by any means. It is individual choice. See attached article:
Well as long as our government needs to finance wars etc..with debt we will need countries like China to buy our paper. It’s just that they own so many dollars now they are spending them on more speculative/profitable things other than t-bills and apparently this is a small amount of total dollars they own. Should they decide they don’t want “our money” then the s*** will really hit the fan for us! This is not a US bashing just the facts…
Gibson purchase seems to be a good buy at $16 a meter. All who have read my never to be humble and very opinionated posts know that I believe Costa Rica to be on the way out for the avant guard and should become a retirement location for the rest IF it does not go the way of Florida and Arizona and IF the crime does not continue to spiral out of control.
Real estate speculation is inherently bad for all except the speculator. On the other hand, real estate development is good if it is in balance as it supplies needed homes. Speculation drive prices up when what is optimal is a steady and gradual advance in prices rather than radical spikes as we have seen over the last years.
What is your vision of CR? Mine was a place to be surrounded by people that are grounded, in touch with the earth. As CR moves farther away from AG based culture, it loses its attraction to my type. The more suburban CR becomes, the less smiles are found.
Sadly the smile rate and the monkeys are declining. What kills smiles? Materialism. It also kills monkeys. It seems that the only pura vida left is in the remote parts and as CR is very small nothing will be remote soon.
Gibson purchase will drive up prices and will be a good thing for the people who have money and like to live a socially isolated lifestyle. You know the US thing where women dress up for each other and men drive around in fat cars. For those of us who have money but prefer to stay grounded by blending into CR culture, driving 10 year old vehicles, living in the country and eating at sodas, basically trying to surround ourselves with grounded people, its going to be yet another straw on the camels back.
Is Gibson’s purchase good or bad? Depends on your self definition and what you have bought into. If you are coming to CR to live a natural life away from the artificial US culture with it marketing drama and confused social roles, it’s a bad thing, because here comes Madonna (a cultural turd and a marketing genius).
If you are coming to make money, well you better know what you are doing or you will end up lawyer feed. However, Gibson’s purchase should drive prices up for all the money lovers out there. Buy the way; I keep all my wealth in dirt. So I have plentiful resources but do not buy into the spend, spend, spend material world. Also I do not deficit finance anything. Most of my dirt sits vacant producing oxygen. When I get the urge I cut it up, deed restrict it and sell it.
To sum it up, Mel is a welcome wagon for US culture. More good little followers most ass-end in debt trying to prove they are somebody by the cloths they wear and the car they drive. This will be devastating to the already declining Tico culture.
I don’t think Costa Rica is waiting for M. Gibson and all kind of other gold-diggers from the US. On different places on earth we have heard: “Yankee go home” (Vietnam, Irak). Will Costa Rica be the next ?
note: I also met a lot of nice Gringos here in CR.
Edited on May 31, 2007 17:15
I know some of those people you mention, and there are even more of those types who live where I live in Colorado, a once pristine place that got destroyed when the moneybags moved out of California and into my hood. And now where do you think those same blokes are heading? You got it — Costa Rica. Thankfully, all those idiots want to live near the beach, among their own kind, so I doubt I will see any of them where I live in Costa Rica. And I’m damn thankful!
You’re very funny! The rich forced more than 50% of our town’s population to move because it became so expensive that nobody making less than $100,000 a year could afford to live here. Wait til it happens where YOU live and then we’ll see how happy you’re going to be!
Sorry Diego, no cat fight!!Not worth responding to. As far as I am concerned Maravilla is one of the reasons people say “Yankee go home” because people get sick of know it alls. This will be my last post here.
In any foreign country I’ve ever lived in (and there are many!), the locals have always told me they wished more Americans were like ME instead of the ones who come to a country such as Costa Rica and then barricade themselves in some enclave to keep the locals out, while looking down their noses at the residents who have so very little. All my Tico neighbors, employees, and friends have told me many times I am more like them than my American counterparts, so I doubt seriously that I will ever hear someone tell me “Yankee Go Home!”
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