- This topic has 1 reply, 7 voices, and was last updated 15 years, 7 months ago by
.
-
Posts
-
Yesterday we were in Jaco in a condominium with over 250 apartments built by a so called recommended developer and constructor.
And there were no signs with “FOR SALE-SE VENDE”. Strange isn’t it ?
It was recently forbidden by the administration to have signs on the window with this text and a phone number. “For aesthetic reasons……”
For the outside world it looks like everything is very fine over there.
But guess what: the constructor has more than 50 finished apartments for sale in this condominium and they obviously don’t want any competition from owners (with better/lower prices).
So they must have a very big problem (apartments in price-range from $ 160-240K)
One of the first questions: did the Board of the Owners Association agree with this ? There is no Board, so the administration (=constructor) rules.
It’s not strange at all… I would say that the majority of the completed condominiums we deal with have regulations that prevent For Sale signs being posted for “aesthetic reasons.”.
Not quite sure what the point of discussion is in your posting … Do you perhaps think there’s some kind of nationwide conspiracy against you?
Scott Oliver – Founder
WeLoveCostaRica.comI think it shows that some developers/constructors are getting desperate and try to get any dollar that’s on the market….. Financial crisis, you remember ?
You’ll see in my San Jose real estate market update which will be published tomorrow….
How many of these 14 major San Jose real estate developers have lowered their sales prices in the last year?
Not one!
Scott Oliver – Founder
WeLoveCostaRica.comThese developers don’t build cars, they are in the business of building quality real estate and as far as I can see are not staring bankruptcy in the face.
Scott Oliver – Founder
WeLoveCostaRica.comHi I am morrismeno,
I have majored in real estate management but have not found people to guide me. Is it possible to find like-minded individuals?We obviously try to recommend the best people for the job within the area that you are looking but, people change, people move and sadly one of our Recommended Realtors died in a car accident last week but what sort of like-minded individuals are you are looking for ‘morrismeno?’
Scott Oliver – Founder
WeLoveCostaRica.comScott is right on the money regarding many developments not allowing sale signs in windows. Many developments that I have been to allow a central posting board if owners want to move a unit.
It is also not surprising that an HOA has NOT been formed yet. It often is formed when about 90% of the units are sold due to the voting laws of the Horizontal Condominium Law – if it is done earlier in the process then there might be legal issues.
There are certainly developments and areas in the States that do not allow For Sale signs on their properties. There is a beautiful street in a small quaint town in CT on a state route that does not allow for For sale signs because it is an historical district. There is also a lake community that is run by an association. The association has rules that do not allow you to cut down any trees and does not allow for For Sale signs (they may have additional rules). You just need to do your homework. I have seen real estate prices down 20 – 30 % in my area from the peaks of 2006 – 2007. Real estate prices were over priced just like the stock market. I wonder if the real estate market will have the same correction as the Dow (still need 20 – 30%????). I’m sure that the CR real estate market will have some type of correction.
Emerging markets are generally lagging. Scott makes a pretty good argument for expecting a minimal impact on the basis of the positives in CR. However, it would seem that lack of demand and especially demand fulfillment is the case. Case Shiller is down 19% Y/O/Y with Dallas Denver and Cleveland leading the way. Just as these cities lag behind the Bubble cities like Miami, CR will lag behind the US and EU. CR is a great place but shop hard and shop often if you are in the market to buy.
- You must be logged in to reply to this topic.
